Crawford Property Group's Beaufort Street headquarters. Photo: Attila Csaszar

Crawford victim of Pilbara property plunge

Liquidators have been appointed to Crawford Property Group, with the firm becoming the second Pilbara-focused real estate player to run into strife in 2016.


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West Leederville
We are victims of the downturn at Port Hedland, for which we take full responsibility. What has caused us the most grief is the property developers such as Crawfords, who we purchased off in the peak of 2013. They guaranteed high rent yields long after the bubble had burst to unassuming investors and continued to line their pockets by outstripping the demand, building an excess of developments and flooding the market.

How are Crawford the victim here? Ryan Crawford seems to be living the high life in Perth, jet setting around the world. Whilst the investors are haemorrhaging from bad investments made from bad information?

Coffs Harbour
We have lost $800-900K in two properties in this area & are very close to financial collapse. We have just had to sell our PPR to keep afloat.

Crawford are not the victims, they are the ones who were running seminars 'teaching' people how to buy cash flow positive properties in the Pilbara. They were 'advising' people nearing retirement to buy properties that would 'fund' their retirement. Where is the cash flow now? Crawford made a fortune on the commissions every time they sold these properties and on management fees. Of course the business model could not withstand any downturn. Don't feel sorry for Ryan Crawford or his business built on the misery of others.

Does anyone know of any class actions against Crawfords?

Crawfords are property spruikers. Investors need to understand the economic fundamentals of a mining town. You need to time those markets, know when to get in and more importantly when to get out. Anyone who thought those remote ugly mining towns with their crappy houses for $1 million were a long-term buy and hold was kidding themselves.

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