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Queensland’s new building industry watchdog “represents the start of the most significant reform in the way the industry is regulated in more than 20 years,’’ according to Housing and Public Works Minister Tim Mander. 

The Queensland Building and Construction Commission (QBCC) will begin work next month. Its job is to implement the government’s 10 point action plan to overhaul building regulations and drive growth and development in the industry, one of the largest employers in the state. 

It will replace the previous Building Services Authority.

“The construction industry is one of the four pillars of the Queensland economy that we promised Queenslanders we would grow,” Mander said.

“This is why we need to have the best building regulator in the country.

“We have appointed people of the highest calibre to the board, people who come with extensive experience in the legal, financial and insurance sectors, as well as the building and construction industry.

“Board members have been selected on their previous and current board experience, as well as their business skills and proven ability to drive reform.

“The QBCC will be responsible for licensing, dispute resolution and the Home Warranty Scheme, as well as taking disciplinary action against contractors for defective work.’’
<a target="_blank" href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a> 

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Queensland's new building industry watchdog to start work next month

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Tender prices and construction industry confidence are on the rise across the eastern seaboard and in Perth, according to national quantity surveying firm WT Partnership. And, it says, most markets are “showing significant improvement in sentiment and activity over the last three months.’’ 
The firm’s quarterly market report says the change in federal government in September appears to have renewed optimism in the construction sector in most states. “Although both federal and state government spending remains tight, private investment in both building and infrastructure looks set to take up capacity in these sectors,” it says. 
WT Partnership expects tendering nationally to remain tight for the next six-12 months as contractors look to fill their order books into 2014. “The construction market appears to have turned with consultants and contractors expecting improved activity in 2014.”
In most states, WT Partnership offices are finding that large residential projects, especially at the lower end in investment grade and first homebuyer products, are boosting the overall market. This renewed activity is not likely to impact upon residential construction costs overall, however, it is expected that in some trades, labour costs will increase as skill shortages kick in.
Subject to the strength or decline in value of the dollar, WT Partnership is expecting to see national average tender price escalation in 2014 trending below 2.0% with an increase to 2.5% for 2015 and 2016.  Individual state predictions vary widely.  
Highlights from the report include:
New South Wales
“Across NSW, the building industry shows signs of improvement, with housing construction increasing for the first time in three years. Sydney CBD rental markets and residential sales volumes have continued to increase in the quarter,” said Nick Deeks, WT Partnership’s national managing director. He says the planned $30 billion of infrastructure to be completed over the next seven years, supported by the state and federal governments, is buoying sentiment and supporting costs.  Tendering remains competitive.  
“We are projecting average cost escalation of 1.25% for 2013, 3.0% for 2014 and 4.0% for 2015 and 2016.”
Queensland
“Tender prices are on the move in south-east Queensland with the recent uplift in residential, commercial and retail construction activity. It is likely that the extremely competitive pricing by major builders over recent years will ease and we will see escalation rising from the current 2.0% to 4%-plus per annum in 2015-16,” said Jason Thornley, Queensland director, WT Partnership. 
Victoria
Confidence in the Victorian construction sector continues to improve as overseas investment in major residential projects continues to boost the market. “The state government’s commitment to a number of major infrastructure projects is improving confidence as engineers and contractors position themselves for demand,” said James Ford, Victorian director, WT Partnership.   
Adelaide
“In the past 24 months Adelaide has had one of the deepest and most rapid falls in construction pricing throughout the country. During last year, tender return prices fell by as much as 20%,” writes Sam Paddick, South Australia director, WT Partnership.  There are some signs that developers are starting to respond to these low levels of pricing, with retail the first to move forward with projects, he said. 
Western Australia
“The continued slowdown in the resources sector in Western Australia, coupled with the recent credit rating downgrade of the state’s finances by Standard and Poor’s, has eroded market confidence,” writes Scott Parrott, WA director, WT Partnership.  ‘’Despite this weakness we still expect strong activity in various sectors over the coming year. Retail investment appears to have gained momentum in WA, with a considerable amount of work being priced or in the pipeline.’’ 
Australian Capital Territory
“In the ACT, following the recent change of government, there is concern over economic conditions and confidence remains suppressed,” writes James Osenton, ACT director, WT Partnership. The contractor environment continues to be lacklustre. 
Tasmania
The Tasmanian economy continues to struggle in the face of dramatic cuts to GST revenue, high unemployment and low population growth, however, recent state and federal government funding announcements have buoyed sentiment in the construction sector.  Tender margins are still extremely tight.
<a target="_blank" href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>
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Construction industry showing "significant improvement" in sentiment and activity since federal election

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The Australian Security and Investments Commission’s goal to improve the standard of advice being given to prospective self-managed super fund trustees, has been welcomed by the SMSF Professionals’ Association of Australia (SPAA).
This includes ensuring SMSF advisers have competencies and skills to better inform potential trustees about the suitability of SMSFs to their circumstances, said CEO Andrea Slattery, while outlining her stance on advisor training and education in SPAA’s submission to ASIC.
The SPAA represents professionals providing a range of services in the SMSF field. It is an advocate for the highest professional standards and competence to ensure SMSF trustees receive the best possible advice.
“In line with this, SPAA has consistently argued that the proposed updated training of advisors should include a specialist SMSF topic if advisers wish to provide advice on SMSFs. This is the reason SPAA has built an SMSF profession,’’ Slattery said.
“We are surprised that ASIC had not suggested an additional, specific topic, in light of recent statements and research by them showing concern for advice practices.
“Similarly, it is surprising ASIC has not sought specific SMSF competencies in the updated RG 146 (regulations) when it has concerns regarding the quality of disclosures made to potential SMSF trustees about the risks of being a trustee.
“We believe that including an SMSF topic in RG 146, and recognising it as a specialist area of superannuation advice, will increase professionalism and understanding among financial advisers who advise on establishing and operating SMSFs leading to increased consumer protection.”
Slattery says that improving SMSF competencies towards potential SMSF trustees would be a significant factor in improving SMSF disclosures. “In particular, SPAA’s SMSF professional accreditation program allows consumers to seek specialist SMSF advice to meet their needs,” she said.
<a target="_parent" href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>
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SPAA backs ASIC plan to strengthen advice standards

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The Queensland residential house market is on the move with sales growing and prices firming in many areas, according to the Real Estate Institute of Queensland.
Further evidence of recovery is in reduced vendor discounts in most regions and the rapidly falling days-on-market. For example, in Brisbane, the average vendor discount has fallen over the past year from 7.9% to 6.5%. Likewise, days-on-market has reduced from 90 days to 78.
The REIQ September Quarter Median House Price Report, released yesterday, found that preliminary numbers of house sales across the state grew by 9% over the September quarter. Quarterly sales growth was recorded across south-east Queensland as well as in far north Queensland.
However, the run of good times for mining districts appears to be slowing with quarterly sales volumes falling in Central Queensland and associated regions over the past year.
REIQ CEO Anton Kardash said that, as the Queensland market had been posting promising results for the past year, there was now no doubt that most of the market was well into a growth phase.
“REIQ accredited agents had been waiting a long time – nearly five years in some areas – to finally experience some good times again,” he said.
“Unfortunately, the Queensland market has never been consistent across the board. We often experience phases of recovery and growth in some regions, while others simultaneously experience patches of more stable activity.
“Of course, our mining districts were performing exceptionally while the majority of the state was in the doldrums not so long ago. It’s good to see that we all still get a turn at the good times at some point.”
But Kardash said that, unlike Sydney and Melbourne, which appeared to be experiencing levels of relatively unsustainable price growth, the Queensland market was taking a more measured approach.
“The majority of our regions experienced mostly unchanged median prices over the September quarter, although over the year we are starting to see some healthy median increases,” he said.
“It’s also important to remember that house prices in Queensland still remain slightly below their most recent peak, so we are not talking about significant gains taking place over short timeframes.
“Given the price increases in the southern states, there is no doubt that Queensland remains one of the most affordable places to buy or invest in property. With this in mind, we are likely to see an increase in interstate investors and migrants taking advantage of these excellent opportunities.”
Over the quarter there was an increase in sales for under $350,000 across the state – potentially to investors – which has temporarily impacted some median house prices.
According to the report, the median house price in Brisbane rose 0.6% to $530,000 over the quarter. Over the year ending September, Brisbane’s median house price rose 3.4%. The preliminary numbers of house sales in Brisbane rose 13% over the quarter and were up 18% over the year.
The median house price on the Gold Coast dipped by 0.6% over the quarter but increased 4.8% over the year. Likewise, on the Sunshine Coast, the median house price fell 1.3% over the quarter but grew 2.3% over the year. Both regions had more house sales – up 12% and 10% respectively over the quarter.
The Cairns property market continued its recovery over the September quarter with the numbers of house sales increasing 10%. Over the year, sales numbers rose by 7%. Median house prices dipped 1.8% over the quarter but rose 1.1% over the year.
The Gladstone, Mackay and Townsville markets had fewer house sales over the year ending September. But Mackay posted a 5% increase in activity over the quarter, as well as a steady rise in medians.
The heat in the Gladstone market continues to dissipate with its median house price dropping 8.5% in the quarter to $437,000. More affordable house prices, however, are likely to attract buyers back into the market in 2014.
<a href="mailto:staylor@propertyobserver.com.au" target="_blank">staylor@propertyobserver.com.au</a>
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Queensland residential market back into growth phase: REIQ

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It’s logical, really. To do business with someone – such as selling them a property – you have to first attract their attention, get on their wavelength and show them what you have to offer, and then close the deal.
It’s no use if you can’t be seen, or can’t communicate. No one’s going to come looking for you – you have to be out there on show – and, hopefully, in demand.
Social media has made huge inroads by exponentially broadening the marketplace, and helping buyers and sellers from all countries get in touch and do deals.
But what if you are trying to sell into a huge market – such as China – where their versions of social media are different to ours? To show them your listings you have to do things their way. And our local social media giant – Facebook – is not the lingua franca over there.
According to China Internet Watch the giant local internet portal, QZone, has 603 million users – far more than Facebook – making it the logical place to focus your sales offerings.
In a new e-book, ‘7 Ways to Improve your International Social Media Marketing’ – <a href="https://www.juwai.com/" target="_blank">Juwai.com</a>’s CEO Andrew Taylor says: “You might use Facebook to keep up with your friends because most of them are on it.
“To reach prospects, however, you have to go to the social networks they prefer. You might be surprised how limited the international reach of networks like Facebook and Twitter are in other countries.”
According to Taylor, Facebook has 50% penetration in the United States, and the world average for Facebook penetration is only 12.1%. In the Middle East and Asia, both major sources of wealthy international buyers, Facebook’s penetration is only 5% and 9%, respectively.
In Russia, social network VK has 100 million active users - more than Facebook in that country, he says.
The Juwai.com Chinese property listing site has tips on how agents can best use social media to reach international buyers. “Once you have a connection with these buyers, you can pull them forward into your marketing process, bringing them to your website, or getting them to contact you,’’ Taylor says.
He believes buyers who find and contact sellers directly via social media tend to be closer to purchasing than other prospects, and that international buyers - making up an increasingly important share of real estate transactions - are not just targeting the traditional cities like New York, London and Sydney, either.
“The value of using a smart international social media strategy is that you attract and connect with buyers from other countries, so that means more reads and ultimately more sales.
“It also differentiates you from other agents and it becomes a powerful listing tool.”
<a href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>
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How to target foreign buyers with social media

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The Brisbane residential property market is strengthening – especially in the sub-$1 million price bracket, according to a leading agent.  
More than $80 million worth of residential property was sold in transactions negotiated by just two of Place real estate’s offices – in the city’s east and inner north – in October, making it a record month for sales.  
And, while the ‘heat’ is in the sub-$1 million price bracket in the Brisbane residential market, the top end is experiencing its best conditions in more than three years.  
Damien Hackett, Place CEO, said this showed the city’s residential property market was ‘’firmly on the way up’’, and that the data demonstrated that the sub-$1 million price bracket was where most of activity was taking place.  
“Greater than 80% of the 97 properties sold (were) in this category, which demonstrates it is undoubtedly leading the recovery in Brisbane’s residential market,” he said.  
“Fifty-two per cent of homes sold by Place across these two offices during the month of October were priced between $600,000 and $1 million, while a further 28% were under $600,000.  
“With only 17% of the houses priced over $1 million, it is evident buyers are most active in the more affordable price brackets - which makes sense.  
“These buyers are increasingly confident in the economy and their economic circumstances – their employment is relatively secure and their salaries are stable, and this, combined with record low interest rates, is propelling them into the market.”  
In addition to the strong sales figures recorded by Place in the inner east and inner north, the real estate agency has also found that time on the market for listed properties has significantly reduced, and their auction clearance rate has also increased.  
“The number of days homes in the sub-$1 million price bracket were sitting on the market in October was 41 - far less than the average for the six-month period from January to June, which was 68,” Hackett said.  
“Meanwhile, the clearance rate for auctions between the beginning of October and now is 81%, which is very high.  
“Essentially, the strength in the market that we are witnessing in Brisbane is contrary to recent reports that suggest the recovery is only taking place in Sydney. The Brisbane market is exceptionally strong, and we expect to see it only improve from hereon in, with all the fundamentals lined up for a solid 2014.”  
Hackett said the Brisbane market was benefitting from pent up buyer demand that has been building since the city’s floods in 2011.  
“Buyers were extremely cautious after that, and sellers were also reluctant to put their properties up for sale, fearing they would be sold under value, so, across the board, activity was subdued,” he said.  
“That period of uncertainty is now behind us. We have been seeing a gradual improvement in the market since it bottomed in 2011, but now it is clear that it has well and truly turned a corner.  
“In line with the rise in activity in the sub-$1 million sector, we are actually seeing values begin to rise again, which is extremely positive.”  
Recent sales in the sub-$1 million price bracket reflecting the recovery in the market include:
<ul>
<li>
A 3-bedroom, 2-bathroom house in Cannon Hill – The comparable sales for this property were between $470,000 and $499,000 and it sold within the first four days of being on the market for $550,000.
</li>
<li>
A 2-bathroom, 1-bedroom cottage in Petrie Terrace – Two years ago it failed to sell for $540,000 yet recently it sold for $590,000 within the first week of being listed.
</li>
<li>
A 3-bedroom, 1-bathroom house in East Brisbane – This property was bought for $620,000 last year and, after some minor improvements, it sold for $730,000 this year in a very short time frame.
</li>
</ul>
Hackett said that while the ‘heat’ was in the sub-$1 million price bracket in the Brisbane residential market, the top end was currently experiencing its best conditions in more than three years.  
“There is activity in the $1 million-plus price bracket and stock is turning over – we have seen a number of sales even in the $4 million-$6 million dollar range,” he said.  
“But, despite the rise in activity in this sector, so far we have seen limited growth in values for top-end properties. The market is starting to move in this regard, but greater price growth will come in time when the global economy – including in Australia and elsewhere - is more stable.”
     
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Brisbane residential market kicking off

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The Cape York Peninsula will be ‘open for business’ in varying degrees under the Queensland government’s latest draft plan.
Deputy Premier and Minister for State Development, Infrastructure and Planning, Jeff Seeney, said the draft Cape York Regional Plan“delivers on the Newman government’s commitment to balance economic development opportunities such as agriculture and mining, with protection of the regions’ significant natural and cultural resources.’’
It proposes three land-use classifications - general use areas, strategic environmental areas and national parks – all of which allow some forms of economic development.
“This draft plan delivers on our vision to provide indigenous communities on Cape York the opportunity to create a sound economic future, while protecting the environment,” Seeney said.
“Labor locked up the Cape with its Wild Rivers Act, but the Newman government is taking a responsible approach to planning that encourages appropriate resources sector growth and co-existence with existing land uses.’’
Seeney said Labor was “good at creating emotively-named Acts that won them green preferences but delivered precious little legal protection from inappropriate development.’’
Under the draft plan 32% of the cape would be preserved in strategic environmental areas, including the Wenlock River and Steve Irwin Wildlife Reserve that will be protected from mining – but not business activities “where it can be demonstrated that the development outcome does not present risk of irreversible or widespread impacts to the ecological integrity of the significant biodiversity in these areas. Activities that risk such impacts will not be allowed.’’
Seeney said 53% of the region would be designated General Use Areas available for “responsible economic development assessed under the Environmental Protection Act 1994 and the Sustainable Planning Act 2009.’’
Under the plan, general use areas will prioritise economic development activities, including agriculture, tourism and resource activities, “while recognising that site-specific environmental and cultural values remain important considerations in any development/resource proposal.’’
Strategic Environmental Areas are those containing ‘’regionally significant values for biodiversity, water catchments and ecological function – such as the Steve Irwin Wildlife Reserve.’’
National Parks are being recognised for their protection of the region’s natural and cultural resources. “However, these areas are also recognised as not being ‘closed’ to appropriate economic opportunities,’’ the plan says. “Development and activities in national parks may be facilitated where they are ecologically sustainable activities that protect an area’s natural condition and values.’’
Seeney’s draft plan also identifies priority living areas and priority agricultural areas.
“The priority living areas will provide greater certainty for investment and growth in regional towns by setting aside an area in which settlement is the priority land use,” he said.
In riority agricultural areas, the plan says specific land uses will be given priority over any other proposed land use “to ensure this high-value agricultural land use is not threatened by developments, particularly resource projects.”
“As with our other regional plans, we are giving local communities greater control of their own economic future, and councils will be able to determine the appropriateness of any potential resource activity within PLAs,” Seeney said.
The government says the draft plan has been developed in consultation with indigenous groups.  An 80-day consultation period from November 25 to March 25 will allow further community input. 
To view the draft Cape York Regional Plan and to find out how to make a submission, visit <a target="_blank" href="https://www.dsdip.qld.gov.au/cape-york">www.dsdip.qld.gov.au/cape-york</a>
<a target="_blank" href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>
 
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Queensland government sets sights on Cape York

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About half of all four- and five-year fixed rate home loans - and more than a third of three-year fixed rate home loans - have had their rates adjusted upwards in the past two months, according to financial comparison website RateCity.  
“The fact that a growing number of institutions are increasing their rates on fixed home loans shows where they think the market might be heading,’’ CEO Alex Parsons says.  
He points out that:  
<ul>
<li>
Since early September, 188 fixed home loans have had rate hikes – including 88 in the past fortnight - by a maximum of 0.55%.
</li>
<li>
The trend is for longer fixed rates drifting up.
</li>
<li>
Competition remains high among one- and two-year fixed home loans, with rates starting from 4.29% fixed for one year.
</li>
</ul>
The news has prompted RateCity to urge borrowers to prepare now for higher rates.
“Movements in fixed rates are common and based on a number of variables, but the trend is definitely to longer term rates drifting up,” Parsons said.  
In comparison, shorter term fixed rates remain largely unchanged, or even fell slightly in recent weeks, with one-year fixed rates as low as 4.29%.  
“We have seen a lot of competition in the shorter term fixed rates. While they are also subject to the same market forces as longer terms, they’re a lower-risk way for institutions to offer hot rates to attract new customers,” he said.  
Fixing can be an attractive option for borrowers because it offers repayment security, making it easier to budget. But they aren’t as flexible, which can be a drawback. Also, some lenders make it harder for borrowers to make extra repayments as a way of building a repayment buffer. And others charge big fees for exiting the loan before the end of the fixed term.
Another key area to watch out for is the interest rate to which fixed loans revert once the set period is over, said Parsons.  
“Most fixed rates revert to a variable rate option at the end of the fixed period, which, depending on the rate cycle, could be more than 1% higher,’’ he said. “This can mean having to fork out thousands of dollars more per year to service the same loan.  
“Borrowers should prepare for the eventuality of higher interest rates in the future and make sure they can comfortably afford to service the loan if rates increase to the historical average of around 7% or even higher.”  
For example, a 0.25% rate rise would increase the first 12 months’ repayments by $540 (or $45 per month) for a borrower with a $300,000 home loan and paying the basic variable rate of 5.19%.  
But, if rates were to return to their historical average of 7%, the same borrower would have to find an extra $333 a month, or $3996 a year.  
“If borrowers aren’t sure whether they want to fix or not, they do have the option of splitting their loan between fixed and variable – so they have the best of both worlds.”    
<a target="_blank" href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>
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Fixed rates set to rise further in November: Rate City

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Queensland will “market its modern mining and resources sector to the world” through a new spatial data and information online tool called Mines Globe.
It will provide geophysical survey information and the details of historical exploration permits and show the location of all current exploration and production permits, mining areas and boundaries, Key Resource Areas and infrastructure, such as pipelines and facilities.
 
“Mines Globe is an easy to use Google Earth-based application containing a goldmine of information about the resources industry, one of the four pillars of the Queensland economy,’’ Premier Campbell Newman said at the launch.
“Never before has Queensland, or the world, seen such detailed and comprehensive data in one place, that is freely available to students and the general public,” he said.
“Landholders and companies have often encountered red tape and roadblocks in trying to source this valuable data.
“Now, with this significant development, everyone has access at the click of a mouse to more than 60 layers of detailed information about the state’s resources sector in all its elements: coal and minerals, petroleum and gas, quarries and geothermal activity.
Natural Resources and Mines Minister Andrew Cripps said this was the first time all this data had been collated on the one site. “This is the easiest and most accessible mining information data ever delivered to the public and it’s being made available at no cost,” he said. 
“Mines Globe will open up data about the resources sector for use by property owners, community groups, educational institutions, businesses, resource companies, investors and anyone else interested in researching this important pillar of the Queensland economy.”
The project was developed by the Land and Spatial Information Unit of the Department of Natural Resources and Mines and you can see it <a target="_blank" href="/news">here</a>. 
staylor@propertyobserver.com.au
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The map all Queensland mining town investors should see

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The property market is soaring in Miami, with the median house price rising almost 19% since this time last year.

In fact, October marked the 23rd consecutive month where Florida’s largest city’s house prices appreciated compared to the year-before figures.

A report from the 30,000-member Miami Association of Realtors says the median sales price for a Miami home in October was $220,000 - up 18.9% compared to $185,000 during the same period last year.

Median condominium prices also showed double-digit appreciation, with the $170,000 median up 17.2% on last year’s $145,000.
“This is a remarkable sign of the vitality and strength of South Florida’s real estate market,” said association chairman Natascha Tello. “It’s a reflection of increased demand from buyers around the world, creating a great opportunity for sellers.”

Average sales prices also had double-digit growth. The average for a family home in October was $421,546 - up 29.9% on the $324,611 figure from last year. Similarly, average condo prices rose 11.8% to $296,568. Last year it was $265,225.
Overall, home and condo sales had a modest single-digit decline in October compared to last year’s figures, but remained strong relative to historical averages and performance.

While traditional sales showed strong gains, short sales greatly declined due primarily to the government shutdown delaying transactions requiring tax return verifications, Tello said. Delays in FHA funding and other government-related factors also contributed to fewer closings in October.
REOs and short sales are forms of distressed sales.

Last month, 1,060 homes were sold in Miami – a decrease of 6.5% on the 1,134 in October 2012. The figure was similar to September’s sales when 1,108 - 48 fewer - homes were sold.
Condo sales were strong in October, with 1,416 sold - a 1.2% decrease on a year-ago; they were 4.7% greater than September’s condo sales figures of 1,352.

Double-digit growth in traditional sales
Market share and number of traditional sales continued to grow in October compared to a year-ago, Tello said. Of the 1,060 homes sold last month, 641 (60.5%) were traditional sales, while REO and short sales accounted for 20.8% and 18.8%.

In October 2012 they accounted for half (49.8%) of sales and REO and short sales were 23.1% and 27%, respectively.

Tello said traditional sales had experienced “significant double-digit growth’’ at 13.5% relative to last year. REO and short sales fell by 16% and 35.2%, respectively.
Condo sales saw similar increases last month. Of the 1,416 sales in Miami in October, 889 (62.8%) were traditional sales - up nearly 8% - compared to the same period in 2012. Then, traditional condo sales were 54.9% of all condo transactions. REO and short sales accounted for 24.1% and 13.1%, respectively, of total sales last month.

“The double-digit growth in traditional real estate sales is a sign of continued strength in Miami’s real estate market,” said the association’s residential president Fernando Martinez.

“Moreover, the significant growth in cash sales shows that Miami is the destination of choice for international buyers, who continue to play a major role in the local market.”
<a target="_blank" href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>
 

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Miami property market rises nearly 19% in one year

The Victorian Government has secured the passage of the Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026, introducing a suite of reforms aimed at improving consumer protection and confidence in the apartment market.

Resilience Insurance, Australia’s leading Latent Defects Insurance (LDI) provider, has welcomed the move.

The LDI elements of the Bill passed with bipartisan support and now moves to the Legislative Council where debate and passage are expected later this month. It represents a significant milestone in the national shift toward stronger, longer-term protection for apartment buyers.&nbsp;

The reform would deliver practical benefits across the housing system. Apartment owners will have stronger protection if major defects emerge, developers and builders will have a clearer quality framework to work within, and the State will reduce the risk of serious building failures becoming a long-term financial and social burden for households, communities and government.&nbsp;

LDI helps support apartment delivery while providing stronger protection for buyers and encouraging better construction outcomes.&nbsp;

Resilience LDI provides apartment owners with 10 years of insurance-backed cover for major structural defects from completion, with direct claim access to the insurer. This means owners are not required to first pursue developers or builders through costly legal action before accessing protection.&nbsp;

Resilience Insurance has been operating in Australia since 2022 and has already insured hundreds of development projects covering many thousands of apartments across Australia.&nbsp;

At approximately 1.8 per cent of build cost, it is a cost-competitive alternative to the traditional two per cent Strata Bond, bond while delivering significantly broader and longer protection.&nbsp;

“The Victorian Lower House vote shows that reforms like this succeed when they are practical, evidence-based and supported by industry," says Corey Nugent, CEO of Resilience Insurance.

"Victoria is moving quickly on a reform that will make a real difference for apartment buyers, while supporting better building outcomes and greater confidence in apartment delivery.

“This is step one. We look forward to the Bill completing its passage through the Legislative Council and to working with government and industry to implement the framework effectively.”&nbsp;

Fast Facts: What is Resilience LDI?&nbsp;

<ul>
	<li>Resilience Latent Defects Insurance (LDI): Covers major structural defects for 10 years from completion.&nbsp;</li>
	<li>Consumer-first: Direct claim access, no need for lengthy legal action.&nbsp;</li>
	<li>Cost advantage: At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.&nbsp;</li>
	<li>Market leader: Resilience Insurance is the first approved LDI provider in NSW.</li>
</ul>

The Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026 has passed the Victorian Lower House, putting Victoria on track to become the first state to legislate an industry workable LDI framework as a formal alternative to the Strata Building bond. 

Joel Robinson

10-year Latent Defects Insurance for new apartment buyers set to land in Victoria

Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.

Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.

There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" />

Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.

"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."

The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;

The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;

Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a>

Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a> 
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Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.

The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.

Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.

The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.

<img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" />

A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.

Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.

New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.

GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.

First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.

The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.

Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.

[smartcode_project:default project_id=135876 project_image_fid=368853]

The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.

GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available.

Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.

[smartcode_project:default project_id=135876 project_image_fid=368851]

The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.

The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.

[smartcode_project:default project_id=135876 project_image_fid=368852]

For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.

GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.

"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.

"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."

[smartcode_project_cta:default project_id=135876]

GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.

The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.

&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.

The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.

<img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" />

A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.

The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.

"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.

The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.

Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."

The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.

<img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" />

The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.

S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.

Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.

John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.

Stephen Taylor

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