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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Discussing the issue of the potential price guidance ban in Queensland, the Real Estate Institute of New South Wales president Malcolm Gunning expressed his support for a recent petition for agents to publish reserve prices a week out from auction.
The <a href="/expert-insights/buying/louis-christopher-and-patrick-bright-say-media-outlets-are-ignoring-underquoting-petition">petition, from EPS Property Search's Patrick Bright</a>, looks to increase transparency by requiring real estate agents to publish the reserve prices to the public.
Gunning told Property Observer that he doesn't support the banning of price guides in Queensland, believing that they're "trying to exonerate the responsibility of under or over quoting". Just today, Property Observer reported that the Real Estate Buyers Association of Australia believe that <a href="/expert-insights/buying/coercion-will-be-rife-under-new-queensland-price-guide-laws-rebaa">coercion will be rife if the changes go through</a>.
With Brisbane labelled one of the upcoming investment hotspots, he also expressed concern for buyers in New South Wales and other states and territories who would be heading to the south-east Queensland suburbs for purchasing, unaware of what prices could be attained, where a local might be more familiar.
"In NSW, the institute uspports the agent giving an indication. Agents are dumb when they [underquote]and have no confidence in their ability," said Gunning.
In fact, he pointed to education being the real issue for New South Wales instances of underquoting.
"We think the problem is that in New South Wales the level of entry into real estate is the lowest in Australia and we think that [when agents underquote it is] reflective of agents not being confident in themselves."
He noted that in the last 18 months it has been difficult for agents, particularly those with little confidence in appraising a property, to provide an accurate price guide, with buyers getting desperate to purchase and chasing the properties beyond market expectations.
However, he said, the agent should be able to give a purchaser an indication of the vendors expectation, and perhaps mention the level of competition. If a buyer wants to compete at auction with other bidders, then this is their decision, however they should not be competing with a reserve price set higher than expectation.
Gunning expressed his support of John McGrath, who has been actively against removing the price guidance.
Despite the opposition, however, it might go through.
"The REIQ are supporting it, and they’re a strong organisation, so I think the government might pass it," he said.
He also told Property Observer that he has recently spoken with the Office of Fair Trading who have said that underquoting is not as high on their agenda as looking to knock out dodgy Registered Training Organisations.
"There are a lot of training organisations offering sub-standard training, we’re trying to lift the standard of the industry. We’re getting people coming in with just a week of training," he said.
He noted that the better agents who do not fall into underquoting tend to be those with higher levels of education.
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jduke-EHk3XBmHkn

REINSW's Malcolm Gunning supports early publishing of reserve prices

<html><body>
More than 80 local tradies and building suppliers, directed by Shoalhaven’s G.J. Gardner Homes, have got together to build a house in Bomaderry, which will be auctioned to raise money for Variety, the children’s charity.
The first open house will be this Saturday from 10am to 2pm, at 9 Banool Circuit, Bomaderry, New South Wales. It will also be open for inspection on 10 and 17 May.
It will go for auction on Saturday 24th May.
The four-bedroom house has an open plan style with mountain views. The master bedroom has an ensuite and built-in robes, and the house includes ducted air conditioning, an integrated sound system, undercover decked alfresco area and a 5.5 star energy rating.
The block of land was given to Variety at a significant discount by the McDonald Family, with construction on the house beginning on 1 November 2013.
Integrity Real Estate are taking the property to auction. The proceeds will go to Variety’s Freedom program, which specifically looks to help children in need with their mobility and communication.
G. J. Gardner Homes Shoalhaven director Nathan Fay said that it is conveniently located near Nowra town centre, and is an opportunity for a family to experience country living.
“It is located in the elite Meroo Views Estate and has stunning panoramic views across beautiful rural surrounds,” said Fay.
Peter Hebbes, chairman for Variety, said that it has been a heartwarming experience.
“The proceeds of this auction will make a huge difference to the lives of many children in need,” Hebbes said.
Suppliers that got behind the project included: Smeg, James Hardie, Phil Jones Insulation Specialist, Humes Doors, Daikin, Gainsborough, HPM, JB Air Conditioning, Rheem, B&amp;D garage doors, Kiteleys, GJ NSW, GJ Corporate, South Coast Drafting, Efficiency Assessments, Bradnams Windows, Taubmans, Harvey Norman Commercial, Smart Film Termite Protection, Leslie &amp; Thompson Surveyors and Smith &amp; Sons.
For those elsewhere in New South Wales, G. J. Gardner Homes is looking to turn this into a state-wide program and to enlist one of their franchisees in NSW or ACT per year to repeat the process to help build Variety donations. Next year, a Tamworth office will take on the project.
The hopes are for over $1 million to be raised for Variety.
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Bomaderry house auction to raise money for children’s charity Variety

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The rejuvenation of Newcastle CBD, including works on the University of Newcastle’s $95 million campus, has caused a surge in buying activity in the area, according to PRDnationwide Newcastle and Lake Macquarie managing director, Mark Kentwell.
Kentwell noted that investors and first home buyers are among those interested in <a href="/news">Newcastle</a>, with activity higher in the past six months than it has been in a few years. This is <a href="/expert-insights/buying/hotspot-newcastle-tipped-for-strong-growth">not the first time Newcastle has been tipped for growth - being referred to as a hotspot in 2011</a>.
“The university, new courthouse and pending relocation of the rail are factors that have put Newcastle on the map for buyers and developers,” he said.
“After years of analysing the city, there is an acceptance now that residential is in demand and commercial will follow suit once there is a larger population in the city.”
The expectation is for more students and staff to live in the city from 2017, with out of town investors and SMSF investors active in off the plan sales.
“There is also heavy investment generally from non-local buyers as Newcastle’s growth potential becomes more apparent,” he said.
“We are witnessing strong buyer interest in any well-located quality project that comes to market.”
<blockquote>
“After years of analysing the city, there is an acceptance now that residential is in demand and commercial will follow suit once there is a larger population in the city.”
</blockquote>
Developers are also reacting to the growth in confidence.
“There are a lot of sites in the city that have been dormant and neglected over the years - they now have the opportunity to be brought back to life,” he said.
Image courtesy of Wikipedia/Creative Commons.
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Newcastle “on the map for buyers and developers”: PRDnationwide

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Property owners have been warned to avoid contracting a father and son who have been carrying out building work despite having never held a license.
Zhi Yong (Michael) Zhang and his son Jason Zhang have been using the name B &amp; G Materials Supply Pty Ltd, which has attracted 21 complaints to NSW Fair Trading since February 2011.
Although the men and B&amp; G Materials Supply Pty Ltd have been slapped with more than $7,300 in fines from Fair Trading and have faced prosecution action resulting in $12,195 in fines and costs, they continue to operate illegally in the Sydney metro area.
Advertising in Chinese newspapers, the two men have been known to take excessive deposits and accept payment despite providing unsatisfactory or incomplete work and failing to supply the agreed goods and services.
Of the father and son team, NSW Fair Trading Commissioner Rod Stowe said, “Michael and Jason Zhang show no regard for the consumers they target or the laws that govern the residential building industry.”
Fair Trading is concerned that the men will continue to target the Australian Chinese community. The body advocates only dealing with licensed tradespeople.
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jrichardson-uRX5hFdKfN

NSW Fair Trading warning consumers against unlicensed builders

<html><body>
Noting that the new NSW Cabinet is strong, with the potential to deliver much-needed planning reforms, regional plans and pending strata reforms, the Urban Development Institute of Australia NSW expects that affordability should increase.
UDIA NSW chief executive, Stephen Albin, told Property Observer that the reforms are a major apart of the industry performing well and maintaining this performance, as well as bringing much needed infrastructure to specific areas.
Asked which reform was most needed, Albin mentioned that there were many on his list, however it’s infrastructure levies that are one of the most significant issues, particularly for housing affordability. He expects this is one area where the new Cabinet can have an effect.
“It’s a complete shmozzle,” he said of the levy.
“It adds at least 15 to 20% to the value of a new property,” he explained, noting that when one part of the chain requires an increased payment, this is in turn going to be passed onto the consumer, as can be expected for any product.
Albin noted that in New South Wales, this is one of the highest levies globally.
However, there are other areas where affordability can be assisted.
He pointed to five priorities for the State Senate: 
<ul>
<li>NSW Planning Reforms 
</li>
<li>The Metropolitan Strategy for Sydney 
</li>
<li>The Illawarra Regional Strategy 
</li>
<li>The Lower Hunter Regional Strategy 
</li>
<li>NSW Strata Reforms</li>
</ul>
“Now we’re heading toward a state election, and recent distractions are out of the way, it’s crucial this current government gets on with the job of delivering much needed reforms,” he said.
“What we would like to see is these plans and policies rolled out as soon as possible to assist in the creation of more investment certainty to support the economy and jobs, and affordable homes for our state’s growing population.”
The regional strategies, in particular, were said to help bring infrastructure and money into these areas.
“I think people are always scared of changes,” he said of the reforms, which he noted would be the biggest overhaul in 30 years, however he also said that these reforms would not cause16-storey buildings to be built in peoples’ backyards, and especially not without consultation.
“They’re about cooperation, not conflict,” he explained in the shift towards New South Wales’ planning.
“The whole system needs to be changed. We’ve dealt with the current system for 30 years, and communities cannot got another three.”
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Affordability should increase under new NSW Cabinet: UDIA

<html><body>
The Real Estate Institute of New South Wales has warned that vacancy rates in Sydney are now at a crisis low levels, with the number of properties for rent dropping 0.3% to 1.4% in the March 2014 Vacancy Rate Survey.
This is a figure not seen broadly since November 2011, according to REINSW president Malcolm Gunning.
“Sydney is going backwards in regard to properties available for rent. Something must be done to ensure that there is a greater level of choice for those seeking to secure a rental property in Australia’s biggest city,” said Gunning.
Inner Sydney vacancy rates declined by 0.2%, to 1.3%, while the middle and outer suburbs dropped 0.4% and 0.1% to 1.6% and 1.5% respectively.
Again, it appears all eyes are on new Premier, Mike Baird, as to how property will be treated.
“We look with interest to the direction new Premier Mike Baird will take in regard to property. His support is essential to ensure that the best and brightest remain in NSW. This can only happen if he identifies the inequities of the current planning system as well as lack of affordable housing and incentives for first home buyers,” Gunning continued.
<a href="/news">Newcastle</a>, however, increased by 0.1%, to 2.5%, while the Hunter also stayed relatively flat with a 0.1% decrease to 3.1%. <a href="/news">Wollongong</a> was up 0.7% to 2.3%, with the whole of the Illawarra then placed at 2.1% up from 1.7%.
The Mid-North Coast’s vacancy rate was recorded as the lowest outside Sydney metro, at 1.4%, a 0.3% tightening, while <a href="/news">Coffs Harbour</a> has the highest availability at 3.8%, up from 3%.
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Investor alert: Sydney vacancy rates at "crisis levels"

<html><body>
Mike Baird's election as Premier of New South Wales has the Urban Taskforce suggesting that this may be a boost for the state’s economy, but that it may also have a significant effect on planning.
CEO of Urban Taskforce, Chris Johnson, said that as Treasurer, Baird did well with the state’s economy and this is a good platform to build from.
“The NSW government had become too bogged down in reviews and committees,” said Johnson.
He said that Baird needs to demonstrate leadership and a “can do” approach.
“Barry O’Farrell gave sound leadership to NSW over the last three years but his term was marked by a cautious approach with many potential reforms being slowed down.”
He also pointed to Gladys Berejiklian’s election as Deputy Leader as a potential positive, pointing to a required focus.
“Clearly issues like the sale of the poles and wires can now be rethought and hopefully a new look at the unresolved planning reforms can occur,” he said.
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Will Baird and Berejiklian do good things for NSW planning?

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Riverside Tower will be a $250 million precinct development on Parramatta’s riverfront, and the largest multi-function event centre outside of Sydney’s CBD, provided the development application goes through as planned. It will also likely take its place as one of the tallest towers in Parramatta.
It appears the new tower, to see residential apartments across 37 storeys, may also take the spot of 'tallest' residential tower in Parramatta - a title currently held by the at-present under-construction V by Crown. Suggestions that V by Crown would soon lose the title had been <a href="/expert-insights/buying/slab-to-be-set-on-highest-residential-tower-in-parramatta-v-by-crown-today">heard by Property Observer for some time</a>. Meriton's as-yet unbuilt <a href="https://www.meriton.com.au/properties/altitude-apartments" target="_blank">Altitude West</a>, "coming soon" at 330 Church Street, at a suggested 53 levels (far surpassing Altitude East at 30 storeys) is also in the running for the tallest title. With completion for Altitude suggested for 2016, and entire project completion for Riverside Tower for 2017, it'll be a race as to who holds the title and shapes Parramatta's skyline first.
The DA, submitted to Parramatta City Council last week, has requested approval for 413 residential apartments, entertainment facilities, cafes, restaurants and a visitor/exhibition facility ‘Discovery Centre’.
The project, set to be a public/private partnership between PCC, LIDIS and Dockside Group, will complement a number of significant buildings in the Parramatta area, which has been going from strength-to-strength.
The riverfront location will see a number of exciting residential features, including 37 of the 41 storeys containing apartments with river views, that are said to never be built out. The homes include studios to three-bedroom residences, sky-homes and penthouses, with first sales anticipated this year.
<img src="/images/2014/04/10/parramatta-april-10-two.jpg" alt="">
Project completion is expected for 2017, with the apartments boasting access to a lap pool, gym, spa, sauna facilities, enclosed sun terrace, terraced gardens, BBQ facilities and lounge spaces.
“Riverside Tower will play a significant role in supporting Council’s commitment to growth and the evolution of Parramatta as a thriving centre for business, leisure and living,” explains official material of the development.
It is located between Lennox Bridge at Church Street to the East and Bernie Banton Bridge (Marsden Street) and is expected to bring 720 direct and 1,400 indirect jobs, with the Conference Centre expected to add $20 million a year to the local economy.
Discovery Centre is registered with the Green Building Council of Australia.
The City of Parramatta appears to be very much behind the proposal, with Lord Mayor of Parramatta John Chedid explaining that the proposal involves major upgrades to more than 4,400 square metres of public domain and foreshore land.
“As Parramatta continues to expand, access to the river and surrounding foreshore will be critical to the city’s recreational and cultural future. We are pleased to be working with LIDIS and Dockside Group who share our vision of refocusing Parramatta’s CBD towards the river,” said Chedid.
“The centrepiece of the Riverside Tower is the Discovery Centre which will replace the CBD’s existing Visitor and Heritage Centre and deliver a spectacular entertainment and dining experience that befits the geographical heart of Sydney.”
The Council will own and manage the Discovery Centre.
<ul>
<li>Construction partner: Hutchinson Builders 
</li>
<li>Lead architect, landscape architect, urban designer and interior designer: Johnson Pilton Walker 
</li>
<li>Project developer: LIDIS 
</li>
<li>Venue managers: Dockside Group</li>
</ul>
It appears it will be a busy time for Parramatta, with <a href="/expert-insights/buying/v-by-crown-development-reaches-150-million-in-sales">tallest residential offering, 29-storey V by Crown, seeing a significant number of sales as it undergoes construction</a>.
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Development application submitted for one of Parramatta's tallest towers

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A ban made against Edward Richard George of Mudgee, New South Wales, has been reduced to three years - from a previous lifetime ban - after the Administrative Appeals Tribunal found that the claim he was "not of good fame or character" was not justified.
In March 2014, a decision to reduce his ban was made by the AAT. The initial ban was made by ASIC and stopped George from providing financial services and engaging in credit activities. The ban of three years commenced from 31 July 2013, meaning George will be able to operate by mid-2016.
The AAT said that George did complete five applications for deposit guarantees and falsified loan approval documents to support these applications, but maintained that while this was dishonest it was "out of character".
ASIC had found that on two occasions between March and July 2011, he had submitted eight documents for four deposit guarantees and one home loan - these had been for himself and four clients. False information included loan approval letters, employment letters and payslips.
A deposit guarantee, or deposit bond, is a substitute for cash when a buyer looks to purchase a home. The false letters were issued to Deposit Power.
ASIC found he engaged in dishonest conduct after an <a href="/news/asic-bans-edward-george-from-mudgee-after-quest-home-loans-investigation">investigation looked into George’s conduct when he was a broker operating under the name Quest Home Loans</a>.
"Mr George’s dishonest conduct is incompatible with the honesty, integrity, diligence and judgment that is required of those in the industry," ASIC deputy chairman Peter Kell said at the time of the permanent ban.
AAT stated that although there is reason to believe he may not be a fit and proper person to be involved in credit activities, the evidence of his referees, his remorse and the out-of-character nature of the actions meant that the seriousness of the misconduct should be reduced.
The Mortgage &amp; Finance Association of Australia had previously suspended George from being a member for two years, with effect from 29 August 2011.
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Life ban reduced to three years for Quest Home Loans broker

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Agent: Peta Antoniou
<img src="/images/2014/04/07/Peta-Antoniou-profile.jpg" alt="" style="float: right;">
Position: Manager - South Sydney, industrial
Company: Knight Frank
Location: South Sydney
How long have you been in the industry?
I have worked in the property industry for five years, having started as a research analyst when I began my university degree then progressing into a sales and leasing role.
What’s happening in the area you specialise in?
Over the past 12 months especially, developments sites in South Sydney have become highly sought after. As a result the idea of South Sydney as a traditional industrial precinct has slowly diminished with increased amounts of residential development and amenity coming to the area.  We have also seen the adaptive re-use of existing buildings to creative workspaces evolve within the area. Warehouse conversions such as The Cannery in Rosebery completed approximately 24 months ago and The Woolstores in Alexandria due to complete mid 2014, are incredibly popular among tenants in South Sydney and city fringe locations.
Describe the most interesting property you have sold 
The most interesting property I have sold was 242 Young Street Waterloo. This 1,600 square metre freestanding building features creative office/showroom and warehouse. The building has the potential to be occupied in one line or split into four creative spaces. The mixed use zoning allowed for a wide number of permissible uses and it was interesting to work with each purchasers particular requirements. The building was sold to the International Screen Academy who established their educational facility in the building.
What are the ingredients to being successful in your job?
Drive, determination and passion. I think people like dealing with people who show they take a genuine interest in solving their property requirements. Attention to detail and follow up are also incredibly important.
What aspects of your role do you enjoy the most?
The diversity my role offers is what I enjoy most. No two clients, prospects or properties are alike. Each day is different with new challenges, opportunities and things to learn.
Where would you invest a spare $750,000?
I would buy a residential property.
Which football team do you support?
South Sydney Rabbitohs.
What’s your favourite app or techno gadget?
My favourite app is Timeout Sydney. The app shows you the best restaurants, cafes, bars and gigs happening in certain locations along with reviews of each place.
How do you use social media?
I am not a huge social media guru, but I use social media to keep in touch with friends and clients.
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