Unley Conveyancing

Seven years after cracking concrete forced a pre-Christmas evacuation, owners of Sydney's Opal Tower say their building is finally defect-free.

Builder Icon and its parent Kajima spent more than $50 million rectifying the 392-unit Sydney Olympic Park tower, which now carries a 20-year structural guarantee — a level of assurance rarely seen in Australian residential building.

Values have been slower to heal. An AFR analysis of nearly 80 resales since the 2018 evacuation shows a median 12% loss, about $95,250 per apartment, against the original price. Over the same period Cotality's Greater Sydney index rose 50.3%, with units up almost 22%.

One apartment did resell in April for a $5000 gain. Owners' committee chair Shady Eskander said on Tuesday the recovery had been slowed by investors pulling back after the federal budget disallowed negative gearing and the 50% capital gains discount on existing homes.

"Buildings are ultimately about confidence," he said.

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