When Rick bought land in the “exclusive” Waterford Estate six years ago, he was promised schools, parks, shopping centres and sports ovals would be built.
Of all the promises, only a park has been built, Rick (not his real name) says. To make matters worse, developers Land Source Australia was declared bankrupt in November last year.
Waterford Estate residents are now in limbo, unsure whether promises will be delivered – they’re now considering class action to have those promised amenities built.
“When we bought this land here, we knew Melton South wasn’t a poshy area,” Rick says.
“But the way it was represented to us at the time of the sale, it would become a prime residential area, reason being, there was meant to be a swimming pool, tennis courts, gymnasium, and so on.
“But none of that has been delivered.”
Rick says he bought his block of land in 2011 for $175,000, but he would be lucky to sell it at a profit, taking into account consumer price index levels, depreciation and house prices.
“Six months ago, I bought a block of land in Thornhill Park for $150,000. I recently asked again, and was told ‘you’re lucky to get anything under $200,000’.
“So within six months, my Thornhill Park land has gone up $50,000. In six years, my Waterford house price hasn’t gone up. People are selling their houses for $50,000 less than what the value should be.”
He says residents are frustrated, and many have taken to social media to vent their anger and concerns. One resident commented on Facebook that she built her house two years ago under the impression the estate was going to be “great”.
“Still waiting for schools, shopping centres, parklands, residents centres and much, much more to be built,” the resident said.
A community meeting has been organised for 2pm, Saturday, January 28, at Waterford Park, Melton South. Rick says Waterford Estate residents will have a chance to talk about their options, including the possibility of finding another developer willing to deliver those promised amenities.
Star Weekly tried to contact Korda Mentha, an advisory and investment firm appointed as receiver by the courts to sell Land Source Australia’s assets, several times. The company did not return repeated requests to call.
