Anyone affected/involved in this disputation.
JameswayneLMember@waynelJoin Date: 2003Post Count: 585qwertyParticipant@qwertyJoin Date: 2004Post Count: 117
And this is how the boom ended last time. Stories of people trying to get out of their purchase contracts etc. Next will be stories about families out on the streets because they cant meet their mortgage repayments, price corrections / stagnation in certain areas etc and on it goes……..
I would be interested to see the fall-out if they can’t get out of their contracts. Not sure it will quite as dramatic as you put it qwerty (that name is easy to type!!).
JameskaloniMember@kaloniJoin Date: 2003Post Count: 124
How will this afect
the rest of the residential property marker
If the ivestor is able to get out of the contract then Mirvac will have to sell the properties at a market value and may not make as good a profit in the future.
I dont think it will have any adverse effects on other Melb residential markets.
I recently went on a cruise through the docklands. Long term when all development is completed I reckon it will be good. Walk to city and work, walk along Southbank to Casino, Telstra Dome, weekend markets, restaurants etc.
Could be some good buying opportunities in the mid term if your prepared to weather the storm.aussierogueParticipant@aussierogueJoin Date: 2003Post Count: 983
i agree with yack. we will be like other large cities – proxomity to work, one car per family etc will mean inner city living is here to stay. but i reckon with 3,500 new apartments and a 10-15 pct vacancy rate already we will see bigtime pressure on the sector and this cld ripple through to the middle suburbs in the same price bracket (350-500)
Don’t agree with affect on suburbia. Completely different markets and demographics.
The rent as is, is still not that cheap. 2br are $400+ per week.
JameskaloniMember@kaloniJoin Date: 2003Post Count: 124Code:He believes that many of the standard sale contracts signed by off-the-plan investors do not comply with these requirements.
What concerns me is if there are
a lot of investors try to back out of contracts
in the suburbs after this ruling
Its the Developers that are going to suffer the most!!!!Therefore it will be better buying opportunities for those who can back out and buy at market value now.Rebecca1Member@rebecca1Join Date: 2003Post Count: 100
The government will step in and prevent this from happening. Wait and see.
The source of this info comes direct from pillow talk.
Beckay henryMember@kay-henryJoin Date: 2003Post Count: 2,737
I would think that a better avenue for owners would be to sue (in a civil suit) the dodgy valuers who gave the overinflated values in the first place.
Valuations should be just that- a “value”- not an “estimate”.
kay henrywayneLMember@waynelJoin Date: 2003Post Count: 585BillfromozParticipant@billfromozJoin Date: 2003Post Count: 381
I could not pass up the opportunity to comment on Docklands…. however why not ask Richmond to post all my warnings and emails to him off forum.
Folks the tremors and Scams at Docklands started back in October/November. ACA were not interested then… now 3 emails and telephone calls a day… what a difference a few months and another 27 victims make.
The first victims contract was terminated and full deposit refunded………… Richmond has the full story so over to you mate.
Still don’t understand the issue here. People purchased OTP, with full information, since then, the market has gone down. Unfortunately they have lost out (if they sell or cannot afford to settle).
Have I missed something here? Sounds more like a political issue (notwithstanding the VCAT ruling the other day)
JamesrichmondParticipant@richmondJoin Date: 2003Post Count: 831
I think Bec might be right… heard Vic Deputy Premier John Thwaites on radio this morning, said he’s making an announcement to close loophole via legislation this afternoon…
Re: Bill’s warnings… I work for channel 9… we’re trying to get a story up for Melbourne’s National Nine News, but we need some “victims” so if anyone is one, or knows one, can they please send me a private message. We can’t do the story without someone who has been affected going on camera (with anonymity if desired)