QLD Retirees Face $1.2M Price Hike After Developer Cancels Contract

BRISBANE : A retired Queensland couple has been left devastated after their “forever home” contract was terminated just days before Christmas, only for the property to be offered back to them at a staggering $1.2 million premium.

Pascale and Daniel Sinclair sold their business in 2024 to fund their dream retirement in a three-bedroom luxury apartment at the Ruby Ruby development in Milton. After securing the unit for $2.6 million and paying a $257,000 deposit, the couple believed their future was set.

Despite an expected construction start date of January 2025, the site remained dormant for months. “Nothing happened—no demolition, no builder on site, no announcement… nothing,” Mr. Sinclair told reporters.

The silence was broken three days before Christmas when the developer, Kokoda Property Group, sent an email terminating the off-the-plan contract. The group cited a “sunrise clause,” a controversial legal provision that allows a developer to cancel an agreement if certain conditions—often related to finance or construction milestones—are not met by a specific date.

The day after the termination, the Sinclairs were told they could repurchase the same apartment, but at a vastly inflated price. The developer plan to list the unit for $4.14 million. While the couple was offered an 8% “loyalty discount,” the new price tag still sits at over $3.8 million—roughly $1.2 million more than their original 2024 agreement.

“I mean the building itself is phenomenal… but it’s definitely not worth $27,000 a square metre,” Mr. Sinclair said, expressing fears that they have now been priced out of the rapidly inflating Brisbane market.

In a statement, Kokoda Property Group defended the move, claiming that “additional revenue must be secured” for the Ruby Ruby project to remain feasible amid rising costs and worker shortages. They confirmed they exercised their contractual rights to terminate and stated that construction would continue once new financing conditions are met.

The Sinclairs have until January 16 to decide: pay the extra $1.2 million or walk away with their deposit and interest, back into a market that has left them behind.