With Developers there are the unscrupulous operators, they form a company xyz developments, this company purchases property has plans approved for units and starts construction.
They watch the dollar outlay with eagle eyes, once the construction reaches just below 65% they declare liquidation.
The unfinished project is then sold to family members with a registered company, the purchase is GST free because it is an uncompleted project. Construction continues until the project is finished.
The project is marketed and sold off; the Developers dissolve their company and move on to do the same thing with a new identity.
It is corruption at the highest level, I have seen copies of council documents on development applications, home warranty insurance values on units at $143,000.00 per unit, and the first owners paying $450,000.00.
So, who is being ripped off?