Shepparton Property Scheme scam
MB+M News

Shepparton Property Scheme scam

Business Chameleon (literally!)Shepparton got a mention in the Sunday press last weekend as being the site of one of those ‘get rich quick’ real estate investment schemes.

 

It revolved around some large parcels of rural land, well outside the city boundaries, that were being promoted to unwary investors as ‘great opportunities for future residential subdivision’. No Council approval and no possible chance of success – at least not inside the next 15 to 20 years. Plenty of people invested following some very slick marketing. They bought options, not land titles: and they came from as far away from Shepparton as possible – many from Qld and WA. Gullible investors? Yes. Is their money gone? Almost certainly, and lots of it!

 

This is not a reflection on Shepparton itself, just the people who were promoting the schemes.

 

So what’s the take away from all this?

Be wary of free seminars and presentations offering seemingly ‘too good to be true’ property buying opportunities. Particularly watch out for those selling land that is a long way from where you live.

 

If you can’t walk on the site and check it out for yourself, run away – very quickly!

 

Peter Bicknell, MB+M