Queensland beach homes sink into receivership
More than 4,000 beachside homes in Queensland are sitting empty as the top end of the property market has tanked.
While first-home buyers may be rejoicing as housing affordability improves at the low end of the ladder, banks are now running emergency seminars to try and train their staff to shift luxury homes during the downturn.
Many banks have reclaimed ownership of the plush properties that line the Gold Coast as sales have collapsed in recent months.
Among the recent casualties of the housing slump is Mimi Macpherson, who has seen her plans to build a $40 million apartment complex over four storeys sidelined.
The model turned property mogul has had a rough time of it in recent months and ended last year ignominiously as she filed for bankruptcy just days before the Federal Magistrates Court did the honours for her.
Mimi, who reportedly had just $8 in her bank account, may do well to see if she can get a loan off her altogether more pecunious sister Elle, who is thought to be worth around $70 million.