SA residential builder OAS Group goes under, leaving 40 projects in limbo
Another residential builder, which the Master Builders Association says has 40 projects on the go, has collapsed.
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Another residential builder, which the Master Builders Association says has 40 projects on the go, has gone under.
Beverley-based builder OAS Group has been wound up, with debts of $2 million according to documents filled by its director Diego Barbaro with ASIC.
Last week The Advertiser reported that award-winning custom house builder Platinum Fine Homes entered voluntary administration, prompting warnings from Master Builders Association SA chief executive Ian Markos that “it won’t be the last” unless there was action.
Clifton Hall has been appointed liquidator and in a statement said it was disappointing that another building company had gone under.
“The company’s directors have highlighted the continued down turn in the housing industry, increased competition and low margins as the cause of the company’s demise,” the statement said.
Clifton Hall said it was “unlikely” OAS Group would be in a position to complete the outstanding works.
Mr Markos said he hoped there wouldn’t be a ripple effect through the industry, with 40 houses half-built by OAS Group.
“This is terrible news, especially for families so close to Christmas,” Mr Markos said.
“We’ve seen eleven consecutive months of declining building approvals. South Australia is the third most expensive state when you look at dwelling price to income ratio.
“The housing industry needs immediate action to improve affordability.
“Every single factor that is driving up the costs of builds must be put under the microscope.”
The State Government has ruled out further concessions until next year’s budget.
Yesterday, Master Builders warned its members of an email scam, which had already cost one company almost $100,000.
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