4
February 2009
Cracking Becomes
a Hot Topic for Home Owners, Buyers and Investors
....an average of 34% of properties across Australia have been damaged by
drought
Climate change and the drought has made cracking, which can cost tens of thousands dollars to manage, one of the hottest housing topics for home owners, home buyers and investors in 2009.
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Archicentre, the building advisory service of the Australian Institute of Architects said an average of 34% of properties across Australia have been damaged by drought. This estimate is based upon 80,000 pre-purchase house inspections undertaken by Archicentre throughout Australia. Jim Jovanovic, South Australian State Manager of Archicentre said the estimated cost of cracking in Australia could be as high as $1 billion per year with basic underpinning costing up to $80,000 per home with a wide variation in the extent of damage. "Cracking occurs when the soil beneath a building dries up and shrinks from lack of water, it forces the properties foundations to move and the walls to crack. "In areas of continued drought where water restrictions are in place the situation is set to worsen with some owners of cracking houses wanting to sell them facing serious financial implications with a drop in the home's value."
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Mr Jovanovic said many vendors facing the cost of repairs are opting for superficial cover-ups which can leave unsuspecting buyers with hefty repair bills. Archicentre recommends a thorough structural inspection to ensure the structural integrity of the property.