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

Harry Triguboff

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Australia's second richest person, Harry Triguboff, has suggested Australia's bank had become "shell shocked."
But "there is nothing wrong with our banks, I promise you," Mr Triguboff told The Australian Financial Review.
"I assure you they make mistakes, so do we all. But there is nothing wrong with them. They are shell shocked and if affects all of us."
He attacked their new stronger borrowing tests saying using expenses to help justify if and how much a person could afford to borrow was "the dumbest thing to do in the world".
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Triguboff argues just because someone spends a set amount each month doesn't mean this will continue when they have a mortgage as borrowers will divert spending to repay their mortgage.
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"All this is very dumb when you have a falling market...it's playing dumb."
Triguboff says tighter lending was adding to the softening market, which was also being hurt by fewer Chinese buyers entering the market<a href="https://www.afr.com/real-estate/chinese-property-buyers-have-disappeared-20180116-h0j2wb" target="_blank">.</a>
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Meriton national sales director James Sialepis said there were instances of borrowers going to the same bank and branch but instead of being able to get a $1 million loan three months ago, it was now $750,000 to $800,000.
"Obviously the royal commission has had a huge impact on people being assessed."
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<div>
Mr Sialepis said the banks "used to assess people on a fixed number of monthly expenses".
"Now, every single receipt needs to be looked at and the point Harry (Triguboff) makes is great.
"If I haven't bought a house and I have a disposable income and I have extra money in the pocket I'll go and spend that but once I get into a mortgage, that's it I made the sacrifices," he said.
"There's no more going out, there's no more footy memberships, I need to start concentrating on paying that mortgage off and at the moment I think the banks are looking in the rear view mirror too much."
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Harry Triguboff says new bank lending rules are too tough

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Apartment developer Harry Triguboff, who turned 85 earlier this month, has secured an $80 million Zetland site.
It can accommodate 300 apartments.
The Australian reported the recent deal saw Meriton secure the council depot site at Epsom Road from the City of Sydney Council.
The 1.06ha site at 94 to 104 EpsomRoad has the potential to accommodate 12 levels of apartments, representing a rate of about $3050 per square metre of permissible gross floor area.
The site adjoins the $13 billion Green Square renewal project.
Delta Goodrem, according to The Daily Telegraph, was paid an $250,000 to sing at billionaire Harry Triguboff's 85th birthday earlier this month.
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Harry Triguboff celebrates his 85th birthday with $80 million Zetland acquisition

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Harry Triguboff has put one of his prized hotels on the market.
The Meriton Group has listed the Meriton Suites in North Ryde, with around $150 million being tipped for the building that is the largest hotel complex in the Macquarie Park area.
The 199 unit block sits near competitors Travelodge, Holiday Inn, the Mercure and the Courtyard by Marriott.
Triguboff told The Australian that he is not getting enough apartment sales - just five last week - while looking to finance the construction of more Meriton apartments.
"If I want to build many units... that is why I'm selling," he said.
"The market is going down.
"Prices have gone down about 10 percent from the peak."
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/1/18/MERITON.jpg" alt="">
Triguboff however said he expected the market to find a level, noting the number of buyers failing to settle their purchase and the number of dropout, where buyers ask for a contract but do not proceed, had eased.
Jones Lang LaSalle Hotels agents Andrew Langsford and Craig Collins are marketing Meriton Suites North Ryde with expressions of interest set to close February 22.
It is believed Triguboff is considering listing another Meriton owned block, a 59 unit building in Rhodes.
The veteran property developer Harry Triguboff recently said many of his Chinese buyers "can't settle" on their off the plan apartment purchases.
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"And everyone thought that the Australian buyer would come in when the prices started coming down – they haven't – I knew they wouldn't."
"It's not bad, it's very bad," developer Harry Triguboff said in response to government taxes and credit restrictions on foreign buyer's residential property acquisitions.
A sharp drop in foreign buyers was detailed in the latest ANZ/Property Council of Australia survey of more than 1700 property professionals from across the industry.
"When we start saying that stamp duty for foreign buyers should be 12 per cent instead of 4 per cent, that is called stupid," Triguboff told The Australian Financial Review.
Triguboff said foreign buyer demand started to soften more than a year ago, with prices now going "lower and lower".
"Many of the Chinese can't settle. So now we have to resell them – there is another problem."
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Harry Triguboff says he's not selling enough

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The veteran property developer Harry Triguboff said many of his Chinese buyers "can't settle" on their off the plan apartment purchases.
"And everyone thought that the Australian buyer would come in when the prices started coming down – they haven't – I knew they wouldn't."
"It's not bad, it's very bad," developer Harry Triguboff said in response to government taxes and credit restrictions on foreign buyer's residential property acquisitions.
A sharp drop in foreign buyers was detailed in the latest ANZ/Property Council of Australia survey of more than 1700 property professionals from across the industry.
"When we start saying that stamp duty for foreign buyers should be 12 per cent instead of 4 per cent, that is called stupid," Triguboff told The Australian Financial Review.
Triguboff said foreign buyer demand started to soften more than a year ago, with prices now going "lower and lower".
"Many of the Chinese can't settle. So now we have to resell them – there is another problem."
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Last May Harry Triguboff, Australia’s biggest apartment developer, noted he was financing about $200 million mostly Chinese buyers of his apartments as China imposed tougher currency controls to get money out of the country. </div>
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<div class="related-quotes section">The ANZ/PCA survey reveals that over the past three months, total residential property sales to foreigners dropped in every state barring South Australia.</div>
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<div class="related-quotes section">Click here <a href="https://www.propertyobserver.com.au/images/2018/1/11/ANZ.jpg" target="_blank">to enlarge.</a>
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Foreign investment – states and territories and national Source: ANZ-Property Council 
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Local buyers are not buying apartments forfeited by Chinese buyers: Harry Triguboff

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The billionaire developer, Harry Triguboff, says unit sites have come down by about 10 per cent in price.
His Meriton Group has purchased a $25 million property at <a href="https://www.realestate.com.au/property/133-oriordan-st-mascot-nsw-2020" target="_blank">133 O’Riordan St, Mascot</a> near one of his other projects.
The site has been approved for a 99-unit development.
The purchase follows Meriton’s $245 million recent acquisition of an 11ha site near La Perouse in Sydney’s eastern suburbs.
“Unit sites have come down by about 10 per cent (in price),” Mr Triguboff told The Australian with the latest buy equating to about $2700 a sqm of gross floor area.
Sites could be purchased with approvals in place, so building could start quickly, he said.
Mr Triguboff noted the apartment boom had also attracted inexperienced developers to the market, who were now finding it tougher to get projects off the ground.
Earlier this month Mr Triguboff said he had cut his apartment prices by 5 percent.
the apartment market was worsening and would have a severe impact on the economy if it was not arrested.
While first-home buyers returned to the housing market after July on the back of state government grants, Mr Triguboff said this would not replace the loss of offshore and local investors and would result in less long-term rental stock being built. 
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Harry Triguboff adds another Mascot apartment project to his portfolio

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Meriton has been cutting its apartment prices and covering the stamp duty costs for buyers.
Its founder Harry Triguboff has advised he's been cutting prices by five per cent and covering the additional stamp duty costs for buyers of its apartments over the past year.
Triguboff says its had cost about 10 per cent of Meriton's $1.2 billion turnover.
"It may be too early to say," Mr Triguboff told The Australian Financial Review. "But if you take a turnover of $1.2 billion, then you take 10 per cent, it will cost $120 million."
Australia's fifth-largest developer had saved some revenue – about 2 per cent – by selling directly overseas and cutting out the sales agents.
Meriton has also spent about $300 million – up from the $200 million Mr Triguboff said in May he had lent – to finance predominantly Chinese buyers struggling to complete settlements
Last month, the HIA-Colorbond Steel Housing 100 annual ranking put Meriton in firth spot, down from third place the prior year with a total 2955 housing starts.  
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Harry Triguboff says he's cut apartment prices by 5 percent

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Harry Triguboff, Australia’s biggest builder of apartments, has hit out at hefty taxes levied on his apartment property empire, revealing to The Australian his Meriton group’s projects and its unit buyers paid about $650 million into federal, state and council coffers over the past financial year.
As NSW’s largest unit developer, Meriton’s many offshore buyers will be hit by a doubling of a tax surcharge targeting them from 4 to 8 per cent as Triguboff warns developers face the prospect of absorbing the tax hit themselves.
Triguboff, who is concerned about the broader effects of falling prices on the economy and the property sector, is fed up with the tax contribution both from his developments and the heavy levies on buyers.
Referring to his own bills, Triguboff said it was “one mighty big contribution from one man and one company".
“So why do governments make it so hard for Meriton and other major players who have track records, know what they are doing, and create thousands of jobs?”
“The more governments encourage developers, the key players in Australia’s biggest industry, the more dollars they’ll reap,” he said.
“It’s no good putting a foot on our throats and then wondering why the tax tills aren’t still loudly ringing.”
He revealed that last financial year, Meriton payments to the federal government via GST, company tax, and tax on employees totalled $295m.
The NSW government made $46.1m from stamp duty on property purchases by Meriton and from Meriton-related payroll tax.
Stamp duty paid by Meriton customers to Queensland and NSW totalled $83.6m. “Then there’s personal and company taxes, plus payroll tax, paid by our vast array of subcontractors. That comes in at well over $120 million.”
 
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Triguboff hits out at tax policies on apartment owners and developers 

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The apartment market slowdown is growing and is likely to hit the economy hard if not checked, says the country’s biggest apartment builder and BRW rich lister Harry Triguboff.
The Meriton Group founder said the number of new apartments sold had dropped and prices were down by 10 per cent over the past six months.
China’s restrictions on capital flows out of the country, tightening of lending by Australian banks to foreign investors and increased regulatory oversight is affecting the apartment market.
“The falling prices will have a big impact on the economy,” Triguboff told The Australian.
He called on the federal and state governments to review their policies on taxing foreign investors and to expand ­policies on accessing superannuation for housing.
While there was a increase in the number of first-home buyers during July on the back of state government grants to reach their highest level in four years, Triguboff said this would not replace the loss of offshore and local investors and would result in less long-term rental stock being built.
Triguboff owns 8,000 long- term rental and serviced apartments in Sydney, Brisbane and the Gold Coast.
Both the volume of apartment sales and prices were dropping as Sydney’s five-year housing boom cooled, but rents were still slowly rising, Triguboff said.
“The big question is whether the government will allow prices and volumes to go down before they start helping,” Triguboff said.
“Australians could lose an enormous amount of wealth.”
Slow wages growth, along with changing demographic trends where young ­people challenged by housing ­affordability were staying longer with their parents or were sharing, was also weighing on new construction, he said.
Encouraging people to move to capital cities other than Sydney and Melbourne would help ­affordability and national economic growth, he added.
“People want to live in big cities where there is more opportunity, more variety, more fun,” Triguboff said. But cities like Brisbane needed to attract more people to spur economic growth.
Despite the slowing market, Triguboff recently sold 1000 units and another 1000 will settle in the next few months.
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Slowing apartment market to hit economy, cautions Triguboff

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Sydney has averted a crisis of defaulting off the plan Chinese apartment buyers because of the lending role of property developer Harry Triguboff, according to commentator Robert Gottliebsen.  
 "The Australian banks are patting themselves on the back because very few of them have major exposures to the Chinese apartment purchasers in Melbourne and Sydney," he wrote in The Australian.
"In Sydney there would have been an enormous crisis with settlements by Chinese purchasers but for the “bank of Triguboff” which has loaned $280 million to Chinese buyers who otherwise couldn’t settle," he said.
But he added with the kind of exposure that major banks have to the residential property market, if a home building slump triggers a further price downturn via higher unemployment then the banks will face mortgage losses.
If prices do fall, it will allow first home buyers to get into the market but the economic impacts of the fall will work against the first homebuyer. 
A fall in the rate of home building has started and if it gathers pace, could have serious economic impact, according to the columnist.
The repercussions could be a rise in unemployment, defaults on bank mortgages and lower stamp duty for state governments.
“And all this is being brought about by a set of housing-boom nervous banking regulators who, if there is a slump in construction, are likely to face decisions they have never before encountered,” says Gottliebsen in The Australian.
But with the kind of exposure that major banks have to the residential property market, if a home building slump triggers a further price downturn via higher unemployment then the banks will face mortgage losses.
If prices do fall, it will allow first home buyers to get into the market but the economic impacts of the fall will work against the first homebuyer.
Gottliebsen advocates a greater efficiency in the development approval process, but says state governments won't change without a crisis. But such a crisis will take place if the rate of the rate of building declines sharply. State governments might then be forced to start to take the actions required to lower costs by streamlining the approval processes to enable first home buyers to get into the market.
Brisbane is leading the fall in construction, where the situation might become “quite ugly”, he writes.
In Sydney, Harry Triguboff says he expects apartment building rates to fall between 25 and 33 per cent over 12 to 18 months which, in anyone’s language, is a major decline.
Melbourne is mixed, with demand strong for apartments and houses in suburban and outer suburban areas including Geelong, but a glut in the inner city.
But despite the city’s apartment problems, planning regulations have changed and developers who don’t take advantage of their current permission will have to build under the new regulations, which will reduce the value of their property.
However, once Brisbane and Sydney building construction rates fall, Melbourne will follow, he says.
“I can’t recall such a widespread vigorous attack on any Australian industry, let alone one that has been driving the economy since the end of the mining boom.”
“The boom in inner city dwellings was created for the most part by Chinese demand. That demand has been hammered first by increasing regulations from China on taking money outside the country; second by the refusal of the Australian banks to fund the Chinese, and finally by a series of taxes and charges being imposed by state governments to make sure the Chinese feel unwelcome.”
Apartment demand from Chinese has now nearly halved, he noted adding local demand has risen but doesn’t offset the gap left by the Chinese. 
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Bank of Triguboff saved Sydney from enormous Chinese apartment buyer settlement crisis

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Billionaire developer Harry Triguboff has purchased an 11 hectare Little Bay Cove waterfront development in Sydney’s eastern suburbs for an estimated $245 million, according to reports.
The Australian reports Meriton Apartments Group has beaten Chinese developer Country Garden for the site near Sydney's La Perouse. 
Vendor TA Global Bhd has finished civil works and masterplan development consent, with several phases of development already under construction.
TA Global entered into a joint venture development deal with Charter Hall Group in 2010 for the project.
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Harry Triguboff

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