Management fees skyrocketed at Tongaruma Island Resort, Queensland (Australian Broadcasting Corporation Photo)
According to the Australian Broadcasting Corporation, owners of the (Moreton Island) property on Morton Island in southeastern Queensland broke the silence, accusing resort managers of being the culprits responsible for falling property prices and pushing them into bankruptcy.
Tonga's Ruma Island resort, (Tangalooma Island Resort), is located on the picturesque island of Morton, travelling by ferry from Brisbane for just 75 minutes. The resort is famous for its clear water and white beaches.
Tonga Ruma Island Resort has a permanent lease with the Kunzhou Government and has the right to develop. Like parliament, resorts supply three-way, one-level parcels and a variety of other infrastructure. In the past 10 years, some property owners in the resort have witnessed a threefold increase in annual management fees and have been forced to sell their homes at a lower price.
Owner Wilson (Drew Wilson), who bought land at the Tangaruma resort in 2003, said operating and management fees had risen from A $9,000 to A $40,999 over the past 12 years. Dream House turned into a nightmare, and he was worried about future finances. Wilson has lodged a complaint with all relevant government agencies, but is still in deep trouble, getting closer to bankruptcy.
Another eight local owners have revealed similar concerns.
A local real estate agent revealed that interested buyers had changed their minds immediately after reading the rules of the Tomgaruma resort, and no one was willing to pay the management fees.
Prices in Tonga's Ruma resort have also fallen sharply in recent years. "some properties could be listed for more than 1 million for the first time," the agent said. "I knew at that moment that the final transaction price of these properties could only reach five hundred thousand to six hundred thousand, or even lower."