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

rental properties

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Rent.com.au has compiled a report based on property leasing data from the month of January.
It illustrates the shift in median rental property prices (both metro and regional), rental affordability (the median room price metric) and the luxury property measure, evaluating change in days on market for properties above $1,000/pw.
Metro Rents
The average metropolitan rent across Australia spiked up 2.38 per cent at $430/pw in January.
Canberra and Hobart metro areas were the only two states to record a decrease in median rent, while all but two of the remaining capitals saw an increase in the month.
An 8.24 per cent increase in asking median rents in Darwin was the sharpest rise across the country, contrasted by a similar decline in prices (7.89 per cent) in Hobart metro.
Darwin’s price rise to $460/pw makes the Northern Territory capital the second most expensive for house hunters.
Darwin sits just under Sydney in New South Wales, continuing its rank as the most expensive city for Australian renters; median rents stayed consistent at $550/pw in January.
Sydney’s asking rents are comparable to the country’s most affordable city in January, Adelaide ($350/pw).
Considering the rental affordability measure, price per room (PPR); Sydney also topped the ranking at $267/pw (up 2.56 per cent on December 2016).
Meanwhile Perth metro was the most affordable capital city for renters – a median price per room of $127/pw (up 1.33 per cent), putting Adelaide at a close second ($133/pw, up 1.92 per cent).
By looking at dwelling type, Sydney’s property makeup continued to skew towards apartments, comprising 69 per cent, while Perth’s property makeup in January was 75 per cent houses.
<table border="1" cellspacing="0" cellpadding="0" align="left"><tbody>
<tr>
<td colspan="5" valign="top" width="291">
Change in median rent and price per room as at 31 January 2017
</td>
</tr>
<tr>
<td valign="top" width="102">
LOCATIONS
</td>
<td valign="top" width="45">
Median rent
</td>
<td valign="top" width="45">
Monthly change
</td>
<td valign="top" width="54">
Price per room
</td>
<td valign="top" width="45">
Monthly change
</td>
</tr>
<tr>
<td valign="top" width="102">
Sydney metro
</td>
<td valign="top" width="45">
$550/pw
</td>
<td valign="top" width="45">
0%
</td>
<td valign="top" width="54">
$267
</td>
<td valign="top" width="45">
↑2.56%
</td>
</tr>
<tr>
<td valign="top" width="102">
Brisbane metro
</td>
<td valign="top" width="45">
$420/pw
</td>
<td valign="top" width="45">
↑2.44%
</td>
<td valign="top" width="54">
$167
</td>
<td valign="top" width="45">
↑4.67%
</td>
</tr>
<tr>
<td valign="top" width="102">
Melbourne metro
</td>
<td valign="top" width="45">
$400/pw
</td>
<td valign="top" width="45">
↑2.56%
</td>
<td valign="top" width="54">
$170
</td>
<td valign="top" width="45">
↑6.25%
</td>
</tr>
<tr>
<td valign="top" width="102">
Perth metro
</td>
<td valign="top" width="45">
$360/pw
</td>
<td valign="top" width="45">
↑2.86%
</td>
<td valign="top" width="54">
$127
</td>
<td valign="top" width="45">
↑1.33%
</td>
</tr>
<tr>
<td valign="top" width="102">
Adelaide metro
</td>
<td valign="top" width="45">
$350/pw
</td>
<td valign="top" width="45">
↑2.94%
</td>
<td valign="top" width="54">
$133
</td>
<td valign="top" width="45">
↑1.92%
</td>
</tr>
<tr>
<td valign="top" width="102">
Canberra metro
</td>
<td valign="top" width="45">
$450/pw
</td>
<td valign="top" width="45">
↓2.17%
</td>
<td valign="top" width="54">
$197
</td>
<td valign="top" width="45">
↑3.51%
</td>
</tr>
<tr>
<td valign="top" width="102">
Darwin metro
</td>
<td valign="top" width="45">
$460/pw
</td>
<td valign="top" width="45">
↑8.24%
</td>
<td valign="top" width="54">
$167
</td>
<td valign="top" width="45">
↓1.96%
</td>
</tr>
<tr>
<td valign="top" width="102">
Hobart metro
</td>
<td valign="top" width="45">
$350/pw
</td>
<td valign="top" width="45">
↓7.89%
</td>
<td valign="top" width="54">
$163
</td>
<td valign="top" width="45">
↑8.33%
</td>
</tr>
<tr>
<td valign="top" width="102">
Regionals (combined)
</td>
<td valign="top" width="45">
$340/pw
</td>
<td valign="top" width="45">
0%
</td>
<td colspan="2" valign="top" width="99">
 
</td>
</tr>
<tr>
<td valign="top" width="102">
National
</td>
<td valign="top" width="45">
$430/pw
</td>
<td valign="top" width="45">
↑2.38%
</td>
<td valign="top" width="54">
 
</td>
<td valign="top" width="45">
 
</td>
</tr>
</tbody></table>
 
 
 
 
 
 
 
 
Regional Rents
At a regional level, Tasmania and Western Australia were the only Australian states to record a decrease in median rent from December 2016 to January, down 1.89 per cent and 3.03 per cent respectively.
Median rents increased across the regions in the Northern Territory (up 9.76 per cent), South Australia (up 2 per cent) and Queensland (up 1.52 per cent).
Rents remained healthy in Australian Capital Territory ($450/pw), New South Wales ($380/pw) and Victoria ($280/pw), with no price changes recorded, consistent with records in December last year.
SA was once again the state with the cheapest regional rentals, with a median rent for the state of $255/pw (up 2 per cent).
Looking at dwelling type, regional houses in NT experienced the highest increase in median rent overall (up 8.89 per cent to $490/pw) and TAS houses up 9.09 per cent to $210/pw.
Conversely, the cost of regional houses in ACT dropped 6.09 per cent to $463/pw. WA, however, was the only state to record a decrease in the price of apartments, down 3.57 per cent to $270/pw.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Average metropolitan rental income sits at $430 a week for landlords

<html><body>
A number of recommendations for rental property legislation amendments have been presented to the NSW government by the REINSW.
Suggested changes to the legislation include breaking a fixed term lease, electronic service of notices and alterations to property.
John Cunningham, president, REINSW said it was necessary to take action ahead of any proposed amendments to the Residential Tenancies Act 2010 (RTA) being released.
"The NSW Fair Trading Policy Department received the Institutes Position Statement late last month and he was now seeking a meeting with the new Minister for Innovation and Better Regulation Matthew Kean," he said.
“Our Position Statement specifically relates to the 27 recommendations tabled by the government in their Review Report for change to the RTA following on from their public consultation in 2016.  “We look forward to working with the new Minister to ensure that the rights of tenants and landlords are protected and are in line with the needs of today."    The Amendment Bill is expected to be passed by government by mid 2017. 
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jonathanchancellor-7SQnKwU6yx

Rental property legislation amendments before state government: REINSW

<html><body>
Residential vacancy rates across Sydney remained steady at 1.9 percent month on month, according to data released by the Real Estate Institute of New South Wales.
<a href="/images/2016/08/24/Screen%20Shot%202016-08-24%20at%2010.18.09%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/24/Screen%20Shot%202016-08-24%20at%2010.18.09%20AM.png" alt="" width="628" height="218">
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REINSW Deputy President Brett Hunter said the July 2016 REINSW Vacancy Rate Survey saw little change from June. 
“Both Middle and Outer Sydney rental availability was stable at 1.9 per cent, while Outer Sydney rose 0.1 per cent to 1.9 per cent,” he said. 
“The Sydney market is experiencing conditions very similar to the previous month.” 
In the Hunter region, vacancy rates fell 0.3 percent at 2.4, Newcastle rose of 0.2 percent to 2.4 percent.
In the Illawarra region, vacancy rates rose 0.1 percent to 1.9 percent, with Wollongong up 0.1 percent to 1.6 percent. 
In the region areas Albury fell 0.6 percent to 3.7 percent, Central Coast dropped 0.4 percent to 2.8 percent and New England rose 0.8 percent to 4.7 percent. 
<a href="/images/2016/08/24/Screen%20Shot%202016-08-24%20at%2010.18.15%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/24/Screen%20Shot%202016-08-24%20at%2010.18.15%20AM.png" alt="">
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</div>
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Residential vacancy rates across Sydney remained steady: REINSW

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Swimming champ James Magnussen has opted to rent out his Ryde investment apartment following being unsuccessful at getting it sold.
The Drummoyne-based swimmer paid $623,000 for the property early last year to flick it on after a renovation.
It was initially listed it with $750,000 to $800,000 hopes last November.
The price guide was dropped to between $710,000 and $750,000 this year.
There's still a likely profit for Magnussen Enterprises Pty Ltd despite the lack of interest, having spent around $50,000 after he teamed up with a builder mate on the renovation of the three bedroom, 1960's red-brick walk up block unit.
Magnussen refurbished the 88 sqm apartment while recovering from shoulder reconstruction surgery.
The renovation included a new kitchen and bathroom.
Magnussen wasn't able to secure an individual spot at the Olympics in Rio however he will be part of Australia's 4x100 metre freestyle retail team.
The apartment was last listed through Hunters Hill McGrath agent John Paranchi, who confirmed that the buying interest wasn't strong enough for a sale.
When listed last year potential investor buyers were given a likely $650 weekly rental prospect, however the rental market isn't as strong now.
It hit the rental market at $600 a week, but this was revised down to $580 a week before finding a tenant.
Magnussen does have an eagle eye for a good property deal as he spent $935,000 in 2012 on his own Drummoyne flat which was seemingly well bought as it had traded at $910,000 some five years earlier in 2007.
The swimmer is off the the Olympics despite missing out on an individual berth, having been selected for Australia's 4x100 metre relay team.
This article was first published in the Saturday Daily Telegraph.
</body></html>

James Magnussen rents Ryde investment

<html><body>
<h3> </h3>
<div id="post-body-3832523868372190237" class="post-body entry-content">
<div>
With the future of Whyalla's steelworks remaining up in the air, the property market appears to be at risk of imploding.
With vacancy rates above 20 percent and rising, median asking rents appear to be dropping at a quite alarming pace. 
Asking rents down by about 30 to 50 percent over the last three years, with the pace of the decline having accelerated over the past year, and more so over the last quarter.
<a href="/images/2016/06/14/WHYALLA.jpg" target="_blank">Click to enlarge</a>
</div>
<div class="separator"><img src="/images/2016/06/14/WHYALLA.jpg" alt=""></div>
 <div>Source: SQM Research</div>
 <div>This can be a pervasive risk for towns that are so heavily reliant upon one or two industries or firms for employment and for the local economy to thrive. </div>
<div> </div>
<div>The administrator's call for government assistance to support the Arrium steelworks was rejected by Prime Minister Turnbull.</div>
<div> </div>
<div>The Labor state government has pledged support in the form of a $50 million funding facility for the prospective new owner of Arrium - were such a deal to be found. </div>
<div> </div>
<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
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The Arrium collapse is not pretty for Whyalla property investors: Pete Wargent 

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The Supreme Court of Victoria has ruled in favour of St Kilda landlord, Catherine Swan, who was seeking to overturn a state ruling that a tenant was not in breach of their lease by offering the use of an entire property for a short-term rental.
Honourable Justice Clyde Elliott Croft said the original move by Swan to evict tenants was valid and she should be granted possession of the apartment.
Ms Swan rented her two-bedroom apartment to tenants in August 2015 and later found a spare bedroom in the apartment had been made available for rent on through Airbnb.
Justice Croft said by entering into the Airbnb agreement, they were sub-letting the apartment.
"I am of the opinion that the particular Airbnb agreement in issue in this appeal, for occupation of the whole of the apartment, constitutes a lease," he said.
<div id="adspot-300x250-pos3" class="ad adAlignRight">Justice Croft ordered the tenants be evicted and possession of the two bedroom apartment be returned to Ms Swan.</div>
<div class="ad adAlignRight"> </div>
<div class="ad adAlignRight">Outside court she said the ruling gives landlords confidence that the persons they lease the property to are the persons who will be living there.</div>
<div class="ad adAlignRight"> </div>
<div class="ad adAlignRight">"We can't just be leasing out our properties and not knowing what's going on in them," she said, adding she wanted leases to be written differently in the future so that 'house sharing' is explicitly barred.</div>
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Supreme Court backs landlord in accommodation stoush

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 Tenants must make sure that batteries for removable battery alarms are replaced if the batteries:
<ul>
<li>have not been replaced in 12 months or more since the lease started;</li>
<li>no longer work properly or at all; or</li>
<li>have reached their expiry date, more than 30 days after the lease started.</li>
</ul>
Owners must ensure all smoke alarms are mains powered or have 10 year non-removable batteries by May 2016.
Mains powered smoke alarms and 10 year non-removable battery alarms
Tenants are not responsible for the replacement of batteries providing back-up for mains powered smoke alarms or in 10 year non-removable battery alarms.
Maintenance and testing of smoke alarms
During the period of a lease agreement, tenants are required every six months to:
<ul>
<li>test all smoke alarms installed at the premises; and</li>
<li>remove all dust and debris from the smoke alarms.</li>
</ul>
Failure or malfunction of a smoke alarm
If a smoke alarm fails or malfunctions, for reasons other than the failure of removable batteries or the mains power supply, a tenant must notify the owner as soon as practicable after becoming aware of the failure or malfunction.
For more information, <a href="https://www.consumer.tas.gov.au" target="_blank">click here</a>.
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Property 101: Guide to smoke alarm maintenance for Tasmanian renters

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Based on the CoreLogic May monthly rental review released today, while rents increased slightly by 0.1 percent in April, overall, capital city rental rates edged lower, falling 0.2percent over the past 12 months.
Rental rates are currently $490/week for houses and $467/week for units across combined capital cities;
Five of the eight capital cities saw a modest rise in rents over the past twelve months, including Sydney (1.4 percent), Melbourne (1.7 percent), Adelaide (0.5 percent), Hobart (1.1 percent) and Canberra (2.5 percent); 
Perth (-8.9 percent) and Darwin (-12.6 percent) experienced large drops in rents &amp; have collectively pulled the combined capital average lower; 
Brisbane rents dropped by -0.6 percent.
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<a href="/images/2016/05/11/2016-05-09--monthly-report-report.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/11/2016-05-09--monthly-report-report.jpg" alt="">
 We anticipate that the weakness in the rental market will persist over the year and rents will continue to fall over the coming months. The annual change in rental rates continues to be at its slowest pace since before 1996.
At the same time last year, rental rates increased by 1.7 percent which indicates a sharp slowdown in rental growth over the past year.
Factors contributing to a slowing in rental growth include falling real wages, excess rental supply in certain areas and lower rates of population growth - all of which have impacted on demand for rental accommodation.
With dwelling approvals at recent record highs and construction activity set to peak over the next 24 months, accompanied by many new properties still to settle, we anticipate that the weak rental market conditions will persist with rental growth continuing to slow and, or, fall in most capital cities.
Based on current market conditions, landlords won’t be in a position to lift rental rates and may actually need to reduce rents in order to keep their tenants. We see renters as holding a stronger negotiation position and where they now have the potential to upgrade into higher grades of accommodation for a similar, or lower rents.
Canberra is the only capital city where the annual rental change is currently stronger than it was a year ago. Mr Kusher said this highlights the weakness in rental market conditions is being felt across all other capital city markets.
With rental rates increasing in some cities in April, rates in Sydney, Adelaide and Hobart are at record highs. In all remaining cities, rental rates are now below their highs with the declines recorded respectively in: -0.1 percent in Melbourne, -0.8 percent in Brisbane, -13.7 percent in Perth, -17.3 percent in Darwin and -5.4 percent in Canberra.
The results show that as rental changes outpace home value changes, gross rental yields have trended lower and have hit record lows of 3.3 percent for houses and 4.2 percent for units.
In our two largest capital cities, we’ve seen rental yields move to record lows of 3.1 percent for houses and 4.0 percent for units in Sydney and in Melbourne, rental yields are at a record low 2.9 percent for houses and 4.0 percent for units.
With home values continuing to grow and rental markets expected to soften further, don’t be surprised if we see a further compression of gross rental yields over the coming months.
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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Weekly rents have continued to fall over the past year: Cameron Kusher

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Sydney residential vacancy rates were largely stable in for the first month of Spring, according to data released by the Real Estate Institute of New South Wales.
The number of properties for rent across Sydney rose 0.1% to 1.9% in September. 
REINSW President Malcolm Gunning said middle Sydney gained 0.4% to 1.9%, outer Sydney rose 0.1% and inner Sydney fell 0.2% at 2.0%.
“The market is stable,” Mr Gunning said.
“Supply is meeting the demand due to large volumes of new property on the market. 
“Sydney is the job destination for Australia and there is strong migration. This is why we are seeing low vacancy rates,” Mr Gunning said. 
The Hunter region saw a rise of 0.2% after a 1% increase in Newcastle to 4.0%.
In the Illawarra the overall vacancy rate retreated 0.1% to 1.5%, despite a rise of 0.6% in Wollongong.
The regional areas Northern Rivers has the lowest availability with a vacancy rate of 1.1%, down 0.2%.
The Mid-North Coast was up 0.1% at 1.5%, while Albury and Murrumbidgee had a vacancy rate of 2.3% with a gain of 0.4% and 0.9% respectively.
  
* Suburbs included in ‘inner’, ‘middle’ and ‘outer’ Sydney are those falling within the Sydney Statistical Division as per the Australian Standard Geographic Classification of the Australian Bureau of Statistics.
‘Inner’ includes suburbs in the following LGAs: Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra. 
‘Middle’ includes suburbs in the following LGAs: Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby.
‘Outer’ includes suburbs in the following LGAs: Baulkham Hills, Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, Warringah, Wollondilly and Wyong.
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Sydney's stable rental market in September

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Residential vacancies dropped in Melbourne, Canberra, Darwin and Hobart in September, according to new figures released by SQM Research.
SQM Research managing director Louis Christopher said over the year, vacancy rates in Hobart have continued to fall with a significant 0.4% drop from this time last year.
"Vacancy rates in Melbourne have also fallen 0.3% over the last 12 months, bringing the total number of vacancies down to 272 in September 2015. Both falls reflect the tightening of both residential markets post downturns," he said.
"The number of residential vacancies remained tight across the nation in September 2015, with a vacancy rate of 2.3% posted based on 70,037 vacancies. Vacancies remained the same in most capital cities, excluding Melbourne, Canberra, Darwin and Hobart, where vacancies dropped over the month of September.
"Darwin and Canberra recorded the biggest monthly fall with vacancy rates down 0.2 percentage points from August 2015. Hobart and Melbourne soon followed with vacancies falling 0.1% over the month of September."
<a href="/images/2015/10/20/Screen%20Shot%202015-10-20%20at%201.23.00%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/20/Screen%20Shot%202015-10-20%20at%201.23.00%20PM.png" alt="" width="807" height="202">
SQM Research state asking rents for Darwin and Perth are down when compared to last year, with Darwin house rents down 18.8% and 15.1% for units over the past 12 months. asking rents for Perth houses are down 7.5% and units 7.2%.
 
<a href="/images/2015/10/20/Screen%20Shot%202015-10-20%20at%201.24.47%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/20/Screen%20Shot%202015-10-20%20at%201.24.47%20PM.png" alt="">
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