VIC Walking Out of a Land Contract?

[Nad]

Hi,

We put a deposit in Jan 2018, 10% of the land price for an off the plan block to be titled on May 19. Now I see there are titled blocks of similar size for 30 k less. I presume that the prices are falling as predicted.

When we signed the contract we were rushed to buying saying that the block won't last but we're not given info about what to look for. The estimated site cost to build in the said land is 30 k. They will not swap the land for a different block. What can we do about this.?

I'm losing my mind over this

 

[Rod]

Why?? You assume the risk, as well as benefits if the land price rises.

Such is life. Put it down to experience and don't buy off the plan again. I'd never ever buy off the plan.

 

[Nad]

thank you Rod. we were blinded by what competition, home ownership , the great australian dream etc etc . as you said the only way now is foward.