Far out Friday: Quite possibly the world's worst broker commission, ever

by Mackenzie McCarty22 Feb 2013
The properties each have two to three bedrooms, a backyard and are in a variety of conditions ranging from ‘liveable’ to ‘desperately needing refurbishment’.

Council members reportedly feel the abandoned buildings are dragging down living standards and raising crime rates by attracting arsonists, squatters and burglars, as well as devaluing nearby properties.

Abandoned houses are apparently a major problem in the area, with some 4,000 buildings left empty as of January, 2011.

Local resident, John Bannister, tells the Daily Mail that the situation in Stokes is dire.

“At the moment, there is vandalism, people using the backyards of empty houses for fly-dipping and all kinds of problems.”

Back in 2001, Wambo Shire Council offered 48 blocks of land in Jandowae, 260km west of Brisbane, for $1 each.

The town of about 1,000 was in the dulldrums as  people were leaving the area, their houses were unoccupied and shops were closing.

After the sale, the population rose and business picked up. By 2005, the council declared the stunt a 'huge success'.



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  • by Ian 22/02/2013 11:15:34 AM

    You forgot to deduct aggregator fee's from the commision. A flat fee model could turn out to cost you money to write the loan, those "lucky" to be on a percentage split might just stay in the black. I hope they don't have capital gains tax on owner occupied homes in the UK that could be a nasty sting in the tail in five years time.

  • by Phil in Finance 22/02/2013 11:29:08 AM

    You can assume a mortgae loan would not be required for a <$1.50 purchase price but may be needed for the renovations that would cost much more depending on the property condition?
    House property replacement insurance would be the real minefield in this situation. It may encourage "accidental" fires or be simply uninsurable for replacement based on the purchase price?