Hi
We bought a unit over a year ago at this address (@5-9 Hanke Rd, Doncaster 3108 ). We were told by the real estate that they construction starts in few months, but after 14 months there is no sign of construction. They just got the existing buildings demolished by an independent contractor in Dec 2015 and Jan 2016 and that's all.
In the contract the handover date (sunset) is 36 months after the signed date, but the vendor has right to cancel (terminate) the contract if the construction is not finished within three years and purchasers cannot ask for any compensation. what that means; after three years the prices gone up and vendor can cancel the contract and sell them to new purchasers with market value.
We just trapped in another investment in North Victoria and the developers cancelled our contract over night, and offered if we still interested in the property we should pay the new price ($105,000 more than the original price) !!!!
is anyone in contact with the developer? as they have changed the real estates few times and each real estate has different different stories.