Porter Davis Enters Voluntary Administration

[Wretched]

Victorian-based home builder Porter Davis is going into liquidation, while a second construction firm has entered voluntary administration.

Construction has been suspended on all Porter Davis' projects, with 1,700 homes affected across Victoria and Queensland.

The construction company has about 470 employees and was forecasting revenue of $555 million in the 2023 financial year.

https://www.abc.net.au/news/2023-03-...tion/102170136

I've heard of others on the brink. Many with a large backlog of houses that they a losing money hand over fist building because of locked in contracts on price but sudden surges in material and labour costs have made them unviable. Adding to the pain, their pipeline is about 30% of expected over year.

[b0son]

A problem of their own making. If you take on more work than you can complete within reasonable time, that's just greed.

[mondeomatureguy]

Hi Guys
Those poor people who were promised there houses were going to be built and now there left in the cold no house, lost heaps of money and got nothing to show for it.

I read in the paper that the Building Company were still taking deposits for houses that they knew werent going to be built " that stinks".

[aussiblue]

Been a big issue in WA for some time with some 94 companies having collapsed in similar circumstances see https://www.youtube.com/watch?v=q2oN_SG6Qpo and https://www.watoday.com.au/national/...23-p5cn19.html etc