Reserved land in Rouse Hill, NSW (Tallawong Road)

Hello everyone!

I've recently reserved land in Rouse Hill, NSW ( Tallawong Road) with MountView RE, and it's been over 3 weeks now without a contract.

Agent says that it's taking a while for the solicitors to get the contract finalized due to the recent surge in demand.

Just wondering about others thoughts regarding this, and has anyone been in a similar situation?

 

Hey, which part of Tallawong Road did you purchase?

I bought with them last year and they were able to send the contract to my solicitor in a week. I guess with all the crazy things going on it is highly possible that their solicitors are swamped. I suggest you keep on hounding them until you get that contract signed.

 

Hopefully thats the case. However in the NW region with the severe shortage of land many people are finding out too late that an agree purchase didnt occur and they have no recourse and land gazumping is crazy at present. I know of one box hill developer doing it for $10K and $20K just a DAY or two apart. One land developer sold XX blocks for $30K more than sales just days earlier and since others had not yet paid their deposits they took the offer from the builder over those who thought they had a contract. terms were cash within 30 days !! The others had only paid a holding deposit and hadnt signed and settled the balance. No "subject to finance clauses" either. You can be outbid by a later better offer. They will return the holding deposit. You want to be hounding for that contract.

Usually contracts must be available to sell land. Money or a waiting list isnt a contract

 

Yes I have heard stories about that. There was one developer/builder in Box Hill who reneged on the deposit made by a couple.

This couple placed a deposit some time in December. They hounded the developer/builder for weeks to exchange contract but to no avail (Excuses were made regarding people going on leave yada yada yada). After the Christmas break period, the couple were told of the price increase and their holding deposit wasn't honored anymore because it's beyond the 14 day cooling off period. I hope that is not the case with OP because I have dealt with Mountainview RE in the past and they seem to be ok. I hope greediness hasn't taken them over.

 

My son works for a home building company out that way. Developers have pulled contracts or partnership deals for LOADS of builders and upped the sale price. Box Hill, Marden park, The Ponds, McGraths Hill and North Richmond its occuring daily. Take it or leave it. Grab them or they are gone. New releases by devs are by prior registration and bid with twice the buyers v the qty available. He had a offer to buy 30 sites and missed it in 1 hour by sounding hesitant thinking it was millions and something to check first. His boss wished he he had said yes. Missed them. A big builder snapped them up. Registered or near registered land is like unicorn poo. His boss would have taken them all as he could sell those in a few weeks with houses on them as spec builds. His company just purchased a large number of lots to secure sites. Cash, settled in 10 days. No more options. No more handshakes.

Warning - The NSW Govt has suspended all (unregistered new dev) land release in part of NW Sydney incl rouse hill, mardesn park, box hill, pitt town etc pending flood updates and proposed flood-road changes being replanned. Scarcity may get worse.

Exchange of contract is a must at present. Asking for subject to finance wont even be considered. Most sellers of land will now ask you to waive the 5 day cooling off and require 10% and prompt exchange.

 

It's just too reckless for my appetite. They are like sharks who had caught a whiff of blood in the waters.

I guess I can count myself lucky when I bought last year in the midst of the pandemic where there are heaps of uncertainty going on around. I was able to hold the block for 6 weeks without a 10% deposit while waiting for my bank to give me an unconditional approval. There is no chance you can do it now and buyers are being expose to a huge amount of risk by giving 10% outright without unconditional approval from lenders.

 

do you mind if I ask what's your per square metre price for the the land you bought last year?

Thanks

 

Around 300 sqm. Narrow block.

 

sorry I mean the per square metre price? or how much did you pay?

 

ah sorry bout that, misunderstood your question. It was around 1,700 per sqm

 

Wow that was a great deal. Congratulations!