Mermaid Beach property deals still under Office of Fair Trading investigation

The Queensland Office of Fair Trading (OFT) continues to investigate boom-time property transaction on the Gold Coast’s Mermaid Beach that occurred between 2007 and 2008.

A spokesperson for the Queensland OFT told Property Observer the inquiry was still underway but could not comment further.

While the inquiry, which dates back to May 2010, continues, owners of property on Mermaid Beach’s millionaires’ row continue to sell homes at heavy losses.

The inquiry was sparked in May 2010 when then Queensland Minister for Fair Trading Peter Lawlor and current Labor member for Southport brought allegations of an investment scam to the attention of the Queensland Police.

At the time Lawler came to the conclusion that the transactions “stink to high heaven”.

“There's a fictitious component in the transactions. It makes you wonder what went on with all of those [Mermaid Beach beachfront] properties.

“The values in that area went crazy over a short period of time. There was almost a stock market-like frenzy about it as people were getting in and out and making a couple of million dollars at a time the agents were also receiving very big commissions,” Lawler said at the time.

 

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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