• 1 December 2015

Directors Message – Craigieburn Development

The story that relates to the Craigieburn Development by John Rolfe has proved to be misleading to the readers. Since the publication of the story our legal representatives have proceeded to draft a Claim and Statement of Claim to be filed in the Supreme Court of NSW.

Even though there was a formal complaint filed with the Australian Press Council, the APC has elected not to pursue the complaint due to a rule that if litigation is foreshadowed then the APC cannot intervene.

Therefore litigation is expected to commence shortly against the publisher and the journalist.

We shall keep you informed of the progress of this matter.

Brief Background

The Craigieburn developer was known as a major builder in Victoria who had been in business we understand for a significant time. The developer had the ability to borrow funds from major bank/s and therefore there was no reason to suspect that the developer would fail in the completion of the project.

The statutory insurer of Victoria audited the losses sustained by the victims and did pay those amounts out to the insured.

However there was no obligation to pay the insured more than their entitlement. It was then up to the victim to engage another licensed builder and then to use the balance of the unused loan to complete the building/s and these people had instructed their own lawyer to assist with this.

Therefore as much as the Club states we assist Club members when a situation arises, we are not responsible for a developer / builder failing in a commercial venture.

The bankers were not responsible for the developer going out of business any more than the Property Club.

As much as the Club regrets the stress this may have caused the buyers they were legally advised and recipients of the statutory insurance payouts.

Related Posts

Stamp Duty Doesn’t Have to Hurt — Here’s Where It Doesn’t

Stamp Duty Doesn’t Have to Hurt — Here’s Where It Doesn’t

Stamp duty isn’t the most exciting part of buying property, but it can seriously shape what you can afford and how quickly you can grow your portfolio. A national report by SQM Research for the Real Estate Institute of Australia (Stamp Duty: The Relationship to Australian Housing Affordability and Supply, October...

Don’t Just File Your Tax. Use It.

Don’t Just File Your Tax. Use It.

EOFY is coming, and most Australians are getting ready to tick the box, lodge the return, and move on. But smart investors know this isn’t just the end of a financial year — it’s a checkpoint. This is your chance to stop handing over more tax than you need to. And property could be the most powerful tool you’re not...

Are You Actually Ready to Retire? Or Just Sick of Work?

Are You Actually Ready to Retire? Or Just Sick of Work?

Retirement is not what it used to be. The old model of working full-time until 67 and then calling it quits is changing. More Australians are asking deeper questions. Am I financially ready? Do I want to stop working, or am I just tired of my current job? Do I have enough to live the life I want, or just enough to...

Become a Member Today!

Our mission is to help the average Australian learn the property market dynamics and discover the amazing opportunities that exist in real estate.