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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Caravan parks appear to be attracting a lot of attention in New South Wales’ far north coast area of Tweed Head.
Ray White Commercial notes that Tweet Heritage Caravan Park at Chinderah (pictured above) sold for $6.08 million.
Sam Johnson of Ray White Commercial said that it was a once in a lifetime option to acquire the fully operational business set up on a substantial parcel of land.
“We had 76 enquiries during the marketing campaign and 15 offers to purchase were received. Caravan parks and manufactured housing estates are playing an increasingly important role in meeting the housing requirements of the ageing population in Australia,” he said.
Institutional investors and “cashed up private investors” are looking at this sector of the market, he said.
This most recent sale followed two other similar sales totaling more than $12 million. One of these sales was the adjoining Chinderah Lakes Caravan Park at 182-184 Chinderah Bay Drive, Chinderah. This site cost just under $4 million and sold to the same Sydney-based private fund.
The Royal Pacific Tourist Retreat and Caravan Park in Chinderah was also recently bought for $2.5 million.
THE PROPERTY
<ul>
<li>Vendor: Tweed Heritage Park Pty Ltd</li>
<li>Type: Caravan park</li>
<li>Details: 147 caravan sites, two large four-bedroom residences, manager’s office.</li>
<li>Income potential (gross): $1 million</li>
<li>Offers: 76 enquiries, 15 offers to purchase</li>
<li>Size: 40,100 square metres</li>
<li>Address: 186-202 Chinderah Bay Drive, Chinderah</li>
<li>Bought by: Sydney-based private fund</li>
</ul>
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jduke-EHk3XBmHkn

Three caravan parks sold in Tweed Heads region

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The Tenterfield Tavern and Motor Inn, renovated in 2008 and built in 1872, has been listed for sale through Ray White Hotels Australia with spectacularly colourful photos.
The 378 Rouse Street, Tenterfield opportunity was originally built as the Aireys Grant Hotel, explained Leon Alaban, who is selling the property, along with Blake Edwards. Tenterfield is a farming town in New South Wales, 699 kilometres north of Sydney and 275 kilometres south-west of Brisbane.
An expressions of interest campaign is underway for those looking to purchase the right-bedroom AAA-tourism accredited four-star motel. It has five double rooms and three family rooms, all with adjoining ensuites, kitchenettes, TVs, internet and undercover carports.
The two-storey hotel, occupying a 3,105 square metre site, is being sold as a freehold going concern.
“It has been modernised and is now very well equipped with a public bar, gaming room with 12 PMEs and Keno monitor, TAB, dining area, children’s play area, rear deck/beer garden, kitchen, bottleshop, storage, motel accommodation and manager’s residence,” said Alaban.
It has rear lane access, and is on a prime main street site.
“The main street position provides the venue with excellent traffic exposure as well as providing easy access to the walk-in bottleshop,” he said. Despite being on a main street, the design has apparently minimised the road noise by putting the sleeping quarters to the back of the property.
Despite the 2008 renovation, there are likely still opportunities to add value, said Edwards, as well as to attract visitors on route between Sydney and Brisbane.
“Tenterfield is the main service centre for the surrounding regions where agriculture, viticulture and wine production industries are located, so trade is consistent and on-going,” he said.
An additional three gaming machines could be installed, trade operation systems could be improved or adjacent land could be purchased and developed.
Expressions of interest are closing on 10 June, 2014 and can be made via the Ray White listing here.
At present, the Motor Inn is pet-friendly for some rooms, offers seven days a week cooked breakfast and offers dinner to the rooms from Monday to Thursday. Visit New South Wales suggests that a room can be snapped up for $79 to $109 per night.
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Investment opportunity: New South Wales’ Tenterfield Tavern and Motor Inn

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Over the past two weeks, Property Observer has featured the twin cities of <a href="/expert-insights/buying/suburb-spotlight-albury-market-is-steady-and-strong">Albury</a> and <a href="/expert-insights/buying/suburb-spotlight-will-wodongas-big-spend-pay-off">Wodonga</a> separately. It’s now time to make the two cities share the spotlight, as we compare their property markets.
The local governments of Albury and Wodonga would have you believe that the two cities – one in New South Wales, the other in Victoria, are worlds apart. But with only the Murray River between them, how different can the two markets be?
The major differences between the two cities are a result of their respective governments. With Albury in New South Wales, buyers and sellers in that city have to contend with the state’s stamp duties and land tax rates. The same goes for Wodonga on the other side of the border. But despite Albury’s New South Welsh affiliations, the city is closer to Melbourne than it is Sydney.
ALBURY-WODONGA: THE KEY FIGURES
<ul>
<li>Total population: 82,083 </li>
<li>Total dwellings: 35,831 </li>
<li>Median weekly household income: $1,039 </li>
<li>Median monthly mortgage repayment: $1,452</li>
</ul>
Source: ABS 2011
Council plans may also have an impact, according to founder of Destiny Financial Solutions, television host and Property Observer columnist, Margaret Lomas.
“Wodonga has a sustained and fairly lengthy land release timetable, and to my knowledge, Wodonga seems to have more land available for land release than Albury,” she says.
However, Lomas doesn’t think land release timetables will necessarily make a  difference to investors.
“I don’t think that will ultimately affect land values,” says Lomas. “In reality, you’re not disadvantaged by living in one over the other.”
Albury’s close proximity to Wodonga (or the other way around) means that if one town benefits, so does another.
“I know the councils want to uncouple them, but you can’t really,” she says. “If you live in one or the other, you don’t miss out. The residences get to enjoy the benefits of both towns.
“I think they’re pretty much exposed to almost exactly the same growth drivers.”
As for that growth, Lomas says that it’s likely to be slow and steady for both towns, thanks to improvements from their local governments.
“I think we’ll see sustained growth in both of them. Both local governments are providing far better services to their residents, and are focussed in creating a better lifestyle for their residents,” says Lomas. She cites Wodonga’s town centre developments, the first of their kind in the town, as a move by local government to improve services. Other big spending items in Wodonga include a new saleyard at North Barnawartha and the now completed Logic industrial site.
But despite big spending agendas, Lomas doesn’t believe that we’ll necessarily see rapid growth from the two cities. She echoes the sentiment from Albury real estate agent Peter Drummond of Drummond Real Estate, who told Property Observer late last year that he believed the city’s market was “steady and strong.”
“They both have room for growth,” she says. “But a boom? I don’t think so. And I don’t think we ever see that in any country areas. But over time we could see some excellent returns in a sustained fashion.”
Photo courtesy of Wikimedia. 
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jrichardson-uRX5hFdKfN

Suburb spotlight: Albury-Wodonga, how do the markets compare across the Murray?

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Celebrity angler Andrew Ettingshausen and his wife Monique have yet to sell their Port Hacking home listed with $4 million plus weekend auction hopes.
It is now for sale by private treaty through McGrath agent Bernadette Berlyn with negotiations continuing with an interested party.
The five-bedroom, three bathroom waterfront property with views to Maianbar and of the Royal National Park comes with a wet-edged pool.
The former Cronulla Sharks player, known as ET, retired after the 2000 NRL season.
<a href="https://www.mcgrath.com.au/buy/house-port-hacking-nsw-2229/196944/?searchID=38645262" target="_blank">The 1,130-square-metre property</a> with a boathouse, jetty and pontoon was bought more than two decades ago for $575,000 in 1990 when it was a modest two bedroom cottage.
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jchancellor-FAypfDUnLy

Andrew Ettingshausen yet to hook his $4 million plus Port Hacking buyer

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More than 200 visitors attended an auction for GJ Variety’s Freedom House in Bomaderry on Saturday – a property that was up for sale to help provide a donation to the children’s charity Variety. 
The sale price for the four-bedroom home, of $430,000, will see more than $200,000 go to the charity.
Eighty plus local tradespeople and building suppliers got behind the project, donating time and materials, to build on the Variety block – that had already been provided at a discounted price by local Macdonald family.
The buyers were a couple from Cambewarra, Nathan Smith and Mel Irwin, who said they had been looking for a place “for ages”.
“It was brand new and beautiful and ticked all of our boxes. We are really happy with the price we paid and knowing that the money we’ve spent will also go to Variety to help kids in need, has made buying our first home all the more special,” said Irwin.
It is open plan, with mountain views and a 5.5 star energy rating, and located at 9 Banool Circuit, <a href="/news">Bomaderry</a>, where the median house price is $275,000, according to RP Data.
Construction on the property began on November 1, 2013.
G.J. Gardner Homes Shoalhaven director, Nathan Fay, said that a lot of thought when into every aspect to help maximize the amount of money raised at auction.
“It is located in the elite Meroo Views Estate and has stunning panoramic views across beautiful rural surrounds. Without compromising convenient proximity to Nowra town centre, this house offers family country living at its best,” Fay said.
A number of other similar projects have been planned, with <a href="/expert-insights/buying/bomaderry-house-auction-to-raise-money-for-children-s-charity-variety">hopes for the auctions to raise over $1 million for Variety</a>.
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More than 200 at Bomaderry charity auction, seeing $430,000 sale

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Fearing that the property market will be used as a ‘rescue’ in the upcoming New South Wales state budget, the Real Estate Institute of New South Wales are warning the government to avoid the pressure of the federal budget to do so.
REINSW president Malcolm Gunning has urged Premier Mike Baird not to “follow the lead of previous governments who [have] used the property market to raise additional revenue” in a period where the market has shown recovery. He said that property shouldn’t be treated as a “cash cow” by the government.
“The property market is just showing signs of recovery and not all areas are enjoying growth. Property consumers and in particular first home buyers should not sit back and let this happen,” said Gunning.
He urged the state government not to increase land tax or stamp duty to plug budget holes.
In fact, some of his points closely match the <a href="/expert-insights/investing/the-reias-10-point-wishlist-for-the-federal-budget">10 point budget wish list submitted by the Real Estate Institute of Australia for the federal budget</a>.
Instead, a broadening of the GST tax base was suggested by Gunning.
“This should replace the revenue losses from the abolition of the discriminatory and inefficient state taxes,” he said.
<blockquote>
The REINSW urged the state government not to increase land tax or stamp duty to plug budget holes.
</blockquote>
“We have called on other state property institutes, associations and franchisors to voice their support for tax reform and we have already received backing,” he said.
“For too long the property market has been the state government’s cash cow and property consumers are now saying enough is enough.
New South Wales is expected to be $548 million over budget in transfer stamp duty collections for 2013/2014.
“Furthermore stamp duty rates have not been reviewed for 40 years. Bracket creep works in favour of government revenue and that is the reason it has not been reviewed. As a result of the failure to amend stamp duty rates, and the subsequent increase in property values over time, the average home is being taxed beyond that of which parliament initially intended,” he said.
“Change is long overdue and now is the time for Mr Baird to show he is a different sort of premier and remove these barriers to the property market and in particular provide support to first home buyers."
While Gunning suggested that pressure from the federal budget may encourage Baird to treat property in the manner of an additional revenue raiser, it may not indeed be the case that the federal budget has a significant effect on the property market’s strength.
Wakelin Property Advisory’s Richard Wakelin said that while the federal budget is a "horror budget", it’s unlikely to hinder the market.
“Although it may sound counter-intuitive, the sustainability of the property recovery will actually be helped by the response of consumers to the federal government’s austerity measures. It greatly reduces the likelihood of over-exuberance in the property market – which is already performing very strongly – and this subsequently transmitting into price inflation,” said Wakelin.
“It was the real threat of a resurgence in price inflation that was the greatest threat to the continuation of the property market’s recovery. Inflation had been stirring in recent months. Indeed it reached 2.9% in the March quarter, up from 2.2% six months earlier. If this trend persists it will inevitably force the Reserve Bank to raise the cash rate, possibly more than once.”
See over page for more 
 
<hr class="system-pagebreak">
Wakelin noted that it appears the RBA is confident in easing inflationary pressures, with wage restraint and the view that the property market is easing, and it has extended a period of stable interest rates.
“But observers of monetary policy will know that the Reserve Bank’s attitude can change in a relatively short time.  For instance, were the Australian Bureau of Statistics to report a spike in recorded inflation in July, when they next publish, then the pressure to raise interest rates could mount,” he said.
He noted that the treasurer’s efforts may have “done enough” to temper exuberant behaviour and shops and at auctions, but not to the extent of losing positive sentiment completely.
“So despite the broad criticism of the Treasurer’s first budget, ultimately, it is much less damaging to the economy – and the property market – that inflation is reined in by an austere fiscal policy rather than the Reserve Bank raising the cash rate – which is a very blunt instrument that often takes months to exert the desired effect,” he said.
Recently, <a href="/expert-insights/investing/how-does-the-budget-affect-property-investors">Josh Atherton answered the question ‘how will the budget affect property investors?’</a>, saying that there are some changes (or changes that didn’t appear) that many investors should be thankful for.
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Don’t treat property as a cash cow in state budget: REINSW

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The Country Women's Association of NSW (CWA) annual state conference has voted to sell its Potts Point property.
Some 397 of the 547 delegates voted to sell after the issue was debated behind closed doors earlier this week.
The Greenknowe Avenue building houses the head office and auditorium and provides $50 a night accommodation.
It was secured in the early 1950s, and opened in 1954 by Lady Slim.
Despite the benefits, the costs required to bring the building up to standard were extensive.
Developers will seek the 1347 square metre site with the CWA set to purchase modern office space.
The association’s state executive recommended the sale to its members before the Griffith conference advising the building required replacement or a $1.7 million upgrade, with long-term expenditure potentially costing $3 million.
The CWA was formed in 1922 when country women were fighting isolation and a lack of health facilities. 
It has been incorporated by an Act of NSW Parliament since 1931.
The CWA retains property at Wagga Wagga and Bermagui.
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Country Women's Association of NSW to sell Potts Point headquarters

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Dunsinea, the 40 hectare Mittagong, Southern Highlands NSW trophy property has been sold for $4.94 million to Robbie Waterhouse, the bookmaker husband of champion horse trainer Gai Waterhouse. The house warming party is being held this weekend.
Property Observer wrote that Dunsinea, which had views over the bushland of the Nepean State Conservation Forest, had been sold for an estimated $4.95 million <a href="/news/gai-and-robbie-waterhouse-tipped-as-dunsinea-mittagong-cattle-farm-buyers">back in late January</a>, a fortnight after its mid-January exchange.  
It was secured unencumbered by any registered mortgage after being given a $5.25 million asking price following its November 2013 auction through Sam Triggs from Meares and Associates and Michael Maloney from Richardson and Wrench Bowral.
It was sold by Mark and Rosie Mitchell who developed the holding from the ground up after returning from the UK in 2002. They first tried to sell in late 2008 with $7 million plus hopes.
Set on the northern fringes of the Southern Highlands, Dunsinea comes with modern ‘rammed earth’ five bedroom sandstone home.
<a href="https://www.randw.com.au/1066175/" target="_blank">Dunsinea</a> is surrounded by 100 acres of rolling grazing land, some 15 kilometres from Bowral.
The house is srrounded by its green and white garden, complete with 10 metre heated pool and all weather tennis court. There is also a guest cottage.
The main residence boasts 300mm - 450mm thick walls and 10 foot high ceilings.
Title Tattle recalls property reporter Margie Blok, after inspecting the home in 2008, noted it had been meticulously built with classic architecture.
"The house has superb proportions, solid sandstone walls, stone verandas and custom-made Georgian-style windows with double glazing. Inside, the rooms have 3.6-metre-high ceilings and polished stone floors, which are heated for winter warmth," she wrote.
The pasture was marketed as ideal for cattle grazing with the property fattening 40 to 50 steers year round. Title Tattle gathers that would translate accomodating around 20 horses, as is.
It had been for sale on and off for several years, even attracting the fleeting attention of the Prime Minister Kevin Rudd and his wife, Therese. 
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Robbie Waterhouse the $4.94 million Dunsinea, Mittagong buyer

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At New South Wales Parliament House last week, premier Mike Baird addressed a crowd of prospective investors and interested parties about Wollongong, at Advantage Wollongong.
Noting that the Illawarra region, and Wollongong specifically, is "open for business" key spokespeople, such as Minister for the Illawarra John Ajaka and Wollongong Lord Mayor Gordon Bradbery took to the podium to launch the Wollongong Investor Prospectus.
Plans to make it a "mini Melbourne" were discussed prior to the speeches, with one spokesperson telling Property Observer that the idea is to bring in small laneways and to revitalise the ground level retail. This should go some way to diversifying the area's economy.
Part of the ongoing issue for the region has been retaining their skilled young professionals when they graduate. The University of Wollongong and, most notably, their innovation campus are hoping to help with increasing the retention rate by encouraging startups, particularly in the IT sector. Providing a place for startups to surge, for creativity and for seed funding, they hope that this will keep young entrepreneurs in the region through the iAccelerate project.
The iAccelerate project opened in March this year in the innovation centre, as the iAccelerate Hub is built.
Another focus for Wollongong is keeping employment in the area - part of the push behind encouraging businesses to relocate. The investor prospectus calls it "Australia's most connected regional city" and notes that 25%, or 20,000 people, still commute to Sydney.
So what is the "advantage" in Advantage Wollongong?
The prospectus reveals that there are four aspects considered an 'advantage' if you're looking to invest in Wollongong.
1) Globally connected
One hour south of Sydney, "the nation's largest and most dynamic economy".
Digitally wired with the National Broadband Network being rolled out in Wollongong.
A tier 3 data centre has been established in the area by Metronode.
2) Superb liveability
It has a coastal lifestyle, with 17 patrolled beaches and a bushland backdrop, as well as recreational activities, retail faciltiies and restaurants.
Affordable housing is available with apartments, executive residences, coastal villages, family homes and leafy acreages.
Residents usually commute minimally to the city, with less congestion than Sydney.
Connect to Sydney Trains network, servicing those who commute to Sydney. Health infrastructure, schools and the university are also in place.
3) City of innovation
The University of Wollongong is "helping drive Wollongong's reputation as the City of Innovation" with almost 6,000 graduates each year.
The new Innovation Campus offers commercial organisations the ability to work with world-class research teams.
iAccelerate - an initiative from the university, will help "fast track the development and graduation of sustainable and scalable businesses into the region".
4) Supportive business environment
Competitive business costs.
Strong business networks providing support and strength for members.
City Centre is undergoing a revitalisation with over $700 million worth of construction underway or completed.
Large skilled and multilingual workforce, with a steady stream of graduates.
Diverse economy with national and international corporations part of the business landscape.
Would you invest in Wollongong?
Image courtesy of Richard Taylor/Flickr.
Photo has been updated since publication. 
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Wollongong is "open for business" and they want you to invest

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Arx Bella, a NSW South Coast short-term accommodation property showing an 8% rental yield, has been listed for sale at $2.45 million.
Set five kilometres from Berry, the one hectare property at 498a Woodhill Mountain Road, comes with solar passive home with clean lines maximising light and space. 
Every room enjoys views across the valley to the ocean and escarpment.
The 1.2-hectare block cost $825,000 in late 2007, the two-level house was designed by Art House Design's Blair Mullins at Vincentia with 500 square metre of internal space.
Behind its front door, created by designer Matt Long. there is a four bedroom home. Its living/dining area is open plan featuring a Jetmaster open fire with Carrera marble and hearth. The gourmet kitchen comes with walk-in pantry and preparation room with sink, work bench, storage racks and drawers.
"Arx Bella as an investment makes financial sense," says Ray White Berry listing agent <a href="https://raywhiteberry.com.au/nsw/berry/1133126/" target="_blank">Shane Hilaire</a> who has the property listed with <a href="https://www.cliveradburn.com.au/#!residential-for-sale" target="_blank">Clive Radburn</a>.
"There is solid and consistent cash-flow from short term accomodation showing a rental yield of 8%," he said.
With $3750 weekly rental potential, it has annual rent returns that will "impress," he added allowing any buyer to offset their ownership costs along with having the benefit of personal use.
He suggests there was a "high capital appreciation potential."
It has been listed as priced at "below cost".
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