Relax, Beecroft owners, this headline relates to Gold Coast properties. I must say anyone who followed the hyped marketing methods used to sell those properties over the last ten or so years can hardly be surprised to see what is now happening!
The Australian today reports "the number of luxury properties selling at mortgagee auctions has soared as receivers and banks cut prices by up to 50% to meet the market". About 500 appartments and houses from new projects that have failed during the global economic crisis, or are in financial distress, are expected to be sold before December, mostly in Queensland.
This time last year, Ray White Beecroft helped Becton, the big Victorian property developer, with their takeover of two large failed developments in Kellyville and Gosford, and Becton seemed to be delighted with the service Ray White provided. Not only that, but RWB now manages about fifteen of the properties in Kellyville, after Becton sold them to mainly foreign investors.
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