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

Financial Review Rich List

<html><body>
The Meriton apartment developer Harry Triguboff increased his wealth by $770 million in the past year, but still slipped down a spot to be named Australia’s third richest person in 2019.
High-rise Harry was given a $13.54 billion net worth on the nation’s wealthiest 200 in the Financial Review Rich List.
With wealth of $15.57 billion, paper and packaging magnate Anthony Pratt ranks as the nation’s richest, followed by mining magnate Gina Rinehartwith $13.810 billion.
The Shimao property baron Hui Wing Mau came fourth at $10.390 billion and tech whiz Scott Farquhar fifth with $9.75 billion and his Atlassian co-founder Mike Cannon-Brrokes sixth at $9.63 million.
Cannon-Brookes and Farquhar were placed fourth and fifth on The List of Australia’s Richest 250 when it was published by The Australian in late March, with wealth of $9.01 billion each — the bulk of which is from their respective, and equal, Atlassian share holdings.
Property dominated The List — Australia’s Richest 250, contributing 68 members. Combined, the 68 are worth more than $85 billion and are responsible for the biggest housing projects around the country. The AFR Rich List has 63 with their source of wealth put down to property.
Triguboff is the country’s biggest landlord, and has recently built many of his 65,000 apartments to rent them out.
Frank Lowy sits in 7th place on the AFR list with $8.56 billion. The Westfield co-founder Frank Lowy says he now feels “at home” after moving to Israel late last year.
“I feel that I’m home. That’s all. Very simple,” Sir Frank said in an interview with Israel television network Channel 12.
The Times of Israel has reported Sir Frank as having “made Aliyah”, which is the migration of Jews to Israel.
Sir Frank, who was born in 1930 and survived the Holocaust in Hungary, became an Israeli citizen in February.
Sir Frank and his wife Shirley, who battling Alzheimers, are the subject of the documentary What Will Become of Us, which is showing at the Sydney Film Festival next week.
In December 2017, Sir Frank pulled off the biggest deal in Australian corporate history: the $US24.7bn ($32bn) sale of his Westfield retail empire to French company Unibail-Rodamco. 
Property developer Bob Ell, with an estimated worth of $1.84 billion, sits in 44th place.
Leda is behind the lucrative Cobaki Estate development, west of Gold Coast Airport.
The property investor Con Makris and his family are No.69 on the list with a worth of $1.32 billion.
Garry Rothwell at Winten is in 150th place with $656 million.
Jerry Schwartz is No.178 on the Rich List list with a worth of $554 million.
The cosmetic surgeon is Australia’s largest private hotel owner, the son of late Hungarian immigrants Bela and Eve Schwartz, who built up a portfolio of hotels, resorts and pubs across Australia. 
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jchancellor-FAypfDUnLy

Harry Triguboff slips to Australia's 3rd richest billionaire despite boost in wealth

<html><body>
Melbourne property developer Tim Gurner has come third in this year's Young Rich List, only behind Atlassian's Mike Cannon-Brookes and Scott Farquhar.
Gurner, 36, has moved from fifth in last year's earnings list. He has an estimated wealth of $631 million, up from $465 million in 2017.
Last year Gurner and wife Aimee upgraded homes in the affluent Melbourne suburb Toorak. They sold their 1930s English-style home for $7.55 million and paid $17 million nearby. 
Cannon-Brookes, the recent $100 million buyer of the Fairfax estate Fairwater, and business partner Scott Farquhar, who bought Elaine for $71 million last year, have a combined net worth of $14.2 billion.
They have topped the list for a record seventh year in a row, smashing their previous record of $6.08 billion.
Ori Allon, the 38 year old New York-based property and technology identity moved to number four on the list with a wealth of $539 million.
Last year he was seventh with a net worth of $364 million. The move came after his real estate firm Compass made a big splash disrupting the US property market.
Former Essendon Bomber Andrew Welsh, who has turned to property developing including creating his own Melbourne suburb, was 23rd on the list with an estimated wealth of $121 million.
Fellow property developer and Kanebridge founder Marwan Rahme, who only made his debut on the list last year, again sits at number 35 with a $70 million net worth.
Clearstate founder and managing director Dean Willemsen is two spots behind in 37th with a worth of $65 million.
Ross Robinson, co-founder and chief executive of Real Institute Australia, rounds off the property players in the top 100 at 64 with an estimated wealth of $39 million.
Despite a turbulent year, former Australian cricket captain Steve Smith leads the sports stars  
It's been a record breaking year for the Financial Review 2018 Young Rich List among the next generation of game changers.
The total wealth of the 2018 Financial Review Young Rich List reaches a record $23.5 billion for the 100 List occupants, up from $13.2 billion in 2017.
Their wealth is 14 times more than the next two names on the Young Rich List. 
Fellow tech heads Dave Greiner and Ben Richardson, who co-founded Campaign Monitor, missed out on the top 10 this year. Last year they were second with a combined total of $607 million.
Fitness entrepreneur Kayla Itsines and her fiancee Tobi Pearce are joint fifth and six on the list with combined wealth of $486 million. 
They are the wealthiest self-made 20-somethings in Australia after enjoying enormous success with their fitness app Sweat.
Despite a turbulent year which saw him banned from cricket for a year, former Australian captain Steve Smith debuted on the list in 95th place along with F1 driver Daniel Ricciardo at number 71.
Former NBA star and new Sydney Kings recruit Andrew Bogut tops the sportsmen in 30th, shortly ahead of top golfer Adam Short who is 33rd.
Socceroo legend Harry Kewell is the longest serving figure on the list. The manager of English Football League club Crawley Town, who is 48th this year, has been on the list since 2003.
There are 10 women on this year's Young Rich List, up from nine last year. Female debutants include Adore Beauty co-founder Kate Morris and Clearskincare Clincs managing director Alarna Longes.
</body></html>

jrobinson-rf4aSBido9

Tim Gurner in distant second to Atlassian duo in Young Rich List

<html><body>
Anthony Pratt, the packaging and recycling tycoon, remains Australia's richest person.
He topped the 2018 Rich List, but not by much with Harry Triguboff in second place.
Billionaire Anthony Pratt is the richest person in Australia, topping the 2018 Financial Review Rich List with record personal wealth of $12.9 billion. It was up from $12.59 billion.
Pratt heads his family's dominant Visy cardboard box manufacturing and recycling business.
The Sydney high-rise apartment king Harry Triguboff's wealth was at a record personal level of $12.77 billion.
Triguboff's fortune rose from $1.34 billion last year, but he is still just behind Pratt in second place.
Third on the 2018 Rich List was mining magnate Gina Rinehart.
There are a record 76 billionaires on the list, up from 60 a year ago.
While narrowly missing out on billionaire status, hotelier Justin Hemmes joins the biggest group of Rich Listers, property magnates, who account for 51 of the 200 names.
The late Kerry Packer topped the ranks of the then BRW Rich 200 for 15 consecutive years, from 1990 until his death in 2005.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Harry Triguboff comes in a close second on property dominant 2018 AFR Rich List

<html><body>
Prominent Sydney hotelier Justin Hemmes has been included in this year's Rich List.
Hemmes and his family have amassed a $951 million fortune via the ownership of 70 pubs, hotels, restaurants and venues in and around Sydney, including The Ivy on George Street in the heart of the CBD. No reason for their recent absence from the list was readily offered.
He joins the biggest group of Rich Listers, property magnates, who account for 51 of the 200 names. The family retains property dating back to 1972 when it bought the Angel Hotel for $500,000 on Pitt Street, Sydney.
Hemmes just misses being among the record 76 billionaires on the Financial Review Rich List.
They include billionaire Meriton's Harry Triguboff.
<div>
Most of the property names on the list are in the booming residential sector.
</div>
<div>The 45-year-old Hemmes is among 12 new names in the 2018 edition which will be published tomorrow.</div>
<div>
Hemmes' late father John and mother Merivale jointly appeared on the BRW Rich List in 1984 with a net wealth of $12 million, the first edition of the list in its current form.
<div>
Thirty-five years ago, BRW Magazine compiled the first annual list of the 200 richest people in Australia, a year after the first BRW 100 was printed in 1983.
Last year, the list became the Financial Review Rich List. There are 15 names on this year's list that where in the 1984 edition.
John and Merivale Hemmes' 1984 Rich List entry attributes their wealth to their John and Merivale clothing chain that was started after John moved to Australia in 1952. He then met, and married, Merivale, a milliner.
They set up a clothing chain, one of Australia's leading fashion chains in the 1960s and 1970s, the cash flow from which they bought property holdings.
Apparently John and Merivale Hemmes had once been evicted from a rented property in central Sydney and swore they would never pay rent again.
The Hemmes family properties include the Establishment Hotel on George Street, which cost $9 million to buy in 1998 and the CBD Hotel on York Street, which John Hemmes bought in 1993 for $3.1 million. 
</div>
<div>
Those two properties are worth at least 50 times more, the Rich List suggests, and along with The Ivy, where a 55-storey-hotel is now planned, form the foundation of Justin Hemmes and his family's wealth.
In recent years the empire has expanded to include the Coogee Pavilion, Enmore's Queen Victoria Hotel and The Newport.
Sydney's beachfront Collaroy Hotel was bought by the Merivale group in an off-market sale, with market chatter putting the deal at around $21 million.
The Centennial Hotel in Sydney's eastern suburbs was a recent purchase.
Hemmes also recently spent nearly $9 million on a commercial kitchen to service his growing portfolio.
He has also spent millions on personal properties including on the NSW south coast town.
His home is the heritage harbourside Vaucluse manor house, The Hermitage.
The Hermitage, one of the earliest mansions in Sydney's east, is of the Victorian Rustic Gothic style, built in an era when the curtains were drawn. 
It was bought in 1975 paying $500,000 in a 1970s credit squeeze fire sale when it was sold by Dick Baker following the 1974 collapse of his company Mainline.
It was in 2011 when Justin Hemmes, the chief executive officer of the Merivale hospitality group, moved back into his family home.
</div>
</div>
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Hemmes hotelier family return to Rich List 

<html><body>
The recent national house price record setter Scott Farquhar, who paid $71 million for Elaine in Double Bay earlier this year, and business partner Mike Cannon-Brookes top this year's Financial Review Young Rich List.
The 2017 list has the Atlassian co-founders wealth pegged at a combined record $6.08 billion, more than 10 times the wealth of third and fourth on the list.
Farquhar hit the headlines earlier this year when he bought Australia's most expensive house.
Fellow entrepreneurs, Shire based Dave Greiner and Ben Richardson, come in second with $607 million. They founded web marketing business Campaign Monitor.
Melbourne property developer Tim Gurner, who has his Toorak trophy home for sale, is next, with a wealth of $465 million.
Sixth is Owen Kerr, co-founder of online foreign exchange trader Pepperstone. He has a wealth of $368 million.
New York-based tech and property idenitity Ori Allon is 7th with $364 million, ahead of Sydney retailer and biotechnology company founder Sam Prince who has a wealth of $318 million.
Sydney r. Prince, owner of Mexican fast food chain Zambrero is eighth while husband and wife duo Collis and Cyan Ta'eed, co-founder of online graphic marketplace Envato, round off the top 10 with a combined wealth of $216 million.
There are 27 debutants on the 2017 Young Rich List, including global fitness and health star Emily Skye, who came in at number 83 with a wealth of $32 million.
Airtasker co-founder Tim Fung, who bought in Woollahra recently, and joint founder Jonathan Lui placed 66th and 67th with $41 million.
The youngest debutants are HiSmile co-founders Nik Mirkovic and Alex Tomic who debut in positions 58 and 59 with combined wealth of $46 million. The Gold Coast duo are aged 22 and 24 respectively
Nine women appeared on the 2017 Young Rich list, up from eight last year.
They include Canva CEO Melanie Perkins, model Miranda Kerr and fitness guru Kayla Itsines.
This year the total wealth reached a record $13.2 billion, up from $12.3 billion in 2016.
The average wealth per person on the List rises to $132 million, up from $123 million last year.
 
 
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Elaine's $71 million buyer tops 2017 Young Rich List

<html><body>
BRW rich listers the Gandel family have taken a 6.6 per cent stake in listed property valuation and advisory firm Landmark White, which recently acquired rival MVS National.
Tony Gandel - the son of property developer John Gandel - and his wife Helen, bought into LMW, according to The Australian Financial Review. John Gandel ranked seventh on the recently released 2017 BRW rich list with a net worth of $6.05 billion.
The five million shares in Landmark White that the Gandels bought for $3 million make them the third biggest investor in the company, behind co-founder Glen Joseph White (14 per cent) and fund manager Microequities (16.5 per cent).
Tony Gandel runs the family's Gandel Invest business which, according to its website, "makes strategic, non-controlling investments in growing businesses".
"Gandel Invest typically seeks to acquire a 30-40 per cent shareholding and assist the company to grow and achieve the goals of all shareholders," according to its website. 
The investment by Gandel came a day after Landmark White completed the acquisition of MVS National for $35 million that would create the largest ASX-listed valuation services business.
The acquisition, which was struck on an earnings multiple of 4.5, adds 85 valuers to LMW's staff of 250 and expand its revenue stream to incorporate government and statutory valuation work, the AFR reported.
Shares in LMW fell 1 per cent on Wednesday to close at 61.5¢.
According to Greville Pabst, executive chairman of national valuation firm WBP Property Group, industry consolidation is being driven by the scale required to fund technology platforms and the cost of professional indemnity insurance.
 
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Billionaire Gandel family buy stake in valuation firm Landmark White

<html><body>
The owner of the National Basketball League and Melbourne property developer, Larry Kestelman, is the second highest debutant to make it on the Financial Review Rich List.

He is ranked 85 on the list behind the highest ranking debutant, Perth businessman Tim Roberts who is the son of Multiplex founder John Roberts who is ranked 62.

Roberts has an estimated $986 million net worth with Kestelman's worth put at $749 million net worth.

Roberts has a diverse number of investments including funds management and he is part of businesses such as AVWest and Warburton Group.

Kestelman owns various sporting groups, however his main wealth comes from property via his LK Property Groups which he is chief executive.

He also owns 75% ownership of Philippine outsourcing and call-centre company, Acquire BPO.

LK is currently building the Capitol Grand project in Melbourne, which will consist of 500 plus apartments over 50 storeys.

Last year Property Observer reported on the commencement of demolition for the Capitol Grand project in <a href="/news/capitol-grand-south-yarra-set-to-commence-demolition-after-120-luxury-apartment-sales">South Yarra</a>.

In 2013 he sold his company Dodo for $230 million.

Property tycoons dominated this year's Financial Review rich list.

<h2>VIC properties selling now:</h2>

[smartcode_project:default project_id=3494]

[smartcode_project:default project_id=24323]

[smartcode_project:default project_id=27728]
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