{"id":43054,"date":"2023-05-31T09:08:56","date_gmt":"2023-05-30T21:08:56","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=43054"},"modified":"2023-05-31T09:08:56","modified_gmt":"2023-05-30T21:08:56","slug":"building-company-collapses-turn-home-dreams-into-nightmares","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/building-company-collapses-turn-home-dreams-into-nightmares\/","title":{"rendered":"Building company collapses turn home dreams into nightmares"},"content":{"rendered":"<p><strong>PHOTO: Building construction firms are falling like flies. FILE<\/strong><\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">A new home requires much more than a roof, windows\u00a0and brickwork.<\/p>\n<div class=\"ContentAlignment_marginBottom__jDkGS ContentAlignment_overflowAuto__rLnB0 ContentAlignment_floatRight__lKsUK\">\n<section class=\"KeyPoints_section__Ht2Xo KeyPoints_borders__fHbWW\" role=\"contentinfo\" aria-label=\"key points\" data-component=\"KeyPoints\" data-uri=\"coremedia:\/\/teaser\/102407304\">\n<h2 class=\"Typography_base__k7c9F Heading_heading__XLh_j Typography_sizeMobile18__fMIXg Typography_sizeDesktop20__AMF_h Typography_lineHeightMobile24__xwyV0 Typography_lineHeightDesktop24__NzkfH Typography_marginBottomMobileSmall__8rIrY Typography_marginBottomDesktopSmall__IsBSx Typography_black__5rKXY Typography_colourInherit__xnbjy Typography_normalise__UWWOc\" data-component=\"Heading\">Key points:<\/h2>\n<ul class=\"List_unordered__TB6BG\" role=\"list\" data-component=\"List\">\n<li class=\"\" data-component=\"ListItem\">1,753 construction companies have gone broke so far this financial year, according to ASIC<\/li>\n<li class=\"\" data-component=\"ListItem\">The collapse of a string of high-profile builders has left thousands of Australians out of pocket or without a home<\/li>\n<li class=\"\" data-component=\"ListItem\">Fixed price contracts combined with soaring material and labour costs partly to blame<\/li>\n<\/ul>\n<\/section>\n<\/div>\n<p class=\"paragraph_paragraph__3Hrfa\">Just ask first homebuyer David Niblitt who despairs as he stands on a patchy lawn in front of his half-built house.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">He was so close to being a proud owner.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">But two years after signing a $430,000 fixed price contract, the boilermaker can no longer afford to finish the home that he and his wife had hoped they&#8217;d be living in by now.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">The foundations are up and the roof is on but inside, it&#8217;s nothing but plywood and concrete slabs.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">Like thousands of Australians, the Niblitts have been caught in a perfect storm.<\/p>\n<figure class=\"Figure_figure__1x_VJ ContentAlignment_marginBottom__jDkGS ContentAlignment_overflowAuto__rLnB0 ContentAlignment_outdentDesktop__8cuic\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"102412522\" data-component=\"Figure\" data-uri=\"coremedia:\/\/imageproxy\/102412522\">\n<div class=\"ContentImage_ratio__RsS6M\">\n<div class=\"AspectRatio_container__4U_vR\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"Image_image__ZCYel ContentImage_image__RAjlP\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/756d970a8c7593dfd626509f28f797e9?impolicy=wcms_crop_resize&amp;cropH=1333&amp;cropW=2000&amp;xPos=0&amp;yPos=333&amp;width=862&amp;height=575\" sizes=\"100vw\" alt=\"three photos top of a ute in front of the half-built house, inside the house and the family standing in front of a window.\" data-component=\"Image\" data-lazy=\"true\" \/><\/div>\n<\/div><figcaption id=\"102412522\" class=\"Typography_base__k7c9F Figure_figcaption__nwn6I Typography_sizeMobile12__d1m0s Typography_lineHeightMobile20__akKiV Typography_regular__Aqp4p Typography_colourInherit__xnbjy Typography_letterSpacedSm__oprIk\" data-component=\"Figure__figcaption\"><em><strong>David Niblitt, his wife Jess and daughter Eva have been left with a half-built house in Teesdale.<cite class=\"Typography_base__k7c9F Figure_citation__VRbQX Typography_sizeMobile12__d1m0s Typography_lineHeightMobile20__akKiV Typography_regular__Aqp4p Typography_colourInherit__xnbjy Typography_letterSpacedSm__oprIk\" data-component=\"Figure__cite\">(<span class=\"Typography_base__k7c9F image_byline__7WNBs Typography_sizeMobile12__d1m0s Typography_lineHeightMobile24__xwyV0 Typography_regular__Aqp4p Typography_colourInherit__xnbjy Typography_letterSpacedSm__oprIk\" data-component=\"Byline\"><span class=\"Typography_base__k7c9F Typography_sizeMobile12__d1m0s Typography_lineHeightMobile20__akKiV Typography_regular__Aqp4p Typography_colourInherit__xnbjy Typography_letterSpacedSm__oprIk\" data-component=\"Text\">Supplied: David Niblitt<\/span><\/span>)<\/cite><\/strong><\/em><\/figcaption><\/figure>\n<p class=\"paragraph_paragraph__3Hrfa\">Their builder, Porter Davis, collapsed in March and they&#8217;ve been told they&#8217;ll need to find an extra $120,000 to finish their home, near Geelong, with another company because of soaring construction costs.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">&#8220;We&#8217;re trying to do what all Aussies do,\u00a0build your first home,&#8221; Mr Niblitt said.<\/p>\n<div class=\"EmphasisedText_emphasisedText__kXU2r ContentAlignment_marginBottom__jDkGS ContentAlignment_overflowAuto__rLnB0\" data-component=\"EmphasisedText\">\n<p class=\"paragraph_paragraph__3Hrfa\">&#8220;But it&#8217;s just been an absolute nightmare.&#8221;<\/p>\n<\/div>\n<p class=\"paragraph_paragraph__3Hrfa\">Because construction had already begun when <a href=\"https:\/\/propertynoise.co.nz\/au\/?s=Porter+Davis&amp;submit=Search\">Porter Davis<\/a> collapsed, the Niblitts are eligible to claim up to 20 per cent of the value of the contract through Victoria&#8217;s building insurer, Victorian Managed Insurance Authority (VMIA).<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/hundreds-of-porter-davis-homes-to-be-completed-under-new-deal-watch\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image ls-is-cached lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2023\/04\/Porter-Davis-1-460x270.jpg\" alt=\"Porter Davis\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2023\/04\/Porter-Davis-1-460x270.jpg\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/hundreds-of-porter-davis-homes-to-be-completed-under-new-deal-watch\/\" rel=\"bookmark\">Hundreds of Porter Davis homes to be completed under new deal | WATCH<\/a><\/h2>\n<\/header>\n<\/div>\n<p class=\"paragraph_paragraph__3Hrfa\">But Mr Niblitt said that wouldn&#8217;t be enough to absorb the additional costs he&#8217;s facing and reckons he would be &#8220;clutching at straws&#8221; to secure a bigger loan from the bank as interest rates start to bite.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">&#8220;I&#8217;ve had a real estate agent go out there and evaluate if we can sell the property as a half-finished house,&#8221; he said.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">&#8220;Hopefully, we might be able to sell it and be out of debt.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">&#8220;If not, I&#8217;ve considered maybe just claiming bankruptcy.&#8221;<\/p>\n<h2 class=\"Typography_base__k7c9F Heading_heading__XLh_j Typography_sizeMobile20__zPuzG Typography_sizeDesktop32__a1adN Typography_lineHeightMobile24__xwyV0 Typography_lineHeightDesktop40__UHQxu Typography_marginBottomMobileSmall__8rIrY Typography_marginBottomDesktopSmall__IsBSx Typography_black__5rKXY Typography_colourInherit__xnbjy Typography_normalise__UWWOc\" data-component=\"Heading\">Builders collapse during housing crisis<\/h2>\n<p class=\"paragraph_paragraph__3Hrfa\">Australia&#8217;s facing a shortage of 106,300 new homes over the next five years, according to the National Housing Finance and Investment Corporation, which warns the number of apartments and townhouses being built has fallen by about 40 per cent since the 2010s.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">Yet, fixed-price contracts combined with soaring labour and material costs are causing massive losses and pushing Australia&#8217;s construction industry to the brink.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/more-than-27000-new-home-projects-shelved-by-crisis-hit-construction-industry\/\"><img decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image ls-is-cached lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2023\/01\/Building-Collapse-460x270.jpg\" alt=\"Building Collapse\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2023\/01\/Building-Collapse-460x270.jpg\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/more-than-27000-new-home-projects-shelved-by-crisis-hit-construction-industry\/\" rel=\"bookmark\">More than 27,000 new home projects shelved by crisis hit construction industry<\/a><\/h2>\n<\/header>\n<\/div>\n<p class=\"paragraph_paragraph__3Hrfa\">The latest statistics from the Australian Securities Investments Commission (ASIC) reveal 1,753 companies have gone broke so far this financial year \u2013 or, an average of five a day \u2013 compared with a total of 1,284 the previous financial year.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">The collapse of a string of high-profile builders including Porter Davis, ProBuild and PBS Building has brought at least 3,000 projects across Victoria, New South Wales, Queensland, and the ACT to a standstill and left even more customers without a home, or out of pocket.<\/p>\n<figure class=\"Figure_figure__1x_VJ ContentAlignment_marginBottom__jDkGS ContentAlignment_overflowAuto__rLnB0 ContentAlignment_outdentDesktop__8cuic\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"102412542\" data-component=\"Figure\" data-uri=\"coremedia:\/\/imageproxy\/102412542\">\n<div class=\"ContentImage_ratio__RsS6M\">\n<div class=\"AspectRatio_container__4U_vR\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"Image_image__ZCYel ContentImage_image__RAjlP\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/c8167759d041114c591399170249f832?impolicy=wcms_crop_resize&amp;cropH=367&amp;cropW=551&amp;xPos=0&amp;yPos=78&amp;width=862&amp;height=575\" sizes=\"100vw\" alt=\"Woman standing next to a man holding brochure for housing development \" data-component=\"Image\" data-lazy=\"true\" \/><\/div>\n<\/div><figcaption id=\"102412542\" class=\"Typography_base__k7c9F Figure_figcaption__nwn6I Typography_sizeMobile12__d1m0s Typography_lineHeightMobile20__akKiV Typography_regular__Aqp4p Typography_colourInherit__xnbjy Typography_letterSpacedSm__oprIk\" data-component=\"Figure__figcaption\"><em><strong>Lem Lem (right) signed a contract with building company\u00a0Privium.<cite class=\"Typography_base__k7c9F Figure_citation__VRbQX Typography_sizeMobile12__d1m0s Typography_lineHeightMobile20__akKiV Typography_regular__Aqp4p Typography_colourInherit__xnbjy Typography_letterSpacedSm__oprIk\" data-component=\"Figure__cite\">(<span class=\"Typography_base__k7c9F image_byline__7WNBs Typography_sizeMobile12__d1m0s Typography_lineHeightMobile24__xwyV0 Typography_regular__Aqp4p Typography_colourInherit__xnbjy Typography_letterSpacedSm__oprIk\" data-component=\"Byline\"><span class=\"Typography_base__k7c9F Typography_sizeMobile12__d1m0s Typography_lineHeightMobile20__akKiV Typography_regular__Aqp4p Typography_colourInherit__xnbjy Typography_letterSpacedSm__oprIk\" data-component=\"Text\">Supplied: Lem Lem<\/span><\/span>)<\/cite><\/strong><\/em><\/figcaption><\/figure>\n<p class=\"paragraph_paragraph__3Hrfa\">One of them is nursing student Lem Lem who put a $15,000 deposit down on a house-and-land package in Melbourne&#8217;s outer suburbs with Privium, just months before the builder collapsed in 2021.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">Because construction had not yet begun, she has no insurance cover and has been told she won&#8217;t be getting her deposit back.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">&#8220;I was working almost day and night to save enough money for the deposit,&#8221; she said.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/families-and-tradies-on-warpath-after-building-company-collapses-watch\/\"><img decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2022\/06\/building-460x270.jpg\" alt=\"building\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2022\/06\/building-460x270.jpg\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/families-and-tradies-on-warpath-after-building-company-collapses-watch\/\" rel=\"bookmark\">Families and tradies on warpath after building company collapses | WATCH |<\/a><\/h2>\n<\/header>\n<\/div>\n<p class=\"paragraph_paragraph__3Hrfa\">Lem Lem was so determined to save up for her deposit, she took a break from studying to work as a full-time personal carer at a hospital.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">Since the builder collapsed, Lem Lem \u2013 who migrated from Ethiopia \u2014 hasn&#8217;t returned to her studies.<\/p>\n<p class=\"paragraph_paragraph__3Hrfa\">&#8220;It is very painful,&#8221; she said.<\/p>\n<div class=\"EmphasisedText_emphasisedText__kXU2r ContentAlignment_marginBottom__jDkGS ContentAlignment_overflowAuto__rLnB0\" data-component=\"EmphasisedText\">\n<p class=\"paragraph_paragraph__3Hrfa\">&#8220;I had a plan to build my house and go back to my studies but now, I have to keep working.&#8221;<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/collapse-of-major-builder-devastates-australian-home-owners-watch\/\"><img loading=\"lazy\" decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2023\/04\/Collapse-of-major-builder-460x270.jpg\" alt=\"Collapse of major builder\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2023\/04\/Collapse-of-major-builder-460x270.jpg\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/collapse-of-major-builder-devastates-australian-home-owners-watch\/\" rel=\"bookmark\">Collapse of major builder devastates Australian home-owners | 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rel=\"noopener\">Jeff Bezos, Lauren S\u00e1nchez will have massive prenup for $140B fortune | WATCH<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/propertynoise-co-nz-to-launch-real-estate-industry-recruitment-site\/\" target=\"_self\" rel=\"noopener\">propertynoise.co.nz to launch real estate industry recruitment site<\/a><\/li>\n<li><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/he-sometimes-struggled-to-pay-staff-but-owns-a-4m-holiday-home\/\" target=\"_self\" rel=\"noopener\">He sometimes struggled to pay staff, but owns a $4m holiday home<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: Building construction firms are falling like flies. FILE A<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/building-company-collapses-turn-home-dreams-into-nightmares\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":35275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478125398,478124421,478120280,478122168,478098521,478098733,478098732,478100794,478101218,478125068,478098579,478098510,478098509,478125397],"class_list":["entry","author-data123nz","post-43054","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australian-construction","tag-australian-construction-companies","tag-australian-construction-company","tag-australian-construction-industry","tag-australians","tag-building","tag-building-companies","tag-new-home-construction","tag-new-homes","tag-porter-davis","tag-property-market","tag-property-news","tag-real-estate-news","tag-victorian-managed-insurance-authority"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Building company collapses turn home dreams into nightmares - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertynoise.co.nz\/au\/building-company-collapses-turn-home-dreams-into-nightmares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Building company collapses turn home dreams into nightmares - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"PHOTO: Building construction firms are falling like flies. 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