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

Industry News

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A Crown trademark dispute has flared between casino operator James Packer and property developer Iwan Sunito.
James Packer's Crown Resorts is seeking to have Crown Group Holdings barred from using trademarks such as Crown Apartments, Crown Towers and Crown Resort in marketing its apartment projects.
The paperwork was filed in the Federal Court on 30 January by Peter Chalk at Ashurst Australia.
The first hearing is 24 February before Justice John Griffiths.
<img src="/images/2015/02/11/corwn-logogs-feb-11-two.jpg" alt="">
Crown Resorts logo (left), Crown Group logo (upper right) with logo for Crown Apartments (lower right)
Packer is hopeful of undertaking its own apartment project as part of the proposed Crown Sydney hotel and casino development.
Iwan Sunito is CEO and 1996 co-founder of Australian property development company Crown Group. He started his own architecture firm in 1994 before forming Crown Group in 1996 with its first project in Bondi.
Crown Group has been awarded some of the industry’s top accolades including the 2014 Urban Development Institute of Australia (UDIA) NSW President's award, UDIA High Density development award and awards from the Master Builders Association, Housing Industry Australia and International Property Awards.
A Packer spokesman told The Australian Financial Review that Crown Resorts has become "increasingly concerned that Crown International Group is taking advantage of Crown Resorts' brands and reputation in its offerings of residential apartments, serviced apartments, hotel rooms and retail shopping.
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jchancellor-FAypfDUnLy

Watch the throne: James Packer v Iwan Sunito in Crown trademark dispute

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Residential property developer AVJennings Limited has achieved a strong profit result on increased revenue of $118.5 million, up 13.7% on the corresponding period.
Increased production levels in improving market conditions were the catalyst for the strong first half results. It has previously advised affordability is an ongoing challenge but has been assisted by the benign interest rate outlook for the foreseeable future, only moderate price growth on the urban fringe of most capital city markets and Government incentives. 
It has also recently noted strong interest in purchasing lot equivalents shown by third party builders and developers across the states. 
AVJennings Chairman Simon Cheong advised today he expects contract signings for the year ending 30 June 2015 in the range of 1,700 to 1,900 lots; previously to was 1,500 to 1,700 lots.
Highlights for the half year ended 31 December 2014 were: • Profit up 34.9% to $16.8 million before tax and $11.9 million after tax • Revenue up 13.7% to $118.5 million • Work in progress levels up 58% to 1,539 lots compared to 31 December 2013 levels • Settlements up 22% to 660 lots (contract signings higher at 872 lots)
AVJennings CEO Peter Summers said consumer confidence was highest in New South Wales, and that Sydney remained the strongest market in the country with a continuing supply shortage and strong demand. The Sydney strength was pushing through to the Central Coast market too.
“Demand in Brisbane continues to rise with positive knock-on to the Noosa, Caloundra and Coomera markets, which are now also firmly in recovery," said Summers.
"The Melbourne residential land market remains stable, with the company generally experiencing good demand on its projects in the east and north-east of the city.
"The South Australian residential market remains stable but subdued overall.”
Lots under development continued to grow reaching 1,539 (1,264 lots as at 30 June 2014 and 974 lots as at 31 December 2013), which Summers said is a key indicator of future positive performance. The level of completed unsold stock remains stable and low.
AVJennings controlled 9,418 lots at balance date.
It recently contracted to purchase two new land parcels at Cobbitty, New South Wales comprising approximately 227 lots contiguous with its <a href="https://www.avjennings.com.au/NSW/DevelopmentProfiles/Arcadian_Hills.aspx?ShowMap=true" target="_blank">existing</a><a href="https://www.avjennings.com.au/NSW/DevelopmentProfiles/Arcadian_Hills.aspx?ShowMap=true" target="_blank"> Arcadian Hills project</a> (pictured above).
Arcadian Hills' first residents movied in during October 2014 as stage one of the estate had nearly sold out and the release of stage two brought forward due to demand. 
Just two years ago it cut the value of its Cobbitty, NSW project where bureaucratic red tape had been costly on getting approvals at its then 43 hectares of residential-zoned land in Sydney's south-west, where it hoped 470 lots could be developed.
Peter Summers told AV Jennings shareholders that market fundamentals remained positive, with strong consumer confidence to transact in housing bolstered by low interest rates and inflation, underlying housing shortages in some markets (especially Sydney and Auckland), strong population growth and a stable domestic macroeconomic outlook over 2015-2016.
 
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AVJennings profits up so buys more land for house and land packages at Cobbitty Arcadian Hills 

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The Adelaide Crows have signed a four year partnership with The Domain Group, whom they thought was Australia’s largest real estate media business.
The Domain<a href="https://www.domain.com.au/"></a> Group’s logo will appear on the Club’s match day shorts and media backdrops.
The Domain Group, a division of Fairfax Ltd, rolled out its new Domain property guide delivered free to almost 75,000 Adelaide homes last spring in a hope of competing with the long established News Ltd local publications. REA runs realestate.com.au and is majority owned by News Corp, the publisher of The Advertiser, Sunday Mail and Messenger newspapers.
Domain will be second only to long-term major sponsor Toyota in the hierarchy of Crows’ corporate supporters.
<div class="story-hero">
<img src="https://www.afc.com.au/staticfile/AFL%20Tenant/AdelaideCrows/Images/EVEN0075_620x370_620X370.jpg" alt="EVEN0075_620x370_620X370.jpg" title="EVEN0075_620x370_620X370.jpg"> 
</div>
The Domain Group chief executive Antony Catalano - a Carlton supporter - said the business's aggressive push into South Australia was because South Australia had been a market that had "not been particularly well served by other media businesses".
Last year Domain Group approached local real estate agents to buy into their digital advertising joint venture.
Domain has also finalised a new partnership that will see Patersons Stadium renamed as Domain Stadium under three-year naming rights sponsorship.
It follows the expiry of the Patersons Securities naming rights partnership at the end of 2014 in their partnership with the WAFC.
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Fairfax's Domain to sponsor the Adelaide Crows

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Later this month BresicWhitney will be pioneering online auctions for an inner Sydney residential offering.
<a href="https://www.bresicwhitney.com.au/buy/77a-ryan-street-lilyfield-10366" target="_blank">It is a three bedroom Lilyfield listing</a> with $1.3 million plus hopes is being offered via <a href="https://exchangehouse.com.au/auction_details.php?name=&amp;auction_id=100579&amp;sesuburb=lilyfield" target="_blank">EXCHANGEHOUSE.COM.AU</a>. 
It is in Lilyfield's premier tree-lined cul-de-sac. It last sold in 2005 at $790,000.
There are currently five registered bidders watching the offering, on the Monday before its scheduled weekend wrap-up. The Opening Bid Call (OBC) is the price the auction will start bidding at within a reasonable range of the reserve. All bids are binding and any bid can be accepted. Under auction rules contracts are exchanged unconditionally with no cooling off period.
The online auction continues as long as bids are being made. It ends when a bid sits for a full 24 hours.
The bidding is scheduled to start at 11.15am, February 21 with bidders able to register to bid anytime before this date.
"I was approached by this client asking if I would be interested in representing them through this medium," BresicWhitney Balmain agent Adian Oddi told Property Observer.
"I was keen to do it, the online auction concept has obviously been incredibly successful for some time now.
"I was curious how this would translate to the real estate space.
"So far so good, it's only early days however were expecting our first bid in the next couple of days.
"If wait to the last second to bid, the deadline will be extended by another 24 hours."
To data most online auctions have been rural, rather than in the heart of onsite auction territory.
Buyers have up to 24hrs to increase on each bid.
It is marketed to potential online vendors as saving on auctioneers fee, costing only $395 to list. There is currently a free offer.
"Why spend thousands of dollars and weeks of time on a marketing campaign to then rush a 5min auction to a limited audience?" Exchangehouse suggests.
Exchangehouse, for owners to list their properties via their agent, has been developed over the last three years by Mark Jamieson, a property executive with over 15 years industry experience and Jonathan Elepano, an IT expert with over 20 years experience in the technology sector.
Jonathan Elepano is the vendor of the Lilyfield offering. 
The following conditions are applicable to the sale by auction of residential property or rural land by Exchangehouse:
<div title="Page 3"><ol>
<li>The Principal’s (Seller) reserve price has been provided, in writing, to Exchangehouse (the Auctioneer) for all properties listed and before bidding commences,</li>
<li>The highest bidder is the Purchaser, subject to any reserve price,</li>
<li>In the event of a disputed bid, Exchangehouse is the sole arbitrator and its decision is final,</li>
<li>Exchangehouse may refuse to accept any bid that, in its opinion, is not in the best interests of the Seller,</li>
<li>A bidder is taken to be the Purchaser unless, before bidding, the bidder provides Exchangehouse (via upload) with a full copy of a written authority to bid for or on behalf of another person,</li>
<li>A bid cannot be made or accepted after the auction closes,</li>
<li>As soon as practicable after the auction closes, Exchangehouse will sign the contract for sale. The Purchaser gives their express and unconditional consent to Exchangehouse to sign the contract on their behalf and exchange,</li>
<li>In this event, the Purchaser will take immediate action to pay the required deposit (to the deposit holder as per the contract) no later than 48 hours after the close of the auction,</li>
<li>All bidders must be registered in the Exchangehouse Bidders Record for the specific property, before being able to place a bid,</li>
<li>Exchangehouse DOES NOT facilitate vendor bids, except where; - A Vendor may bid more than once to purchase the interest of a co-owner, or - A bid by or on behalf of an executor or administrator to purchase in that capacity 
</li>
<li>Exchangehouse advises that bids to purchase the interests of another co-owner or to purchase as executor or administrator, may be made by or on behalf of the Seller,</li>
<li>In this event, Exchangehouse will clearly indicate and label any bid/s that are made by a co-owner, executor or administrator or any person registered to bid on behalf of any co-owner, executor or administrator. </li>
</ol></div>
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BresicWhitney pioneering online auctions in inner Sydney onsite heartland

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The online real estate company, REA Group, which is majority-owned by Rupert Murdoch's News Corporation, has posted a 34% rise in net profit to $94.7 million.
Revenues rose 25% to $261.5 million, with the strong performance in the Australian residential market, where revenue rose 30% to $15.4 million, for the six months to 31 December.
Australia remained the primary revenue driver for the business, delivering 90% of the group’s revenue.
Chief executive Tracey Fellows said REA had extended its lead over its nearest competitor, Fairfax Media Domain in both number of site visits and time spent on site, which sits at almost seven minutes. 
<a href="/images/2015/02/06/rea-feb-6-one.jpg" target="_blank"><img src="/images/2015/02/06/rea-feb-6-one.jpg" alt=""></a>
But its total listings are down.
There was an increase in the number of Australian agent customer offices by 5% to 9,664 in December 2014.
<a href="/images/2015/02/06/rea-feb-6-two.jpg" target="_blank"><img src="/images/2015/02/06/rea-feb-6-two.jpg" alt=""></a>
The average monthly revenue per agent (ARPA) grew by 22% to $3,046.
Residential new-buy listings decreased 4% half on half. 
The combined Australian sites realestate.com.au, realcommercial.com.au and property.com.au attracted average monthly visits of 44.6 million during the half-year, growing by 12% compared to the prior half-year.
Mobile site and app combined visits grew by 15% to 19.8 million average monthly visits with mobile site traffic increasing 59% to 9.7 million average monthly visits for the half-year period.
The average monthly visits for realestate.com.au’s combined main and mobile sites outperformed the nearest competitor site by 3.3 times, the report advised.
The average monthly total time on site for realestate.com.au’s main and mobile sites for the half-year was 230.4 million minutes extending our lead against our nearest competitor by 30% and outperforming by 5.6 times.
REA's shares finished four% higher yesterday at $51.28.
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REA revenues up 30% in Australia despite listings decrease

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Former Victorian government planning minister and AFL footballer Justin Madden has joined engineering consultancy Arup's Melbourne office as a senior consultant.
 "Justin brings with him significant experience and understanding of theareas of strategic project delivery and planning for major infrastructureand building projects," Arup's Melbourne office leader Joseph Correnza told Fairfax Media.
Based in Victoria, Madden's focus includes the ongoing development of the local built environment, working with public and private sector clients in helping deliver their project outcomes. 
Madden's career includes 15 years in the Victorian Parliament, having held seven ministerial portfolios within successive Victorian labor governments across 11 years. Prior to his parliamentary career, Madden held the role of president of the AFL Players Association during an AFL career totalling 332 AFL games with both Carlton and Essendon football clubs. 
Madden is also a registered architect.
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Architect Justin Madden joins Arup engineering consultancy

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Two of Melbourne’s leading commercial agencies - Teska Carson and Kliger Wood - have merged businesses.
The agencies have a combined 100 years experience in the Melbourne market, Kliger Wood having been founded in 1938 and Teska Carson 25 years ago.
The new entity will have management of several thousand Melbourne rental properties.
Teska Carson founding director, Ion Teska said its personalised, hands-on approach for its clients would continue.
Kliger Wood’s managing Director, Barry Novy noted the similarities in client base and professional approach. 
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Teska Carson and Kliger Wood agencies merge in Melbourne

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If it happens, the sale of Harry Triguboff’s Meriton empire will probably stand forever as the biggest residential property deal in Australia, and make the the 81-year-old billionaire the richest person in Australia.
Gina Rinehart’s wealth, which <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.brw.com.au%2fp%2flists%2frich-200%2f2014%2fbrw_rich_list_gina_rinehart_m7ycsmzbKAfToPc7CQvJ5N" target="_blank">BRW reckoned was $22 billion in June</a>, is plunging in line with iron ore prices. Her ongoing family lawsuit, the cost of building her Roy Hill mine in the Pilbara, and non-receipt of half a billion dollars from the sale of her Galilee Basin coal interests aren’t helping her fortunes. Only yesterday America's <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.forbes.com%2fprofile%2fgina-rinehart%2f" target="_blank">Forbes magazine cut her estimated wealth</a> from US$18 to US$12 billion -- still enough to put Rinehart at the top of its list of the 50 richest Australians, but she's clearly peaked.
Triguboff, on the other hand, is on the rise thanks to booming property prices in Meriton's three key markets -- Sydney, Brisbane and the Gold Coast. BRW's Rich List <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.brw.com.au%2fp%2flists%2frich-200%2f2014%2fbrw_rich_list_harry_triguboff_eDO3uvrTTyl8oEGGsqxV4N" target="_blank">put his fortune at $5.5 billion</a>, and Forbes <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.forbes.com%2fprofile%2fharry-triguboff%2f" target="_blank">now ranks him as the second-richest Australian</a> after Rinehart, worth US$5.6 billion (up from US$4.3billion a year ago), trumping Frank Lowy and James Packer.
Triguboff's wealth is in Meriton, his privately owned apartment developer he built from scratch and owns outright. Triguboff, still hands-on, is well past the usual retirement age and has no clear succession plan.
Notwithstanding awards including his AO, colour always surrounds Triguboff, an imposing figure famous for blueing endlessly with tough Sydney lord mayors like Frank Sartor and Clover Moore, and near-constant controversy <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.smh.com.au%2fbusiness%2fproperty%2fmeritons-war-of-world-tower-20130104-2c8xn" target="_blank">over building and design quality</a>, Meriton's practice of vendor-financing and <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fgoddardsolicitors.com.au%2fmedia%2ffeud-hangs-regis-towers%2f" target="_blank">warring for control of bodies corporate</a>, and on and on. In one <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.smh.com.au%2farticles%2f2004%2f11%2f06%2f1099547432537%3ffrom%3dstorylhs" target="_blank">2004 case </a>Triguboff and his wife, Rhonda, were dragged before the Residential Tenancies Tribunal and ordered to pay almost $3,000 compensation to two of their tenants for failing to fix an oven in a Bondi Junction flat.
That 50-year career comes to a head with the touted sale of Meriton -- named after the street in Gladesville, in Sydney's inner-west, where Triguboff pulled off one of his earliest successful unit developments in the '60s.
Triguboff has been talking about selling Meriton for almost a year, most often to a mooted Chinese buyer like huge developer Country Garden, but no investment bank has been appointed to conduct a formal sale price, fueling scepticism in the market that a deal is even happening.
And as Jonathan Chancellor has <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.propertyobserver.com.au%2fforward-planning%2finvestment-strategy%2fproperty-news-and-insights%2f39600-harry-triguboff-s-hopes-hit-15-billion-for-meriton" target="_blank">pointed out</a>, the asking price keeps going up, from <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.afr.com%2fp%2fbusiness%2frich_lister_harry_triguboff_mulls_dMyzinTOaL5wJ60cTWElzI" target="_blank">$6 billion in April 2014</a> (although that was just the development business) to <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.propertyobserver.com.au%2fforward-planning%2finvestment-strategy%2fproperty-news-and-insights%2f37329-meriton-s-harry-triguboff-says-10-billion-is-his-asking-price" target="_blank">$10 billion by October</a>, to $12 billion then -– in an interview with <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.theaustralian.com.au%2fbusiness%2fharry-triguboff-wild-about-a-15bn-deal-on-meriton%2fstory-e6frg8zx-1227197593769" target="_blank">The Australian this week</a> -- the eye-popping figure of $15 billion.
That asking price would make Meriton worth more than listed developers like Mirvac, which has a market capitalisation of $7 billion (a multiple of 15 times next year's expected earnings), Lend Lease (capped at $9 billion or 14 times forward earnings) or Stockland ($10 billion capitalisation, or 16 times earnings). None of these are directly comparable to Meriton, however.
Just before Christmas, for the first time in its history, Meriton <a href="https://mail.privatemedia.com.au/owa/14.3.181.6/scripts/premium/redir.aspx?C=6Vuz3msqDUSirtnFTsQa2bZBHyilENII1T2qCVyKyyrj6xxQrqmi-0DoOY6coE1pjaWiB7KZWMQ.&amp;URL=http%3a%2f%2fwww.meriton.com.au%2fblog%2fmeriton-the-year-in-review%2f" target="_blank">put a value</a> on its net property assets including the thousands of apartments it owns, claiming they had leapt in value 21% from $6.1 billion to $7.4 billion in 2014. Meriton also said an external valuation by Grant Samuel (not released) suggested that the whole company was worth between $10 billion and $12 billion when recurring income was taken into account.
There is no way to verify these figures: Triguboff controls the Meriton empire through shareholdings in 10 private companies and dozens of directorships. He would not be interviewed for this story or respond to written questions, but company insiders told Crikey that Triguboff was in no hurry to sell Meriton, and if he were to sell, he would not split the company.
On the one hand, even as some of the froth comes out of housing markets, Triguboff is clearly hoping to get out at the top. On the other hand, the rapidly depreciating currency is making Meriton more attractive to an overseas purchaser.
Morningstar head of property research Tony Sherlock said that, accepting Meriton's stated $7.4 billion net asset value, a rough valuation of the whole business at $10 billion could be supportable, based on a set of plausible assumptions about the development business -- a 15% profit margin on sale of 3,000 units a year worth $600,000 each on average, less 30% tax, creates after-tax profits of $189 million per annum, which, at an earnings multiple of 12-14x, would value the development business at $2.3 billion to $2.6 billion. Whether those numbers are sustainable is anyone's guess.
Based simply on the numbers that have been canvassed publicly, Sherlock says, there will be "no interest at $15 billion, casual whiffs at $10 billion, and strong interest at $8 billion".
Sherlock does not think a sale will happen: "From a risk perspective an overseas buyer would feel more comfortable with the Australian dollar at 75c than 100c. But I think a lot of people think property is expensive, so why would you be rushing in to buy expensive assets? People want some value on the table, but at $15 billion, I think he's leaving none."
This article first appeared on <a href="https://www.crikey.com.au/" target="_blank">Crikey</a>.
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How much is Meriton really worth? Harry Triguboff's sale price possibilities

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The media tycoon Rupert Murdoch spoke overnight at Inman's Real Estate Connect New York conference seeking to allay US real estate agents' concerns. 
Murdoch said realtor.com’s close relationship with real estate agents and the National Association of Realtors was one of the primary reasons News Corp bought Move instead of Zillow or Trulia.
The quality of realtor.com’s audience and the accuracy of its listings were also unique draws, he said.
Murdoch sought to assure real estate agents that Move will keep their interests at heart in its push to regain ground on Zillow and Trulia.
“There’s no digital substitute for the human touch,” he said, citing real estate agent’s local expertise, vendor networks and bargaining skills as crucial benefits to homebuyers and sellers.
Murdoch said realtor.com had absolutely no intention of replacing real estate agents.
Inmann reported he said Move is not going to adopt the business model of REA, an Australian listing portal majority owned by News Corp., which charges real estate agents to list properties.
“We understand this is a different business model, absolutely,” Murdoch said of the cooperative brokerage model in place in the U.S.
To grow realtor.com, Murdoch said Move will first focus on building a better product that is “absolutely friendlier to agents”.
Then the plan is to “get out and market it hard”, he said.
Rival Zillow CEO Spencer Rascoff has previously <a href="https://www.inman.com/2014/10/02/zillow-ceo-says-realtor-com-is-now-rupert-com/" target="_blank">told Mad Money’s Jim Cramer</a> that following the News Corp acquisition, realtor.com is now “rupert.com”.
“I think what it means is realtor.com is no longer the realtor’s website,” Rascoff said at the time. 
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REA model not for realtor.com: Rupert Murdoch tells Inman

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<a href="https://www.forbes.com/profile/harry-triguboff/" target="_blank">Forbes</a> has estimated property developer Harry Triguboff's net worth at US$5.6 billion (A$7.1 billion).
The result puts the Meriton founder second on Forbes' list, but he remains a fair way behind mining magnate Gina Rinehart, whose wealth is valued at US$11.7 billion (A$15 billion).
This year, Triguboff had the greatest gain of anyone on Forbes' 50 Richest Australians list, with their estimate jumping US$1.3 billion (A$1.67 billion) over twelve months. The rise is attributed in part to the interest in new Australian property from Chinese buyers, but the end figure itself was most likely taken from speculation around the sale of Meriton, which <a href="/news/harry-triguboffs-hopes-hit-15-billion-for-meriton">Triguboff recently priced at A$15 billion</a> (US$11.65 billion).
Long time BRW Rich Lister Maurice Alter, of Pacific Shopping Centres, was named a billionaire by Forbes for the first time, with an estimated net worth of US$1.3 billion (A$1.67 billion). Another shopping centre mogul, John Gandel is valued by Forbes at U$3.6 billion (A$4.6 billion).
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