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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The reluctance of many home owners to trade up homes partly stems from increases in stamp duty rates, an RBA study suggests.
It noted in New South Wales and Victoria, the housing price thresholds at which higher rates of stamp duty apply have not been changed for a number of years. 
"As housing prices have risen, more buyers have fallen into the higher stamp duty brackets, acting as a disincentive to purchase housing," the report says. 
In New South Wales the stamp duty paid on a median-priced home has grown to around 25% of annual disposable income per household, from close to 10% in 1991. 
<a href="https://www.rba.gov.au/publications/smp/2014/nov/html/index" target="_blank">The report</a> looked at housing turnover.
<img src="/images/2014/11/07/rba-nov-7-one.jpg" alt="">
Another consideration taking effect has been home owners unwilling to borrow more because growth in labour income has slowed.
Nominal labour income has grown at an average annual rate of 2.7% over the past two years, compared with a decade average of 6.2%, it noted adding the widespread expectation was that wage growth will remain subdued for a time.
Moreover, the Westpac-Melbourne Institute survey suggests that the share of households expecting more unemployment a year ahead has been at above-average levels since late 2011, which is an unusually long time by the historical standards of the survey. 
Housing turnover and loan approvals have risen by less than housing prices when compared with previous cycles in the housing market in recent times, according to the report.
It suggested housing prices and turnover might move together over time for a number of reasons, although the relationship may not be quite as tight as that between turnover and loan approvals (and it is possible for prices to rise with only limited turnover).
It pointed to one strand of past research that found that an increase in housing prices causes an increase in turnover. This is because higher housing prices increase the net wealth of home owners.
"This allows those owners who did not previously have a large enough deposit to trade up to a more expensive dwelling, thereby increasing turnover.
"A complementary strand of research has found that the causality can also run in the other direction, from turnover to housing prices," it said.
Turnover and housing price growth have moved together over time, although the relationship appears to have weakened somewhat in recent years.
The change is most evident in Sydney and Melbourne, where growth in housing prices has been strongest of late.
<img src="/images/2014/11/07/rba-nov-7-two.jpg" alt="">
The rate of turnover has remained low in those cities, both in terms of their longer-term averages and relative to growth in housing prices.
It suggests that some vendors might discern a rise in housing demand by observing a rise in turnover, thereby encouraging them to raise their reserve prices.
The report suggested it ws difficult to know why the turnover rate has remained relatively low compared with its history and compared with prices. 
It note the debt-to-income ratio has been stable at high levels.
"Although interest rates are currently low, the expected repayment burden on loans is at 10-year average levels, when calculated using a longer- term interest rate to account for the expectation that variable interest rates will move up over time," the report said.
"Indeed, in New South Wales and Victoria, which have experienced the greatest disparity between housing prices and turnover relative to historical norms, the share of current income required to service an average loan over the next 10 years is close to historical highs." 
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jchancellor-FAypfDUnLy

NSW stamp duty stopping market activity: RBA

<html><body>
Lots, terraces and new homes will be available to purchase at the Argyle masterplanned community in Elderslie on Saturday.
Investa Land and AVJennings are developing the project, which they predict will house about 1,500 people upon completion. The Australian Bureau of Statistics recorded 4,252 residents in Elderslie in 2011.
Alan Soutar, executive general manager at AVJennings, said the available properties include completed homes and terraces, house and land packages from preferred builders and home sites. Prices begin at $257,000.
"We've already had a number of expressions of interest for houses and land at Argyle from a range of purchasers including first and second home buyers, and young families," said Soutar.
According to Cameron Holt, chief executive of Investa Land, Argyle residents will benefit from the upcoming South West Rail link, which is currently under construction.
"They can also enjoy over three and a half hectares of open space and public parks through the development, ideal for family and friends to enjoy," said Holt.
<a href="/news">Elderslie</a> is around an hour's drive south west of Sydney's CBD.
<img src="/images/2014/11/07/elderslie-nov-7-one.jpg" alt="">
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jrichardson-uRX5hFdKfN

Masterplanned community in Elderslie, NSW launches tomorrow

<html><body>
The NSW government would be well advised to start planning immediately to ensure the state's momentum keeps moving forward well into the next decade – failure to do so would clearly indicate that managing the state of NSW is well beyond their capabilities. 
They say success leaves clues, so look no further than the Sydney property market which has delivered the NSW budget a $1 billion windfall thanks to stamp duty and other related property taxes. NSW Treasury has just announced the final result for 2013/14 with a surplus of $1.247 billion – well up from the June budget estimate of $988 million.
The reality is that property prices have started to cool and commodity prices down 20% this year. Hence, it’s time to start fast tracking the next phase of NSW growth with confidence building infrastructure approvals. On current projections, Sydney will (at a minimum) need to double its 1,673,800 homes over the next 50 years – so there is no time like the present to get started – carpe diem.
It’s well documented that massive growth spurts follow new infrastructure developments – former NSW state architect Chris Johnson has forecast that Sydney needs to build 11 new highrise apartment towers each year for the next 50 years to protect suburban life from being ruined by overdevelopment as the city’s population grows. 
“Five thousand new towers, containing 110 apartments each, would provide 550,000 new homes – that will accommodate only a third of our planned population growth over the next 50 years,” said Johnson.
It’s not hard to see where declines are quickly starting to take place with BIS Shrapnel pointing out this week: “The recovery to a net overseas migration intake of 242,800 in 2012/13 was underpinned largely by a rebound in such arrivals. However, with arrivals now trending downwards as resource sector investment slows, net overseas migration flows weakened to 235,800 in the year to December 2013 and monthly indicators since then suggest a further slowing.”
The latest figures from the Australian Bureau of Statistics reveal that Australia’s population increased by 160,000 births over deaths and a further 244,000 people through immigration – which is now the big driver in this demographic. NSW in 2013, had a natural increase of 50,000 extra people, net overseas migration added 68,000 extra people with 15,500 people deciding to reside elsewhere. As Chris Johnson pointed out: “The demographics for Sydney are clear. Growth is coming and is essential for the long-term prosperity of the city. It will keep house prices stable, it will provide jobs, it will support our ageing population and it will position us as a global city.”
Of course a major problem that requires immediate attention is Australia’s public transport which is hopeless given two-thirds of the country’s population resides in the capital cities. Everyone knows that the state and territory have neglected public transport for decades, so you can’t start announcing residential infrastructure initiatives without substantial public transport upgrades.
Cue the blame game between the states and federal government as to where these responsibilities lie. The latest in this ongoing debate is now clearly aimed at reforming Australia’s Federation – although this has major challenges in itself given the “vertical fiscal imbalance” with all the states and territories wanting more of the GST cake portions. This explains why a Federation white paper is being prepared to address Australia’s revenue and spending responsibilities of all governments.
In 2014 -15, NSW will receive 97 cents for every dollar of GST it pays, Victoria will receive 88 cents and WA will receive just 37 cents – so this explains why reforming the state and territories is such a difficult task.
In the case of NSW, you see businesses wanting to get going despite being constantly held back as they await the relevant approvals given NSW does not have a masterplan for development.
 The most obvious case is that in 2013/14 the NSW government pocketed $1.247 billion in taxes for doing next to nothing – just imagine what those revenues might be if they were to announce a residential real estate infrastructure plan? Who knows, first home buyers may even be able to get in given a significant number of apartment developments would actually bring prices down.
The only problem for the NSW government is that it has a long history of living in the past.
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robertsimeon-hRNTwJyXkQ

It's time for NSW to stop living in the past and seize the day

<html><body>
GUEST OBSERVATION
The new NSW 2014 Contract for Sale and Purchase of Land 2014 edition will be released in a few weeks and there are several changes that both buyers and vendors should be aware of. 
The main alterations include the following:
<ol>
<li>
The introduction of E-Conveyancing in Clause 30 means that National Electronic Conveyancing (NEC) is to be the new environment for completing real property transactions and lodging land title dealings throughout Australia.  The aim is to streamline conveyancing and mortgage transactions but it’s s not an entirely electronic conveyancing environment.  Contract formation, vendor disclosure, and even requisitions (in NSW) will still be paper-based.  NEC, however, will allow for electronic settlement, funds movement, revenue collection and lodgement/registration.  
</li>
<li>
Extra vendor disclosure documents will be required including those relating to the Swimming Pools Amendment Act (2012) and the Home Building Amendment Act (2014) as well as amendments to additional disclosure obligations on lot owners of strata and community schemes. 
</li>
<li>
Recognition and insertion of buyer’s agent names with space being provided on page one of the 2014 edition, if a purchaser is being represented by their own buyer’s agent.  The definition of “deposit holder” in Clause 1 has also been extended so a buyer’s agent (who maintains a trust account) is able to be deposit holder for those matters where there is neither a vendor’s agent nor a vendor’s solicitor. 
</li>
<li>
Additions to Inclusions on page one now to include solar panels. 
</li>
<li>
The increasingly common practice of payment by deposit bonds or guarantees is reflected in a new Clause 3 which now requires vendors to explicitly choose whether to accept a deposit bond from a purchaser, with the default choice in the printed form being a “no”.
</li>
</ol>
The 2014 edition will also only be sold in an electronic format with watermarking of the individual address across the contract, to minimize possible multiple duplication and copyright issues. It is expected that, as with previous NSW editions, that the cross-over period for solicitors and conveyancers will take time, however a new edition was long overdue given the last one was 2005.
As buyer’s agents, I believe the new insertion is a step closer to widespread recognition of the increasing role our industry is now playing in real estate property purchases.  Buyer’s agents are fast becoming a secret weapon in the property market as home buyers realize the benefits of having a professional and fully independent advocate on their side.
Jacque Parker is director of <a href="https://www.housesearchaustralia.com.au">House Search Australia</a> and the president of the <a href="https://rebaa.com.au/" target="_blank">Real Estate Buyers Agents Association of Australia</a> (REBAA).
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JacqueParker-uBQkZrvXSL

The five changes to NSW sale contracts that every buyer and seller should know

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Corella, the Palm Beach waterfront home with Pittwater views, has been listed for 30 October auction with $4 million plus hopes.
The timeless classic Walter Barda designed home was built by Shane Kavanagh. Everything thought of with its outdoor shower and lock-up under house storage for kayaks.
The five bedroom, three bathroom house<a href="https://corellapalmbeach.com" target="_blank"> is the cul de sac weekender</a> of former ALP state and federal minister Laurie Brereton and his wife, the retired judge Tricia Kavanagh.
It is some three decades since the couple bought the level, 588 square metre property for $200,000 in October 1984.
LJ Hooker listing agent Peter Robinson says the street record of $3.72 million was set in late 2007.
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Palm Beach's classic Corella listed with $4 million plus hopes

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The local newspaper in Newcastle has declared, erroneously, that inner-city units “have piled on more than 20% equity for their owners in the past 12 months”.
It’s a sadly typical case of a non-expert writer misunderstanding and misinterpreting statistics.
What has really happened in Newcastle? The sale of new upmarket apartments has lifted the median unit price. According to Domain, the median price for apartments in the Newcastle LGA has risen 23.6% in 12 months.
The journalist reporting this interpreted it as “Newcastle LGA unit prices have climbed a whopping 23.6%”.
Regrettably, it’s another example of someone writing about a subject beyond their expertise, not that it takes a genius to understand the workings of median prices and how they mislead more often than they inform.
The median price has risen 23.6% but property values have not.
I would delighted if property values had increased that much because Newcastle is a location I’ve recommended to investors over the past couple of years. If people who had acted on that tip had experienced a 20%-plus rise in wealth, I would feel validated. Nothing as strong as that has occurred, however.
I have often said that Newcastle is one of Australia’s most underrated property markets. I see if as an attractive alternative to Sydney for both home buyers and investors seeking affordable real estate is a growth economy with plenty of attractive lifestyle factors.
Newcastle has the world’s largest coal export port and coal is on a downer, but Newcastle has continued to pump because the city has other drivers. There has been big spending on infrastructure in Newcastle and the Hunter region – including the $1.4 billion Hunter Expressway - and there’s plenty more to come, notably in the CBD.
The real estate market has responded with solid growth in property prices. But the market has not jumped 20%-plus.
Caution is always needed when dealing with median prices. Often they’re a comment on the type of property being sold, rather than the movement in values.
If an upmarket project is sold during a given time period in a particular suburb, it will elevate the median price. Conversely, if a budget estate is sold, it may have the effect of pulling down the median price for the suburb, but this should not be seen as a decline in values.
The only way to accurately gauge movements in values is to examine re-sales. I have seen many instances where the median price has decreased at a time when property values are rising – and vice versa.
So it’s plain wrong to tell newspaper readers that owners of Newcastle apartments have had a 20%-plus increase in equity.
The caution consumers should take over real estate statistics extends well beyond median prices (and median rents and median yields). Rubbery figures are bouncing around many of our property markets.
The report on Property Observer this week <a href="/expert-insights/buying/sydney-october-auction-strength-easing-says-apm-but-rp-data-proffers-otherwise">on Sydney auction results</a> is a case in point. Two major data sources put contrasting interpretations on the weekend results. One said the results showed the market rising while the other suggested it was evidence of decline.
The numerous occasions in which commentators have declared the so-called property boom over, on the basis of a single month’s price data from a single source, is further evidence of the perils of misreading property statistics – especially those relating to movements in median prices.
The best way to chart the rise or fall of individual markets is to monitor changes in sales volumes.
Terry Ryder is the founder of <a href="https://hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> him or contact him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter</a>.
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Newcastle figures show why you can't trust median prices

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The Real Estate Institute of New South Wales’ September 2014 Vacancy Rate Survey revealed that rental markets across Sydney and New South Wales are tightening, with an overall fall of 0.1% to 1.7% for Sydney.
REINSW president Malcolm Gunning said that it was in outer Sydney where the largest declines were seen over the past few months, currently hitting 10 month lows, but that declines were seen across the board.
Here are the results:
<ol>
<li>Outer Sydney: 1.4% (a 0.2% decline) 
</li>
<li>Mid-North Coast: 1.4% (down 0.2%) 
</li>
<li>Albury: 1.6% (down 0.1%) 
</li>
<li>Central Coast: 1.7% (down 0.3%) 
</li>
<li>Inner Sydney: 1.8% (steady) 
</li>
<li>Middle Sydney: 1.9% (down 0.3%) 
</li>
<li>Illawarra: 2.0% (steady, despite a 0.5% rise in Wollongong) 
</li>
<li>Northern Rivers: 2.7% (down 1.0%) 
</li>
<li>Riverina: 2.8% (down 0.6%) 
</li>
<li>Hunter region: 3.1% (down 0.2%, with a 0.8% fall in Newcastle) 
</li>
<li>Orana: 3.2% (up 1.1%) 
</li>
<li>Central West: 4.3% (up 0.5%)</li>
</ol>
Source: REINSW.
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NSW's tightest rental markets: REINSW

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Sydney’s most affordable house to sell at auction was in Long Jetty on the Central Coast, 100 km north of the CBD, for $385,000.
Figures released by APM noted that the 1960s-built three-bedroom house at 50 Stella Street sold through LJ Hooker The Entrance.
The large, level site of 676 square metres is a short stroll to the beach and other local amenities. According to RP Data, it last traded in 1990 for $90,000. 
Figures on the database shows the median house price for Long Jetty in August was $473,000, which is up on the same time last year when it was $420,000.
Capital growth was more than 8% in 2013 for the area while the median rent was $380 a week. This would reflect a yield of more than 5% for an investor. 
A house on a sub-divided block of 338 square metres at 71/17A Stella Street exchanged earlier this year for $410,000.
The record price for the street is $565,000, which was paid last year for a three-bedroom house on 613 square metres at 115 Stella Street.
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andreadixon-oif3j7eKne

Long Jetty secures NSW cheapest auction result

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A NSW government position paper has outlined 58 changes for those living in community schemes.
NSW Fair Trading Minister, Matthew Mason-Cox, said that more than 25% of the state’s population lives or works in strata and community schemes and by 2040 more than half of Sydney’s housing stock will be multi-unit type dwellings.
“Community schemes range from highrise buildings to rural subdivisions with irrigation channels as association property, as well as large closed communities with private roads, high security and extensive recreational facilities such as marinas and golf courses,” said Mason-Cox.
“The position paper sets out a coherent and informed approach to meet the future needs of residents living in nearly 2200 community, neighbourhood and precinct schemes operating around the state.
“At the very heart of the package are measures that seek to better protect residents with a focus on ensuring transparency and accountability in decision-making.”
This will provide a framework for community schemes going forward, removing the “onerous requirement” for all owners to agree unanimously on decisions relating to their property.
“Special resolutions will be sufficient where a significant majority of owners are in agreement,” he said.
More than 2,000 submissions and 1,200 online comments were made on the 2012 discussion paper.
“Community scheme law reforms will be delivered as part of a package of building industry reforms concerning the multiple occupancy of buildings, strata, security of payments and home warranty insurance,” Mason-Cox said.
The next step will be to draft the Community Scheme Bills, before consultation on the draft legislation in 2015.
Here is a selection about 10 of the crucial changes:
<ol>
<li>Meetings can be attended in various forms, including social media, video and teleconferencing 
</li>
<li>Committee members will be required to “act with due care and diligence” and disclose any potential conflicts of interest 
</li>
<li>A limit will be put on the number of proxies able to be held by any person, and limit the matters in which a priority vote can be used 
</li>
<li>Stop non-owners with a financial interest in the scheme from being a member of the strata/community committee (this would prohibit managing agents and letting agents) 
</li>
<li>A requirement for developers to set “realistic” levies, during the initial period and first year after 
</li>
<li>Disclosure and accountability for managing agents, with a contract term of three years minimum 
</li>
<li>Restriction of developers’ rights to vote on matters relating to building defects 
</li>
<li>Expansion on the issues that can be dealt with at NCAT 
</li>
<li>Better ways to improve parking within schemes 
</li>
<li>A requirement for meetings to be called to authorise certain matters identified in a development contract as “development concerns” (Community title specific)</li>
</ol>
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The 10 changes to know from NSW's strata reform paper

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Last week we looked at John McGrath’s top four regional hotspots in New South Wales.
Offering lower price points than the capital city, strong growth prospects and stronger yields than generally obtained, it’s clear why investors might consider them.
Today, we ask – which of McGrath’s regional hotspots is on your list?
<a href="/news">Moss Vale </a>
Houses
<ul>
<li>Median price: $400,000</li>
<li>Rental yield: 4.68%</li>
</ul>
Source: RP Data
<a href="/news">Mount Ousley</a>, <a href="/news">Balgownie</a>
Houses – Mount Ousley
<ul>
<li>Median price: $510,000</li>
<li>Rental yield: 5.25%</li>
</ul>
Source: RP Data
Houses – Balgownie
<ul>
<li>Median price: $577,000</li>
<li>Rental yield: 4.06%</li>
</ul>
Source: RP Data
<a href="/news">Blackheath </a>
Houses
<ul>
<li>Median price: $380,000</li>
<li>Rental yield: 4.52%</li>
</ul>
Source: RP Data
<a href="/news">Kincumber</a>
Houses
<ul>
<li>Median price: $427,000</li>
<li>Rental yield: 4.87%</li>
</ul>
Source: RP Data
{mijopolls 37}
Photo of Moss Vale courtesy of Bidgee/<a class="mw-mmv-license cc-license" href="https://creativecommons.org/licenses/by-sa/3.0/au/deed.en" target="_blank">CC-BY-SA-3.0-au</a>.
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