Deep dive: Inside the unravelling of buyer’s agency Dashdot
Venture debt provider Mighty Partners has emerged as one of the victims in the collapse as stranded customers, collectively owed $10 million, begin the search for answers.
One day after the Albanese government handed down sweeping curbs to long existing housing tax concessions, Dashdot founder Glenn ‘Goose’ McGrath moved to reassure his property investor clients. “The plan still works. The maths still works. And we’re still here,” he wrote in a letter dated Wednesday 13 May.
Just two weeks later, the buyers agency — one of Australia’s largest — collapsed into voluntary liquidation. It has left hundreds of customers, who paid tens of thousands of dollars in upfront fees, out of pocket to the tune of millions and searching for answers.
A creditors’ report filed with ASIC last Friday and viewed by Capital Brief shows Dashdot collapsed owing $16.57 million. Stranded customers are cumulatively owed $10.6 million for prepaid services and refunds, venture debt provider Mighty Partners is listed as being owed $1.5 million, while staff are due $1.1 million in employee entitlements.
Dashdot employed around 130 staff in Australia and the Philippines and won numerous entrepreneurship awards. But the speed at which it unravelled has left the real estate industry reeling at a time of heightened nervousness over the future direction of the property market.
