Judge dismisses insider trading suit against Rocket’s Dan Gilbert

Rocket Companies scored a win in a derivative lawsuit alleging insider trading by its primary stakeholder, Rocket Holdings, Inc. (RHI), an entity owned by founder and chairman Dan Gilbert, and its board of directors.

The lawsuit stemmed from two complaints, one filed by the Doris Shenwick Trust in November 2021 and another by investor Christopher Vargoshe in February 2022. The plaintiffs claimed Gilbert pocketed $500 million by selling company stock ahead of Rocket reporting poor earnings and guidance. The case was heard in the Delaware Chancery Court.

Following a three-day trial, Judge Kathaleen McCormick ruled that the plaintiffs “did not prove motive” behind the allegations, according to court documents released on Monday. Representatives for Rocket and the plaintiffs did not reply to HousingWire‘s requests for comments.

McCormick noted that to prove insider trading, plaintiffs must show that the defendant possessed material, nonpublic information and traded motivated by the substance of that information. 

“The plaintiffs claim material, nonpublic information concerning a projected decline in a key financial metric motivated RHI to sell $500 million worth of stock on March 29, 2021. But the plaintiffs did not prove motive. This decision enters judgment for RHI,” Judge McCormick wrote in her ruling.

The trial, held from May 20 to May 22, 2024, included 427 exhibits, live testimony from seven fact and four expert witnesses, and deposition testimony from 18 additional witnesses.

According to the plaintiffs, on March 29, 2021 — six days after a board meeting and two days before the end of Rocket’s Q1 2021 — Gilbert sold $500 million in Rocket stock “despite having actual or constructive knowledge of material, non-public information about Rocket.”

The information in question included a March 9 Compass report forecasting a 2021 gain-on-sale margin of 3.47% — below the market consensus of 3.54% — and a March 23 board presentation reflecting management’s year-end prediction of a 3.19% margin, also below analyst expectations.

According to Securities and Exchange Commission (SEC) filings, Gilbert sold 20.2 million Rocket shares at $24.75 each on March 29.

According to the lawsuit, on May 5, Rocket released its first quarter of 2021 earnings and second quarter of 2021 guidance, reporting projected loan volume of $82.5 billion to $87.5 billion and gain-on-sale margins between 2.65% and 2.95%. Following this announcement, Rocket’s stock dropped to $19.01 on May 6, the lawsuit noted.

However, the court determined that the timeline did not show that Rocket leadership was motivated by the Compass report or board presentation when selling shares. The stock sale was led by then-CEO Jay Farner and Chief Investment Officer Scott Elking.

Rocket went public in August 2020, when RHI sold roughly 6% of its equity in an initial public offering. The company had targeted raising $3.5 billion but ultimately raised only $2 billion, prompting plans for a secondary offering.

In October 2020, Rocket filed a confidential secondary prospectus with the SEC. Morgan Stanley advised pricing shares between $24 and $30 to avoid negative impact on Rocket’s stock, a range only achieved due to the collapse of Archegos Capital Management.

“Farner and Elkins put the wheels in motion when the trading window opened on March 1, prepared to ‘pull the trigger’ mid-way through the trading window when the stock price started to rise, sought formal approval mid-way through the window, and involved internal counsel, external counsel, and the independent Audit Committee members in a sale process with a documented paper trail,” Judge McCormick wrote in her ruling. 

McCormick added: “It was not until Archegos collapsed on March 26, and Farner and Elkins were positive that Rocket’s trading price would support a sale price in the mid-$20s, that Farner approved the sale.”

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What $1m will buy you across Australia

What once seemed like a lot of money is now considered peanuts when it comes to buying a home in some parts of Australia.

Independent valuer Herron Todd White (HTW) has run the numbers over the median home prices in each state and discovered what $1 million will actually get you in today’s market — and yes, there are even options in Sydney.

Matraville, in Sydney’s eastern suburbs, has one of the more affordable median house values of $2.5m, but its townhomes are more budget-friendly.

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A 1989-built, three-bedroom, two-bathroom townhouse recently sold for $1.2m at 6/6-18 Wassell Street.

In Western Sydney, $1.3m will buy a modern, five-bedroom, three-bathroom, duplex, like the one recently purchased at 36 Northcott St, South Wentworthville.

Herron Todd White director Shaun Thomas said duplexes had become common among buyers priced out of the stand-alone house market in Sydney.

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“Some of these properties have a high level of luxury inclusions and can achieve strong results as many people steer towards low-maintenance property, but do not want to live in an apartment complex or larger townhouse complex,” Mr Thomas said.

In Newcastle, you can still snag a house for $1m.

The median house price in the suburb of Cameron Park is $953,933, with a four-bedroom house at 17 Tern Close recently changing hands for $959,699.

Along the Mornington Peninsula in Victoria, the seaside suburb of Dromana has a median house price of just under $1m at $967,500, with house prices having fallen almost eight per cent in the area in the past 12 months.

A three-bedroom, two-bathroom house on 604 sqm at 47 Coleus Street recently sold for $950,000 — and it’s just a five-minute drive from the beach.

“This property has dated elements and would require a renovation in the near future to modernise it,” HTW director Perrin King said.

“Although it is dated, for this price point in Dromana most houses that have sold recently for a similar price point are in similar condition.”

In Melbourne itself, the popular suburb of Flemington has a median house price of $1.05m, having dropped about four per cent in the past year.

A three-bedroom, one-bathroom Edwardian terrace house at 127 Princes Street recently fetched $1.13m.

“Flemington presents strong investment potential, particularly for those seeking a well-connected, inner-city lifestyle,” Mr King said.

“The suburb’s proximity to the city, coupled with its gentrification over the past decade, makes it a popular choice for both young professionals and families.”

Up in sunny Queensland, the options are increasingly limited if you want to live in the southeast corner of the state.

The median house price in Brisbane is dangerously close to $1m — just $2000 short, according to the PropTrack Home Price Index for May.

An example of a near-city house sale at the Brisbane median would be 158 Kelvin Grove Rd in Kelvin Grove, which recently sold for $1.002m.

HTW director David Notley admitted the property was a “very modest 94 sqm” house with three bedrooms and one car space on just 180 sqm of land on a busy road.

“It does have city views, which is definitely an upside, and the nearby Queensland University of Technology means you’ll have plenty of student share-house interest as an investor.”

On the Gold Coast, the median house price in Southport is $1.08m, which will get you an older style (circa 1980s) house on a 500 sqm to 700 sqm block.

A two-level, three-bedroom, two-bathroom house at 17 Melinda Street recently sold for $1.17m.

In Western Australia, Perth’s inner-ring suburbs of Subiaco, Leederville, and Perth CBD have a median house price of $1.2m — a whopping 30 per cent growth in the past year.

A spacious, two-storey, three-bedroom, two -bathroom house at 15 Randell Place recently sold for $1.22m.

In South Australia, $1m still goes a long way, with Adelaide’s median house price sitting at $880,000.

A brand-new, three-bedroom house at 9A Vincent Avenue, Athelstone, is currently on the market for $1.035m, or a swanky townhome at 13 William Lane in the CBD is for sale for $1.2m.

And in Darwin, which is Australia’s most affordable capital city with a median house price of $604,000, a budget of around $600,000 can still secure quality real estate, particularly in the

sought-after northern and inner suburbs where blocks often exceed 800 sqm.

But if you have $1m to spend, you can easily snap up a spacious CBD unit with sweeping views.

A three-bedroom, two-bathroom unit with spectacular water views at 213/130 Esplanade, Darwin City, is on the market with a guide of $950,000.

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Crumbling Toorak mansion linked to royal family hits market

The once-grand Cloyne estate in Toorak, designed in 1926 by Harold Desbrowe-Annear, has hit the market in a crumbling state, offering one of Melbourne’s most significant restoration opportunities of 2025.

A once-grand mansion linked to the British royal family has hit the market in a state of disrepair, with a $4.75m-$5.225m price guide.

Known as Cloyne, the 1926 Georgian Revival residence sits behind a semicircular driveway and lion-flanked pool on a 1025sq m block at 611 Toorak Rd.

The home’s spiral staircase, gallery-style landing, timber-panelled study and original colonnades remain intact, though extensive cosmetic works are needed after years of vacancy and halted renovation plans.

The decaying property has heritage protections preventing demolition.

Jellis Craig Stonnington’s Michael Armstrong said the home protected by a council heritage overlay held “enormous potential” for a buyer prepared to restore a piece of Melbourne’s architectural and social history.

“Structurally, the home is sound,” Mr Armstrong said.

“Cosmetically, however, it presents a rare opportunity for a full-scale renovation, from the ground up. Many of the preparatory works are already in place.

“This is a start-to-finish transformation, and opportunities of this calibre are increasingly hard to come by in today’s market.”

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The original colonnaded pool at Cloyne reflected 1920s grandeur, designed to impress guests with its symmetry, scale and Romanesque detail.

Now drained and crumbling, the lion-flanked pool stands as a symbol of the mansion’s faded glamour, awaiting a full-scale revival.

Cloyne was one of Desbrowe-Annear’s few original commissions in Toorak.

The influential architect is best known for his early 1900s Chadwick Houses in Eaglemont and is considered a pioneer of Australian modernism.

Mr Armstrong said the Toorak mansion holds significant architectural weight.

“His work is highly sought after, and this property in particular resonates with buyers who have an appreciation for his distinctive style,” he said.

The home even has a distinguished lineage.

The sweeping spiral staircase was once the centrepiece of the home, rising from a grand entrance hallway beneath a detailed coffered ceiling.

Time and neglect have taken their toll, but the curved staircase and original balustrade remain intact, offering a focal point for restoration.

Cloyne’s timber-panelled library once served as an opulent study, complete with fireplace, leadlight windows and intricate joinery.

Today, the library retains much of its original character, including ornate ceiling plasterwork.

The original owner Louis Nelken, was reportedly one of King George VI’s butlers who married into the Melbourne elite Baillieu family.

In the 1960s Melbourne playboy Don Busch renovated it in the 1960s before selling to Toorak businessman William Drever.

Since then the home has been held by prominent local and international business elite.

The Jellis Craig prestige agent said buyers would be securing a slice of Melbourne’s social and architectural history and while Toorak’s prestige market typically cools during winter, Armstrong said Cloyne had already attracted “three or four” interested parties from Sydney and offshore, as well as multiple architectural firms.

“There’s a clear appetite among buyers who want to honour the past while reimagining the future,” Mr Armstrong said.

“With a north-facing rear and expansive garden, there’s massive scope to create something truly extraordinary at the back.”

Cloyne’s interiors once showcased classical Georgian Revival detailing, including decorative cornices, hardwood floors and formal entertaining zones that reflected its elite heritage.

Years of vacancy have left much of the interior stripped back, with boarded floors, exposed plaster and stalled renovations revealing just how far the mansion has fallen, and how much potential remains.

One of several marble bathrooms inside the mansion, originally styled with checkerboard flooring, pedestal basins and vintage fittings.

Mid-renovation and incomplete, the bathroom now reveals exposed plumbing and plaster, one of several spaces requiring extensive cosmetic work.

Toorak’s median house price is currently $4.8m, according to PropTrack, and high-end sales have continued to perform through the colder months.

“Very few buyers have focused on preserving and enhancing these timeless homes,” Mr Armstrong said.

“This property stands out — it embodies classical elegance and architectural integrity, and it deserves to be restored with care and skill.”

The five-bedroom home will go under the hammer at 12pm, June 7.

The Georgian Revival facade of Cloyne, with its portico, semicircular drive and formal landscaping, was a Toorak showpiece in the 20th century.

Peeling render, weathered columns and overgrown gardens now shroud the home’s former elegance, though its proportions still impress.

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david.bonaddio@news.com.au

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Heritage Hackney villa hits market following unfinished renovation

A heritage bluestone villa, which broke records when it sold just two years ago, has fallen victim to an unfinished renovation and is now in need of a new owner to restore its former grandeur.

Mocatta House at 5 Osborne St, Hackney, has been stripped bare by its vendor, who paid a staggering $3.52m for it in 2023.

That price set a record for homes in the inner-eastern suburb, with the owner immediately gutting several of Mocatta House’s 11 main rooms, including the kitchen and a sunlit rear conservatory.

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The Hackney home at 5 Osborne St broke its suburb’s price record when it sold for $3.52m in 2023.

The owner planned on renovating it.

They started the renovations, just never finished them.

Parts of the home were gutted.

Plans were approved for a new three-bedroom home to be built on the property’s once lush grass tennis court but selling agent Amity Dry, of Ouwens Casserly Real Estate, said the owner was now moving onto other projects and selling Mocatta House in its bare-bones state.

Sold as separate titles, Ms Dry expected the original 1880 home, which comes with an in-ground pool, could fetch about $3.5m and the vacant tennis court block, on 544sqm, would go for about $1.63m (or $3000 per sqm).

The entire 1883sqm property could also be sold as a whole by negotiation, Ms Dry said.

“As often happens, plans change and other projects have come up,’’ Ms Dry said of the owner’s decision to sell Mocatta House.

“They don’t have to sell this – they would happily sell the (tennis court) block and still do the (renovations to the) house itself if that’s where the interest (from buyers) lies or if someone comes along and says this (existing residence) is my dream home then that’s good too.’’

Ms Dry said the vendor had initially intended to live in the original home and sell the planned new tennis court dwelling.

Not all of the house has been gutted though.

There is currently no functioning kitchen …

… Or bathrooms.

But the bones of the house remain and they offer the new owners a blank canvas.

She said the exterior facade of Mocatta House was subject to heritage restrictions but there was enormous potential to convert the interior into something special.

The house had been in an “OK condition” when the vendor purchased it but needed updating, Ms Dry said.

She said many of the rooms only needed repainting and a floor sand and polish but the home currently had no bathrooms, rendering it unliveable.

“For me, what makes it exciting is that it’s just the four walls – nothing has been done to the wet areas and you can do what you want rather than have someone else come in and do it (to their tastes),’’ she said.

“It’s a landmark home in Adelaide, with the blank canvas of the bluestone return veranda villa.

“It’s pretty rare that you would find something in this condition so close to the city these days.’’

Offers close Tuesday, June 24 unless sold prior.

– by Lauren Ahwan

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Fitness couple swaps the beach for the Hinterland

Ash and Laura Minchin, pictured in 2021. Photo: Chris Vickerman

Gold Coast fitness couple Ash and Laura Minchin are moving their young family across the border after snapping up a stunning Tweed Hinterland home.

The Minchins – who recently opened a new Strong Pilates Studio at Robina, adding to their centres at Southport, Burleigh Heads and Gladesville in Sydney – are swapping Kirra for Carool in northern NSW.

They paid $2.35m for the five-bedroom ‘Coomalie Park’ homestead.

Aerial view of the five-bedroom ‘Coomalie Park’ homestead.

Enjoy rolling lawns and views out to the southern Coast at ‘Coomalie Park’ homestead.

While their beachside apartment offered plenty of living area, the rolling lawns and views out to the southern Coast won over the busy couple.

“When we first saw the property, we could imagine having a coffee in the morning or a wine in the afternoon, looking out to the coast with our super-active girls playing in front of us on the lawn,” said Ms Minchin.

“It’s a beautiful home and we just couldn’t stop thinking about the lifestyle it would offer our family.”

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The self-contained pool house at Coomalie Park homestead.

The home was sold through LJ Hooker Coolangatta-Tweed’s Jo Lynch.

“Premium acreage living remains in-demand and Coomalie Park attracted strong inquiry during the campaign,” Ms Lynch said.

“It sits on an elevated aspect with stunning views to the city’s southern coastline.

“Floor-to-ceiling windows in the main living areas capture the hinterland setting that surrounds the property.

“It’s a blend of nature and contemporary design.”

The kitchen.

The main residence includes four bedrooms while a self-contained pool house offers a luxurious guest retreat.

Ms Minchin said the pool house would be particularly useful in accommodating visiting overseas and interstate family and friends.

The Minchins are originally from Sydney, where commuting an hour each way for work was common, so living across the border wasn’t an issue.

“Some people have a mindset that you’d never want to live in NSW because it’s too far away,” said Ms Minchin.

“But we’re still only 25 minutes to the southern end of the Gold Coast and 40 minutes to our new Robina studio.”

The pool house and pool.

Ms Minchin said Pilates was the fastest growing fitness industry in Australia.

“Pilates is often put into the same basket as yoga, but Strong Pilates is completely different,” she said.

“With Strong Pilates, it’s somewhat of a hybrid of cardio, strength and conditioning.

“It’s extremely popular among women but we are attracting a lot of men, as well.

“And those men are giving up their gym memberships after trying Strong Pilates because they are getting a full muscle workout, as well.”

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What it takes to get your house to blow up in 2025’s online marketplace

When Visna Kogle was told she was selling one of Queensland’s most-viewed properties, she said she wasn’t surprised.

Her home at 170 Camelot Pl, Bridgeman Downs, is one of Queensland’s most-viewed houses for sale over the past 12 months: an acreage property with 9628 sqm of space and one of the area’s freshest looks.

“This is, from what I’m aware of, the most newest modern, up to date acreage home in this entire area,” she said. “Definitely lots of interest, which is a nice thing … it’s probably what I experienced when I was going through, looking at properties like that.”

Real Estate Popular Properties - Case Study

Ms Kogle moved to Brisbane several years ago, and was looking for appealing acreage homes when she stumbled across one being sold by its owner-builders.

“I was instantly drawn to this particular place [with] the feeling that it gave,” she said. “I have this feeling like I’m in this peaceful resort retreat; it’s got all this calmness and space and the modernness through the architectural design, but everything’s integrated with nature.”

While she was living with her children there for a while, Ms Kogle said her dog Winston was the one who got the most enjoyment out of the property’s vast open space.

“He’s out wandering around this entire two and a half acre property like it’s a park all day, every day,” she said.

The property is around 8 years old now, and Ms Kogle’s need to move interstate again has put the home back up for grabs. It’s been advertised by Belle Property Bridgeman Downs for its multi-generational potential and proximity to the city.

Agent Ben Ball of Belle Property Bridgeman Downs said the property was one of their biggest projects at the moment, with an advertising campaign across social media and magazines with hundreds of thousands of subscribers.

“We are mostly seeing people wanting to buy this as a second or third home,” he said. “We are seeing a huge understanding that when you’re talking about this amount of land, it’s just going to get rarer and rarer over time.”

“To recreate that product would almost seem priceless. It’s a very expensive world to build in at the moment.”

Real Estate Popular Properties - Case Study

Ms Kogle said she felt some of that popularity came from how rare it was to get a chance to buy in an area that is usually tightly held-onto, such as Bridgeman Downs.

“This is a really special pocket here,” she said. “People don’t tend to leave a lot once they arrive here. Homes are often kept in families for generations.”

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First look open day: Pool, resident lounge, dining pavilion

A landmark community on the Gold Coast’s Isle of Capri is nearing completion, with Capri Villas unveiling its resort-style amenities ahead of welcoming residents later this year.

Priced from $2.4m, only 10 of the 48 villas aren’t sold.

Developed by Monaco Property Group, 81 Salerno St offers one of the most comprehensive amenity offerings ever delivered on the exclusive island, including a pool, resident lounge, and outdoor barbecue and dining pavilion, all set within landscaped surrounds.

Designed by Plus Architecture, each of the 48 villas has been meticulously considered, from concrete construction and suspended slabs to double-height entry voids and spa-style master ensuites.

Each villa features three or four bedrooms, open-plan living, private courtyards and secure double garage.

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The configuration has resonated with downsizers and lifestyle-driven buyers seeking low-maintenance living with quality and space.

The project is also advancing rapidly onsite, nearing 90 per cent completion, with the first stage due to settle from late July and the final handovers expected by November.

Capri Villas will host a public open day on Saturday, June 14, offering guests the first look at the newly completed Villa 1 Display Suite and unveiling of the resort-style amenities.

Jonathan Grasso, co-founder of Monaco Property Group, said strong early sales reflected the demand for homes that delivered design, amenity and location.

“Capri Villas has attracted a high level of interest from both local and interstate downsizers looking for a secure, low-maintenance home without compromise,” he said. “We’re also seeing a growing number of families purchasing for their children as a way to help them enter the property market in a meaningful way.

Construction is being delivered by builder Greyburn.

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Huge surprise helps first-time owners into a home

It started with a message about tiles.

Budding home builders Bradley Lakoseljac and Phoebe Clifford were completely unaware of what was about to happen when they went to see their builder about picking some new tiles.

The couple, both 24-years-old, will embark on the journey to build their first home in the coming months.

They had no reason to be suspicious about being asked to visit the Wilson Homes MyChoice Design Studio.

Mr Lakoseljac said they thought they were re-selecting tiles because their original choice was out of stock.

“We quickly found out that the tiles were fine,” he said.

“Wilson Homes’ chief executive, Tim Ribbons, popped his head around the corner and came over for a chat. I did wonder why the CEO knew our names.

“Then he sprung the news on us. A big cheque came out, there was confetti, and he told us we had won $100,000 off our build.

“It was a pretty crazy moment. I was in shock. There were some tears of joy and excitement.

“It felt a bit like we were on a TV show.”

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Mr Lakoseljac said they feel grateful to win such a substantial prize.

“It is life-changing, it will make a world of difference for us,” he said.

“Like most first homeowners, our budget is very tight. This prize will help a lot with our mortgage repayments and help us build the home that we have dreamt of.”

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Mr Lakoseljac said building a home was a better choice for them compared to buying something established.

“We will build a home that suits our needs, rather than buying something and having to make changes later,” he said.

“When we checked out the Wilson display homes at Rokeby, we both liked the way the laundry and butler’s pantry were tucked away. You can prepare dinner or do laundry without guests knowing.

“I always wanted an ensuite. That’s a luxury I’ve always wanted.

“In Hobart, a garage is a must. There’s nothing worse than a frosted-over car in winter.

“We also wanted a home where we could entertain friends and our soccer teammates.

“The Wilson team helped us design a home that fit our needs and budget, to create a house that we really love.

“I can’t wait for it to be built so we can move in.”

Wilson Homes is celebrating 35 years in business, and as part of that celebration the builder is giving customers the chance to win $100,000 off the price of their new home.

There will be five draws.

The builder is also offering $35,000 discounts off every new home, luxury kitchen and laundry packages, and ducted airconditioning as part of the celebration.

Visit wilsonhomes.com.au for details

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Clever teen act nets Aussie $5m on the side

Property investor Jon Fulluck started saving for his first property at age 14.

A Sydneysider who started saving for his first property at just 14 has given an insight into what’s achievable for lower income earners willing to make sacrifices and be disciplined with their spending.

Jon Fulluck, now 37 and working as a software salesman, owns six properties across two countries – with his four Aussie properties having a combined value of roughly $5 million and total gross rental income of about $160,000 a year.

It’s a portfolio he said was made possible by clever timing, a willingness to take risks and laser-focus on saving as much money as he could.

Today Fulluck has six properties, including four in Australia.

Mr Fulluck said knowing how to work the banking system further helped. He learned early on how to get brokers to work for him and find financing options he may otherwise have missed.

“Banks will happily lend you to your eyeballs but I’ve always been careful,” he said. “The important thing is to get started. Do something as soon as you can.”

He added that taking action – even with a limited income – was a mentality he adopted right from the beginning.

“I started saving when I was 14,” Mr Fulluck said, recounting the beginning of an 18-year journey marked by discipline, delayed gratification, and a refusal to follow a conventional path.

“I just saved from various jobs. I worked as a kitchen hand, delivered newspaper. Lots of dead end jobs. I didn’t know much, but I knew and understood property always goes up in value.

He went travelling shortly after buying his first property aged 19.

“Both of my parents were teachers and I had seen them struggle financially. That was one of my main motivators.”

Mr Fulluck, then based in the UK, bought his first property at 19: a one-bedroom unit in Essex. He still holds it today.

Four years later, after an 18-month stint coaching tennis abroad and working at summer camps, he bought his second property — a four-bedroom house – again in the UK. He was just 22.

“That one has only got nine years left on the mortgage,” he said. “Hopefully I’ve got a nice little nest egg sitting there in a decade’s time that I can start enjoying.”

He later moved to Sydney when was 25 years old and by 29 was eyeing out opportunities to get into the Australian market.

At 30, a chance encounter over two glasses of wine at a vineyard led to his third property purchase in the NSW town of Orange – a scenic, food-and-wine-rich regional town with rising real estate clout.

“I actually knew Orange was always going to do well,” he said. “The property I ended up buying was near a highly sought-after school and was on 900 sqm with future development potential.”

He bought it for $407,000. It’s now worth $700,000 and rents for about $600 a week.

Mr Fulluck marked a turning point in his portfolio in 2021 with the purchase of his Sydney home — what he calls a “milestone property” — funded by a work bonus. It’s now worth $1.7 million and brought his property total to four.

By 2023, he’d pulled equity from the Orange property and used it to acquire two more four-bedroom homes in Brisbane. Each of those Brisbane homes is valued today at around $950,000 and they produce $1500 a week in combined rent.

Orange With JAck

He bought in the town of Orange after a chance encounter at a vineyard.

He said the Olympics motivated his purchase in Brisbane and he used a buyer’s agent to help with the deal.

About 40 per cent of the value of the total Australian portfolio is equity, with his mortgage obligations accounting for the rest, he said.

Michael Pell, managing director of Propell Property, said Jon Fulluck embodied the essence of a long-term investor.

“Jon didn’t come from money,” Mr Pell said. “You don’t need to have plenty of money if you start with the right mindset.

Michael Pell from Propell Property said Jon’s story showed what was possible for those with determination.

Mr Fulluck said one of the hardest parts of investing was staying the course through good times and bad.

“Sure, as an investor, you are living life with little disposable cash sometimes … but investing all of your cash means really good things in the long run.

“It can be quite stressful seeing how many zeros you have in minus against your name. I try not to think about it too much because I know I can always sell if I need to,” he said.

His philosophy is part austerity, part clarity of purpose. “If you don’t do it, then you are just going to be living in the system, paying high tax, never having financial freedom, never owning any property and you’ll just be part of the cycle.”

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‘Catfishing’: Dodgy tradies’ insane rip off tactics exposed

Most Aussies claim they have had a bad experience with a tradie at some point.

Frustrating issues normally seen in the dating world have rocked Australia’s home repairs and renovations industry, with homeowners warned about a concerning rise in “catfish tradies”.

These smooth talking operators have been reported to be luring unsuspecting clients with too-good-to-be-true quotes, only to spring them with extra charges once works begin.

Catfish tradies also include companies who misrepresent their previous jobs with fake imagery or qualifications and then deliver shonky projects that fall well short of what clients were promised.

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Decisions about hiring tradies are made on gut feel or a handshake, making it a rife climate for catfishing operators.

It comes as hipages research showed Australians’ confidence in tradies has eroded over time, with 66 per cent of those surveyed in a recent poll saying they struggled to find one they could trust.

This lack of trust, coupled with a widespread ignorance about proper qualifications and pricing, is creating perfect waters for these Catfish Tradies to thrive, according to hipages.

Homeowners caught in the web of catfishing tradies were losing thousands of dollars on projects that were substandard or didn’t deliver on specifications.

Relationship expert Sera Bozza said it was homeowners’ lack of understanding of how to select a tradie that was creating a particularly favourable environment for catfishing behaviours.

Many people still relied on gut feeling, handshakes and false recommendations for sourcing tradies, which made it easier for them to be exploited, Ms Bozza said.

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“Sometimes tradies can be really charming and the homeowner will get swept up by it all,” she said.

“Often what happens is there is a lump sum quote that’s given in the beginning but once they get to the job it becomes itemised. It’s all added up to a total and it’s a lot higher.

“(Catfishing) tradies misrepresent their experience, qualifications and past work to win jobs … they offer quotes that seem too good to be true and often use misrepresented photos to seal the deal.”

Ms Bozza added that a lack of knowledge about pricing exacerbated the issue.

About two thirds of those polled by hipages said they were in the dark about how much hiring a tradie should cost, leaving them vulnerable to inflated invoices and hidden fees.

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hipages data showed many Aussies didn’t know the right tradie to even call.

“About 2 million Aussies have hired the wrong tradie at some point,” Ms Bozza said,

“Platforms like hipages let tradies show reviews, but there are other ways people find tradies and without these verifications it’s easy to go by just a handshake or a feeling.

“Many people don’t know what they are looking for. It’s essentially guesswork. And that makes it rife for catfishing.”

Ms Bozza highlighted some key red flags homeowners should watch out for – many of which were similar to certain types of dating trends. These behaviours were categorised as:

> Mr Unreliable: A tradie who promises to call but never does. “Trust comes from consistency,” Ms Bozza warned. “If they’re hard to reach before the job starts, imagine how they’ll handle your timeline.”

> The Pick-Me Tradie: Someone who trashes other tradies to win your job. “If they need to bag out the competition to look good, they’re not the better choice,” Ms Bozza said.

> The Zero Footprint: An operator with no reviews, license, or verified history. “If you can’t find anything about them online, there’s a likely reason,” Ms Bozza said.

> Lying About Their Height (and Their Quotes): Quoting one price and invoicing another.

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Many homeowners have attempted DIY repairs on complex issues because of a lack of trust in tradies.

> The Catfish Carpenter: Photoshopped pics and work that looks nothing like promised. “Being catfished by an unqualified tradie can leave you feeling betrayed and duped with dodgy results.”

Signs of a good tradie were that they confirmed quotes and actually showed up, Ms Bozza added. They also had legitimate photos and something of an online presence with substantive reviews.

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