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> 
&nbsp;

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.

First look: S&S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street

New South Wales

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Toni Collette and her musician husband, David Galafassi have secured a small reduction in the damages they must pay in their legal battle over abandoned plans to buy a Paddington terrace.
After a two day hearing, the NSW Court of Appeal ruled on Friday that the couple pay $602,500 to Industrie clothing label founder Susan Kelly for reneging on <a href="/expert-insights/investing/actor-toni-collette-and-muso-david-galafassi-fall-for-the-charms-of-contemporary-inner-city-paddington">their 2011 agreement to buy Kelly's double fronted Stewart Street property</a> (pictured in gallery above).
The revised damages bill represents a reduction of $212,407 on the original damages bill of $814, 907 ordered by Supreme Court Acting Justice William Windeyer last year.
The purchase price under the contract was $6,350,000, of which the purchasers paid a 5% deposit ($317, 500). The date fixed for completion under the contract was 30 December 2011.
But on the morning of 30 December 2011 the purchasers' solicitors advised that the purchasers did not have the funds necessary to enable them to complete and that they would not be able to proceed with the purchase.
The vendor responded that she did not accept the purchasers' apparent repudiation and intended to institute proceedings for specific performance.
On 4 January 2012 the purchasers' solicitors again advised that the purchasers were not financially capable of completing the contract and that they would be unable to comply with an order for specific performance.
On 20 January 2012 the vendor commenced proceedings in the Equity Division of the Supreme Court seeking orders for specific performance and, in the alternative, damages.
On 24 January 2012 Mrs Galafassi sent an email to the vendor and her husband apologising for their failure to complete. 
The email explained that the purchasers had been unable to sell their own home and had instead agreed to a property swap arrangement with the vendor of a different property, and in the process they had lost all their savings, meaning that they were unable to go through with the purchase. 
On or about 24 February 2012 Mrs Galafassi sent a further email again stating that there was no way they could comply with an order for specific performance if such an order was granted because they did not have the means to raise the funds to complete.
But the Galafassi couple pursued the latest court hearing where the NSW Court of Appeal ruled that Mrs Kelly was not entitled to "special condition interest", which is paid in cases where completion of a property deal is late.
The court found that since completion of the sale had not occurred, special condition interest did not apply.
But Ms Collette and Mr Galafassi will still have to forfeit their $317,500 deposit, taking the total bill to more than $920,000. Plus much of the legal expenses of Ms Kelly.
Ms Collette and Mr Galafassi had agreed to buy the terrace in September 2011 for $6.35 million, but when due to settle three months late they backed out.
"We feel sick about this, you and the vendors nothing but great and we apologise profusely," the couple said in an email to the McGrath selling agent Ben Collier.
"David and I feel absolutely sick about not being able to go through with the purchase of your house. We had every intention of doing so and it has broken our hearts. We can't apologise enough and totally empathise with your position. We are mortified. If we had the money we would happily be living in it by now," she emailed the Kelly's.
The Purchasers' email concluded with the plea: "Please reconsider taking us to court. It just makes a very sad situation much worse. We can no longer buy your beautiful house. Again, we apologise profusely. We don't have the finances to go through with the purchase. For the sake of both our families, I implore that you find a way to settle this less publicly. Understandably, all of this is not your concern. You thought you had sold the house and the sale has fallen through. We sincerely hope that you can understand our position and find it in your hearts to deal with this in another way."
The email contained the postscript: "ps...our lawyer was not entirely comfortable with us writing this letter and does not want it used against us. His advice is to state that this "appeal" is without prejudice and should not be used in a legal case against us, or in the press, and is very much confidential."
This article continues on the next page. Please click below.
<hr class="system-pagebreak">
On or about 24 February 2012, Mrs Galafassi sent a further email to the vendor's husband referring to recent publicity in the press and stating: "... I wanted to write to you in the hope that we can try and sort something out before good press becomes bad press. We are truly sorry for the position that we put you in last year, we can't stress that enough, but there has to be a way that this matter can be resolved. 
"If we can't settle it commercially, quickly, rather than legally, slowly, the value of Paddington may well be jeopardised once our legal teams get in to the Court room and the media have a field day. I am being perfectly honest when I say that there is no way that we could comply with an order to complete the purchase of Paddington if your order was granted. We don't have the means to raise the funds to settle on Paddington. When Bronte Road didn't sell at auction last November, we were very worried. 
"I fully appreciate that I am not in a good position but, without admitting that I am liable for anything, I understand that if you were to sell Paddington now, it is likely I would have to find the difference to satisfy a claim of damages if the price came in under the contract price that we signed. 
"So you would be in the same position as you would have been had you sold to us at the end of last year. Whether that happens or not, that all makes sense to me but what doesn't make sense is that the longer this matter is dragged out through legal processes (at least another month), the more damage it will do when the property is finally listed. 
"It would become like a forced sale and the media coverage would not force the price up! At the moment you have $315,000 and you still have the house, so in essence you are in a better position than you were at the end of last year. In my humble view I wouldn't put that position at risk."
Mrs Galafassi's email continued: "I am due to settle on the sale of our Bronte Road house in the next few days. As the article in the media said <a href="/news/actor-toni-collette-changes-her-mind-over-paddo-and-buys-again-in-bronte-title-tattle">we have 'swapped' our house for one not too far away</a>, and at the moment the story that we wanted to stay close to the ocean with our young family, is not too far from the truth. 
"My view is that if that story was maintained in the press, rather than coverage of all the details of a litigious battle, you will get a far better result than if you pursue me in the Courts. If you listed Paddington for sale now, who knows, you may get more than the price we agreed to pay. You just don't know. But if you don't get a higher price, well, then Dave and I may have to suffer the consequences of a damages claim. 
"Either way, you really are not going to be any commercially worse off, but we all will have avoided some of the stress, anxiety, time and effort that inevitably go hand in hand with litigation. I am not trying to avoid the consequences of our action but trying to consider more commercial and realistic options with more satisfactory outcomes for everyone, rather than paying lawyers to follow procedures and argue legal points on our behalves."
At trial the Galafassi couple contended, unsuccessfully, that these two emails were "without prejudice" and should not have been admitted into evidence.
About two months after the second email, the Kellys sold the house to Ernst &amp; Young accountant Ian Ball for $5.5 million. Ben Collier had shown the property to nine interested purchasers between January and April 2012; and that the offer ultimately accepted from Mr Ball on 24 April 2012 of $5,500,000 was an increase of $200,000 on his first offer.
Mrs Kelly then sued for the difference plus interest and land tax that arose on the December 31, since they had already bought their next home in Vaucluse.
Ms Collette wrote to Mrs Kelly's husband Nick in 2012, urging the couple not to proceed with the court case.
"I wanted to write to you directly in the hope that you will understand," she said in an email.
"We can no longer buy your beautiful house. We don't have the finances to go through with the purchase. For the sake of both our families I implore you to find a way to settle this less publicly."
The court has yet to finally decide on legal costs indicating that Ms Collette and Mr Galafassi should pay 65% of Mrs Kelly's costs though the parties are to be given the opportunity to make further submissions on costs, the chief Justice Thomas Bathurst and Justices Julie Ward and Fabian Gleeson proffered.
David Galafassi (First appellant) and Toni Galafassi (Second appellant) were represented by solicitors: YBR Solicitor and counsel: J Stoljar SC with J C Hewitt.
Susan Kelly engaged B A Coles QC with C G Carroll who were advised by solicitors, Osborne Lawyers. 
There were 66 prior cases cited in the matter which was first ruled on in May last year.
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jchancellor-FAypfDUnLy

Toni Collette's appeal secures reduced Paddington property sale damages legal bill

<html><body>
The petition begun by New South Wales buyer’s agent Patrick Bright asking for vendors to publish reserve prices a week out from auction to stamp out underquoting has reached 500 signatures.
This is a significant milestone for the petition, which was created in response to the underquoting claims making headlines after Queensland’s much-publicised debate, and now decision, to remove price guides entirely from auction real estate listings.
Bright told Property Observer that when the supporters for the petition reaches the 1,000 mark, he will be personally visiting Minister for Fair Trading, Matthew Mason-Cox, to discuss this proposal. You can <a href="https://www.change.org/petitions/the-honourable-matthew-mason-cox-mlc-nsw-government-make-it-compulsory-to-advertise-auction-reserve-prices-to-stamp-out-underquoting-and-dummy-bidding" target="_blank">see the proposal on the Change.org website here</a>.
<img src="/images/2014/06/16/image-june-16-one.png" alt="">
Noting that “Buyers right across Australia are sick of needlessly forking out hundreds, if not thousands, of dollars on pest and building inspections and legal fees when preparing for auction,” the petition notes that price guides are “more often than not significantly below the price a selling agent knows a property is likely to sell at and well below what the vendor would actually accept thereby enticing buyers to think they can afford a property that is well above their budget.”
“This is why I am advocating for a more transparent process where there is a legal requirement to advertise the reserve price seven days out from a property auction,” Bright explains.
<img src="/images/2014/06/16/image-june-16-two.png" alt="">
Starting slow, and with <a href="/expert-insights/buying/louis-christopher-and-patrick-bright-say-media-outlets-are-ignoring-underquoting-petition">discussion around the petition being ignored, it has gathered momentum in the past month</a> to reach its current 501 signatories mark.
It has also encouraged <a href="/expert-insights/buying/consumer-affairs-victoria-does-not-have-manpower-or-skills-to-police-underquoting-petition">a similar petition for Victoria from buyer’s agent Miriam Sandkuhler</a>, who is asking for reserve prices to be published from “day one” of the campaign. While this has received criticism for the length of time required for the reserve price to be published, it has currently reached 284 signatures.
The act of publishing the reserve price <a href="/news/should-auction-reserve-prices-be-published">seems to be largely supported by Property Observer readers</a>, who voted on our poll with an 84.5% support for the concept earlier this year.
<img src="/images/stories/2014/03/03/poll-results-march-3.png" alt="poll-results-march-3" width="470" height="111">
YOU MAY ALSO WANT TO READ Mark Armstrong's Underquoting: <a href="/expert-insights/investing/underquoting-the-clear-and-transparent-solution">The clear and transparent solution</a>
Room for debate: <a href="/expert-insights/investing/room-for-debate-are-melbourne-agents-underquoting">Are Melbourne agents underquoting?</a>
Letter from the editor: <a href="/news/qld/letter-from-the-editor-more-information-not-less-please-queensland">More information not less please Queensland</a>
<a href="/expert-insights/investing/legally-underquoting-how-agents-get-away-with-it">Legally underquoting? How agents get away with it: </a>Catherine Cashmore
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jduke-EHk3XBmHkn

New South Wales underquoting petition hits 500 signatures

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NSW Premier Mike Baird has expressed concern about the lack of official information on foreign investment residential purchases in NSW.
His concerns were made to the House of Representative inquiry into foreign ownership of residential property.
His submission, made to the inquiry as NSW Treasurer, said the lack of detail made it difficult for the government to determine the effects of foreign investment on the housing market.
One of his concerns was whether temporary foreign investors actually sell their properties when they leave the country – a condition required by the poorly implemented law.
"What evidence is there that temporary residents sell their properties when they leave Australia?
"It appears difficult to determine the effects of the foreign investment due to a variety of data constraints," the submission said.
Mike Baird said it would be helpful to know if foreign investment was geographically concentrated.
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NSW Treasury in the dark with FIRB foreign buyer data

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Wing House, the Byron Bay trophy home designed by architect Peter Stutchbury, has been sold for $5.9 million to a local buyer.
Overlooking Wategos Beach, the four-bedroom house comes with 20 metre lap pool.
The hillside location cost $1.35 million in 2001, with the Stutchbury-build in 2012.
It was sold by Robert and Deborah Wild <a href="https://uniqueestates.com.au/buy-residential-real-estate/house-59-brownell-drive-byron-bay-nsw-13058110346" target="_blank">through Nicolette Wijngaarden of Unique Estates</a>.
Wing House, which takes its name from its wing-shaped roof, was originally listed with hopes above $7 million, but was then revised to offers over $6 million. 
The Wilds, joint directors of the Australian College of Massage, have bought <a href="/news/tom-misner-secures-byron-bay-8-million-small-acreage-record-sale">a </a><a href="/news/tom-misner-secures-byron-bay-8-million-small-acreage-record-sale">luxury home at Coopers Shoot </a>with an infinity pool and views across Byron Bay for $7.9 million (pictured below).
<img src="/images/2014/03/17/byron-bay-march-17-breakout.jpg" alt="Tom Misner secures Byron Bay $8 million small acreage record sale">
Last month at the hotly contested Asia Pacific Property Awards 2014-2015, Unique Estates Australia was among the winners in the categories of best Australian real estate agency marketing and also best Australian real estate agency <a href="https://uniqueestates.com.au" target="_blank">website</a>.
<img src="/images/stories/flagtitletat.jpg" alt="flagtitletat" width="25" height="34" style="float: left;">Title Tattle gleans a residential record was set within the Byron township last week, but it wasn’t beachfront.
Set in the old part of Byron Bay, a home on a 1,000 square metre lot at <a href="https://www.realestate.com.au/property-house-nsw-byron+bay-115104447" target="_blank">60 Kingsley Street</a> (pictured below) sold at the $3.5 million asking price through Graham Dunn and Jeremy Bennett at Byron Bay Property Sales to Melbourne buyers. It last sold at $840,000 in 2002, with the rebuild winning a HIA renovation award.
<img src="/images/2014/06/06/byron%20bay%20june%206%20one.jpg" alt="">
 
"They had been looking for about 18 months. They had done their homework, they saw the market was moving so they jumped in," Dunn told Title Tattle. 
The prior township record was $2,705,000 on Cooper Street which also sold through Byron Bay Property Sales.
<img src="/images/stories/flagtitletat.jpg" alt="flagtitletat" width="25" height="34" style="font-size: 14px; margin: 5px; float: left;">
Escaping the southern winter cold, Melbournite Ned Rockman recently purchased through Byron Bay Property Sales. “I’ve loved it up here for many years” he says.
It is a five hectare holding at Newrybar which cost $1.75 million last year. “I’m almost 45 and I don’t want to spend the second half of my life in Melbourne. I want to spend it here”.
Rockman is not the only well-known Melbourne purchaser of late. Portland House director Stephen Hains, son of intensely private Melbourne billionaire investor David Hains, has also bought into Byron Bay. 
Hains spent nearly $2.77 million on a beach house at Belongil, despite nearby coastal-erosion issues. He got a three-bedroom 1962 coastal shack on 1922 square metres on Childe Street. 
Flight Centre co-founder Graham Turner's wife Jude also bought a beach shack for $2.77 million on the Belongil peninsula, on the edge of the Byron township in 2012.
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Wing House, the Peter Stutchbury-designed Byron Bay trophy house sold

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This week I was speaking with one of the land developers we source our development sites from and was interested to hear her say that they’d been told that the NSW state government were currently fast tracking land releases to meet their housing acceleration goals. Music to my ears as we are always on the lookout for good development sites in well planned areas.
One of the most important roles the Department of Planning and Environment is to work closely with other agencies, councils and communities to plan for housing supply and delivery in "greenfield" or undeveloped areas, and "infill" housing in existing areas.
The NSW government has allocated more than $300 million from the HAF in the 2013-14 NSW budget to drive housing growth.
This includes:
<ul>
<li>$141 million towards eleven water, road or electricity projects in Sydney and the Lower Hunter which can accelerate 42,900 new housing lots.</li>
<li>$70 million towards an upgrade of Old Wallgrove Rd in the <a href="https://www.planning.nsw.gov.au/StrategicPlanning/Employmentlands/WesternSydneyEmploymentAreaWSEA/tabid/366/language/en-US/Default.aspx" target="_blank">Western Sydney Employment Area</a> to deliver jobs near major housing growth centres</li>
<li>$99 million towards the <a href="https://www.planning.nsw.gov.au/StrategicPlanning/FundingPrograms/LocalInfrastructureGrowthScheme/tabid/653/language/en-US/Default.aspx" target="_blank">Local Infrastructure Growth Scheme</a> to assist councils fund local infrastructure needed to support growth above the developer contribution cap.</li>
</ul>
With our focus on project managing property developments in the Hunter Region of NSW, I delved a little deeper into the NSW Planning website which is a fantastic source of information. I wanted to see where the $141 million spend on infrastructure and where the new housing was planned for, although I already had a very good idea.
<a href="/news">Maitland</a>....it’s one of Property Bloom’s favourite cities to build and invest in throughout the Hunter. This city has experienced solid population growth, has a diverse economy and the planned growth of the city is no secret.  Council has identified several areas for new land release.  It’s an affordable yet established city and benefited from some recent infrastructure projects such as the Hunter Expressway opening this year, a new hospital being announced, road and bridge upgrades and an aggressive planning program to accommodate one of the state’s highest population growth projections.
Maitland’s population is projected to grow by 42% from 2011 – 2031. It’s one of the highest projected growth areas of NSW. The main drivers will be net internal migration from within the state – people moving perhaps from Sydney or other areas and interstate migration. Also from high fertility rates, apparently they make lots of babies there. Actually what that means it that it’s a nice place to raise a family with good schools and facilities. Housing is affordable and there is solid rental demand.
<a href="https://www.planning.nsw.gov.au/projections" target="_blank">Check out the website</a>, it also gives you the age profiles of the community, household types and size and my favourite, projected dwellings – this shows the number of dwellings needed to provide private housing for all projected households. This is a fabulous tool and we are using it to understand the local councils and NSW Planning expectations. We can then help our clients develop their property development strategy targeting the right locations for their developments.
Property Bloom project manages villa developments; dual occupancies or larger medium density developments as well as granny flat complying developments. One of the points raised on the NSW Planning website is that in 2011, couples with children were the most common household type in the Lower Hunter. However by 2031, most households will be occupied by couples only or those living alone, together making up 56% of all households in these regions.  Also the 65-84 year age group is projected to almost double in NSW. So the low maintenance villa dwellings that we are producing will meet the demands of this emerging market.
<a href="https://www.propertybloom.com.au/" target="_blank">www.propertybloom.com.au</a>
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jochivers-wq5Bp59R5a

Planning for the emerging market - low maintenance, smaller dwellings

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St George Bank has announced the closure of its branch at <a href="/news">Cootamundra</a>.
It continues the recent revived trend of bank closures headed by ANZ.
The ANZ intends to close seven more branches, which will take the total closures to 19 over recent months.
Most of the latest seven are in regional centres, including <a href="/news">Healesville</a> in Victoria and Tamour in New South Wales.
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St George bank closes Cootamundra branch

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Growthpoint Properties Australia has exchanged contracts for the acquisition of the New South Wales Police headquarters in the Parramatta CBD.
The purchase will be funded by an equity raising of $80 to $125 million and, depending on equity take-up, $131 to $176 million from expanded existing debt facilities. 
The 1 Charles Street building was purchased from AustralianSuper.
Listed through CBRE, the 2003 two tower office complex comes with parking for 444 vehicles. It had a total lettable area of 32,700 square metres.
The South African-backed Growthpoint Properties Australia headed the field, against rival Cromwell Property Group after the ­expression of interest campaign closed through Josh Cullen and Rick Butler of CBRE earlier this year.
With a 7.6% yield, the property is fully leased to the NSW state government with a significant remaining lease duration of 10 years and a further five year option period. 
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Growthpoint Properties Australia now owns interests in a diversified portfolio of 51 office and industrial properties throughout Australia valued at over $2 billion.
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NSW Parramatta police HQ sold to Growthpoint

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Gosford is making waves in real estate. Or, more accurately, it’s catching the wave generated by Sydney.
<a href="/news">Gosford</a>, on the NSW Central Coast about 80 kilometres north of Sydney, has sparked to life after years of under-achievement. Partly it’s the ripple effect from the state capital’s strong market and partly it’s local infrastructure events.
The coastal city of 165,000 is a classic case study of why it’s the future that matters in hotspotting, while the past can be irrelevant.
No investor would buy in the Gosford area based on its track record. The market in the past decade has had with more periods of decline than times of rising values. Many locations throughout the City of Gosford have averaged just 1% per year in price growth. Some have negative growth averages.
But, Gosford and surrounds are coming into a period of strong growth, one that’s likely to last. Revised planning laws are expected to bring major construction projects and general revitalisation to Gosford, while the federal government decision to relocate 600 public servants there from Canberra will enliven the property market.
Gosford is another example of a local economy which has struggled because it’s primarily about tourism and retirement – but is now revitalising through a combination of government policy decisions and spending on infrastructure. Queensland is full of such places, including Cairns, the Sunshine Coast and Hervey Bay, and Gosford has put itself of the list.
In February 2014, NSW Planning Minister Brad Hazzard announced rezoning approval for the old Gosford Public School site and the waterfront. The change will allow developments such as waterfront dining and shopping, hotel and conference facilities, a regional performing arts centre, conservatorium and public recreational areas, creating 2,000 jobs.
“Today marks the start of the future of Gosford,” Hazzard said. “This is great news for the rejuvenation of Gosford's waterfront and will boost the Central Coast’s economy by acting as a catalyst for the renewal of the Gosford CBD.”
In recent years, Gosford has been quietly gathering momentum.  Mantra Ettalong Beach Resort opened in 2005, while businessman John Singleton invested $16 million buying and refurbishing two properties, Pretty Beach House and The Bells at <a href="/news">Killcare</a>.
More recently, a retail precinct at Umina Beach saw Woolworths open and Coles expand in 2010, Aldi open in 2011 and Bunnings in 2013. Masters Hardware now has an outlet at West Gosford and the Central Coast Cancer Clinic opened in 2013.
The Kibbleplex development in the Gosford CBD will see a former shopping centre refurbished to create an education hub, which will be opened in 2015. The federal government and Gosford City Council will each contribute $7 million towards the project.
Perhaps the single biggest event in the future of Gosford is the announcement in May that the Australian Tax Office intends to relocate 600 public servants from Canberra to Gosford, as part of the cost-cutting outlined in the federal budget. Such a move would have a considerable impact on the residential property market in the area.
The residential market is already moving. While long-term growth rates (the average annual rise in median house prices in the past 10 years) are low across the region, significant growth has been experienced in numerous suburbs recently.
Many have recorded double-digit growth, including some suburbs with one-year growth above 20%. Given that this is median price data, which can produce some fairly wild aberrations, it’s wise not to take them too literally. But the pattern across 20 or so suburbs in the Gosford LGA is a consistent one – strong annual price growth.
This correlates with Hotspotting analysis of sales activity in the region, with a significant uplift in the number of dwelling sales in the second half of 2012.
But affordability, relative to Sydney, remains evident with 12 suburbs having median prices below $450,000.
Vacancy rates across Gosford have been consistently low, with most suburbs below 3% in the last five years. Currently, the vacancy rate in postcode 2251 (<a href="/news">Avoca Beach</a>, <a href="/news">Copacabana</a>, <a href="/news">Green Point</a>, <a href="/news">Kincumber </a>and <a href="/news">Saratoga</a>) is 1.8%, while vacancies in postcode 2250 (<a href="/news">Erina</a>, <a href="/news">Gosford</a>, <a href="/news">Kariong</a>, <a href="/news">Lisarow</a>, <a href="/news">Narara</a>, <a href="/news">North Gosford</a>, <a href="/news">Point Clare</a>, <a href="/news">Point Frederick</a>, <a href="/news">Springfield</a>, <a href="/news">Tascott </a>and <a href="/news">Wyoming</a>) are 1%.
You can contact Terry via  <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> or on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>.
Photo courtesy of Sean Riley/Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
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terryryder-YECXbqmri2

Gosford catching the waves left in Sydney's wake

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Political donations given by property developers are a necessity due to inadequacies in the planning system, Real Estate Institute of New South Wales president Malcolm Gunning has warned.
He said that its time for the finger pointing at developers to stop, and for stakeholders to recognise that the real issue is the planning system.
“The NSW planning system is inefficient, convoluted and outdated. Developers are constantly being made out to be the bad guys, however the real issue is that the NSW planning system needs urgent attention and reform,” said Gunning.
“Developers have no confidence in local councils who are driven by local politics rather than good policy. Developers give to both sides of politics in order to have a voice with senior political figures.”
He emphasized that REINSW does not condone nor support corruption, but understands that sometimes the “only way” to get projects through the system is to make donations to senior politicians.
“We want the NSW government to refine and streamline state planning to take the politics out of the process and create a transparent and efficient system,” he said.
“We need to amalgamate councils and make planning more efficient. There should be half the number of zones and a less complex process for planning approvals, which will create more clarity and faster outcomes.”
He warned that purchasers are often paying the costs of “far too many” cases going to the Land and Environment Court, with delays leading to increased development costs.
{module Do you think that donations from developers are necessary due to the planning system?}
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Point of debate: Are donations from developers due to planning system inadequacy?

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At <a href="https://www.realestate.com.au/property-house-nsw-casino-117050695" target="_blank">2 Swanson Lane, Casino</a> is this “concrete castle” that is actually a former water treatment/filtration plant built in the early 1940s.
<img src="/images/2014/05/29/casino%20may%2029%20one.jpg" alt="">
The vendors have managed to get a DA from the council to convert it into a three-bedroom residence, and the listing also suggests you could use it for a clubhouse, museum, art gallery or observatory.
The rear looks a little bit like a security-holding and the concrete can seem a little bare. Property Observer’s production editor Jake Robinson suggested that the blank concrete cylindrical water holding area could be perfect canvas for some graffiti-art. We think that, for the more traditional renovator, a creeping plant may suit to deal with the expanse of blankness.
<img src="/images/2014/05/29/casino%20may%2029%20two.jpg" alt="">
Internally, the vendor has fit out one end with a mezzanine bedroom/lounge, bathroom and toilet and a modest kitchenette. It’s basic, but the property certainly has potential.
<img src="/images/2014/05/29/casino%20may%2029%20three.jpg" alt="">
It’s on 2,500 square metres and the building is 250 millimetre thick double-reinforced concrete. The property is security fenced, with eight foot powdercoat.
With the right lighting and renovation, this could be a beautiful and unique home.
Asking price? $269,000
<a href="https://www.realestate.com.au/property-house-nsw-casino-117050695"></a>Article continue on next page. Please click below.<a href="https://www.realestate.com.au/property-house-nsw-casino-117050695"> </a>
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At <a href="https://www.realestate.com.au/property-house-nsw-molong-116255819" target="_blank">57 Gidley Street, Molong</a>, is this old Masonic lodge building that suits someone with vision.
<img src="/images/2014/05/29/molong%20may%2029%20one.jpg" alt="">
 
It’s been dubbed “The Temple of Temptation” by the real estate agent, and we’re certainly tempted to get our hands on it – particularly as there are some clear spots for beautiful fireplaces.
Its classical exterior and extremely high ceilings look as though they’d suit a well-thought out studio or one-bedroom stylish cottage.
It has four areas – an entrance, toilet, kitchen room and significant main room of approximately 10 by eight metres – with floorboards, stage and fireplace.
<img src="/images/2014/05/29/molong%20may%2029%20two.jpg" width="800" height="600">
The 674 square metre property has recently been reduced to $145,000.
We’re not entirely sure, but we think it could have been built circa 1930s, and may just be the property mentioned in this Sydney Morning Herald article from the time (Monday 23 November 1931).
It appears to have once been owned by the Molong RSL club.
Article continue on next page. Please click below.
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Another Masonic Lodge, of which the inside hasn’t been included in the photographs, is <a href="https://www.realestate.com.au/property-other-nsw-gilgandra-117048652%20" target="_blank">11 Wrigley Street, Gilgandra</a>.
<img src="/images/2014/05/29/gilganda%20may%2029%20one.jpg" alt="">
The façade is enough for us to be interested to add it to the list, as is the asking price: Just $60,000 for the described three-bedroom, one-bathroom opportunity.
It notes that “It has a local heritage listing-you'll have to see exactly what this means but probably means the original fascade can't be changed.” Which, for those looking for something with a beautiful historic feel, is the part that makes this property stand out anyway. The façade is a beautiful brick style, which appears very well maintained.
Unfortunately, it looks like the Council must be consulted with first for future use as it was used previously as a “meeting place”. While sounding ominous, it’s anyone’s guess as to how council will react to a residential request.
We assume it’s in need of some dire renovation. It notes that the largest room is a sizeable 13 by eight metres – similar to our Molong subject – with the smaller bedroom at five metres by eight metres. It includes a toilet, urinal and small store room.
<img src="/images/2014/05/29/gilganda%20may%2029%20two.jpg" alt="">
The façade includes the term “JUNCTA JUVANT”, which is also inscribed on the Masonic Coat of Arms for New South Wales. It is often translated as something akin to “Unity is Strength”, according to the Masonic Library.
The only issue for those wanting to turn it into their next home may be the style of windows – which are all at the top of the high ceilings when looking further back at the building. As this may not be able to be altered, lighting discussions are going to be a must.
It is in a flood zone.
Article continue on next page. Please click below.
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<a href="https://www.realestate.com.au/property-house-nsw-barellan-113695619" target="_blank">70 Yapumyah Street, Barellan</a>, is a $295,000 (negotiable) offering that was one Barellan’s Rural Bank, it has already had the “foundations laid” to turn the property into a four-bedroom home.
<img src="/images/2014/05/29/barellan%20may%2029%20one.jpg" alt="">
The façade reminds us somewhat of our number three option – the Gilgandra Masonic Lodge – but it also has solid timber inclusions in the pressed tin ceilings and more functional windows. It had construction commencing in 1930 – and completed six years later.
<img src="/images/2014/05/29/barellan%20may%2029%20two.jpg" alt="">
Fully functional safe and iron security doors to the main street are included, which Property Observer thinks is absolutely terrific.
<img src="/images/2014/05/29/barellan%20may%2029%20three.jpg" alt="">
Some aspects have been modernised, but there’s plenty left for renovators. For instance, the main bedroom, which has a balcony, has a fairly contemporary walk-in wardrobe. There’s also an added in-ground swimming pool, extensive shedding and a stainless steel gas stove. The living area includes a bar.
It does, however, obviously need some substantial work.
<a href="https://www.realestate.com.au/property-house-nsw-barellan-113695619"><img src="/images/2014/05/29/barellan%20may%2029%20four.jpg" alt=""></a>
 
Article continues on next page. Please click below.
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This <a href="https://www.realestate.com.au/property-house-nsw-jerilderie-114431103" target="_blank">Jerilderie church</a>, the address of which is not listed, will set you back $85,000 and it’s on a 4,047 square metre corner block and built of Murray pine.
<img src="/images/2014/05/29/jerilderie%20may%2029%20one.jpg" alt="">
The 1860s-built church was moved to the site in 1920 and is in “reasonable condition” – but inexperienced home improvers may not want to tackle this, as it requires new roofing and a significant amount of fixing.
<img src="/images/2014/05/29/jerilderie%20may%2029%20two.jpg" alt="">
The listing suggests that exposing the timber would be a beautiful option, and also explains that the front half of the old hall has been damaged, but that the rear and chimney are in strong condition. The windows are that typically-beautiful shape that old churches offer for renovation, and with a bit of TLC it’s likely that this would be an impressive home.
The land also includes two fenced paddocks, and it is power connected.
Article continues on next page. Please click below.
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And lastly, if you don’t want to renovate and are happy to push the $300,000 mark a bit extra then we’ve included this beauty.
<img src="/images/2014/05/29/NSW_0000_grafton%20may%2029%20one.jpg.jpg" alt="">
For $330,000, <a href="https://www.realestate.com.au/property-house-nsw-grafton-116473607" target="_blank">69 Oliver Street, Grafton</a>, could be yours. This beautiful property includes three bedrooms, two bathrooms and two garage spaces, and beautiful polished hardwood floorboards. The marketing also includes a video.
A solar system has been installed, and in the garage there is also a storage mezzanine. It’s truly stunning – and could be good inspiration for any renovator.
It includes a terrific “before” photograph, and our hats go off to the owner renovators who appear to have done a splendid job.
<img src="/images/2014/05/29/grafton%20may%2029%20two.jpg" alt="">
It sits on 976 square metres, and we love the backyard deck and neutral colour tone throughout. Modern, but classic – truly gorgeous.
<img src="/images/2014/05/29/grafton%20may%2029%20three.jpg" alt="">
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