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2 minutes

Published:

30 May 2003

Investing in Queensland – Another tale of misery from the DANGER state

Another tale of misery from the DANGER state

My husband and I purchased a unit in Queensland in 1992 (peak time) and because we made the mistake of buying something we couldn’t finance fully, were forced to sell six years later (1998).

We tried several agents and it didn’t sell.
We had paid $96,000 for this unit and the best offer was $80,000.

We had it with various agents for about six months but the last one was the most aggressive. They convinced us to go to auction and on the day they asked me to be a bidder as they only had one person coming. The rest of the people were agents and nosey neighbours.

The auctioneer took me aside and told me what to do – how to hesitate – when to make a bid – how long to wait and keep the other guy in suspense. He even asked me to get my dad to bid with me. Dad said it was dishonest but he would stand by me. At that point I also didn’t feel good about the auction, but for the sake of getting rid of the unit, I did.

In the end, the only bidder went to $79,000 and I was told to go to $81,000 which I did and just hold it.

We ended up selling it privately for $75,000 in the end. What a bitter experience.

This is such a common tale. Consumers get ripped off on the price when they buy and then cheated when they sell. They lose in all ways.

The deception in Queensland is so rampant, it has got to the stage where we feel like saying to all investors – STAY AWAY FROM QUEENSLAND – especially the Gold Coast. In six years from now, there will be lots of sellers in the same situation you have described.

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