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House price growth for the Gold Coast was strongest in Coombabah, Burleigh Heads and Mermaid Waters for the year to November, according to JLL.
JLL's Queensland Residential Market Report for February said other highly priced suburbs have shown less growth, with Palm Beach up 3.7 percent, Tugun up 0.7 percent, while Surfers, Bundall, Broadbeach and Tallai had minimal growth of 2.1 percent to 2.8 percent.
"Outside of the metropolitan area, median house price growth in the year to November (CoreLogic) was most evident in the Gold Coast, averaging $626,000, up 6.9 percent, and the Sunshine Coast, averaging $558,000, up 5.1 percent. Toowoomba median house prices were $420,000, up 4.2 percent," it said.
"Conditions in Cairns are improving and the median house price of $424,000 was up 4.9 percent in the year to November.
"Most areas have registered single digit growth in the past year but Mackay is down 11.5 percent to $361,000, Gladstone is down 5.7 percent to $396,000, and Rockhampton is down 2.0 percent to $319,000."
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Gold Coast house price growth strongest in Coombabah, Burleigh Heads: JLL 

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A cooling-off period of 5 days applies to contracts for the sale of residential property. It will start the day the buyer receives a copy of the contract (signed by both parties).
Please note:
<ul>
<li>For contracts that arrive on a weekend or a public holiday, the cooling-off period starts on the next business day.</li>
<li>The cooling-off period still begins if a representative takes it on the buyer’s behalf.</li>
<li>If there’s a dispute, the seller (or their agent) must prove when they delivered the contract.</li>
</ul>
The cooling-off period ends at 5pm on the final (5th) day of the cooling-off period. After this, the buyer must follow through on the contract and buy the property. This remains subject to the terms of the contract.
Exempt sales
A contract is exempt from the cooling-off period for:
<ul>
<li>a sale by auction</li>
<li>a follow-up sale after an unsuccessful auction (before 5pm on the second business day), in which the buyer was a registered bidder</li>
<li>an option contract (or a sale contract formed as the result of an option contract).</li>
</ul>
The cooling-off period also doesn’t apply if the buyer is:
<ul>
<li>a publicly listed corporation (or their subsidiary)</li>
<li>the State or a statutory body</li>
<li>buying at least 3 lots at the same time (whether or not in the same contract).</li>
</ul>
Cancelled sales
To cancel the sale contract, the buyer must give you (or your client) written notice by 5pm on the 5th day. They can deliver it in person, by email or fax.
If the buyer chooses to cancel during cooling-off period, the seller:
<ul>
<li>may deduct a penalty of up to 0.25% of the purchase price from the deposit</li>
<li>will need to refund the rest of the deposit within 14 days.</li>
</ul>
Waived or shortened period
The buyer can choose to waive or shorten the cooling-off period. They will need to put this in writing. 
This document will need to state that:
<ul>
<li>they waive the cooling-off period entirely</li>
<li>the cooling-off period will last until 5pm on a particular day.</li>
</ul>
The deposit
The buyer must pay the deposit at the time set out in the reference schedule of the contract. The seller’s agent is usually the deposit holder. If this is you, you must put the deposit in your trust account.
You must not access this money until:
<ul>
<li>the seller is entitled to the money on settlement day</li>
<li>the buyer is entitled to the money because they lawfully cancelled the sale contract.</li>
</ul>
For more information, <a href="https://www.qld.gov.au" target="_blank">click here</a>.
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Property 101: Cooling-off period for Queensland residential property contracts

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The consequences of limiting the tax deductibility of negatively geared residential properties would impact any expected tax savings, according to a new report from BIS Shrapnel.
BIS Shrapnel's report, Economic Impact of Limiting the Tax Deductibility of Negatively Geared Residential Investment Properties, said changes to the current negative gearing setup would go well beyond any saving of the income tax concession, to a multitude of unintended consequences.
It added limiting the tax deductibility of negatively geared residential investment properties would have consequences that go well beyond any tax saving to the Federal budget and suggested new home building will shrink by around 4% nationally, or 7,200 dwellings a year and GDP would shrink by around $19 billion per annum on average, or 1 percent of Australia’s $190 trillion annual income.
The report suggested:
•  Rents will rise by up to 10% ($2,600) per annum
•  New home building will shrink by around 4% nationally, or 7,200 dwellings a year
•  GDP would shrink by around $19 billion per annum on average, equating to some 1% of Australia’s $190 billion annual income
•  175,000 fewer jobs would be created over the next 10 years, resulting in the unemployment rate rising from 5.8% to 5.9%
•  Government revenue across a range of taxes would shrink by $1.65 billion per annum
•  70,000 extra households would be pushed into housing rental stress
•  If the government were to compensate these stressed households, it would require an additional subsidy outlay of $650 million per annum.
"Government revenue across a range of taxes would shrink by $1.65 billion per annum... 70,000 extra households would be pushed into housing rental stress," it noted.
"If the government were to compensate these stressed households, it would require an additional subsidy outlay of $650 million per annum. In other words, the impact would go well beyond any saving of the income tax concession, to a multitude of unintended consequences. 
"The Federal government will save $2.1 billion per annum as fewer individuals deduct losses from property, but will incur an income tax loss from lower home building of $1.8 billion. Stamp duty revenue will fall by around $1.1 billion per annum; GST collections will drop by $0.2 billion a year. 
"Altogether, total tax revenue is likely to fall by $1.65 billion per year... at the end of a 10-year horizon the market would find a new normal, but the legacy will be a ‘lost decade’. Rents will sit 2-10% higher depending on the city."
Estimated price of units in 2026
<div class="moveable_w" data-element-id="table_25816751" data-object-id="0c8633ff-c21a-44c3-9f3f-b17f64e66ffd" data-object-type="chart">
<div id="table_25816751" class="moveable chart ig-theme-group-chart">
<div class="igc-chart inner">
<div class="igc-table-container">
<table id="Chart_25816751" class="igc-table igc-table-align-center __visible tablesorter tablesorter-default">
<thead><tr class="tablesorter-headerRow">
<th class="igc-table-header igc-hidden-cell igc-table-fixed-column tablesorter-header tablesorter-headerUnSorted" scope="col" data-column="0">
<div class="tablesorter-header-inner"> </div>
</th>
<th class="igc-table-header tablesorter-header tablesorter-headerUnSorted" scope="col" data-column="1">
<div class="tablesorter-header-inner">Full negative gearing</div>
</th>
<th class="igc-table-header tablesorter-header tablesorter-headerUnSorted" scope="col" data-column="2">
<div class="tablesorter-header-inner">Limited negative gearing</div>
</th>
<th class="igc-table-header tablesorter-header tablesorter-headerUnSorted" scope="col" data-column="3">
<div class="tablesorter-header-inner">Difference</div>
</th>
</tr></thead>
<tbody class="igc-table-body">
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Sydney</th>
<td class="igc-table-cell">873,000</td>
<td class="igc-table-cell">820,000</td>
<td class="igc-table-cell">-6.1%</td>
</tr>
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Melbourne</th>
<td class="igc-table-cell">602,000</td>
<td class="igc-table-cell">585,000</td>
<td class="igc-table-cell">-2.9%</td>
</tr>
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Brisbane</th>
<td class="igc-table-cell">590,000</td>
<td class="igc-table-cell">565,000</td>
<td class="igc-table-cell">-4.2%</td>
</tr>
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Adelaide</th>
<td class="igc-table-cell">425,000</td>
<td class="igc-table-cell">420,000</td>
<td class="igc-table-cell">-1.2%</td>
</tr>
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Perth</th>
<td class="igc-table-cell">590,000</td>
<td class="igc-table-cell">580,000</td>
<td class="igc-table-cell">-1.6%</td>
</tr>
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Canberra</th>
<td class="igc-table-cell">540,000</td>
<td class="igc-table-cell">535,000</td>
<td class="igc-table-cell">-1.0%</td>
</tr>
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Hobart</th>
<td class="igc-table-cell">358,000</td>
<td class="igc-table-cell">350,000</td>
<td class="igc-table-cell">-2.4%</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
<div class="moveable_w" data-element-id="particle_11401cc9-cac0-4b5a-a43f-5d28d864c4ed" data-object-id="11401cc9-cac0-4b5a-a43f-5d28d864c4ed" data-object-type="particle">
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<div class="bodytext">
<div class="innertext" data-placeholder="">Source: BIS Shrapnel</div>
</div>
</div>
</div>
 
Estimated unit rent in 2026
<div class="moveable_w" data-element-id="table_25816227" data-object-id="28dd2e96-a8be-4ac3-b9c6-52489593236d" data-object-type="chart">
<div id="table_25816227" class="moveable chart ig-theme-group-chart">
<div class="igc-chart inner">
<div class="igc-table-container">
<table id="Chart_25816227" class="igc-table igc-table-align-center __visible tablesorter tablesorter-default">
<thead><tr class="tablesorter-headerRow">
<th class="igc-table-header igc-hidden-cell igc-table-fixed-column tablesorter-header tablesorter-headerUnSorted" scope="col" data-column="0">
<div class="tablesorter-header-inner"> </div>
</th>
<th class="igc-table-header tablesorter-header tablesorter-headerUnSorted" scope="col" data-column="1">
<div class="tablesorter-header-inner">Full negative gearing</div>
</th>
<th class="igc-table-header tablesorter-header tablesorter-headerUnSorted" scope="col" data-column="2">
<div class="tablesorter-header-inner">Limited negative gearing</div>
</th>
<th class="igc-table-header tablesorter-header tablesorter-headerUnSorted" scope="col" data-column="3">
<div class="tablesorter-header-inner">Difference</div>
</th>
</tr></thead>
<tbody class="igc-table-body">
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Sydney</th>
<td class="igc-table-cell">$695</td>
<td class="igc-table-cell">$735</td>
<td class="igc-table-cell">5.8%</td>
</tr>
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Melbourne</th>
<td class="igc-table-cell">$470</td>
<td class="igc-table-cell">$515</td>
<td class="igc-table-cell">9.6%</td>
</tr>
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Brisbane</th>
<td class="igc-table-cell">$490</td>
<td class="igc-table-cell">$515</td>
<td class="igc-table-cell">5.1%</td>
</tr>
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Adelaide</th>
<td class="igc-table-cell">$350</td>
<td class="igc-table-cell">$385</td>
<td class="igc-table-cell">10.0%</td>
</tr>
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Perth</th>
<td class="igc-table-cell">$535</td>
<td class="igc-table-cell">$565</td>
<td class="igc-table-cell">5.6%</td>
</tr>
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Canberra</th>
<td class="igc-table-cell">$475</td>
<td class="igc-table-cell">$505</td>
<td class="igc-table-cell">6.3%</td>
</tr>
<tr>
<th class="igc-table-header igc-table-header-left igc-table-fixed-column">Hobart</th>
<td class="igc-table-cell">$350</td>
<td class="igc-table-cell">$365</td>
<td class="igc-table-cell">4.3%</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
</div>
<div class="moveable_w" data-element-id="particle_2eb94838-97b6-4079-8284-9f18b2bb0664" data-object-id="2eb94838-97b6-4079-8284-9f18b2bb0664" data-object-type="particle">
<div id="particle_2eb94838-97b6-4079-8284-9f18b2bb0664" class="moveable particle body-text ig-theme-group-text">
<div class="bodytext">
<div class="innertext" data-placeholder="">Source: BIS Shrapnel</div>
</div>
</div>
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Negative gearing reform could lead to lost decade: BIS Shrapnel

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Following a survey of 23 home insurance brands covering 12 insurers, ASIC is calling for further improvements across the sector to help consumers make good decisions about their home insurance cover.
In response to ASIC's recommendations from October 2014, insurers have made a range of improvements. In particular, most insurers have implemented, or are implementing, the following changes:
<ul>
<li>Incorporating a sum insured calculator into point of sale processes, including through updated sales scripts, and providing better access to online calculators. This helps consumers select an appropriate sum insured amount during the quote and sales process, an important way to help reduce the risk of underinsurance; since October 2014, four additional insurers have made available sum insured calculators in both their telephone and online sales channels.</li>
<li>Training staff so that information provided to consumers about the sum insured, and the maximum amount paid by the insurer, is clear and in plain English; since October 2014, an additional eight insurers have adopted this practice for their telephone sales and an additional 11 for their online sales.</li>
<li>Providing information or assistance to consumers about the effect of changes to building codes which may increase the cost of rebuilding homes after a total loss; since October 2014, four additional insurers have made changes to provide this information.</li>
</ul>
<a href="https://download.asic.gov.au/media/3554171/home-insurance-underinsurance-infographic.pdf?utm_source=Mediarelease&amp;utm_medium=pdfdownload&amp;utm_campaign=Underinsurance"></a>
Although welcoming these changes, ASIC's survey identified that there is scope for insurers to take additional steps. In particular, we would like insurers to help consumers select the right insurance cover by:
<ul>
<li>explaining that the sum insured amount needs to enable complete replacement of contents or complete rebuilding of their home;</li>
<li>providing guidance about coverage or sum insured amounts, rather than simply referring consumers to the product disclosure statement;</li>
<li>referring to the Key Facts Sheet to assist decision making; and</li>
<li>providing information and guidance about natural perils risks and additional rebuilding costs due to natural perils, to better estimate rebuilding costs after a total loss.</li>
</ul>
An example of an initiative that is aimed at providing more information and guidance to consumers is one insurer's website that allows consumers to enter their suburb or postcode and receive targeted information about that area including relevant risks, types of claims, types of weather events, and a dollar figure for how much other consumers in the area insure their building and contents.
ASIC has been working with the insurance industry to better understand barriers to the provision of financial product advice to consumers purchasing home insurance. ASIC has already taken steps to encourage and facilitate insurers operating under general advice models to provide useful information to consumers.
'ASIC is keen to see industry make improvements in all of the areas identified in ASIC's 2014 report,' ASIC Deputy Chair Peter Kell said.
'Our goal is to make sure that consumers buy insurance that better meets their needs – including by helping to reduce levels of underinsurance, especially when there are natural disasters.'
ASIC will continue this work with the insurance industry to further enhance the sector's  ability to assist consumers in purchasing home insurance that better meets their needs.
<h2>Background</h2>
ASIC released two reports in October 2014 exploring consumer experiences with the sale of home insurance.
In Report 415, ASIC reviewed the sales practices of 13 insurers who sell home insurance across Australia. Report 415 found that for sum insured policies, it is important to help consumers to set an appropriate sum insured amount, so that they are adequately insured in the event of a total loss.
Most home insurance policies in Australia are 'sum insured' policies, where the insurer agrees to pay only up to an agreed amount (the sum insured), nominated by the consumer, to repair or rebuild a damaged or destroyed home.
ASIC encourages insurers to inform consumers that the building sum insured amount should reflect the amount that it would cost to completely rebuild their home. Similarly, the contents sum insured amount should reflect the amount it would cost to completely replace all contents with new items at today's prices. The sum insured amount should also reflect the cost to rebuild the consumer's home to meet new building codes and standards, and any other supplementary costs. For information on supplementary costs see MoneySmart's page on <a href="https://www.moneysmart.gov.au/insurance/home-and-contents-insurance/home-insurance-supplementary-costs" target="_blank">home insurance supplementary costs</a>.
Findings from Report 415 were considered in the Financial System Inquiry which called for improved guidance (including tools and calculators) and disclosure for general insurance, especially in relation to home insurance.  The Government has agreed to support work by industry to increase guidance and disclosure in general insurance.<a name="_ftnref2" href="file://a1.asic.gov.au/ds/userHome/miriam.phillips/Desktop/16-053MR%20home%20insurance%20update.docx#_ftn2" title=""> </a>
ASIC also notes and welcomes subsequent industry recommendations targeted at effective disclosure. Some of the Effective Disclosure Taskforce's recommendations align with ASIC's findings, particularly in relation to improving the provision of information to consumers about natural hazard risk, and integrating sum insured calculators into the sales process.
<a href="https://www.moneysmart.gov.au/insurance/home-and-contents-insurance/home-insurance-supplementary-costs" target="_blank">ASIC's MoneySmart website</a> has recently been updated and includes further information on home and contents insurance.
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Property 101: ASIC calls for further improvements from home insurers 

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Weekly rent across combined capital cities for the last year is at the lowest rate of appreciation since 1996, according to CoreLogic RP Data's February Hedonic Home Value Index.
According to CoreLogic RP Data, weekly rents fell 0.7 percent in Brisbane, Adelaide (-0.4 percent) with falls in Darwin (-13.3 percent) and Perth (-8.4 percent). 
Gross rental yieldshave stayed flat over the past month - 3.4% for houses and 4.3% for units. 
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Weekly rent levels appreciating below 1996 levels: CoreLogic RP Data

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Combined capital city home values have increased by 7.6 percent over the year with Melbourne topping the national list with annual capital gains of 11.1 percent, according to coreLogic RP Data's February Hedonic Home Value Index.
CoreLogic RP Data research director Tim Lawless said Melbourne values appear to be holding reasonably firm since December last year with the annual rate of capital gain virtually level over the past three months.
"Sydney’s annual rate of growth has continued to moderate, having almost halved from its cyclical peak of 18.4% recorded in July last year to reach 9.5% growth over the past twelve months.
"A few of the smaller cities, where growth rates have recently accelerated, may start to rival Sydney’s position over the coming months.
“The trend in home value growth is showing signs of increasing in those markets that have previously underperformed. These include Brisbane, Adelaide, Hobart and Canberra. Affordability constraints aren’t as apparent in these cities and rental yields haven’t been compressed to the same extent as what they have in Melbourne or Sydney.
"Home values increased in Brisbane by 5.5% over the past year, which is the fastest annual rate of value growth in a year. In Hobart, home values are 6.2% higher over the year, which is its fastest annual rate of home value growth since July 2010."
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Melbourne tops city annual capital gains: CoreLogic RP Data

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Statement by Glenn Stevens, Governor: Monetary Policy Decision
<h3 id="mr-title">Statement by Glenn Stevens, Governor: Monetary Policy Decision</h3>
<div>
<div class="rss-mr-content">
At its meeting today, the Board decided to leave the cash rate unchanged at 2 per cent.
Recent information suggests that the global economy is continuing to grow, though at a slightly lower pace than earlier expected. While several advanced economies have recorded improved growth over the past year, conditions have become more difficult for a number of emerging market economies. China's growth rate has continued to moderate.
Commodity prices have declined very substantially over the past couple of years. This partly reflects slower growth in demand but also, in some key instances, large increases in supply. The decline in Australia's terms of trade has continued.
Financial markets have once again exhibited heightened volatility over recent months, as participants grapple with uncertainty about the global economic outlook and policy settings among the major jurisdictions. Appetite for risk has diminished somewhat and funding conditions for emerging market sovereigns and lesser-rated corporates have tightened. But funding costs for high-quality borrowers remain very low and, globally, monetary policy remains remarkably accommodative.
In Australia, the available information suggests that the expansion in the non-mining parts of the economy strengthened during 2015 despite the contraction in spending in mining investment. This was reflected in improved labour market conditions. The pace of lending to businesses also picked up.
Inflation is quite low. With growth in labour costs continuing to be quite subdued as well, and inflation restrained elsewhere in the world, inflation is likely to remain low over the next year or two.
Given these conditions, it is appropriate for monetary policy to be accommodative. Low interest rates are supporting demand, while supervisory measures are working to emphasise prudent lending standards and so to contain risks in the housing market. Credit growth to households continues at a moderate pace, albeit with a changed composition between investors and owner-occupiers. The pace of growth in dwelling prices has moderated in Melbourne and Sydney and has remained mostly subdued in other cities. The exchange rate has been adjusting to the evolving economic outlook.
At today's meeting, the Board judged that there were reasonable prospects for continued growth in the economy, with inflation close to target. The Board therefore decided that the current setting of monetary policy remained appropriate.
Over the period ahead, new information should allow the Board to judge whether the improvement in labour market conditions is continuing and whether the recent financial turbulence portends weaker global and domestic demand. Continued low inflation would provide scope for easier policy, should that be appropriate to lend support to demand.
</div>
</div>
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Changed composition between investors and owner occupiers: RBA Governor Glenn Stevens' March 2016 statement

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House values continue to increase faster than units but the gap in capital gain has closed over the last few months, according to CoreLogic RP Data's Hedonic Home Value Index for February.
Over the year, house values increased 7.8 percent, units 6.2 percent. According to CoreLogic RP Data head of research Tim Lawless, over the current growth phase, house values have increased by a total of 33.3% compared to a 22.8% total rise in unit values.
“The CoreLogic-Moody’s Analytics forecasts for 2016 indicate the pace of appreciation in Melbourne home values is likely to remain more resilient to a slowdown this year, while cities like Brisbane, Hobart and Canberra are set to see an improvement in the growth trend.
"The forecast seems to be evident so far in these numbers.
“Overall, the latest results provide further evidence of a controlled moderation in the pace of home value appreciation.”
House values continued to increase at a faster annual pace than unit values, however the gap in capital gain performance has narrowed over recent months. 
 
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House, unit capital gain gap closes: CoreLogic RP Data

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GUEST OBSERVER
The land registries in NSW, Victoria and Queensland have developed and adopted Verification of Identity Standards (VOI Standards) for verifying the identity of parties to land transactions for the purposes of the National Electronic Conveyancing laws in Australia. 
The current VOI Standards are set out in Schedule 8 of version 3 of the Model Participation Rules (Rules) developed for the purposes of electronic conveyancing. 
To ensure consistency between paper transactions and electronic transactions, the VOI Standards for paper transactions have been introduced in Victoria.  NSW and Queensland have also introduced the VOI Standards for the verification of paper mortgages. 
Queensland
Under sections 11A and 11B of the Land Title Act 1994 (Qld) and sections 288A and 288B of the Land Act 1994 (Qld), mortgagees (lenders) are required to take reasonable steps to confirm the identity of mortgagors (borrowers). 
Revised practices for lenders confirming the identity of borrowers, to be incorporated into the Queensland Land Titles Practice Manual in the form of the VOI Standards, will take effect from 1 March 2016.  Under these practices a lender will be considered to have taken reasonable steps if they have complied with the VOI Standards.
Victoria 
The Victorian Registrar of Titles has adopted new verification of identity requirements for parties who wish to lodge dealings in paper form at Land Victoria pursuant to section 106A of the Transfer of Land Act 1958 (Vic).  
The Registrar’s requirements for all dealings, which came into effect on 9 November 2015, have adopted the VOI Standards and under these requirements a solicitor, conveyancer or lender will be deemed to have taken reasonable steps if they have complied with the VOI Standards.
New South Wales
Under section 56C of the Real Property Act 1900 (NSW) lenders are required to take reasonable steps to confirm the identity of borrowers, and regulation 16 of the Real Property Regulation 2014 (NSW) provides that from 1 January 2015 lenders are considered to have taken reasonable steps if they have complied with the VOI Standards.  
From 9 November 2015, an amended table of minimum document requirements for verification of identity took effect under the VOI Standards and now applies to verifying borrowers in NSW. 
PURPOSE OF VERIFICATION OF IDENTITY 
The purpose of carrying out a verification of identity for land transactions is to:
<ul>
<li>ensure a person is who they claim to be;</li>
<li>reduce the risk of identity fraud; and</li>
<li>prevent the registration of fraudulent land transactions. </li>
</ul>
WHEN VERIFICATION OF IDENTITY IS REQUIRED 
The Rules require solicitors, conveyancers and lenders (Verifiers) to take reasonable steps to verify the identity of:
<ul>
<li>their clients;</li>
<li>borrowers; and</li>
<li>persons to whom certificates of title are to be provided.</li>
</ul>
CARRYING OUT VERIFICATION OF IDENTITY 
When verifying the identity of a party, reasonable steps to verify their identity must be taken.  
Reasonable Steps
‘Reasonable steps’ means the taking of such steps as an ordinarily prudent Verifier would take in the circumstances and in the ordinary course of their business.  Whether reasonable steps have been taken is a question of fact depending on the circumstances of each case. 
Previous Verification of Identity
Where a verification of identity has occurred within the previous 2 years, the party’s identity is not required to be verified again provided the Verifier takes reasonable steps to ensure they are dealing with the party previously identified. 
Supporting Evidence 
In order to demonstrate reasonable steps were taken, Verifiers must retain evidence supporting a verification of identity for at least 7 years. 
Verification of Identity Overseas 
The Rules have established arrangements with the Department of Foreign Affairs and Trade for verifying the identity of people overseas.  The arrangements standardise services provided by Australian Embassies, High Commissions and Consulates to persons overseas.  
AGENTS 
A Verifier may use an agent to undertake verification of identity on the Verifier’s behalf.  The Verifier must direct the agent how to conduct the verification of identity, and this could be by using the VOI Standard or some other method that constitutes taking reasonable steps.  A Verifier must reasonably believe an agent to be reputable, competent and insured in accordance with the Rules. 
Australia Post currently provides a verification of identity service in each of NSW, Queensland and Victoria.
Tress Cox Lawyers can assist with verification of your identity.
We use InfoTrack’s ‘IDfy’ iOS app-based system for face to face VOI interviews in our offices.  We have worked with InfoTrack to fine tune the app.  We can also attend our clients’ offices to carry out VOI interviews using the app.  The relevant identity information is encrypted before it is stored.
We have also registered with Australia Post for clients who prefer to attend their local post office to carry out the VOI interview.  Certified VOI documents are forwarded to us electronically by Australia Post.
 
<div>
Martyn Tier, Lynette Reynolds and Dan Flynn, are partners forTress Cox Lawyers and can be contacted <a href="https://www.tresscox.com.au" target="_blank">here</a>.
</div>
 
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Property 101: ID verification in electronic property transfers in NSW, QLD and Victoria

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Melbourne auctions totalled a clearance rate of 78 percent over this weekend, up from 77 percent for the same time last year, according to the REIV.
Some 819 properties sold, with 231 passed in, 11 on a vendor bid.
The suburbs with the most auctions so far this year are Craigieburn (31 auctions), Mooroolbark (28 auctions), Richmond (27 auctions) and Bentleigh East (26 auctions).
The top house sale for the week was <a href="https://www.realestate.com.au/property-house-vic-toorak-121779694" target="_blank">3 Crestmont Court Toorak</a> (above) which sold for $5,795,000.
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<a href="/images/2016/02/29/Screen%20Shot%202016-02-29%20at%204.21.04%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/02/29/Screen%20Shot%202016-02-29%20at%204.21.04%20PM.png" alt="">
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Melbourne auctions total 78 percent clearance rate: REIV

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower rising to 67.9 metres AHD. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

The application is being assessed under Clause 53.23, a planning pathway reserved for large-scale housing projects with an affordable housing contribution. Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The site sits opposite Fawkner Park and within walking distance of Albert Park, the Royal Botanic Gardens, the Shrine of Remembrance and the future Anzac Station. The surrounding corridor has increasingly shifted toward high-density residential development, with a mix of luxury apartment projects and office redevelopments reshaping the southern end of St Kilda Road.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

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