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Just for info, I have yesterday completed on one of these in Melbourne Tower as I felt the heat from CE solicitors would be too much and my solicitor could not see an inexpensive way out of their contract. Good luck and I hope you get some recompense.
I am another taken in by the great Aussie criminal building crowd. I am completing in the next week and have learnt 2 things as a result.
1. Its best not to look at the site http://www.domain.com.au
2. In future I will be staying well away from anything Australian.
I appreciate like the others that we have only ourselves to blame and can only hope that the renatl market holds and that the units can be rented.
At least I’ve saved something, that is my visa application as I shall not now be even be thinking of applying to live in such a country that works in such a way.
My advise to anyone outside Australia considering a Southbank Central Equity off-plan purchase would be to checek local market rates and conditions before making a move. CE are selling considerbly higher than the resale market even now. Its amazing how quick a letter ariives from the solicitors if there is any sign of defaulting on the deal.
Mel
MelThanks for the encouragement. Having found this forum and now seen the state of the market in Melbourne, I will make the purchase (pulling out will be open eneded and very expensive) having seen the prices now on Domain.com.au. At least my UK property is holding its price. I don’t however see us buying any further into the Australian market as I don’t have the stomach for it and having retired early last year at 52 need to maintain my assets.
Regards Steve
Brahms
My original strategy was to be in for 2 years and then sell out. From my perspective given the roughly 2 year cycle of currency fluctuations between the Australian Dollara nd Sterling I am thinking my losses would be lessened, and basing any (hopeful) sale at approx. 280K over the currnet ‘from; price that the developers are offering of 300K.
What others may not appreciate is the fast groth in orices in UK property which are fueling this and many other countries property markets. In our press we keep seeing figures of up to half those over 50 wanting to live elsewhere, Spain, France and Australia being the top 3 places.
My wife was keen on Oz but is now not so keen with our dealings in the proprty there.
Good post and very relevant right now to me. I am one of the ‘overseas investors’ who took the bait and now its time to pay up. One consolation is the weakening Australian Dollar given that settlement is due.
I have read posts elsewhere where someone had thought of pulling out however the letters received can be very intimidating if this looks like a possibility, things must be getting desparate for the developers with so much unfavorable press.
Looks like we are in it for the long haul and its a toss up which will be the lesser loss in the situation namely:
1 – proceed and sell as soon as possible
2 – proceed and hope market recovers in 2-5 years
3 – withdraw and get suedAny thoughts on how to decide would be welcome.[glum2]
