Category: Property

Sunset Clauses – Can a developer back out of a contract?
In a time of rising construction costs, plummeting home building activity and increasing demand, the Housing Availability and Affordability (Planning and Other Legislation Amendment) Act 2024 was passed through Parliament in April 2024, amending the Planning Act 2016 to hopefully streamline and facilitate affordable residential development throughout the state.
“The new Body Corporate and Community Management and Other Legislation Amendment Bill 2023, introduced in recent weeks by Queensland Attorney-General Yvette D’Ath, has got plenty of prospective property developers more than a little excited.”
As anyone can tell you, the property market is going absolutely gangbusters right now. So much so that a bidder at an auction in Sydney’s south last Saturday accidently bid against herself just as she was about to be declared the new owner of the property for sale at the hotly-contested auction. The final price was $1.62 million, with her previous bid being $1.619 million. The underbidder’s last offer was $1.618 million.
When I was a kid my brothers and I used to watch those corny old black-and-white midday matinee movies on TV, and one of my favourites was an action adventure called “Boom Town”. It starred Clark Gable and Spencer Tracey as “Big John” Masters and “Square John” Sands, a couple of handsome wildcatters chancing their luck on the California oil fields. Together they carve out an empire in a rollicking western town where the saloons are overflowing with cowboys and dancing girls, and everyone is prospecting for something.
Just when you thought it was safe to go back in the suburbs… Earlier this year, eight years after he made national headlines when the party he threw at his parents’ suburban home was overrun by hundreds of gatecrashers who responded to a MySpace invitation, Corey Worthington, now 23 and all grown up, has launched his latest business venture — an online party planning service, would you believe.
What goes up must come down, and vice versa. In a town that’s seen more than its share of booms and busts, landlords understand the concept all too well. In this town, when the cold winds of the economic winter blow, you cut your cloth to meet the market. If capturing a plum tenant means gifting them a rent-free period, or even shelling out for a fancy fit out, so be it. What you lose on the swing, you pick up on the merry-go-round. Or do you?