Scamming developers, set record prices for unwary buyers

I never really had any proof but I always noticed that some smaller estate developers seemed to achieve great prices for the first few lots of new estates they started selling. They then used these to advertise exchange of contracts as sales in the development and set a market for the rest of the lots.

I always suspected the first few were fake to give to the media so that prospective buyers could gauge the value of the rest of the estate.

In the estate that was returned to me due to bankruptcy of the buyer this was the case. The first three lots reported were bogus buyers at the highest prices. I have since heard of “friends” buying lots at inflated prices to make sales and valuations look better. I was always aware of these in new strata buildings due to the crazy commissions paid to property spruikers and sport’s management agents etc but for vacant land this one is new to me.

This is just a warning that some times sales prices, even those recorded at land titles office are not correct as they may be favours owed to a developer etc.

 

Dishonest developers ? No..Say its not true. Some prices are insane and sales slow and they chip away at the gullible and desperate. Who have remorse later. OTP contracts are gems because you cant value anything until its too late. Sales agents on comms will stop at nothing.

 

I swear I’m the most naive licensed real estate agent, licensed motor dealer and property developer in Australia.

That’s why I hate doing all three and prefer to just buy and sell my own land,