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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South Chinese developer Shunlide Group’s Australian offshoot, Surewin Pty Ltd, are set to build 62 new apartments in Ashfield in the company's first Australian project.
Marketed as <a href="https://www.onevictoriastreet.com.au" target="_blank">One Victoria</a>, the development is located on 2,958 square metre land surplus to the Wests Ashfield Leagues Club at 1 Victoria Street.
General manager of Surewin Australia Edward Cheung said that it took them five years to acquire the site.
“We selected international-class firms to partner with, and we’ve worked closely with the local council to ensure the apartments provide the prime living environment for the suburb yet still maintain realistic prices,” he said.
The six-storey building will see upper level apartments with views to the Sydney CBD to the east and Chatswood to the north.
<img src="/images/2014/10/24/Ashfield%20cutaway.jpg" alt="">
Ray White Erskineville’s Peter Shield expects a high level of demand.
“Ashfield is a naturally beautiful suburb surrounded by parklands and recreational attractions, and very convenient to the Sydney CBD via rail, bus or car,” said Shield.
“Surprisingly though, Ashfield has been largely neglected by quality developers, and apartments here have been primarily built to a price for investors.”
He notes that their research has found subdued median prices in <a href="/news">Ashfield</a> as a result, with the median sitting at $590,000, compared to <a href="/news">Summer Hill</a>’s $650,000, <a href="/news">Croydon</a>’s $667,000 and <a href="/news">Five Dock</a>’s $735,000.
“The apartments are 15% larger than Ashfield’s average, and all have at least one secure car space,” he said.
There are three studios available, at 44 square metres internally plus external space of up to 19 square metres, from $545,000.
<img src="/images/2014/10/24/Ashfield%20interior.jpg" alt="">
A further 14 one bedroom apartments from 52 to 58 square metres internally and external space spanning up to 21 square metres are priced from $595,000 upwards.
Two bedrooms, with the most options at 33 apartments, span from 81 to 95 square metres and the externals range up to 99 square metres. They are priced from $755,000.
Finally, there are 12 three bedroom options that are available from $995,000. They span 115 to 129 square metres with externals up to 96 square metres.
Each apartment comes with a 5.5 metre storage cage in the basement. There are 80 car spaces in the development.
<img src="/images/2014/10/24/Ashfield%20kitchen.jpg" alt="">
One Victoria is being designed by Nettleton Tribe, with a third of the site to be landscaping and communal space, with a central courtyard for residents.
Body corporate levies have been estimated at $600 per quarter for one bedroom apartments, $800 for two bedroom apartments and $1,100 for three bedroom apartments. Strata Choice came up with the estimations.
Deicorp is constructing the development, and work is scheduled for early-2015.
The expected completion date currently sits in mid-2016.
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jduke-EHk3XBmHkn

Asian developer’s first step into Australia with 62-apartment Ashfield development

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A new property website has launched – Exchangehouse – where property buyers can bid on residential homes.
Director of <a href="https://www.exchangehouse.com.au" target="_blank">Exchangehouse</a>, Mark Jamieson, said that they expect it to change the way people buy and sell property.
“We identified three major shortcomings with current methods of sale. Firstly, buyers are wasting time and money chasing properties beyond their budget,” he said.
“Secondly, sellers and buyers are making pressured financial decisions on auction day. Lastly, there is a lack of reliable information for all parties during the marketing campaign.”
The site was founded by Jamieson and Jonathan Elepano.
A fully integrated online platform, the first property to be sold and listed will be <a href="https://exchangehouse.com.au/auction_details.php?auction_id=100539%20" target="_blank">30 Cook Street, Randwick (pictured above), which is marketed through Ray White Coogee</a>. It was listed on Saturday.
Alike to eBay, it shows the number of watchers, which could prove an interesting bit of information for prospective buyers. It also includes an 'opening bid call' of $1,997,500, as well as the time which bidding commences.
Contract of sale, reports, further information, bidders guide and auction rules are all provided on the site.
Agents can list on behalf of vendors, an undisclosed reserve price is set on the first day of the campaign, but can be adjusted at any time.
Buyers are told when bidding will begin and it is noted that this is kept within a reasonable range of the reserve, assisting transparency, efficiency and convenience.
“Overseas buyers are expected to embrace the new technology platform,” said Jamieson.
An email and SMS alert system is in place.
Buyers are required to pay a $2,000 bond as part of the registration process, which is immediately refunded when the auction closes if they do not win the property. If they are successful, they retrieve the bond upon payment of the deposit.
It costs $250 to list a property, as well as a further transaction fee of 0.15% if the property sells.
At present, New South Wales listings are available – with a national expansion due to take place next year.
{mijopolls 55}
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Bid for homes online on new property listings website

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 Meriton Apartments won the Housing Institute of Australia (HIA) NSW Apartment Complex award for 10 storeys and over at the 2014 HIA-CSR NSW Housing and Kitchen &amp; Bathroom Awards over the weekend.
The win was for their Zetland complex, VSQ North, which includes the tallest apartment tower in the area. The project was called “visually appealing” by the judges.
With amenities including an indoor pool, gym and sauna, as well as energy efficiency measures, the development came out at the top of the pack.
Designed by Turner architects, the Meriton development spans four buildings as well as a 27 level tower.
The complex was completed in July 2013 and currently houses 297 households and includes a child care centre and 131 bicycle spots.
Meriton’s managing director Harry Triguboff said they were proud of the achievement, and had faith in Zetland from the beginning.
“It has become a landmark building for Zetland and for Sydney itself – it is one of the first buildings you see as you drive in from the airport,” he said Triguboff.
HIA NSW executive director David Bare said that next year will be the national awards, with major winners from each state and territory’s awards progressing to compete on the Australia-wide scale.
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Triguboff’s tallest Zetland apartment tower awarded

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Sydney CBD property specialists, Morton &amp; Morton and Wilson Property Agents, have merged.
The acquisition of Wilson Property Agents will see the brand transition into Morton &amp; Morton over the coming months.
The Wilson Property Agents Hyde Park office, in the prime location under The Hyde, will re-open under Morton &amp; Morton as part of the merger.
The new team will grow to over 60 employees across five offices including, Circular Quay, Hyde Park, Woolloomooloo, Pyrmont and Crows Nest.
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Ewan Morton, managing director of Morton &amp; Morton will run the agency as Adrian Wilson will step away from the business.  
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jchancellor-FAypfDUnLy

Sydney CBD property agency merger

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The Transfield Services board has advised shareholders to take no action regarding a cash $1 billion takeover bid from Ferrovial Servicios SA.
Ferrovial Servicios, the Spanish infrastructure company, has offered $1.95 for each share.
“The Board of Transfield Services has considered Ferrovial’s proposal with the Company’s advisers and has formed the view that the price of $1.95 per share does not reflect the underlying value of Transfield Services shares,” chairman Diane Smith-Gander said.
The company’s shares closed at $1.50 on Friday, giving it a market capitalisation of $769 million.
Transfield provides operations and maintenance, asset, capital and project management services to the resources, industrial, infrastructure services and property sectors.
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 Transfield under $1 billion takeover offer from Spanish suitor

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iProperty Group founder Catcha Group was seeking to sell one-quarter of its stake in the Asian real estate business on Wednesday night.
The 25% stake is worth around $27 million.
The Australian Financial Review's Street Talk column said broker Morgans was looking to place 10 million iProperty Group shares after the market closed, calling for bids at $2.70 to $2.75 a share.
The block represented about 5% of iProperty’s shares on issue. iProperty shares had closed up 13% to $2.82 in Wednesday trade.
Catcha Group chief executive Patrick Grove, a BRW Young Rich lister, runs online businesses valued at around $US1 billion, some of which are listed on the Australian Stock Exchange.
Real estate portal iProperty Group owns online property websites across Asia. When it debuted on the ASX in September 2007, the iProperty company had a market value of $25 million. 
Earlier this year Mark Britt, the former chief executive of Nine Entertainment’s Mi9 joined the subscription video-on-demand and internet television division of Patrick Grove’s Catcha Group.
Catcha’s decision came soon after iProperty bought the Hong Kong real estate business Squarefoot from major shareholder REA Group. The scrip-based deal valued Squarefoot at $15 million.
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Patrick Grove's Catcha Group selling iProperty stake

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Guest observation
Those agitating for the abolition of licensing requirements for large commercial property transactions continue to press their case, despite the significant risks this poses for consumers and business.
The Real Estate Institute of Victoria (REIV) welcomed news in May, following our pressure on the Victorian Government, that there would be a deferral of the decision to remove commercial agent licensing for "large transactions" – a move foreshadowed by the Government as one of 36 anti-red tape reforms it announced in January.
The proposed amendment would create a two-tiered licensing system – permitting the negotiation of leases and sales without a licence under the Estate Agents Act 1980.
What is the risk?
Such a change would expose both buyers and businesses to unacceptable risk, which licensing is designed to mitigate.  Licensing offers protection for consumers and uniformity across the industry.
Under the proposal, unlicensed operators would not be bound by the Estate Agents (Professional Conduct) Regulations 2008 and their clients would face increased risk because the operators would not be subject to probity checks or required to maintain an audited trust account.
Without a licensed agent, consumers are exposed to serious financial risk arising from their dealings with untrained and potentially unethical operators engaging in unlawful practices.  They would also not be able to access the protections available through the Victorian Property Fund.
Licensing means better agents
Licensed agents are highly trained, enabling them to deal with legal and ethical requirements, contracts, private treaty sales and conflict management.  REIV also hosts a number of commercial agent events each year to increase agents' understanding of current industry best practice in the commercial sector. Many vendors do not have experience with large transactions and using the services of a licensed agent provides a vital safety net.
Large proportion of sales
A key supporter of the change, the Shopping Centre Council of Australia (SCCA), claims that licensing is costly and unnecessary, affecting only a small proportion of sales.  In fact, in the most recent year (2013), almost 40 per cent of property transactions, by value, were above $10million.
Stronger consumer protection
Payments related to the sale of property are held in trust accounts, offering greater surety for vendors. Without an agent, they are exposed to high financial risk and the potential for unlawful behaviour.
Consumers, able to access the Victorian Property Fund's protections, are also safeguarded from unprincipled operators – who would not be subject to probity checks or required to maintain an audited trust account if licensing were to be abolished.
Exemption already in place
While the SCCA supports a change, an exemption from licensing requirements is already in place which the group can leverage.  This exemption, under the Estate Agents (Exemption) Regulations 2005, assists SCCA members – exempting them from the need to hold a real estate licence, for transactions by a member with another which it wholly or partially owns.  This is especially beneficial to large shopping centre owners dealing with related entities.
Let's not reduce professionalism in our industry
Any move to change licensing of commercial agents would have a detrimental impact on the levels of professionalism in the commercial property sector. The requirement for a licence to sell or lease residential, retail, industrial and commercial property in Victoria has increased the levels of professionalism and integrity within the state's real estate industry.
The REIV strongly believes the aim should be to increase consumer trust in the commercial sector - and to build that trust through rigorous standards and highly capable, licensed commercial agents.
Enzo Raimondo is the chief executive of the <a href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
 
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enzoraimond-7fvRFHPR52

Abolition of commercial licensing should stay off the agenda

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In a move reminiscent of the recent HeForShe movement from the UN, popularised by Emma Watson, the Property Council of Australia (PCA) has formulated a group called Male Champions of Change (MCC) to push for gender equality in the property industry.
The Male Champions of Change has been around in Australia since 2010, established by Sex Discrimination Commissioner of the Australian Human Rights Commission Elizabeth Broderick – many years prior to the HeForShe movement. This is the first time the property industry is making a big push to get involved.
The founding Champions included Qantas chief executive and managing director Alan Joyce, ANZ chief executive Mike Smith, CBA chief executive Ian Narev, Telstra chief executive David Thodey and Prime Minister and Cabinet’s Ian Watt.
Former national president of the PCA Carol Schwartz will convene the MCC, which is expected to include senior leaders from development, construction, investment, funds management and agencies.
"All the research tells us that companies with gender diverse leadership teams show greater profitability and higher levels of innovation. It’s a testament to the Male Champions that they demonstrated leadership on this issue and have inspired others to do so," Schwartz said.
"Now it's the property industry's turn to influence this issue and really compete in the war for talent. Harnessing the talents of women has the potential to drive economic growth and prosperity and should be a national priority.”
She pointed to many initiatives that have taken place within the property industry, which will provide a foundation for the Champions’ charter and action plan.
Broderick said that women have been largely responsible for the gains made so far, but said that more is needed.
"Through the MCC strategy, men step up beside women and contribute their influence to accelerate this work and disrupt the status quo,” she said.
"I commend the Property Council for leading the change needed in the property industry, which is one of our country's largest employers.”
She has been seen tweeting and Facebooking her support for #HeForShe.
Current PCA chief executive Ken Morrison said that increasing the number of women in property leadership roles, and increasing the number of women attracted to work in the property industry, is important.
"The formation of the PMCC builds on the Property Council's diversity programs and we are excited to have Carol lead this extremely important group and help it create its foundation charter," Morrison said.
Joint managing director at Investa, Ming Long, was previously noted by Morrison for “her drive in taking the initiative to this point”.
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Male Champions of Change, the property industry’s HeForShe

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Antonia Mercorella has been appointed chief executive of the Real Estate Institute of Queensland (REIQ).
Mercorella is a lawyer who worked as the principal legal adviser for the Real Estate Institute of South Australia before joining the REIQ in 2011 as general ­counsel and then deputy chief executive.
She stepped up to become acting chief executive ­following the sudden departure in June this year of former chief executive Anton Kardash.
Kardash held the position since January 2012, at a time when the state organisation was facing a significant financial loss after <a href="https://www.business2.com.au/2013/10/reiq-com-implodes/" target="_blank">difficulties</a> with the new property website rollout.
“The board could not just sit back and watch without taking action," REIQ chairman Rob Honeycombe said at the time.
“While economic factors means this is not entirely the responsibility of senior management, it would be remiss of the board to fail to act in the face of such a disappointing result.”
Mercorella is the first female chief executive in the organisation’s history and the youngest person appointed to lead the REIQ.
 
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Antonia Mercorella appointed chief executive of the Real Estate Institute of Queensland

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A settlement agent in Perth's St Georges Terrace, Sydney James Chesson (trading as Master Settlements), has been cautioned by the State Administrative Tribunal.
The Tribunal notes there was misuse of a trust account for transactions that were not for the purpose of settlement, and was in breach of the Settlement Agents Act.
The caution was issued on 30 September instead of a fine, as the Tribunal acknowledged there had been no misappropriation of the funds from the trust account.
He did, however, have to pay costs of $8,828.
The business functions for both real estate and business settlements.
Acting Commissioner for Consumer Protection, David Hillyard, said that the situation emphasizes the importance of licensed settlement agents using their trust accounts specifically for transactions related to settlements only.
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