A group of disgruntled townhouse buyers on Queensland’s Gold Coast is preparing to fight a property developer as it tries to cancel contracts on them. The buyers claim the developer deliberately dragged its feet on construction, so it could enact sunset clauses and re-sell properties at a higher rate.
00:05It's quieter here, more of a family relaxed environment.
00:10The Sydney family put down a deposit for a $600,000 off the planned townhouse on the Gold Coast in 2022.
00:17They say they were told it was due to be built midway through 2023.
00:22They took it forward six months and then six months and then six months.
00:25We've been living for three and a half years in uncertainty.
00:31Like where to enroll them when it comes to childcare or like taking care of planning for their future.
00:38This August the family received the bad news.
00:40The developer saying it would enact the sunset clause to cancel their contract and return their deposit.
00:46Sunset clauses allow both buyers and sellers to pull out of contracts under certain circumstances.
00:51But they can be misused.
00:53We are alleging that they've purposely dragged out the completion of the build to enact the sunset clause.
01:00Cancel contracts including ours and resell the lots at higher market prices.
01:06Sam, Amy and his wife Annabelle also put down a deposit for a $650,000 townhouse in 2021.
01:13We've almost been held hostage and effectively been priced out of the market now.
01:18The delays have put family plans on hold.
01:21Brisbane developer Cadmium Land, which is behind Urbana Residences, didn't respond to requests for comment but has denied the buyers allegations.
01:30But a fight is brewing.
01:32We're presently in the final stages of preparing the case for approximately 20 odd buyers who've had their contracts terminated.
01:40Buyers also want to see changes to the law and the state government has agreed to review existing sunset clause legislation, which was last tightened in 2023 under Labor.
01:49I hope there is light at the end of the tunnel, even if it didn't work for us.
01:56We're hoping the sun doesn't set on their property dreams.
01:59We're hoping the sun doesn't set on their property dreams.
02:03It won't grow up until it stays crucified.
02:06We're hoping the sun doesn't set every day's exempt from it.
02:07The sly Blairkit Ça grainserman, which is the rear-boiled community to give up a vast amount of support from our people.
02:11I hope there will be so much of Number- waited for me,campus.
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