Living Homes VIC, QLD collapses – while traditions are left out of pocket
A family-owned housebuilding company has gone bankrupt, becoming the latest victim of a crisis in the construction sector.
DC Living, trading as Living Homes VIC and Living Homes QLD, went into administration on January 31 and SV Partners were appointed as administrators.
Founded in April 2015, the Brisbane-based company described itself as 'born and bred Queensland homebuilders with a deep passion for designing and building quality homes for the Greater Brisbane market.
It specialized in house designs and house and land packages.
“From our family to yours, we are your family builder,” the website says.
'At DC Living we are a family business that understands the importance of creating a sense of belonging.
A housing company has gone bankrupt with 29 projects in limbo (pictured is a DC Living home in Brisbane)
“Just as families care for each other, we treat you as one of our own.”
Australian Securities and Investments Commission records show the company had the trading names Living Homes VIC from January 2021 and the trading names Living Homes QLD from June 2017.
It is unclear whether the company had incomplete projects in Victoria, but in Queensland it had 29 ongoing projects worth more than $10.2 million in 2023-24, the Queensland Building and Construction Commission confirmed.
Affected homeowners have until May 2 to make a claim under the Queensland Home Warranty Scheme.
A QBCC spokesperson said DC Living had insurance for 29 construction jobs in 2023-2024 and another 19 in 2022-2023.
“The QBCC is currently working to determine the number of DC Living Pty Ltd's incomplete projects and the number of potential claims under the scheme,” he told Daily Mail Australia.
DC Living still has an office in the Fortitude Valley in Brisbane's north. ASIC records obtained by Daily Mail Australia show Hugh William Bridle, 46, had been director and secretary since April 2015.
Angelo Augostis, 52, has been director since February 2022, but secretary of the company from February 2019.
DC Living, trading as Living Homes VIC and Living Homes QLD, was taken into administration on January 31 and SV Partners were appointed as managers (showcase home shown)
Brisbane-based companies HWB Group Holdings Pty Ltd and AJH Future Pty Ltd were the major shareholders.
DC Living can continue trading while a debt payment plan is worked out, with insolvency group SV Partners appointing David Stimpson and Daniel Quinn as administrators.
It is the latest in a series of government-run construction companies where companies are unable to make a profit because the price of materials and tradesmen are soaring and they are locked into fixed-price contracts.