No one is talking about such a big thing?! If no one is talking about it, then I will.
In Brisbane, a builder went bankrupt two months ago, leaving many houses halfway through construction with no one left.
We received news two weeks ago that one of the land developers in Parkridge might cancel all land contracts for Phase 6.
The value of land in Parkridge has increased from $200,000 last year to over $300,000 now. The sixth phase consists of 60 plots of land, and it's estimated the developer has made a profit of over a million Australian dollars.
I'm not sure if this is the reason, but some buyers have received letters from the developer's lawyers stating that the contract has not been finalized. I know a land sales representative who has their own properties, but they've also formed a coalition to try to urge everyone not to cancel the contract because it's already unconstitutional.
I believe that the buyers who bought the land will immediately flock to other places in the market to buy land. Many people have FIRB and there is no reason to pay such fees. But this may push up the property market again.
Chinese