Leaky buildings destroying wealth: Whitburn
He said tens of thousands of homeowners were in negative equity due to owning leaky properties and properties that had defective cladding but were yet to leak.
He said that was often almost a worse situation to be in than owning an outright leaky building.
And despite extensive media coverage of the problems with leaky buildings, he said people were still buying properties without doing due diligence.
“It’s still really common to have people losing hundreds of thousands of dollars in the Auckland property market. I don’t think the disclosure is adequate, there’s no requirement to disclose defective cladding types.”
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