COULD HOME VALUES DROP OVER A LACK EV CHARGERS?
June 2, 2023
CEO and Managing Director of Archers the Strata Professionals, Nicky Lonergan and Australian Associated Press (AAP) future transport editor Jennifer Dudley-Nicholson, deliberate what is in store for our Bodies Corporate, with the change to the National Construction Code 2022 (NCC) commencing 1 October 2023, to ensure the rapid growth of electric car drivers can prosperously plug in and recharge at home. Such policies are critical to widespread EV adoption because with tax incentives and an emerging used-EV market, zero-emissions cars are finally within reach for more Australians.
Nicky and Jennifer started the interview discussing that whilst the change is a positive planning move for new buildings, it’s a big challenge for older apartments blocks. While some owners desperately want EV chargers in their car parks, other owners are reticent to pay for the upgrade and risk falling behind in the market.
There are mixed views on who wants an electric vehicle charger, but the value of their existing dwelling is likely to be impacted if they don’t do something, especially, those who want to sell.
Further to this, Nicky explained that the issue is also impacting short-term rentals with many holidaymakers asking about EV charges when booking accommodation. Archers want to get the word out there that even if committees think it’s not going to happen for another five years, it is, and it’s happening right now. If you wait, there’ll be a short supply of good professionals out there to help you navigate EV readiness and you’ll already be two years behind the market.
Given the choice between buying an apartment with electric vehicle charging installed and another without it, Nicky advised some buyers are choosing the former option already, affecting home values.
This could be a daunting prospect for our apartment owners and committees as the changes are happening rapidly, but Archers are prepared and ready to help with external experts ready to assess building capacity, retrofitting advice and the options available to each scheme along with the funding experts to support the change. Contact Archers the Strata Professionals now if you need to talk to an expert about proactively managing your scheme.
This interview has come in perfect timing for our Smart Strata, Electric Vehicle Readiness & Capital Funding Explained seminar next week in Brisbane on Wednesday 7th June, our seminar is going to be packed full of EV readiness experts who will be panelling on stage to give us as much information on the considerations committees need to assess in relation to this topic..
Some of the main topics that will be discussed are;
- EV Landscape and Outlook
- What is the Body Corporate Obligations
- Perception of Committees and Owners
- Funding Options
- Safety Concerns
- Infrastructure Needs
We have limited seats available so come along, register here, and get talking about preparing for all the exciting upcoming changes and how to handle any challenge head on.
Article Contributed by the Smart Strata Team
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