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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Greg Paramor, managing director of Folkestone and chairman of LJ Hooker, received an Australia Day 2015 award. He was among several senior property industry recipients.
Paramor's recognition follows involvement with charities including the National Breast Cancer Foundation and the Garvan Institute of Medical Research.
After being made an Officer of the Order of Australia for distinguished service to the community across these roles and including his sport, real estate and property investment industry involvement, Paramor said it is wonderful work that the research scientists carry out.
"They don't measure their success in dollars but in the outcome for humanity," he told Fairfax Media.
He is the Property Industry Foundation's ambassador, a charity that assists homeless youth.
Brian White got his recognition, some 113 years after the Ray White estate agency was established.
The Ray White Group is still a family business, ­across nine countries, turning over more than $27 billion each year.
His sons Sam, Dan and Ben are members of the management team.
White has been appointed an Officer of the Order of Australia for distinguished service to business through leadership in the real estate, professional services and property industries. He has also been honoured in the arts as a ­patron having supported the Queensland Art Gallery, the Sydney Symphony Orchestra and sat on the board of the Queensland Philharmonic Orchestra. 
“Often people say start a family business and then you sell it," he told Fairfax.
"The joy I’ve got most is seeing my sons embrace the values that were part of the establishment of the business all those years ago.”
Bill Moss, who retired from Macquarie Bank's head of property and development, in 2007 redirected his efforts into disability advocacy, founding the FSHD Global Research Foundation in 2007.
Moss has been made an Officer of the Order of Australia for his distinguished service to the community, especially in the area of disability advocacy.
He wrote an autobiography and continues to prospect great property opportunities.
The philanthropic Lang Walker, the benefactor of the Lang and Sue Walker Centre for Hearing Research among many other worthy causes, was awarded an Order of Australia this year.
He established Walker Corporation in 1972, with projects along the way including the Wharf at Woolloomooloo.
Marcus Besen, the executive chairman of the Highpoint Property Group, since 2004, received his AC award for service to the visual and performing arts as a leading benefactor and supporter, through philanthropic contributions to a range of social welfare, community health, educational and youth initiatives, and to business.
Highpoint Property Group supports a range of Indigenous and youth welfare projects.
The Melbourne based Besen AO was one of only five people named a Companion in the General Division of the Order of Australia.
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jchancellor-FAypfDUnLy

Property big guns - Paramor, Moss, Besen, White and Walker - get Australia Day recognition

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Hudson Investment Group Limited has appointment Alan Beasley as its managing director.
Beasley is a former vice president of Bankers Trust Australia for 13 years and more recently served Goldman Sachs Australia, Massachusetts Investment Advisors, and BNP Paribas as country head and managing director of the Asset Management businesses.
Hudson Investment Group Limited (HGL) is engaged in investment, management and development of commercial properties in Australia.
HGL manages and develops properties in Australia, including a factory and office complex at Warnervale and a Sydney car park owned by Hudson Property Trust (HGL’s 100% subsidiary).
The Warnervale 44.5 hectare site on the NSW Central Coast is partially leased to Bunnings Group Limited.
The company’s commercial car park located at Hudson House, 131 Macquarie Street in Sydney’s CBD is a prime asset catering for nearby hotels, including the Intercontinental Hotel, Sofitel Wentworth and Sir Stamford), Conservatorium of Music and Medical and Dental centres. 
The car park is managed by Secure Parking Pty Ltd. 
It also processes and distributes attapulgite based products and also manufactures specality absorbent products for waste water application, explores coal tenements and involved in resource projects through Hudson Resources.
Juliana Tan has advised the company of her resignation as a director, but will provide advisory services to the company.
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Juliana Tan previously worked for PriceWaterhouse Coopers as a Chartered Accountant. She has been with the company since 2003. 
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Last September Hudson Investment Group reported net loss of $11 million for the half-year ended 30 June 2014.
Revenue from ordinary activities were $6.83 million, up 1.44% annually. 
Late last year Hudson Investment Group advised that it will implement a share purchase plan offering eligible shareholders the opportunity to purchase shares in HGL without brokerage or other related charges. The offer price is 4 cents per share, rounded up to the nearest one tenth of one cent.
It was in the early 2000s when John Farey became executive chairman of Hudson Investment Group.
Bruce McLeod was another past managing director.
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Hudson Investment appoint Alan Beasley as managing director

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AMP Capital has announced the retirement of its longest serving fund manager, Louise Joslin.
The fund manager of the AMP Capital Diversified Property Fund (ADPF) will retire mid-2015 after a 34-year career in the property industry including 20 years at AMP Capital. 
It is anticipated Joslin will work with her successor to effect a seamless transition.
Joining in 1995, Joslin’s time with AMP Capital includes nine years as fund manager of the flagship Australian Core Property Portfolio and in late 2014 she was integral to the acquisition of $4 billion of assets by ADPF and a successful capital raising by the Fund. 
She is a former director and NSW president of the Property Council of Australia. She was in the late 1980s a Raine and Horne Commercial associate director. 
One of the largest, unlisted property funds in the country, ADPF has total assets of $4 billion with 18 assets aross the Australian office, retail and industrial property sectors, as well as units in the AMP Capital Shopping Centre Fund and AMP Capital Wholesale Office Fund. 
This includes the newly-developed Macquarie Centre in Sydney, Pacific Fair on Queensland’s Gold Coast, which is currently undergoing significant re-development, and potential developments at Garden City Booragoon in Western Australia and Quay Quarter Sydney.
Last year AMP Capital announced the retirement of another one of the longest-serving members of its leadership team: the director and chief investment officer, property, Andrew Bird.
Andrew Bird will retire this year after a 37-year career in the property industry in the UK and Asia Pacific. He has been responsible for AMP Capital’s property investment and management business since 2004. Mr Bird will be replaced by Adam Tindall, who has been promoted from his current role of Chief Operating Officer, Property.
 
 
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Fund manager Louise Joslin retiring from AMP Capital

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Hodges Real Estate has launched their 12th office, in Ascot Value, this month. This will be the agency’s first foray into Melbourne’s inner north-western suburbs.
Typically considered specialists of Bayside, they are looking to focus on other areas of Melbourne with 2015 expected to be a bullish year of opening offices.
Director of Hodges Real Estate, Campbell Cooney, said that they have collectively over 150 years’ of real estate experience in Melbourne’s south and now want to replicate this success. Hodges Real Estate was founded in 1856.
“We have an aggressive growth strategy in place; the unveiling of Hodges Ascot Vale stands as a testament to this,” said Cooney.
The new Ascot Vale office was formerly Geoff Green Real Estate. It will be led by Aaron Leask and Adam Hicks, both locals in the area.
“Being a boutique agency, Geoff Green Real Estate had similar values to Hodges so we saw great value in turning the business into a Hodges franchise. By combining our passion and drive for the local area, with Hodges’ reputation and business acumen, we can rest assured that we have a recipe for a successful future,” said Hicks.
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jduke-EHk3XBmHkn

Hodges Real Estate launches in Melbourne’s north-west

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Arnold Schwarzenegger has been booked to speak in Brisbane at a real estate sales summit.
The Hollywood star will speak at a <a href="https://qreas.com.au" target="_blank">motivational conference</a> in March organised by marketeer, Glenn Twiddle.
He was the face of a recent realestate.com.au 'Australia Lives Here' campaign.
Twiddle says tickets start at $199 for the 16-17 March event.
Twiddle is a former real estate sales agent turned REIQ instructor
"My ultimate goal was to get Arnold Schwarzenegger to come and speak at one of my conferences," he told the local News Ltd paper.
He says he’ll “break even” if he sells 1,000 tickets.
Tom Panos, Amber Werschon and Dane Atherton rank among the summit's other speakers.
Photo courtesy of Wikimedia Commons. 
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Arnold Schwarzenegger to headline Brisbane real estate agents conference

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Domain chief executive Antony Catalano has again dismissed talk of Fairfax Media spinning off its property business.
Fairfax has now gained full control of Metro Media Publishing Holdings (MMP), <a href="/news/fairfax-media-pays-72-million-to-buy-back-its-melbourne-real-estate-ad-revenues">acquiring for $72 million the 50% that it did not own</a>. 
Catalano said beefing up the real estate business did not mean Fairfax was preparing to float or sell Domain.
"It's not part of my strategy, which is to grow the business," he told Fairfax Media.
"Floating the business is not a consideration."
Catalano suggested, without detail, that Domain was trailing REA in only two states, Queensland and Victoria.
Fairfax Media chief executive Greg Hywood said the consolidation of the balance of the equity in MMP simplified the operations of its property services businesses, which have more than $300 million in real estate revenue.
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Domain won't be floating says Catalano

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Fairfax Media has finally moved to take full control of the Melbourne regional newspaper publisher, Metro Media Publishing (MMP), announcing it will buy the remaining 50% interest held by the business's foundation shareholders for $72 million.
It will pay $18.5 million in cash and issue about 68.5 million new shares at $0.78 each to acquire the interest.
Metro Media is majority owner of 15 weekly real estate and lifestyle-focused magazines and newspapers in Victoria and online property site, reviewproperty.com.au.
MMP launched the Weekly Review in April 2010, with estimates the glossy magazine took about $20 million in real estate advertising from Fairfax given backing from estate agents in Melbourne’s wealthy eastern suburbs.
The co-shareholders in the businesses are mostly real estate agents who have financial interests via Metro Media's equity structure.
Antony Catalano, founder of Metro Media, will remain chief executive of Fairfax's Domain Group property advertising unit and will have responsibility for the Metro Media operations, the company said. Antony Catalano and five management staff have all agreed to swap their equity in MMP for equity in Fairfax, MMP spokesperson John Hine advised.
Domain Group has been tipped to be floated, in whole or part, by market analysts since it became a standalone unit at Fairfax Media.
The market had anticipated the MMP buyback with estimates it would be at around $75 million.
At a June 2013 investor briefing in June, Fairfax revealed Domain had recorded revenue of $141 million in 2012-13 and earnings before interest, tax, depreciation and amortisation of $45 million. MMP contributed $81 million to the company’s real estate advertising and services business.
“Since we formed the MMP joint venture in December 2011 EBITDA has increased from $4 million in FY12 to $14 million in FY14 and is on target for strong growth in FY15," Fairfax advised today.
Fairfax Media have now spent around $175 million buying back its property advertising revenues from renegade Melbourne newspaper groups in the past 12 years.
It spent $35 million in 2011 for its initial 50% stake in MMP.
It also paid around $65 million in 2003/2004 to secure the rival publicly listed Text Media operations - whose publications included the glossy suburban newspaper The Melbourne Weekly - in a bid to shore up its classified advertising base.
"We believe this transaction will effectively mitigate the erosion of Fairfax's existing share of the Melbourne real estate listings," ABN Amro analyst Peter Shorthouse said in 2003.
Fairfax, publisher of The Australian Financial Review, The Sydney Morning Herald and The Age, said today's MMP decision highlighted its real estate advertising arm, Domain continuing its “aggressive national expansion”.
It noted MMP reaches 1 million households in Melbourne and Geelong every week via The Weekly Review magazines and Star Weekly newspapers and operates Melbourne’s fastest-growing property portal, reviewproperty.com.au.
“The consolidation of the balance of the equity in MMPH simplifies the operations of our fast-growing property services businesses, which have more than $300 million in real estate revenue,” said Fairfax chief executive Greg Hywood in a statement to the ASX this morning.
The value of the Fairfax shares to be issued is set at 78¢ per share, which is the 45-day, volume-weighted average price of Fairfax shares up to December 31, 2014. Based on that share price, total consideration is $72 million, including $18.5 million in cash.
The Fairfax shares will be issued after the release of the Fairfax half-year 2015 results in mid February.
MMP’s founding real estate agent shareholders will take 65% of their consideration in Fairfax shares.
Fairfax will issue approximately 68.5 million new Fairfax shares as part of this transaction. Post this share issue the MMPH foundation shareholders will together hold approximately 2.8% of Fairfax’s total shares on issue. 
The value of the Fairfax shares to be issued is set at 78¢ per share, which is the 45-day, volume-weighted average price of Fairfax shares up to 31 December, 2014.
The Fairfax shares will be issued after the release of the Fairfax half-year 2015 results in mid February.
“In a little over four years, hundreds of agents across Victoria in partnership with MMP have created for themselves a very substantial financial interest through their shareholdings in the MMP Group," MMP chairman, Charbel Nader said.
The AFR's Streettalk column suggested Kay &amp; Burton, Jellis Craig, ­Marshall White and Bennison Mackinnon, who were founding investors in Metro Media Publishing Holdings, each put $200,000 into the business in 2010 and have realised about $22 million in equity and cash, not including dividends.
There were numerous additions and changes in shareholdings over the years, but estate agents and estate agencies with shareholdings, of various types and various beneficial and non-benefcial holdings at times since 2010, have included Williams &amp; Co, Leigh and Valerie Hallamore, Abercromby's, Russell Turner, Gavin and Carol Fallon, Fletchers and Parker Holdings, Jeremy Fox, Thomas Buxton and Garry Quinton, Noel Jones (Glen Iris), Noel Jones (Kew), Mike Nolan's Rathnol Pty Ltd, Walker Real Estate, McLaren Real Estate Kew, Geoffrey Hall's Popes Eyes Investments, Christopher and Susan Ewart, David Gillham's Shark Cat Enterprises Pty Ltd, and Rodney Morley Persichetti.
Fendus Nominees, Duroc Pty Ltd, Zerley Pty Ltd, Parkeredis Balwyn Pty Ltd and 8 Figures Pty Ltd Hampton have ranked amid the shareholders too.
Kay &amp; Burton industry veteran Gerald Delany was a foundation director, with foundation company secretary being Norman Draper, the senior partner of the accounting firm Lawler Draper Dillon.
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Fairfax Media pays $72 million to buy back its Melbourne real estate ad revenues

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Harcourts’ latest addition, Harcourts Carlingford, was opened last week by owner Andrew Magro.
Magro, who has been working in the Carlingford area for 14 years, said that it’s nice to be known locally and expressed his enjoyment with the area where he started out putting up for sale signs, making coffee and answering the phones.
“I basically watched and learnt from my peers, I immediately grew a strong interest and passion for the real estate industry and I knew then I wanted to be the best at what I do and thrive on customer satisfaction,” he said.
“Real estate isn’t only about making a sale, it’s about building relationships with people which I love to do,” said Magro.
Joining Harcourts Group Australia due to a desire to own his real estate office, he chose the brand after having been involved with Harcourts Hills Living when looking to buy a property.
“I immediately fell in love with the Harcourts system, their operations and most of all, the blue stripes,” he said.
“My motivation was real estate agent, Jamie Benjamin and his performance, not only selling properties but in the way it was actually performed.”
He also aligns with the ‘Harcourts values’, putting people first and giving them the time they need, which he intends to continue at his new 5/326 Pennant Hills Road office.
“I believe the difference I have to offer is quality of service, not quantity. People deserve nothing but the best of service, all the time,” he said.
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New agency Harcourts Carlingford launched 

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Husband and wife duo team Sam and Phil Hargrave have launched a new agency in Queensland's Pomona hinterland: Hargrave Real Estate.
Sam has worked in the area since 2003 and has 25 years of real estate experience, having begun her career in Sydney's Lower North Shore luxury real estate market in 1990. The couple moved to Noosa hinterland in 2003.
Launching in December 2014, Sam Hargrave also made the CoreLogic RP Data 'A List', recognising the top 150 real estate performers in Queensland.
Emily Kindred, A-List spokeswoman, said that the list recognises professionalism, enthusiasm, skill, drive, passion and personality.
Phil Hargrave, principal of the agency, recognised the boost of confidence the award provided them to start their own business.
"Phil and I will use the best of our combined knowledge to present clients with a reasoned perspective and stress-free experience when listing, marketing, and selling their home," she said.
"It is my knowledge, experience and personal service, combined with a relentless energy and enthusiasm that will give you the advantage when buying and selling your home."
They service Pomona, Cooran, Cootharaba, Boreen Point, Cooroy and Lake Macdonald.
Hargrave Real Estate service Pomona; Cooran; Cootharaba; Boreen Point; Cooroy and Lake Macdonald.
 
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Hargrave Real Estate opened in Queensland’s Pomona hinterland

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Banker Jon Sutton has been appointed the new chief executive of Bank of Queensland (BOQ).
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Sutton, who joined BOQ in 2012, has been acting chief executive since the departure of Stuart Grimshaw in September last year. Sutton was previously BOQ’s chief operating officer.
He has more than two decades experience in banking and prior to BOQ was the managing director of Bankwest. 
Before that he was executive general manager of Commonwealth Bank Agribusiness.  
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The Bank of Queensland chief executive Stuart Grimshaw resigned to pursue a non-banking opportunity outside Australia at a small financial services company in the United States, the NASDAQ listed Ezcorp which owns the Cash Converters franchise. It also has outlets in Mexico through Grupo Finmark and the UK through Cash Genie.
The bank chairman Roger Davis said the board was disappointed at Grimshaw's departure. Grimshaw had joined BOQ in November 2011, succeeding David Liddy, who had been the chief since April 2001.
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The bank is one of the oldest financial institutions in Queensland, with a network of around 270 branches, including 152 in Queensland, 52 in New South Wales, 23 in Victoria and 34 in Western Australia.
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