Sydney Homeowners Left Reeling After Building Defects Exposed

Homeowners in Sydney are reeling after discovering major structural defects in their buildings, leaving them financially trapped and uncertain about their future.

Michael Jones, a 40-year-old father of three, bought his two-bedroom apartment in the Vicinity complex in 2017, hoping it would be their "nest egg". However, nine years later, his family has outgrown the apartment, and he is struggling to cope with the financial burden of repairs.

"We certainly didn't imagine that there would be three children stacked up in bunks in the same room," Mr. Jones said.

Mr. Jones is one of thousands of Toplace apartment owners affected by the company's collapse amid an inquiry into the NSW Independent Corruption Against Corruption (ICAC). Toplace founder Jean Nassif has defended his crumbled property empire, despite huge losses and debts.

At the Vicinity complex, temporary steel props have been supporting parts of the building since 2022, after engineers raised concerns about key structural beams. Owners have faced repair estimates running into millions, with one structural issue alone estimated at $11 million.

Mr. Jones projects he has spent an additional $150,000 on strata costs and repairs since 2017. He said the apartments that once sold for as much as $800,000 may now be worth as little as $250,000 to $380,000.

"The irony of having the last name Jones and not even being able to 'keep up with the Joneses' is not lost on me," he said.

Nassif's ICAC Appearance

During his appearance at the ICAC, Mr. Nassif was defiant, protesting his innocence and ranting against those he perceives as his enemies.

"No-one can make me shut up!"

Mr. Nassif denied being corrupt and blamed former Liberal minister David Elliott and former state building commissioner David Chandler for the demise of Toplace.

"They alleged that. That's not true," Mr. Nassif said.

Impact on Homeowners

Karen Stiles, head of the residential strata body, Owners Corporation Network, said the damage could not be measured in dollars alone.

"It was hell on earth for the owners. Tenants too were subjected to disruptions, poor living conditions, noise, and stress," Ms. Stiles said.

Ms. Stiles recalled residents being forced out of their homes with little warning, sometimes unable to retrieve pets or belongings.

Call for Accountability

Anthony Whealy KC, former ICAC assistant commissioner, said the inquiry has "shone a very unedifying light" on activities between the state's Liberal Party, lobbyists, and developers like Mr. Nassif.

For owners like Mr. Jones, he hopes the public inquiry offers accountability, but worries there may be little consequence for those responsible.

"My fear is that this is a toothless beast that will end up wagging the finger at a few people," Mr. Jones said.