Eric Seymour contacted the Mercury on Monday, following an article in Saturday's paper about fellow buyer Carmen Cita's "nightmare" experience.

Mr Seymour moved to the Illawarra from the UK nearly two years ago, believing the development was nearly complete.

He has been forced to live with his sister and keep his furniture in storage while he waits for his townhouse to be finished.

Another buyer, Nicole Marcokich and her partner Shane, pulled out of the development on September 30 after more than a year of waiting for their first home to be built.

The couple, who got married in October last year, were hoping to be able to start a family but have had to put their plans on hold while they look for somewhere else to live.

Mrs Marcokich said their favoured area, the northern suburbs, was now out of reach, due to high house prices, which soared while they were waiting for their villa to be finished.

"If we knew this was going to happen, we wouldn't have done it - we can't get that time back and now we're pretty much starting all over again," she said.

"We want to live near East Corrimal as that's where we grew up but we haven't found anything we can afford at the moment and it's much more competitive now."

Many frustrated buyers have banded together in the hope of using "people power" to pressure the developer, Michael Strom, to finish the project.

Mr Seymour told the Mercury that like Ms Cita, his original contract had recently been rescinded, but he understood that was because Mr Strom was no longer involved in the development.

Mr Seymour claimed new financiers were now involved but would not divulge details about the company, only that it had paid for a security guard on the site.

Mr Strom's company, Railway Land Holdings Pty Ltd, was listed as the vendor on the rescinded contracts.

Mr Seymour has decided to stick with the project, particularly in light of the boom in the property market.

"It's an ideal location for me; it's central to everything like my work and the rest of my family," he said.

"Property prices in the meantime have skyrocketed, I've looked at other places but nothing compares with the location and the price."

He is hoping the new backers will honour the buyers' contracts and original sale prices and has been told fresh contracts should be ready by the end of the month.

Mrs Marcokich decries a lack of communication by the developer.

"We didn't know anything about the financial troubles until we read it in the paper," she said.

"I think it's disgusting that they couldn't even communicate with the buyers; we had to make life decisions with no information, I'm just appalled."

Mr Strom was contacted for comment but did not respond.