First-time buyers who had their contracts cancelled up to a year after handing over deposits to developers in Tawa, say Kiwis need more protection against "sunset clawback" in New Zealand. SUPPLIED Bailey Ross was heartbroken when her May 2019 sale was cancelled under a sunset clause in January, and the new build she'd bought was relisted for $90,000 more. In the Australian state of Victoria, developers need a buyer's consent to tear up a contract of sale under the sunset clause. The 48-year-old divorcee bought a house in the Tawa development for $555K in September 2019, with a January 31 sunset date. "We're not trying to catch people out with the sunset [clause].

Source: Stuff February 19, 2020 03:56 UTC