YOUNG home owners in Mildura have been "sold a dud dream" following the demise of a residential building company.
Snowdon Developments – one of four Melbourne-based building companies plunged into crisis last week – passed into voluntary administration, leaving 23 homes in the Mildura district in limbo and 15 local subcontractors heavily out of pocket.
It comes amid a "perfect storm" of rising labour costs, high demand for materials that are in short supply, fixed-price contracts and rising interest rates.