You are here

Marina projects in trouble all round Australia

Tide's out for marine developers

"Sales of marina berths are collapsing as fast as luxury boat builders"

In "Developers come clean as tide goes out at marinas", Australian Financial Review, 12 May 2009, page 3, Lisa Allen writes, "Recievers have been appointed to Riviera, Australia's largest luxury boat manufacturer." She writes that developers have "finally admitted" that consumer interest in buying marina berths will be dead for at least two years.

"Despite months of protest that marina berths were holding up (...) the market is crumbling and developers are dropping prices. A Queensland investment report claims that only two of the state's marinas out of 38 surveyed posted modest capital growth in the 12 months to February."

"No demonstrated need for more marina berths"

The article quotes Rory Mc Court of the Whitsunday-based community group Save Our Foreshore, which is one of many groups trying to stop marina developments all over Australia. McCourt describes several marina projects in North Queensland as in trouble, unable to find financiers.

"There is clearly no demonstrated need for more marina berths here even prior to this economic crash", McCourt said.

Just another excuse for mushrooming sub-urban developments

Generally these marina developments are part of a less obvious scheme to raise the price of land around the marinas, by selling off lots for housing near by, taking advantage of roads and ammenities paid for by councils, levied on local residents.

Australians will recognise this ubiquitous design in this marine development residence

Often they are aimed at international buyers and immigrants. Developers float the romantic idea of marinas, promoting them as clever investments and these are sold down the line as overpriced packages to naive small-time investors or their funds.

The main money to be made is by those who have acquired land near-by and have managed to persuade governments to subdivide that land for housing, almost never a democratic decision that the locals approve. The marinas impact on local beaches by affecting sand deposit patterns; they commercialise and degrade peaceful local beaches and towns bringing a host of rules and problems where none previously existed.

Cruise these links

Here are some links to problem marinas elsewhere in the world: