"These sunset clauses are not in the approved Real Estate Institute of Queensland Law Society contract. "There has been an increase, I think, in developers utilising these clauses," she said. Queensland Attorney General Shannon Fentiman said the issue had been occurring across the state. "I think the state government needs to question whether they've got the right legislation in place and the right protections for buyers." Under review "The protection that should be in place for buyers isn't there. "The fact that we are so far behind the other states in addressing this is a joke," he said. He said NSW had introduced laws that put extra disclosure obligations on vendors so purchasers had greater transparency and stronger protections when buying off the plan. ( ABC Gold Coast: Dominic Cansdale)īut Mr Hammel said he was aware of six other projects in south-east Queensland where developers were using a sunset clause to cancel contracts. " know there are contracts being cancelled and I think it's fair to say that officers have been attempting to get the developers to get information in so it could be assessed and they could get decisions out."Ĭity of Gold Coast councillor Mark Hammel says officers are aware of delays in registering land.
"It has been a fair process of them trying to negotiate in between each other … and it hasn't been negotiating with council. "City officers are well and truly aware of the timing implications on this one," he said. "Ormeau Developments is bound by any legislation regarding off-the-plan contract sales and will abide by that legislation." Council hamstrungĬity of Gold Coast councillor Mark Hammel said delay in approving the subdivision had been, in part, due to ongoing negotiations between the Elevate Estate developer and a neighbouring property developer who had an underlying approval over both land parcels. "The project has also experienced unprecedented weather delays that has further impacted on the progress of the development. Yasmin Resier is contracted to buy a lot at Elevate Estate for $270,000.
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"The project has encountered a series of unexpected challenges and we continue to work with our contractors, the local authority and neighbouring landowners, to resolve these technical issues in a timely manner," a spokesperson said. Ormeau Developments, which is developing Elevate Estate, said it was continuing to work towards the completion and settlement of contracted lots at the estate. "Other buyers, I have spoken to, said during conversations with the developer that they indicated they would be asking another $180,000 on top of the original purchase price," Ms Reiser said. She worried that she might have to submit another contract at a much higher price. "They do get their deposit back, but it's not enough to make up that difference to buy now in a crazy, inflated market," she said.
Ms Reiser said they had been left priced out of the Queensland market, "which had obviously skyrocketed since they signed their contracts in late 2020 or early in 2021". "A lot of other people in the same situation as myself - first homebuyers, people with families - essentially are now in a position where they have had their contracts cancelled." 'Priced out'
"I don't know that that's going to happen by my sunset date in August," she said. Ms Resier said that she and several other buyers had a condition in their contracts that allowed them, and the developers, to cancel the contract if the development had not been finalised within 18 months. First home buyer Yasmin Resier worries the land may be relisted at a higher price.
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