Inspired Property: State Government and major developer among creditors owed $9.6m

Collapsed home builder Inspired Property Group owes creditors close to $10 million, The West Australian can reveal. Administrators from McGrathNicol were put in charge of the troubled construction company at the start of April, with at least 87 properties left unfinished. That came 18 months after The West first reported Inspired customers were suffering severe delays to completion of their houses. Some were left waiting more than four years. Inspired’s debts have so far tallied $9.6 million, according to a fresh filing with the corporate regulator lodged on Wednesday. Developer Golden Group — which is behind a $4 billion property proposal at Burswood Point — is owed $3m. Also a major creditor will be the State Government, through the Builders Support Facility — a program announced in early 2024 to help ease the painful building bubble which has wreaked havoc on the industry. The company owes that scheme more than $570,000. Inspired boss Vas Spaseski will claim almost $800,000 from the wreckage of his business, while a further five related parties are creditors to the tune of about $1.3m between them. The collapse followed mounting scrutiny on Inspired in recent months, kicked off by a regulatory investigation in mid-2024. Premier Roger Cook and Commerce Minister Tony Buti met with customers as a first order of business after the State Election in March and pledged the Government would do its best to help. Mr Spaseski said in early April that it was “with deep sadness” that the company entered administration. “Rising costs from subbies and suppliers and the challenges facing the construction industry with the shortages of trades and materials have made it increasingly difficult to operate sustainably in the fixed priced contract structure,” he said. It comes after fresh data from the Australian Bureau of Statistics showed the number of homes under construction in WA at the end of 2024 had fallen to 16,600, down more than 22 per since the peak two years ago. That was driven by a lift in completions. Almost 4800 homes were finished in the December quarter, the second-best performance since 2016.

Inspired Property: State Government and major developer among creditors owed $9.6m

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