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Mirvac has advised its default rate among its apartment buyers remains below 2 percent.
The group noted defaults were tracking below 2 percent which is in line with where they were at the group's first half financial results advised in February.
Its chief executive Susan Lloyd-Hurwitz said the company's strong performance had been driven largely by a "strategic overweight" position in Sydney and Melbourne.
“We believe we will continue to bene t from the densi cation of these cities in the years to come, through our urban asset creation and mixed-use capabilities."
Residential conditions continue to be mixed nationally, it noted.
"Price growth in the Sydney and Melbourne established markets increased materially, following a strong spring and summer season.
"Recent moves by regulators and lenders will likely see price growth ease, however demand is expected to remain sound. Increasing urban population growth, support from low interest rates and demand for quality dwellings in attractive locations is expected to continue.
"In Brisbane, price growth for apartments has moderated with more solid growth for housing and semi-detached dwellings, while Perth has seen signs of improved demand, particularly among rst home buyers, with support from government incentives. 
"We have seen a solid amount of sales activity, up 18 per cent on the prior corresponding period, and we remain on track to achieve a full-year return on invested capital of more than 15 percent," she said in a statement releasing the group's third-quarter update.
"We also expect to settle approximately 3,300 residential lots in FY17."
“With housing affordability becoming an increasingly concerning issue in Sydney, Mirvac launched its The Right Start initiative during the quarter to assist rst time home buyers in securing their own home.
"The Right Start gave over 50 first home buyers the opportunity to purchase at our Sydney Olympic Park development, and we will continue to look at how we can address housing affordability in Sydney.” 
The major apartment project highlights were the settlement of the group's The Moreton project at Bondi which is now 68 percent settled.
Ebsworth at Green Square, Sydney is now 74 percent settled.
Its launch of new projects and continued sales momentum at existing projects, included Olivine, Melbourne where 100 percent of released lots pre-sold; Woodlea, Melbourne: 100 percent of released lots pre-sold; Pavilions, Sydney Olympic Park, Sydney: 67 percent of released lots pre-sold; and Marrick &amp; Co, Sydney: 69 percent of released lots pre-sold.
Mirvac Group recently announce the appointment of Stuart Penklis as head of residential.
Since joining Mirvac in 2002, Stuart has played a lead role in securing and delivering a diverse set of the Group’s large-scale residential and industrial development projects, such as Harold Park, The Moreton, Hoxton Distribution Park and Calibre in Sydney.
Stuart brings more than 20 years of experience in the property industry, including a number of senior roles in his 15 years with Mirvac, across investment and development in multiple sectors.
Most recently, he led the industrial business as group executive, industrial.
Stuart will commence his role as head of residential on 1 May 2017. 
Mirvac posted a 7 percent rise in profit for its first half ended December 31, capitalising on a record $3.1 billion of residential pre-sales, with CEO Susan Lloyd-Hurwitz going to bat for a taskforce to tackle housing affordability.
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j.ballantyne1990-6AQqhLzZaK

Mixed conditions nationally but Mirvac says apartment default rate below 2 percent

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Craigieburn is set to be the busiest locality for auctions this week, according to CoreLogic’s latest report.
The property data firm says that this week, Craigieburn is the busiest suburb for auctions, with 24 homes set to go under the hammer, followed by Glen Waverley (19), Epping (18) and Mount Waverley (15), all of which are in Victoria.
Click to enlarge
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.04.03%20am.jpg" alt="">
The number of auctions scheduled to take place across the combined capital cities this week is expected to increase, with 2,166 currently being tracked by CoreLogic.
In both Melbourne and Sydney, the two major auction markets, auction activity is set to ramp up with 1,133 scheduled auctions across Melbourne, increasing from 828 last week and 738 homes to go under the hammer in Sydney, up from last week’s 596.
A five bedroom house at <a href="https://www.realestate.com.au/property-house-vic-craigieburn-124646258" target="_blank">68 Newbury Boulevard</a>, Cragieburn (above) is set to go under the hammer this weekend.
Similarly a four bedroom house at <a href="https://www.realestate.com.au/property-house-vic-craigieburn-125072718" target="_blank">7 Brio Drive</a>, Craigieburn (below) will go under the hammer this weekend.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/27/7%20Brio%20Drive.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.04.07%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.04.07%20am.jpg" alt="">
Across the smaller auction markets, volumes will see an increase across Canberra and Tasmania, while decreasing in Adelaide, Brisbane and Perth.
Overall, auction activity is set to be lower than what was seen over the corresponding week last year (2,675).
Last week, the final auction clearance rate across the combined capital cities fell below 70 percent, after remaining in the mid-70 percent range for 10 consecutive weeks.
There were 1,751 capital city auctions last week, with 69.8 percent reporting as successful, down from the 73.9 percent, across a significantly lower 493 auctions the week prior.
When compared to one year ago, auction volumes were a lower 1,565, with 69.7 percent clearing.
In Melbourne, volumes rose substantially over the week, with 828 auctions held and a final auction clearance rate of 75.2 percent.
This is lower than the 81.3 per cent across 102 auctions the week prior, however higher than one year ago when there were 602 auctions and a success rate of 71.5 percent.
Across Sydney, volumes doubled over the week, with 596 auctions held and 72.4 percent reporting as successful, down from 77.0 percent across 279 auctions the previous week and also lower than the 77.4 percent one year ago.
Across the remaining capital cities, clearances rates fell in Adelaide, Canberra and Perth, while increasing in Brisbane and Tasmania, however auction volumes were significantly higher last week compared to the week prior.
Geelong recorded the highest clearance rate of all the non-capital city regions at 70.7 percent, while the Gold Coast region had the highest volume of auctions (64).
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Craigieburn to be the busiest Melbourne locality for auctions: CoreLogic

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Ryde had the highest auction clearance rate in Sydney, according to CoreLogic’s latest report for last weekend.
The property data firm says that out of the 26 auctions known to CoreLogic in Ryde 88.5 percent resulted in a successful outcome.
This is followed by Blacktown with 86.7 percent and the Inner West with 81 percent.
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.06.09%20am.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.06.09%20am.jpg" alt="">
The Central Coast area had the lowest auction clearance rate with only 54.2 percent of its 24 auctions resulted in a successful outcome.
A five bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-eastwood-125117770">70 Eastwood Avenue</a>, Eastwood (above) was sold for $2.43 million.
Similarly a two bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-nsw-epping-125121254">4/65 Oxford Street</a>, Epping (below) was sold for $730,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/27/4_65%20Oxford%20Street.jpg" alt="">
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Ryde scores lucky auction clearance rate of 88 percent: CoreLogic

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Accessing super offers little help for buyers looking to purchase in Sydney and Melbourne first time home buyers expecting to use superannuation savings as a deposit for a property, according to CoreLogic research analyst Cameron Kusher.
“Money accumulated in funds is relatively immature and unlikely to sufficiently boost buying power in order to enter into the market,” he said.
"Last week the ABC crunched some numbers for purchasing using superannuation.
"They developed figures which showed that based on the average earnings for a 25 to 34 year old, including their 9.5 percent super and a $7,125 per annum co-contribution, and assuming returns of 3.2 percent per annum, the average person in this age group could save $45,545 in their super.
“For arguments sake, let’s say they could have a deposit of $50,000 which means if the buyer put down a 10 percent deposit, they could possibly purchase a property worth up to $500,000.
"Keep in mind that they would still have to pay lender’s mortgage insurance (LMI) if they were borrowing more than 80 percent of the value of the property.”
 “Ultimately, a purchase price of $500,000 is not going to allow the potential buyer to access very many detached homes in Sydney and Melbourne, particularly if they want to live closer to the city.”
Click to enlarge
<img src="https://www.urban.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.01.09%20AM.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.02.02%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.02.02%20AM.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.03.04%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.03.04%20AM.png" alt="">
Outside of Sydney and Melbourne, CoreLogic research confirmed that there are far greater options for potential first home buyers with a purchase price of $500,000.
“Keep in mind when we talk about the national housing affordability challenges, it is largely a Sydney and Melbourne problem.”
What your super money will get you: Sydney: Only 4.1 percent of all the suburbs in the city have a current median house value of $500,000 or less and 19.7 percent of suburbs have a median unit value of $500,000 or less. Gosford, Wyong and Blacktown are the dominant council areas for the locations of this house.
For units, potential buyers can make it closer to the inner city; however, the closest area will be the council areas of Auburn and Parramatta council areas. Melbourne: With a budget up to $500,000 potential purchasers in Melbourne will have access to 18.7 percent of suburbs for houses and 50.1 percent of suburbs for units.
For a house, the closest you will find to the city centre in Melbourne is within the Hume council area close to the airport. For a unit there are far more options and this budget would get you as close as central Melbourne with units in Melbourne, Kensington and Carlton having a median value of less than $500,000.
Canberra and Darwin: Residents of Canberra (7.1 percent) and Darwin (7.5 percent) also have very little access to houses throughout the city with a budget of $500,000. At the same time, a majority of suburbs have a median unit value of $500,000 or less in Canberra (83.2 percent) and Darwin (90.6 percent).
Brisbane, Adelaide, Perth &amp; Hobart: Residents of Brisbane (39.6 percent), Adelaide (47.9 percent), Perth (37.8 percent) and Hobart (76.6 percent) have much greater access to houses worth $500,000 or less. In each of these cities a budget of $500,000 would allow buyers to purchase a unit in at least three quarters of all the suburbs across the city.
“Both the ABC data and our research highlights that access to superannuation to purchase a home would largely help buyers outside of Sydney and Melbourne. With both cities being the housing markets most stretched for affordability, allowing first-time buyers to access their Super for a deposit is going to make little difference in affording these buyers with access to the housing market.”
“Furthermore, accessing superannuation has the potential to add to housing demand which is already outstripping supply and potentially lead to even greater increases in values not only in Sydney and Melbourne but potentially elsewhere as well.” 
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Accessing super little help for buyers looking to purchase in Sydney and Melbourne: Cameron Kusher

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A flue has thrown the future of Fitzroy’s Spanish Club on Johnston Street into doubt, after a recent VCAT decision denied a planning permit for the redevelopment of the existing building.
But papers have already been lodged to Supreme Court to appeal VCAT’s decision.
The site’s developer Tim Gurner had agreed to absorb the Club’s substantial debt and transfer ownership of that debt into his company’s name to ensure that the banks could not pursue the Club for costs whilst the redevelopment was ongoing.
Proposed plans by his GURNER firm would have seen the 787 sqm site transformed into a new Spanish bar and restaurant, with clubhouse facilities at ground level and apartments occupying the 5 – 6 levels above.
After successfully mediating with all objectors except for one, the permit was denied on a technicality due to an adjoining property owner’s automotive paint shop, and this landowner’s refusal to negotiate a new location for an exhaust flue on the shared boundary.
The elected president of The Spanish Club, Margarita Ros, explained that unless the decision is overturned the business will have to sell up and close, as without the support of redevelopment its business model cannot remain viable in its current form.
“Tim Gurner had taken on personal liability for the Club’s existing debt and has been paying our interest for over a year to ensure that we could continue trading and operating in the community until the redevelopment had been completed, however now I don’t see how we can repay the debt and continue to function as a community,” Ros said.
“The Club has played a vital role in helping to integrate and promote multiculturalism in Victoria. Over the years, it has also assisted the broader community through fundraisers for various disaster recover appeals. To think that this might be our last year working with the community is too upsetting to contemplate. It’s just devastating.”
The location of the flue fails to meet Environmental Protection Authority guidelines and is also a non-conforming use within the current mixed use zoning, leading the VCAT Member to rule that the flue was in an unacceptable position for the proposed development. 
Commenting on the matter, Tim Gurner said that it was disappointing to see the permit denied on such a small technicality.
 
“To have a scheme overturned due to a neighbouring land use that is not even allowed in this zone, and from an exhaust flue that is not compliant with EPA guidelines is incredibly disappointing and shortsighted,” he said.
“The Spanish Club has been celebrating the unique culture of Spanish immigrants for the better part of 50 years; it is run by a voluntary committee and all income that is generated is reinvested into the Club.”
Immigrant social clubs all over Australia have been ordered to either adapt or close their doors for good in recent years. The Sydney Spanish Club was forced to shut in 2013, while Melbourne’s Celtic Club has been on the market for many years after failing repeatedly to forge agreements to redevelop the ailing pub.
“What doesn’t make sense is that the VCAT Member even stated he was in support of the project in terms of its overall design outcome and height. Why then fail to provide a permit on a technicality, why not instead issue a permit pending the ability to resolve the issue,” Gurner said.
“We believe the decision was incorrectly made and of a poor judgement. We will be challenging the decision at the Supreme Court to attempt to keep the Spanish Club alive and thriving into the future,” he concluded.
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Spanish Club redevelopment off to Supreme Court after GURNER's permit denied by VCAT

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Longueville's Marie Christine “Kiki” Studdy, widow of the late high-profile businessman and Network Ten chairman John Studdy, secured the sale of her home yesterday at $4.3 million.
It had been listed on Dunois Street home with $4.3 million to $4.7 million expectations.
Kiki Studdy bought the four-bedroom home two years ago for $3,975,000.
The north-facing residence comes with a swimming pool.
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Longueville home sold

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A waterfront property located at Lake Somerset in Queensland is on the market after having spent the last 40 years in the same ownership.
Known as Braeside at <a href="https://www.raywhite.com/qld/hazeldean/1648155/?lang=en" target="_blank">3964 Esk Kilcoy Road, Hazeldean</a>, the elevated 202ha allotment provides 180 degree views of Lake Somerset.
“We have owned the property for nearly 40 years through my family. My dad Alex Brown was Mayor in this area for 10 years at Kilcoy Council,” said vendor Priscilla Macmillian.
She said there isn't a single room in the house that doesn't have a water view.
“One of the things I love is to come home and sit on my front verandah with Mt Beerwah in the background and Lake Somerset in the foreground and take in the beautiful surrounds and amazing bird life.
"The birdlife is amazing here, they come in their millions. I don’t think I’ll ever see such a sight wherever we go.”
Ray White Rural Queensland agents Jez McNamara and Andrew Goodall have set a May 19 auction date.
The sale includes leasehold country that has been cleared and fenced for cattle. It has sheds, paddocks, cattle yards, stables and a tack room.Separate independent living quarters sit near the main house.
"Due to the leasehold the property could very well sell for half of what a property of this quality and location would normally achieve," Jez McNamara noted.
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Queensland lakefront property listed for the first time in 40 years 

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A $290 million urban renewal project has transformed a former industrial rock crushing business into contemporary housing in the Melbourne suburb of Richmond.
A joint venture between the Riverlee Group, and Macquarie Real Estate Equity Funds, the newly completed Jaques precinct features 377 apartments and townhouses.
Bordered by Palmer, Coppin, Highett and Griffiths Streets, it is situated on the Jaques Bros Foundry, a 9945 sqm engineering business that produced rock crushing machinery dating back to founder Edward Jaques in 1885.
The factory’s original red brick tower greets visitors at the south-western entrance to the site and original drawings and blueprints for the manufacturing of the rock crushing machinery are showcased throughout, which date back to as early as 1915.
Lead architect Karl Fender, of Fender Katsalidis Architects, remarked that all those involved in the project felt a responsibility to the site’s past, particularly since it had remained in the Jaques family until Riverlee purchased it in 1997.
“The architecture had to reference the heritage of the site while also creating a contemporary home for new residents and all of the modern conveniences we expect today,” he said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/05/Riverlee_Jaques_Penthouse_Exterior.jpg" alt="">
“Through adaptation, modification and contemporary reinterpretation of the original perimeter of the factory’s brick wall, this industrial element has become the defining feature of Jaques and a signal that will always reference the site’s past.”
Crafted over three stages, Jaques features five integrated buildings ranging in height from four to ten levels, industrial materials such as brick, copper, timber and steel have been used on all buildings in a restrained way to enrich the façade.
Stage one interiors were designed by award winning interior design firm Hecker Guthrie created stage two’s interiors.
Palmer St in stage three is the vision of Samantha Eades.
Targeted at the downsizer market, Palmer St evoked a luxury response, with elevated fixtures and finishes and large apartment sizes throughout the unique triangular shaped building.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/05/Riverlee_Jaques_Stage%201_Courtyard.jpg" alt="">
Riverlee Group spokesperson Kristine Lee said locals had embraced Jaques, with on average 70 percent of purchasers being owner occupiers across the three Stages.
"In fact, less than 6 percent of purchasers reside offshore, with postcode analysis showing the majority lived within a five to seven kilometre radius of the site before moving to Jaques," she said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/05/Riverlee_Jaques_Penthouse_Interior.jpg" alt="">
As an added incentive to residents of the inner city project, Riverlee provided some purchasers with a bicycle upon moving in as well as a Myki card. The buildings also feature live Tram Tracker screens.
With the exception of the penthouse within stage two to be released onto the market in April, Jaques is completely sold out and residents have been moving in since the first stage was completed in 2013, with stage three residents occupying the Palmer St site since January 2017.
 
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Local downsizer targeted in Jaques Richmond's urban renewal project

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Double Bay is the most expensive locality in Sydney to purchase an apartment, according to Investar’s latest report.
The property investment firm says that the median price of a unit in Double Bay is $2.8 million, putting it at the top of the most actively traded suburbs.
This is followed by Milsons Point with $2.5 million and Haymarket with $2.125 million.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="93">
Suburb
</td>
<td valign="top" width="64">
Postcode
</td>
<td valign="top" width="70">
Bedrooms
</td>
<td valign="top" width="122">
Current median price
</td>
</tr>
<tr>
<td valign="top" width="93">
Double Bay
</td>
<td valign="top" width="64">
2028
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$2,800,000
</td>
</tr>
<tr>
<td valign="top" width="93">
Milsons Point
</td>
<td valign="top" width="64">
2061
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$2,500,000
</td>
</tr>
<tr>
<td valign="top" width="93">
Haymarket
</td>
<td valign="top" width="64">
2000
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$2,125,000
</td>
</tr>
<tr>
<td valign="top" width="93">
Bondi Junction
</td>
<td valign="top" width="64">
2022
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$1,924,000
</td>
</tr>
<tr>
<td valign="top" width="93">
Chatswood
</td>
<td valign="top" width="64">
2067
</td>
<td valign="top" width="70">
3
</td>
<td valign="top" width="122">
$1,880,000
</td>
</tr>
</tbody></table>
A three bedroom at<a href="https://www.realestate.com.au/sold/property-apartment-nsw-double+bay-124545138" target="_blank"> 4/6 Carlotta Road</a>, Double Bay (above) was sold on February this year for $2.7 million.
Similarly a three bedroom unit at <a href="https://www.realestate.com.au/sold/property-apartment-nsw-double+bay-121727962" target="_blank">2/35 William Street</a>, Double Bay (below) was sold February last year for $2.675 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/18/2_35%20William%20Street.jpg" alt="">
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Double Bay leads Sydney's expensive apartments list: Investar

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The future existence of Fitzroy’s Spanish Club on Johnston Street has been thrown into jeopardy, after a recent VCAT decision denied a planning permit for the redevelopment of the existing building.
Papers have already been lodged to Supreme Court to appeal VCAT’s decision.
The site’s developer Tim Gurner had agreed to absorb the Club’s substantial debt and transfer ownership of that debt into his company’s name to ensure that the banks could not pursue the Club for costs whilst the redevelopment was ongoing.
Proposed plans by his GURNER firm would have seen the 787 sqm site transformed into a new Spanish bar and restaurant, with clubhouse facilities at ground level and apartments occupying the 5 – 6 levels above.
After successfully mediating with all objectors except for one, the permit was denied on a technicality due to an adjoining property owner’s automotive paint shop, and this landowner’s refusal to negotiate a new location for an exhaust flue on the shared boundary.
The elected president of The Spanish Club, Margarita Ros, explained that unless the decision is overturned the business will have to sell up and close, as without the support of redevelopment its business model cannot remain viable in its current form.
“Tim Gurner had taken on personal liability for the Club’s existing debt and has been paying our interest for over a year to ensure that we could continue trading and operating in the community until the redevelopment had been completed, however now I don’t see how we can repay the debt and continue to function as a community,” Ros said.
“The Club has played a vital role in helping to integrate and promote multiculturalism in Victoria. Over the years, it has also assisted the broader community through fundraisers for various disaster recover appeals. To think that this might be our last year working with the community is too upsetting to contemplate. It’s just devastating.”
The location of the flue fails to meet Environmental Protection Authority guidelines and is also a non-conforming use within the current mixed use zoning, leading the VCAT Member to rule that the flue was in an unacceptable position for the proposed development. 
Commenting on the matter, Tim Gurner said that it was disappointing to see the permit denied on such a small technicality.
“To have a scheme overturned due to a neighbouring land use that is not even allowed in this zone, and from an exhaust flue that is not compliant with EPA guidelines is incredibly disappointing and shortsighted,” he said.
“The Spanish Club has been celebrating the unique culture of Spanish immigrants for the better part of 50 years; it is run by a voluntary committee and all income that is generated is reinvested into the Club.”
Immigrant social clubs all over Australia have been ordered to either adapt or close their doors for good in recent years. The Sydney Spanish Club was forced to shut in 2013, while Melbourne’s Celtic Club has been on the market for many years after failing repeatedly to forge agreements to redevelop the ailing pub.
“We will be challenging the decision at the Supreme Court to attempt to keep the Spanish Club alive and thriving into the future,” Gurner added.
“What doesn’t make sense is that the VCAT Member even stated he was in support of the project in terms of its overall design outcome and height. Why then fail to provide a permit on a technicality, why not instead issue a permit pending the ability to resolve the issue.”
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Spanish Club in jeopardy after VCAT decision

Apartment buyers in New South Wales are set to gain a decade of insurance-backed protection against major building defects, after the NSW Parliament passed the Fair Trading and Building Legislation Amendment Bill 2026.&nbsp;

The Bill establishes decennial defect insurance, known in the market as Latent Defects Insurance (LDI), as an alternative to the existing two-year strata building bond. It cleared the Legislative Council with amendments on Tuesday evening (August 4, 2026), with the Legislative Assembly agreeing to those amendments shortly after.

Under the reform, eligible developers can satisfy their statutory bond obligation by taking out an approved decennial-style policy that gives owners 10 years of cover for major structural defects from completion, claimable directly, without first having to pursue developers or builders through costly legal action.&nbsp;

The change forms the final tranche of amendments arising from the 2021 statutory review of the Strata Schemes Management Act 2015 and related legislation.

Resilience Insurance, which originated the cover in Australia and has delivered it in NSW since 2022, welcomed the passage and credited the NSW Government for delivering it.

“This is protection apartment buyers have needed for a long time, and the credit for delivering it belongs to the NSW Government,”&nbsp;said Corey Nugent, CEO of Resilience Insurance.

“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into. Reform like this is what good, evidence-based regulation looks like.”

Resilience has delivered LDI in NSW since 2022, protecting thousands of apartments, giving the State, and now the country, real-world evidence of how decade-long, no-fault protection works in practice.

The reform also places NSW within a wider national shift.

NSW is the third jurisdiction to put decennial cover into law. The ACT legislated for it in 2024, with the scheme taking effect in late 2025, and Victoria passed its own framework on 17 June. Between them, the three cover the majority of Australia's apartment market.

The reform commences once the legislation is proclaimed, which is expected in the coming weeks. From that point, developers of Class 2 residential apartment buildings can meet their statutory obligation with an approved decennial policy in place of the bond.

Buyers who purchased into projects that took out the cover early are among the first in the country to take keys to apartments carrying decade-long structural protection.

“With the legislation passed, the focus now turns to making it work for buyers,”&nbsp;Nugent said.

“There are already thousands of apartments in NSW covered by this insurance, bought by developers who moved early. The question every buyer should be asking in a display suite is a simple one: does this building come with 10-year defect cover, and who stands behind it?&nbsp;

“We look forward to working with the Government and the Building Commission in coming weeks as the framework moves to implementation, and to sharing what we have learned over the past four years so the protection reaches owners as smoothly and quickly as possible.”

Other states are working through their own reform programs. Western Australia has indicated that decennial cover is within consideration a later stage of its reform sequence, and Queensland has been examining the settings as it looks at the development pipeline ahead of the 2032 Olympics.

Resilience Insurance acknowledges the NSW Government’s continued focus on strengthening consumer protection while supporting housing delivery across the State.

Fast Facts: What the reform means

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">10 years of cover:&nbsp;Protection for major structural defects runs for a decade from completion, claimable directly and with no legal action required.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">An alternative to the bond:&nbsp;Eligible developers can meet their statutory obligation with an approved decennial-style policy in place of the 2% strata building bond.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Part of a national shift:&nbsp;The ACT has had decennial provisions in force since 2025 and Victoria passed its framework in June. NSW now joins them.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">No-fault, first resort:&nbsp;Owners corporations claim directly from the insurer without first having to establish who is liable for the defect.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost-competitive:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the 2% bond while offering broader, longer protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market position:&nbsp;Resilience originated LDI in Australia and has delivered it in NSW since 2022.</li>
</ul>

Fast Facts: What is Resilience LDI?

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost advantage:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

Joel Robinson

NSW parliament passes 10-year defect insurance laws for new apartment buyers

Developer <a href="https://www.apartments.com.au/developers/drew-group">Drew Group</a> is wasting little time following the completion of Lagoon Main Beach, lodging plans for another high-rise apartment development less than two kilometres away at the northern end of Surfers Paradise.

Drew Group, led by local developer Jon Drew, is pitching for a 32-storey residential tower at 180–184 Ferny Avenue, replacing three low-rise buildings on a prominent 1,055 sqm corner site just 150 metres from the beach.

Drew called on architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/bda-architecture">BDA</a>&nbsp;to design the new slender tower, which will have 130 apartments. BDA drew on the inspiration of legendary architect Frank Lloyd Wright's philosophy of organic architecture, which seeks "a superior sense of use and a finer sense of comfort, expressed in organic simplicity."

"The design creates a seamless dialogue between built form, natural elements, and the iconic Surfers Paradise context," BDA wrote in the application recently submitted to the Gold Coast City Council.<img alt="First look: Drew Group eyes next Gold Coast tower after completing Lagoon Main Beach" data-entity-type="file" data-entity-uuid="5dcaa84d-67ba-4e22-b8f1-208ca5056b05" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/surfers%20paradise%20da.png?VersionId=Ah9oBOlL0ofC5eboXSI.dEq9VRfEnFaT" />

BDA also drew inspiration from New York's iconic Flatiron Building, with softened curved corners responding to the geometry of the triangular site. While referencing the 1902 Manhattan landmark, the design reinterprets its distinctive form through a contemporary coastal lens.

Drew is targeting the Gold Coast's "missing middle" market, a segment that has arguably been underserved in recent years. The project is weighted towards owner-occupiers, with 104 two-bedroom apartments complemented by a further 26 one-bedroom residences.

Resident amenity will be centred on the level five podium, featuring a resident lounge, gym, yoga room, steam room, sauna, lap pool with a lagoon area, spa, cold plunge and magnesium plunge.&nbsp;

Additional resident facilities will occupy the rooftop, including work-from-home spaces, a meeting room, resident lounge with a full kitchen, bar and dining area, as well as a dedicated wellness zone with additional plunge pools, steam rooms and saunas.

<img alt="First look: Drew Group eyes next Gold Coast tower after completing Lagoon Main Beach" data-entity-type="file" data-entity-uuid="a1392ad9-620b-41f9-957d-b1fcec13613f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/surfers%20da%20podium.png?VersionId=9kDudIwvCaZFW6F8IyXGP6wQg0B_VS3E" />

The application follows the completion of Drew Group's Lagoon Main Beach, which only has around four apartments left to sell after a successful sales and marketing campaign.

Built by Hutchinson Builders, Lagoon comprises 248 apartments and was popular with local owner-occupiers and interstate buyers.

First look: Drew Group eyes next Gold Coast tower after completing Lagoon Main Beach

Builder-developer <a href="https://www.apartments.com.au/developers/mcnab-developments">McNab</a> has wasted little time reshaping one of South Brisbane's most significant undeveloped apartment sites after acquiring the property earlier this year.&nbsp;

McNab has lodged plans to scrap an existing approval for two 30-storey towers and instead deliver a single 28-storey residential building, preserving part of the site for a future development opportunity.

The proposal, lodged over <a href="https://www.apartments.com.au/new-apartments/64-peel-street-south-brisbane-qld-4101">64 Peel Street and 9 Cordelia Street</a>, is for a residential-led mixed-use development comprising 124 apartments above a landscaped podium, alongside a boundary realignment that preserves part of the land for a future residential project.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="743bf564-3f8f-45fc-b8d3-bbf18f5b628f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20Peel%20st%20podium.png?VersionId=EhCxGrVn_VFH3qTbKnI4WppGwaMnOn0t" />

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a>, the development will deliver 119 two-bedroom and five three-bedroom apartments across 23 residential levels. A five-level podium will accommodate 135 car spaces, while the ground floor will include a 66 sqm commercial tenancy, an activated residential lobby with work-from-home spaces, and a publicly accessible landscaped plaza linking Cordelia and Peel streets.&nbsp;

Communal amenities will span Level 6 and the rooftop, including indoor and outdoor recreation spaces, a swimming pool, barbecue facilities, kitchen and dining areas, lawn space, sauna, steam room and yoga facilities.

The application also proposes a boundary realignment to create a standalone 1,290 sqm development lot while retaining an adjacent parcel for future redevelopment, allowing the balance of the site to contribute additional housing over time.

Hayball said the architecture has been shaped by the site's elevated corner position at the intersection of Peel and Cordelia streets and Brisbane's subtropical climate.

The design incorporates generous landscaped setbacks, a masonry podium wrapped with planting, large north-facing balconies, and a slender tower profile intended to maximise natural light, cross ventilation and long-range views. The rooftop has been conceived as a wellness-focused retreat overlooking Brisbane, with amenities positioned to capture views towards Mount Coot-tha and the CBD.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="c5f99e84-6ad8-4a87-82d1-869685b754d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20tower%20perspective.png?VersionId=Gw0IuJaSAlk.tvGBxInhZOcQAdIB..2b" />

The planning submission positions the proposal as a response to both changing market conditions and Brisbane's Kurilpa Sustainable Growth Precinct planning reforms.

McNab acquired the site after the previous approval was granted, with the existing scheme no longer reflecting current residential market demands, economic conditions, construction challenges, construction efficiencies or the quality of development outcome now being pursued, the planning report noted.

McNab continues to expand its residential development pipeline across Brisbane and the Gold Coast. The developer recently launched The Tannery in West End, securing more than 60 per cent of apartments before the project's public release. It is also delivering Elements Budds Beach in Surfers Paradise and Lucia Highgate Hill, an eight-apartment boutique development overlooking the Brisbane River.

McNab resets decade-old South Brisbane approval with 124-apartment tower

A steeply sloping Bellevue Hill site is set to accommodate a new mid-rise apartment development, with plans lodged for 20 homes that respond to the site's dramatic topography.

The proposal for the consolidated land at <a href="https://www.apartments.com.au/new-apartments/138a-140-bellevue-road-bellevue-hill-nsw-2023">138A-140 Bellevue Road</a> has been designed by Sydney architecture practice Common Office, which has used the site’s substantial fall to distribute the building’s scale and unlock 20 apartments without presenting the full height to the street.&nbsp;

“The unique design strategy leverages the site’s substantial topographical fall to facilitate increased density, presenting a seven-storey profile to Bellevue Road while rising to 10 storeys at the rear,” Common Office said in its architectural design report.

The apartment mix spans one, two, three- and four-bedroom residences. Four two-bedroom apartments are designated as affordable housing, while the plans also include two adaptable dwellings. The mix is majority three-beds, with the typical three-bed apartment offering around 144 sqm internally, with balconies of around 15 sqm.

The affordable housing component represents 15 per cent of the residential floor area and allows the project to access additional height and floor space under the NSW Government’s in-fill affordable housing provisions. The site also falls within the inner area of the Low and Mid-Rise Housing Policy because it is within 400 metres walking distance of Double Bay Town Centre.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="b1230d0f-3bfa-4a11-abaf-0928c66ef345" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da.png?VersionId=dZeMK3P.OutGjN8ycjsxm8uNsj_QFWQv" />

Common Office has arranged the building around a masonry podium and a lighter upper volume, drawing on two recurring elements of Bellevue Hill’s established architecture: sandstone bases and the vertical proportions of local Inter-war Art Deco apartment buildings.

“The proposal is governed by a holistic design language that reconciles the solid horizontal masonry of the neighbourhood’s podiums with the elegant verticality of its Art Deco heritage,” the architect said.

“The building maintains a consistent rhythmic logic utilising deep recesses and a sophisticated material transition to break down the 10-storey scale into a series of articulated, human-scale volumes.”

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="0147f503-1af1-4d51-97fb-c2f1cba63a9d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20bldg.png?VersionId=GoW7q3NlK67OpnePXhk7zvklrlKb72Qc" />

Large-format sandstone tiles will define the lower levels, establishing a robust base that negotiates the change in elevation from Bellevue Road. Above, red-tinted precast concrete frames, recessed balconies, anodised aluminium screens and expanded metal details will create a more vertically expressed façade. Integrated planter beds will introduce greenery across balcony edges and recessed sections of the building.

The elongated northern façade has been divided into three recessed vertical masses to reduce its perceived length. Triangular window elements and metal privacy screens reference the geometry of nearby Art Deco buildings while controlling overlooking toward surrounding homes. The southern elevation will incorporate further privacy screening, landscaped edges and deep balconies to maintain light and ventilation.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="e8679cf1-18bc-4447-8a0f-0052b94ab83c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da%20rooftop.png?VersionId=5SQqQqRFf76rvE2p1TbxJSweMN70AIbc" />

Private and communal landscaping is distributed throughout the development. A landscaped garden apartment is positioned within the lower portion of the site, while a communal terrace on Level 5 will include a central timber deck, barbecue facilities, resident planting plots and areas for outdoor dining and informal gatherings.

Common Office described the terrace as an elevated sanctuary designed to capture district views and sunlight. Its planting strategy incorporates endemic species associated with the Eastern Suburbs Banksia Scrub, extending the landscape vertically through the building and providing habitat for local flora and fauna.

A second communal outdoor area is proposed at roof level, with built-in seating, paved gathering areas and perimeter planting.

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction. Positive Investment Enterprise is delivering the 16-apartment Kew Palm House on Birriga Road, while Chanine Developments is also under construction at Florian, a 36-apartment project on Banksia Road.

&nbsp;

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction.

First Look: Apartment development pitched for Bellevue Hill, Double Bay fringe

South Brisbane's apartment pipeline continues to build momentum, with <a href="https://www.apartments.com.au/developers/trk-property-group">TRK Property Group</a> lodging plans for a 161-apartment tower on Montague Road as developers accelerate investment across the Kurilpa Sustainable Growth Precinct.

The proposal for 176–186 Montague Road would replace an existing office building with a 20-storey residential tower designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, adding to a growing pipeline of high-density projects reshaping one of Brisbane's fastest-evolving inner-city precincts.

The project has been conceived as a "living building", featuring a flowing tower form, extensive vertical landscaping, and generous communal spaces that respond to the evolving Kurilpa Sustainable Growth Precinct.

TRK Property Group Development Director Matt Kan said the project reflected the confidence developers have in South Brisbane's long-term future.

"South Brisbane is entering an incredibly exciting period, and we see Montague Road sitting right at the heart of that evolution," Kan said.

"With the former Visy site directly opposite us and significant investment planned throughout the broader Kurilpa precinct, there is a real sense of momentum around this part of the city and what it will become over the coming years.

"For TRK, this is an opportunity to be part of that next chapter and deliver a project that responds to where the precinct is heading, while contributing to the continued evolution of Brisbane's river edge."

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="590fe1ad-f892-4446-a679-80e33a16d029" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20tower%20facade.png?VersionId=uOJStrcKpyHFcPE1w6_9SMAFzVMCcZll" />

The scheme includes a mix of one, two, three and four-bedroom apartments, incorporating multi-purpose rooms in selected residences to provide additional flexibility for home offices or expanded living areas. The proposed mix comprises 15 one-bedroom, 13 one-bedroom plus MPR, 73 two-bedroom, 26 two-bedroom plus MPR, 30 three-bedroom, and four four-bedroom apartments.

Rather than adopting a conventional rectilinear tower, COX Architecture has developed a sculpted form inspired by the movement of the Brisbane River.

"The proposal has been designed by COX Architecture as a 'living building' that responds to the site's riverine setting, floodplain history and evolving urban context within the Kurilpa Sustainable Growth Precinct," the planning report states.

"The architectural form draws from the fluid nature of the Brisbane River, with a curved and undulating tower form that creates a varied architectural edge and avoids a conventional rectilinear tower expression."

The podium has also been designed as an architectural feature rather than a conventional parking structure, with cascading planting, screening and natural-toned materials softening its appearance. Resident parking is elevated above ground level to address the site's flood constraints, while habitable apartments sit above flood planning levels. Upper-level communal facilities are designed to accommodate shelter-in-place arrangements during major flood events.

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="01fa15d0-90df-46c7-9555-7941fc45373c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20podium.png?VersionId=mHyua.w1pHGBt9qEdWzrlsv.leztUCwO" />

Communal amenity is a major focus of the proposal. Around 1,815 sqm of shared resident space is proposed across the ground floor, level 19 and the rooftop, including co-working areas, indoor and outdoor recreation spaces, wellness facilities, dining and gathering areas, lawn spaces, a rooftop pool and spa, and extensive landscaping. At street level, a landscaped forecourt and approximately 345 sqm of publicly accessible open space along Montague Road are intended to improve the pedestrian experience while activating the building's frontage.

The development will provide 163 car spaces, including 152 resident bays and 11 visitor spaces, together with 144 bicycle spaces incorporating resident storage, visitor parking, bicycle maintenance facilities and e-mobility charging infrastructure.

The site sits within one of Brisbane's fastest-changing inner-city precincts, less than two kilometres from the CBD and within easy reach of South Bank, West End, the Queensland Cultural Centre and extensive public transport connections. The Kurilpa Sustainable Growth Precinct planning framework is encouraging higher-density residential development to help meet Brisbane's housing supply targets while supporting walkable, transit-oriented neighbourhoods.

Staff reporter

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