20th July 2018

We won't be paying builders 'secret commissions’

While some developers are feeling the heat of a changing market, Villawood won’t be paying kickbacks to builders. Instead, we’re celebrating our latest acquisition in Lara and the vast potential it holds.

From the AFR article:

Villawood Properties boss Rory Costelloe says builder rebates – or “secret commissions” – have returned to the Melbourne land market.

Mr Costelloe, the executive director and co-founder of Victoria’s biggest private land developer, said the rebates, which developers offer to builders to entice buyers to their estates were a sign of “stress in the market”.

He made these comments after Villawood, which does not offer builder rebates, beefed up its own pipeline, snapping up an 89-hectare site near Geelong for $40 million with the capacity to provider more than 1100 homes.