Land defaults only at 6 per cent, says Woldene despite increase


One of Melbourne’s largest private developers, Wolfdene, has recorded a three-fold spike in housing lot defaults, but nowhere near the 20-25 per cent fallover rate cited recently by Financial Review Rich Lister Nigel Slatterly.

Wolfdene on Monday reported a settlement rate of 94 per cent from in excess of 350 settlements with an end value of 107 million across its portfolio in the last three months.

The company, with a $2.5 billion pipeline of more than 8000 lots, said defaults had risen to 6 per cent from a figure closer to 1-2 per cent when lot prices surged 30 per cent in 2017.

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