Developer Intrapac uses sunset 'date' to cancel 47 contracts for Ballina land sales in NSW
- 8 months ago
#firsthome #consumerrights #landsale #developer
The dreams of 47 potential homeowners were dashed when a developer reneged on their land sales contract, locking them out of the market. Highlights Sales contracts of 47 potential buyers were terminated this week Many buyers waited three years for land to be approved But this week first home buyer Oliver Ayo received news that he had no land to build a house for his young family. "I'm absolutely shattered. I still haven't processed this properly." Since signing the contract in 2020, he and his partner, Kelsey Banister, had a baby and were living in a bedroom next to his parents' home. "We postponed having a baby for a year. We just postponed things, planned life around [buying land]," Mr. Ayo said. “We both work full-time jobs and work extra hours to collect our deposit when the land is ready.” Their patience was working against them, Mr. Ayo said. "I've been dreaming of owning a house our area [but] prices have gone up so much in the last three years, our blocks have probably doubled size and we can't afford to buy. We're completely sold out." He and his partner paid $306,000 for their 490 square meter plot of land. The price for an equivalent sized block of land on the same property is currently $525,000. The termination letter was received by potential buyers of the Banyan Hill mansion this week. He also suggested changes to the DA. The submission also stated that the DA was submitted in February 2022, but Cr Dicker said it was not submitted until April 2022. Mr. Ayo signed the sales contract in September 2020. sunset clause protection Potential buyers gathered at the site this week to discuss their options. Up to 47 buyers gathered at the Banyan Hill Estate to discuss their options. They were collectively refusing to get their sale deposits back, with Ballina MP Tamara Smith vowing to take action against the developer. We are in the middle of a housing crisis and 47 families are nearly homeless," Ms Smith said. “I don't understand how they were allowed to purchase property off plan that wasn't honored and so I will certainly be raising those questions with the developer also [NSW] Planning Minister.” Cr Dicker believed aggrieved buyers had rights under sunset clause legislation. “My understanding is that you have that right, you can now challenge a sunset clause in the Supreme Court,” he said. “This happened around 2015, so I would definitely encourage you all to talk to your conveyancer or an attorney and keep an eye on what options are available.” Is it a fair decision? In a letter to one of buyers, developer's lawyers said "Development Consent Cutoff Date is 11 May 2022", just a month after Cr Dicker said DA had applied. A spokesperson for the NSW Department of Fair Trading outlined the retention of sunset clauses. “Sunset clause provisions prevent developers from canceling contracts before scheme is registered and selling the same property to new buyers at a higher price,
The dreams of 47 potential homeowners were dashed when a developer reneged on their land sales contract, locking them out of the market. Highlights Sales contracts of 47 potential buyers were terminated this week Many buyers waited three years for land to be approved But this week first home buyer Oliver Ayo received news that he had no land to build a house for his young family. "I'm absolutely shattered. I still haven't processed this properly." Since signing the contract in 2020, he and his partner, Kelsey Banister, had a baby and were living in a bedroom next to his parents' home. "We postponed having a baby for a year. We just postponed things, planned life around [buying land]," Mr. Ayo said. “We both work full-time jobs and work extra hours to collect our deposit when the land is ready.” Their patience was working against them, Mr. Ayo said. "I've been dreaming of owning a house our area [but] prices have gone up so much in the last three years, our blocks have probably doubled size and we can't afford to buy. We're completely sold out." He and his partner paid $306,000 for their 490 square meter plot of land. The price for an equivalent sized block of land on the same property is currently $525,000. The termination letter was received by potential buyers of the Banyan Hill mansion this week. He also suggested changes to the DA. The submission also stated that the DA was submitted in February 2022, but Cr Dicker said it was not submitted until April 2022. Mr. Ayo signed the sales contract in September 2020. sunset clause protection Potential buyers gathered at the site this week to discuss their options. Up to 47 buyers gathered at the Banyan Hill Estate to discuss their options. They were collectively refusing to get their sale deposits back, with Ballina MP Tamara Smith vowing to take action against the developer. We are in the middle of a housing crisis and 47 families are nearly homeless," Ms Smith said. “I don't understand how they were allowed to purchase property off plan that wasn't honored and so I will certainly be raising those questions with the developer also [NSW] Planning Minister.” Cr Dicker believed aggrieved buyers had rights under sunset clause legislation. “My understanding is that you have that right, you can now challenge a sunset clause in the Supreme Court,” he said. “This happened around 2015, so I would definitely encourage you all to talk to your conveyancer or an attorney and keep an eye on what options are available.” Is it a fair decision? In a letter to one of buyers, developer's lawyers said "Development Consent Cutoff Date is 11 May 2022", just a month after Cr Dicker said DA had applied. A spokesperson for the NSW Department of Fair Trading outlined the retention of sunset clauses. “Sunset clause provisions prevent developers from canceling contracts before scheme is registered and selling the same property to new buyers at a higher price,