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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Comparison website comparethemarket.com.au has launched a new home loan comparison service in partnership with mortgage broker group AFG.
Spokesperson Abigail Koch noted that the launch of this<a href="https://www.comparethemarket.com.au/home-loans/" target="_blank"> new home loan comparison portal</a> is due to an increasing number of consumers heading online to find a home loan.
This new service allows prospective mortgage holders to avoid filling out repetitive forms, and ensures you can compare loan products.
Access to brokers that cover more than 1,350 products from 29 lenders is also provided through the AFG partnership.
“With the average Australian mortgage approaching $444,000, it’s crucial consumers do their homework when it comes to choosing the right home loan for them," said Koch.
“Our service takes the hard work out of shopping around, enabling people to compare products more easily, and only deal with one experienced broker throughout their financial journey, who has knowledge of over a thousand different home loan options,” she said.
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New online home loan comparison service launched

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Nine groups have lodged objections with IP Australia to REA Group's application to trademark the name 'realestate.com.au'.
The time frame to lodge objections has passed.
The Real Estate Institute of Australia spoke out against the trademark application, saying that the term ‘real estate’ is widely used by other industry groups and businesses.
REIA CEO Amanda Lynch said that everyone should be able to accurately identify the types of goods and services that they sell and that ‘real estate’ is a generic term of common useage.
“To allow a single company to claim trademark rights to a generic term would impoverish the language and unfairly hamper competition,” said Lynch.
She noted that one of the objections was from ABC Real Estate and said it’s clear why they’ve lodged a formal objection.
“Their situation is not a unique one and if this trademark is approved then it could harm or negatively impact on other businesses,” she said.
"It is a totally unnecessary move by REA Group that not only does nothing to instil sector confidence in the REA Group but also results in businesses having to waste time on lodgement fees with IP Australia as well as lawyers.”
When Property Observer <a href="/news/should-rea-group-be-able-to-trademark-realestate-com-au">asked readers where REA Group should be allowed to trademark the term</a>, the majority said ‘yes’. <img src="/images/2014/09/01/poll-resaults-sept-1-one.jpg" alt="">
REIA president Peter Bushby previously noted that ABS data in June 2013 found that there were 35,019 real estate businesses operating in Australia, with a substantial portion using “real estate” as part of their branding.
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Nine groups lodge objections to REA's 'realestate.com.au' trademark bid

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Fairfax Media’s Domain Group property division will launch a new digital real estate marketing business in South Australia.
Designed to take on the dominant realestate.com.au, the new venture will be a 50/50 venture between Fairfax and an as yet undisclosed group of South Australian real estate agents.
SA agents are being invited to register for shares in the new business, based on an assessment of advertising spend with the business.
The model is similar to the Melbourne real estate magazine and digital group, Metro Media Publishing, which was founded by Domain chief executive Antony Catalano in partnership with local estate agents with half-ownership by Fairfax.
“Building on the significant success that Fairfax has enjoyed with this approach in Victoria, the intention is to roll out this model in South Australia,” Catalano said in a letter to South Australian real estate agents referred to in a Fairfax Media report.
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jchancellor-FAypfDUnLy

Domain Group to beef up South Australian presence

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The Strata Community Australia (Vic) Awards held earlier this month saw Engine Property Group given an award for excellence for the second consecutive year.
The award, in the category of Owners Corporation Management Business (greater than 3,000 lots) is given to a company after judging from a panel of peers, based on ethics dealing with clients and suppliers, service delivery for customers and healthy relationships in the industry.
Managing director of Engine Property Group Andrew Dawson said they were thrilled to receive the award.
“Such is testament to our hardworking team who strive to deliver the outstanding service that our clients have come to expect from us,” said Dawson.
"Everyone at Engine is very proud to be recognized for the work we do. We are constantly improving the quality and efficiency of our services ensuring the buildings and estates that we manage are a pleasant environment for everyone,” he said, pointing to their mantra of ‘people, process and performance’.
General manager for the Strata Community Australia (Vic), Rob Beck, pointed to the strengths that secured them the award.
“Engine evidenced portfolio growth, staff growth, and are committed to internal training &amp; development programs - they have gone to another level in winning this Award for a second consecutive year,” he said.
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Engine Property Group recieve strata award for second consecutive year

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The Melbourne-based developer Villawood has secured another south-east Queensland development site.
It is a 233-hectare site with approval for 150 plus rural-residential lots at Kingsholme in the Gold Coast hinterland.
Lots will be typically 5,000 square metres.
The sixth acquisition by Villawood over the past year is close to the 86-hectare Gold Coast Country Club in Helensvale which Villawood acquired earlier this month.
The Helensvale site has potential for 1,200 dwellings. 
Established by Rory Costelloe in Bendigo in 1989, the private developer turns over between $200 million and $250 million a year, securing about $23 million in pre-tax profits, according to a recent Australian Financial Review article.
The developer has an active and future land bank of over 19,000 lots.
Villawood Properties’ co-executive director Tony Johnson said that the site in Kingsholme was an opportunity the company "couldn’t pass up."
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“This stunning property is elevated, meaning our buyers will benefit from incredible views to the Gold Coast, Stradbroke Island and the Hinterland, making it one of the most enviable locations in this region.
“Located half way between Brisbane and the Gold Coast, makes this land very appealing to those who want the best of both worlds – to work in the Brisbane CBD, but still be able to come home and be close to the beach on the Gold Coast," he said.
There are six schools all within a seven kilometre radius of the site and the Ormeau Train Station is two kilometres away.
Works are expected to commence in mid-2015. 
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Villawood buys another south-east Queensland development site

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Strong residential sales contributed to Mirvac posting a strong profit for the year, up from $139 million to $447 million.
And Mirvac signalled plans to "accelerate releases and pushing price where appropriate." 
The property group secured $1.2 billion in residential pre-sales contracts and settled 2,482 residential lots. 
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Some 50% of Mirvac’s future expected revenue will be derived from apartments, the veteran apartment developer announced. 
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The Mirvac CEO Susan Lloyd-Hurwitz described the year as “tremendously successful” on the profit release today.
"Our residential business performed well in FY14 with market conditions improving in key locations.
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"We acquired $248 million of residential development projects over the year, substantially restocking the development pipeline to provide long-term earnings benefits to the group. 
"All acquisitions were on-strategy and are expected to deliver a weighted average IRR of more than 18%.
"In addition to this, we completed seven englobo sales ahead of schedule, providing an opportunity for the redeployment of cash across the business." 
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Total revenue rose 26% to $1.982 billion for the year. Operating profit was $337.6 million.
Lloyd-Hurwitz said Mirvac achieved a 10.5% development return on invested capital at year end, ahead of its target of 10%, and "we substantially restocked our residential and commercial development pipeline to deliver future earnings”.
However the result suggested the strong sales and price momentum in 1H14 carried through at "slightly reduced" pace into 2H14.
"Further price growth expected, albeit at a more modest pace," it suggested though ncreased stock levels were insufficient to overcome national undersupply.
The report acknowledged high levels of activity from offshore buyers in select locations and product types.
"Demand volumes will continue to grow; driven by tight rental vacancy, population growth and strengthening economy."
The report suggested the residential recovery was "likely to extend beyond Sydney into other capital cities" as a result of population growth, sustained low interest rate environment and general undersupply nationally.
Mirvac said it was focussed on "developing and acquiring residential development projects in line with strategic mandates targeted to deliver gross margins of 18% to 22%."
 
Mirvac said the residential market was supported by strong financial fundamentals 
—  Modest credit growth does not indicate signs of overheating
—  Role of investors in the market is strong, although upgraders have grown by a greater proportion across all markets
—  Households have improved net debt positions significantly driven by increased savings.
 
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Mirvac joins the strong profit season for property developers

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Victorian real estate agencies Barry Plant and hockingstuart have partnered to launch YourPorter.
The new industry-run business allows real estate agents to connect renters with electricity, gas, water, telecommunications and pay television services, and delivers benefits YourPorter to agents. 
According to Nigel O'Neil, managing director and chief executive of hockingstuart, agents will receive commissions and equity in exchange for referrals to utility suppliers including AGL, Origin, Telstra and Foxtel.
“Agents are the sole source of leads for utility connections businesses, yet traditionally their commissions have been relatively low,” says O'Neil.
“YourPorter’s mandate is to ensure that real estate businesses derive maximum value from utility connections on both an income and capital basis.
“We’re doing this by paying industry leading commission rates and allocating 47% of the equity in the YourPorter business directly to the agencies that refer utility connections. This type of opportunity does not exist with our competitors,” he explains.
Barry Plant Real Estate chief executive Mike McCarthy says "YourPorter is about regaining a level of control over our data and relationships", given the "concerning level of influence" third party businesses like property portals have with clients. 
"As real estate agents, we’re increasingly realising the importance of leveraging our client relationships to create value in our business," he notes.
Tony Zarka, the former national business manager of Direct Connect Australia, will oversee YourPorter as general manager. He claims the service is a "game changer".
"It’s taking the reins off external providers and provides consumers with a service that is convenient, fast and reliable because it’s in the hands of the people who really understand the property market and the dramas of moving house – real estate agents,” he says.
The business offers a same-day connection guarantee, and an emergency accommodation option if required. Through the "Porter Club" incentive scheme, individual real estate agency offices can also give employees "points" that can be converted into dollars on a personal debit card.
YourPorter had a "soft launch" in late 2013 across Barry Plant and hockingstuart agencies, and is now offered to the national real estate industry. According to O'Neil, Buxton, Hodges, Fletchers and Jellis Craig have supported the business.
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Barry Plant and hockingstuart launch utility connections service for renters

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The former Commonwealth Bank of Australia boss Ralph Norris will be the next chairman of the New Zealand based building products group Fletcher Building.
He will take over from the long-serving Ralph Waters who will retire on 21 October following Fletcher's annual general meeting, bringing an end a 13-year involvement with the company.
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Fletcher Building released its full-year results yesterday with its net profit for the 12 months to 30 June at NZ$339 million (A$308.49 million) up from NZ$326 million in the prior financial year.
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The 2014 net profit was hit by a NZ$3 million one-time cost.
Fletcher Building chief executive Mark Adamson said the underlying result was strong, with double-digit earnings growth despite currency headwinds and mixed trading conditions in Australia.
Fletcher Building is the biggest company on the NZX 50 Index.
The construction and building products company is benefiting from rising construction activity especially rebuilding work in the earthquake struck, Canterbury.
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Ralph Norris to chair Fletcher Building

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Billionaire Lang Walker told Bloomberg  last week that property prices in Sydney and Melbourne have climbed too much.
It was in part an explanation to why his focus is increasingly Malaysia.
“Sydney is a little too hot at the moment,” Walker, executive chairman of Walker Corp, said in an interview in Singapore.
“Melbourne has gone through a period of intense growth and that’s plateaued off.
"The residential market in Brisbane, in Queensland state, still has some potential, he said.
Walker is converting land, previously used for prawn-breeding farms, into swanky apartments, the Bloomberg report said.
 The Johor project in southern Malaysia is expected to be valued at about $US7.5 billion along with an adjoining plot it will develop with a Singapore-based company.
Walker Corp made its foray into Asia in 2008 to develop <a href="https://www.senibongcove.my" target="_blank">Senibong Cove, a waterfront residential project</a>.
Walker said he is looking to increase investments in the Johor region after putting in about $2 billion in the Senibong Cove project. 
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Walker Corp pursuing more Malaysian residential projects

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GUEST OBSERVATION
My career in real estate began as an interest. I had bought and sold a couple of properties personally, lived overseas, raised two small children and took it up as what I called ‘my fun, little part-time job.’ Back then, I loved getting into a suit three days a week and going off to work, doing open homes, doing call backs, organising my boss and helping her find business and winning listings. I loved it.
While I was doing this, I learned as much about real estate as I could, not because I wanted to be a gun agent but because I loved it. When you love something it's pretty normal behaviour to want to know as much about it as possible - I guess I get pretty passionate about things.
A career in sales is not for everyone, but for those who excel in it, it can be a very rewarding occupation. Starting off in real estate can be very daunting and as a ‘newbie,’ looking around and admiring all the top agents in the area often leaves people thinking, "could I possibly be as good as them?” There is so much to learn and this job is so varied. 
My light bulb moment came one day after being with the company for more than five years. After seeing so many mediocre agents out there in the industry I wanted, and chose to be, one of the good ones.
How was I going to be a successful real estate agent? I was lucky enough to work (and continue to do so) with a great team of sales experts and watched and listened and learned from all of them. In fact, I’m still learning and in this occupation, you can never stop learning.
I also had a strong belief that I could put my six years of experience into practice - one step at a time. For six years I had told everyone I knew that I was in real estate, so when I was ready I made it known to them again. My database had grown, my kids went to the local primary school and I started sponsoring the school and working my little patch.
From day one I have believed that if you treat people really well for their benefit, it all comes back to you, time and time again. Most importantly, I believed in myself.
Each year I would set a goal and I knew I was the only one accountable for this. Each sale I made, I ran with it, dropping my ‘just solds’ around the whole area, ringing around my database. One sale at a time. For the first year I never once looked at my debit/credit – whether I was actually making any money. Each year my goal was to sell one more property (not based on earnings). This is still my goal.
When I look back at my career and advise younger agents, there are three clear attributes that successful real estate agents generally possess.
<ol>
<li>Pick the area you want to work in for the rest of your career and become the area specialist, the communities trusted advisor. Own your patch, work your patch and aim to become the agent of choice. Always deliver on a promise, and return all enquiries on the same day. If you are good to people (honest, fair and provide exceptional service), they'll be good to you. Connect with as many people as you can as you’ll only ever reach as far as your network allows. </li>
<li>Set realistic goals and work hard to achieve them. Don't get caught up looking at the dollar signs, focus on how many listings you can get. Slow and steady wins the race, working on improving your skills and building your listings is the path to success. Goal-setting is crucial. Success doesn’t happen overnight and you may not start making money for a year or two. Take a long-term approach. </li>
<li>Success takes dedication and sacrifice. Be disciplined and set your own winning formula. Constantly think of ways to improve. Work harder than anyone else when you are new. Be confident. Be humble. Don't waste time, be adaptable. It will be a hard slog to begin with but if you aim to build momentum and continue to work hard you will succeed.</li>
</ol>
Stephanie Hearne has been awarded <a href="https://www.century21.com/" target="_blank">Century 21</a>’s top Australian salesperson for the past three consecutive years.
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