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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Yellow Brick Road has announced that it will acquire the non-bank lender RESI Mortgage.
YBR will pay $36 million for the business, $28 million in cash, $5.5 million in shares and $2.5 million in deferred cash payments.
RESI foundation shareholder Peter James said it represented a "sound strategic move for the RESI business".
The Resi business would remain a separate brand and maintain its current management structure, with Angelo Malizis as the RESI CEO.
YBR executive chairman Mark Bouris said the acquisition of the 30-year old company would enhance YBR's national presence.
The company also announced that it had secured $42.05 million of commitments in a raising placement to existing shareholders and institutional clients of Bell Potter.
Existing shareholders Macquarie Bank and Nine Entertainment subsidiary subscribed to $12 million each in the placement while other institutional investors took the remaining $18.5 million.
YPR said the funds will be used to pay for the cash considerations of the Resi acquisition and also the recent Vow acquisition.
“We welcome the Resi franchisees, management and staff to the YBR group and look forward to leveraging our marketing platforms to significantly increase Resi’s lead flow as part of our combined group,” Bouris said. “The complementary skills and relative strengths of the YBR, Vow and Resi brands and businesses will combine to provide Resi franchisees, YBR branch licensees and Vow brokers with unparalleled opportunities to build revenues and market position as we progress our strategy to be a leader in the “non-bank” sector,” he said.
Bouris has extended his consultancy agreement with YBR for another four years until 2019.
The acquisition of Resi remains subject to a general meeting of YBR shareholders expected to be convened for late August 2014.
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jchancellor-FAypfDUnLy

Mark Bouris at the helm until 2019, as expansionary Yellow Brick Road acquires RESI Mortgage

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Centuria Capital, the ASX-listed diversified funds manager that includes unlisted property funds, has appointed Haydn Stephens as head of transactions.
Stephens will work with Centuria’s senior executive team or originate and manage the company’s property transactions, as well as analysing corporate activity and oversight of the acquisitions team.
Stephens comes to the company with more than 15 years’ experience in the financial industry, with a decade exclusively focussed on real estate and real estate funds management. It’s noted that he has previously been largely involved in transaction-related roles, including capital transactions and the raising of debt and equity.
He held previous roles at Stockland, GPT, LaSalle Investment Management and Merrill Lynch.
Jason Huljich, CEO of Unlisted Property Funds said that his experience in real estate, and strong corporate finance and investment background will be a benefit.
“Real estate investment opportunities are no longer just in the direct arena, Hadyn’s skill set and experience will be invaluable as we pursue the Group’s expansion strategy in the unlisted retail, wholesale and listed sectors,” he said.
Stephens commences on 7 July.
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jduke-EHk3XBmHkn

Centuria Capital appoints Haydn Stephens as head of transactions

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The latest results from the <a href="https://myrpdata.com" target="_blank">RP Data-Rismark Home Value Index</a> are, as usual, packed with useful information for property investors.
Here are 10 figures you should keep an eye on:
<ol>
<li>
1% With 1% capital growth for homes over the three months to June, Sydney was the best performing capital city last quarter. 
</li>
<li>
-2.4% Melbourne has the dubious honour of taking out the bottom spot for capital growth, with homes falling 2.4% over the last quarter. 
</li>
<li>
$328,250 Hobart’s median dwelling price of $328,250 makes it the most affordable capital city market in the country. 
</li>
<li>
6.1% The highest rental yields for any capital city were found in Darwin, with a yield of 6.1% for houses and 5.9% for units. 
</li>
<li>
3.4% Despite dwelling values increasing by 23.1% since the end of May 2012, Sydney’s showed relatively modest long term growth. Its home values have only increased by 3.4% per year for the past 10 years. It’s the second lowest rate of annual growth of any capital city, just ahead of Hobart at 2.2%. 
</li>
<li>
$468,000 The median unit price for Melbourne i<a href="/news/vic/what-can-you-buy-for-melbourne-s-median-unit-price">s now $468,000</a>.  Some commentators, <a href="/expert-insights/buying/melbourne-residential-unit-market-oversupplied-and-its-going-to-get-worse-terry-ryder">including Observer Terry Ryder</a>, think Melbourne’s unit market is plagued by oversupply, with property values to fall in the future.  
</li>
<li>
4.3% Melbourne has the lowest yields of any capital city, with gross yields averaging 3.4% for houses and 4.3% for units. 
</li>
<li>
10.6% The middle 50% of the capital city market is showing the highest rate of annual change of any market segment, with 10.6% increase in dwelling values over the past year. Values for the lowest end of the market are up 8.8%, while the most expensive markets increased 10.3%. 
</li>
<li>
7.0% Brisbane home values have increased 7% in the past twelve months. RP Data says that after “relatively sedate” conditions in the city, values are now “gathering some pace.” 
</li>
<li>
5.6% Adelaide saw the smallest capital gain in the current growth cycle, with home values increasing just 5.6% since the most recent market trough. 
</li>
</ol>
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jrichardson-uRX5hFdKfN

Property values: 10 numbers to know

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The ABS' acting chief statistician, Jonathan Palmer, has announced planned reductions to the Australian Bureau of Statistics (ABS) work program. 
The ABS must reduce expenditure by about $50 million over the next three years. 
The process will include a review of the House Price Index, with the view to discontinuing it pending identification of alternative sources to meet the Australian National Accounts and other requirements.
The ABS has compiled a House Price Index (HPI) since 1986.
The hotel sector isn't happy with the scrapping of data collection in the Survey of Tourist Accommodation because of the funding cuts.
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ABS House Price Index future in doubt

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Lender MyState has appointed Melos Sulicich as its chief executive officer, effective 1 July. 
Melos Sulicich previously headed RAMS at Westpac from 2008 to November 2013.
MyState chairman Miles Hampton said the appointment was motivated by Sulicich's previous experience in wealth management and broker distribution.
Sulicich replaced John Gilbert who retired in March.
Martine Jager was announced as Mr Sulicich’s replacement by St George Bank, which operates the RAMS distribution business for Westpac.
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Melos Sulicich appointed lender MyState's new CEO

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There is certainly a strong argument against the way in which data is delivered in Australia, given the choice is to bundle data collected as this paints a worse positioning – such as “Sydney house prices” where this data is totally irrelevant.
If all the Sydney house price data were to be broken down into the 18 regions (which should happen) then the data would hardly raise an eyebrow given it would identify minimal changes. Having said that, it would not create a headline as profound as “Sydney house prices” which further explains why defective data is often the preferred weapon of choice in mainstream media.
Last week I wrote <a href="/expert-insights/we-need-to-consider-different-interest-rates-for-different-sectors-of-the-market">why the Reserve Bank of Australia (RBA) should be trialling different cash rates</a> across Australia given we have some demographic markets booming and others in serious decline. Which gets one thinking on how the RBA managed before we had today’s available technology to produce such amazing data.
RP Data produced this week one of the most amazing data releases that the Australian real estate industry has ever before seen - a quarterly assessment of realised gross profit based on dwelling re-sales over the March quarter of 2014, released June 2014.
“Over the first quarter of 2014 RP Data recorded 64,518 residential property re-sales nationally. The gross value of the losses associated with these loss making re-sales totalled $381.1 million. Conversely, 90.2% of all March 2014 quarter re-sales recorded a gross profit relative to their original purchase price. The gross profit from these re-sales equated to $12.2 billion.”
<a href="https://www.rwm.com.au/files/2014/06/26-06-2014-10-34-57-AM.jpg"><img class="aligncenter size-full wp-image-37608" src="https://www.rwm.com.au/files/2014/06/26-06-2014-10-34-57-AM.jpg" alt="26-06-2014 10-34-57 AM" width="624" height="299"></a>
Source: RP Data.
“Lifestyle regions continue to show the largest proportion of loss making re-sales, particularly within the unit markets as opposed to the detached housing markets. Queensland’s Wide Bay region has recorded the largest proportion of loss making re-sales with 30.6% of all March 2014 quarter re-sales transacting at a price lower than what the home was purchased for. It is important to note that while loss making re-sales remain a high proportion of the market, in many of these regions the proportion of these sales is now trending lower.”
It would be fascinating to see what would happen if an area such as Wide Bay had a much lower cash rate that would further entice buyer interest?
<a href="https://www.rwm.com.au/files/2014/06/26-06-2014-10-37-51-AM.jpg"><img class="aligncenter size-full wp-image-37609" src="https://www.rwm.com.au/files/2014/06/26-06-2014-10-37-51-AM.jpg" alt="26-06-2014 10-37-51 AM" width="650" height="292"></a>
Source: RP Data.
Again,  we see Sydney listed on its own despite it having approximately 18 regions, so I don’t exactly understand why Sydney is not broken down into regions. If you are searching to buy a home nobody types in Sydney as their keyword search. It would be even easier to break this data down further by postcode results which would then deliver exacting data results.
Just in the last week we have seen Darling Square in Sydney sell out, which is an amazing result given it is a 40 storey tower so 357 apartments selling in just a few hours is unprecedented.
Then again, just a few months ago the first stage of the Barangaroo development also sold 159 apartments in a few hours – and it should be remembered these all sold at the asking price. One must wonder, just what effect the House of Representatives inquiry into foreign investment of Australian residential real estate played in these sales as it continues to unveil massive loopholes. Already it has been revealed that the Foreign Investment Review Board has failed to police those properties purchased by temporary residents who must sell within three months of departing Australia. Like hello, why would you sell when there is no watchdog?
Then a senior Bureau of Statistics official revealed this week they read trade magazines and newspapers to keep on top of the amount of foreign investment in Australia’s residential property. The sad reality is that the government has absolutely no idea what is happening here, although every sale in Australia attracts stamp duty, so they are yet to work out how to collate this data even though the answer sits directly in front of them – our data dummies.
Given this is happening via many loopholes, there is absolutely nothing the Australian government can do until they pass legislation which puts an end to these practices. In the meantime the inquiry continues and, as many of us predicted well before, foreign investors have clearly outsmarted the Australian government. If proven correct, one can safely assume there will be a buying spree if, and when, the government decides to act on this.
NSW and Victorian governments recording record stamp duty receipts obviously flew well under their radars – although not for property observers.
The data is clearly there although for some strange reason when it comes to analysing data we are seeing plenty of dummies.
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robertsimeon-hRNTwJyXkQ

Australians are treated like dummies when it comes to data

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The NSW real estate industry is in conflict over proposals to deregulate the state’s commercial property services sector.
The proposals form part of draft regulations put forward to replace the Property, Stock and Business Agents Regulation 2003, which will lapse on 1 September, 2014.
The Shopping Centre Council of Australia is calling for the removal of licensing requirements for agents dealing with large commercial properties.
“From our point of view it’s classic red tape. It’s dumb, counterproductive regulation,” SCCA deputy director Angus Nardi told Property Observer.
The SCCA argued in its response to consultation on the proposals that the regulations aimed to protect consumers in residential property transactions and were largely irrelevant to major commercial property owners that were big enough to protect their own interests without regulatory assistance.
Nardi said ‘consumers’ in the case of large commercial property transactions were professional organisations such as Westfield Group, AMP Capital Shopping Centres, and Real Estate Investment Trusts rather than individual consumers or small businesses.
But Real Estate Institute of NSW president Malcolm Gunning said removing the licensing requirements would hurt tenants in major shopping centres.
“It’s taking away that level of accountability and responsibility. The Shopping Centre Council’s argument is that it’s not required because [the consumers] are sophisticated but we question that level of sophistication ... Tenants will be more exposed to the dealings of major shopping centres,” Gunning said.
He added it would be difficult to determine where the line should be drawn on which agents needed to be licensed and which did not.
The SCCA proposed that agents should not have to have a license if they were dealing with commercial property worth more than $10 million or that was more than 10,000 square metres in floor space. Agents that were related to the property owner should also not have to be licensed, it argued.
Such exemptions would save an estimated $4 million a year in compliance costs, but affect only 629 commercial buildings in NSW, the SCCA said.
Nardi argued that if licensing requirements for commercial agents were cut, tenants would still be protected by the Retail Leases Act, while owners of small commercial properties would be covered by the new Property, Stock and Business Agents Regulation as they would not be considered sophisticated investors.
But Gunning said some areas fell outside the remit of the Retail Tenancies Act, such as holding deposits, and tenancies that applied to offices within retail shopping centre.
“The deregulation of commercial property agency work would be going further in the wrong direction and would be counterproductive for consumer protection in the commercial space,” the REINSW said in its submission to the consultation.
REINSW said existing licensing requirements were “grossly inadequate” and should be remodelled based on the stricter regimes that applied in the Northern Territory, South Australia and Tasmania.
The SCCA said Queensland’s regulations already exempted large commercial properties and Victoria’s government has agreed in principle to a similar system, and that NSW should follow the lead of those states.
NSW Fair Trading plans for the updated regulation to commence on 1 September, 2014. Consultation on the Regulatory Impact Statement closed in mid June.
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zfielding-GvX3Uq9KTa

Industry conflicted over NSW's proposed commercial property services deregulation

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Property advertisements are governed under state and territory rules and regulations that define when something is misleading.
Today, we turn our attention to New South Wales’ Fair Trading and their guidelines around the advertising of real estate, as governed under the Property, Stock and Business Agents Act 2002 as well as the Fair Trading Act 1987.
Firstly, we note that something is misleading or deceptive if “it is likely to lead a reasonable or ordinary member of the class of persons to whom it is directed into error”.
If you are found to have engaged in this conduct, then the maximum penalty is 200 penalty units, which equates to $22,000. However, heftier fines may be imposed for those to also be found to have breached section 30 of Australian Consumer Law, which applies to the sale of land or interest in land. This could see you face a $220,000 fine in the case of an individual, or $1.1 million for a company.
To avoid the section 30 fine, you must not make false or misleading representations about the nature of the interest, the price payable, the location, the characteristics, the use to which it is capable of being put or may lawfully be put or the existence/availability of facilities.
This covers advertisements in newspapers, periodicals or other publications, public displays (on buildings, vehicles, place or in the air), in any document sent or delivered to anyone or left at the premises, on radio or television, or on a website or email.
ONE
Omission or silence around facts can be misleading. Your intent to mislead or not is irrelevant. What matters is the likely effect on reasonable or ordinary members of your target audience and the overall impression created.
TWO
It is not limited to your words – the photographs can be scrutinised for misleading conduct as well. Views and facilities are particularly important to focus on getting right.
Here are six scenarios of photographs, from Fair Trading, that are “undesirable” and likely to mislead:
<ul>
<li>A water view or scenery, placed next to a photograph of a house, makes it difficult to ascertain whether the water view or scenery can be seen from the house or whether the photograph is a 'location shot' 
</li>
<li>A beach scene with the wording 'minutes to this!' typed above the photograph does not give a clear indication of the distance from the property to the beach shown in the photograph 
</li>
<li>A park and beach with the wording 'opposite home' where, in fact, this view cannot be seen from the property 
</li>
<li>A house placed next to a photograph of a beach with the wording 'stroll to beach' printed underneath the photograph does not give a clear indication of the distance from the property to the beach 
</li>
<li>A beach with the wording '90 seconds walk to waters edge, not actual view' printed at the bottom of the photograph needs more clarification 
</li>
<li>A photograph on the internet of a beach with the wording '100 metres from beach' printed at the bottom of the photograph needs more clarification.</li>
</ul>
THREE
“Touching up” of photographs isn’t as harmless as you might think. If you’re hiding undesirable characteristics or enhancing other features, rather than just making the photos a bit more presentable, then you could be misleading the buyers.
This includes modifying, or allowing modification, of photographs so they no longer “truthfully and fairly represent that property”. Removing or adding features digitally in a manner than changes the appearance of a property is potentially misleading. Similarly, zooming in on a view that can be seen from the property, to make it appear closer, is also potentially misleading.
FOUR
It's acceptable to use obvious labels to clarify exactly what the photograph is in relation to the property, which will allow real estate agents to take great photographs of nearby, but not visible, beaches and amenities.
Photographs of views taken from the property itself - no label required.
Photograhs of views in the immediate area, but not taken from the property - labelled 'LOCATION SHOT'.
This label should only be applied to photographs of facilities and services in the "immediate surrounding area of the property".
FIVE
When it comes to wording, there's a vague way and a more appropriate way, suggested by Fair Trading. This is particularly the case for descriptions in reference to distances - the more specific and detailed the better.
For instance, 'close to [feature e.g. beach, shops]' is not as favoured as 'Two kilometres to [feature]'. The term "within walking distance" is also preferably replaced with the real distance.
Fair Trading warns the real estate agents are responsibly for the information they provide, and claiming that buyers should make enquiries as to the accuracy of the information is not enough.
Despite this, many real estate agents provide a comment in their advertisements noting that the information should be checked by the buyer.
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Five things to know about misleading property advertisements

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Asbestos is a terrifying substance that should be avoided at all costs – and real estate agents are being warned not to underestimate their responsibilities in this area.
This has never been so evident as in the dialogue surrounding Mr Fluffy houses. The name sounds innocuous enough, however the properties are anything but, with Asbestos Safety and Eradication Agency chief executive Peter Tighe recently calling for all these properties to be demolished.
Meanwhile, Canberra-based real estate agents have been warned that they may see themselves subject to fines if they do not advise potential buyers about the homes that are affected by Mr Fluffy asbestos – that is, around 1,000 residences in Canberra that had loose amosite asbestos installed by Mr Fluffy in the late-60s and 70s.
Mr Fluffy was an insulation installation company that saw the federal government act to remove the asbestos from 1988 to 1993, but did not manage to clear the properties.
Recently, the Real Estate Institute ACT chief executive Ron Bell was on 666 ABC Canberra saying that agents could face hefty fines – up to $1.1 million – for not telling prospective purchasers about the presence of asbestos.
"We've commissioned lawyers to prepare a whole list of questions and statements that agents will ask in their property management agreements and their sale agreements to say 'Do you know if this has been a Mr Fluffy house? Has asbestos been removed?'," Bell told the radio station.
"These questions will be incorporated into agreements in the very near future."
The properties do have certificates, meaning that the government knows which properties they are, however the government will not release a list of the homes – despite Bell’s requests.
Attorney-General Simon Corbell is quoted as saying that many property owners would not want their properties to be stigmatised as a Mr Fluffy property.  Bell conceded that it would affect a property’s price.
Comments on the Fluffy Action page has some commend Bell’s efforts to encourage agent disclosure, but fear the effect on the value of a property they purchased when unaware of the asbestos.
“That disclosure is vital but distroys [sic] the value of the homes (I wouldn't have bougth [sic] this house). It's not our fault we didn't know. Is the government going to buy our house for market rate or are we expected to take the massive financial hit? It isn't fair that the current owners got stuck when the music stopped. We shouldn't pay for the governments [sic] inaction over the years,” notes one comment.
“I was shocked that after owning my home for more than 10 years that it is a Mr Fluffy house. While the first inspection cleared my house, the second found a fibre in our bathroom. I would like to know what the Government deems to be an acceptable level of risk for all of the residents of the Mr Fluffy homes. As I am pretty sure that if any of these official lived in these houses the response would be swift. We purchased this home with the intention of raising our family and it was to provide a nest egg for retirement. Both of these things will not occur and we are now forced to look at purchasing another home that will provide my young family with a safe place to live while the Government plays politics with our lives and our bank balances,” comments another.
Property Observer reminds property managers and landlords that all people can be affected by the dangerous health implications of asbestos – including your tenants.
Just Think Real Estate’s <a href="/expert-insights/investing/asbestos-is-a-silent-killer-and-our-ignorance-is-putting-people-in-danger">Edwin Almeida has been particularly vocal about the dangers for tenants around asbestos</a>, and the responsibilities of the agents. If the concept of your tenant becoming ill isn't enough (it should be), then bear in mind that there is the potential for a lawsuit in the future. While Asbestos Check suggests to tenants that they <a href="https://www.asbestostesting.com.au/news1/renting-a-house-in-canberra-may-have-mr-fluffy/" target="_blank">might want to get their own asbestos inspections undertaken</a>, property owners might just want to ensure your tenants are not at risk, and disclose where appropriate.
Even better, you may want to consider renovating the property and ensuring it is safe - the government has recently waived the disposal fees for those wanting to renovate their Mr Fluffy contaminated houses, which should save renovators thousands of dollars.
"The government has made the decision to waive these fees following recommendations from the Asbestos Regulators Forum, and is part of a suite of measures to address the future management of loose-fill asbestos," announced Minister for Workplace Safety and Industrial Relations, Simon Corbell, today.
"This is a significant measure as contaminated waste would normally attract a fee of $75 to $150 per tonne.  A standard three or four bedroom family house could generate between 50 to 150 tonnes of waste, even more depending on the level of contamination, so this could amount to a savings from about $3,500 to well over $10,000 for a knockdown rebuild.
"It is important to note that it is only the disposal fees that are waived. Homeowners are still responsible for demolition and haulage charges involved in getting the material to West Belconnen."
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Real estate agents could face $1.1 million fine for not disclosing Mr Fluffy asbestos

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I’m seeking a real estate agent, and it’s tougher than it seems.
My partner and I are looking to sell a Western Sydney property and the process of finding an agent has been keeping us busy, particularly when interstate. Luckily, many friends of mine are real estate agents, or know real estate agents and there are also people I’ve interviewed that are on my shortlist for an appraisal.
But what if you’re heading in for the first time, not connected in the real estate world, and praying that the person whose listings you notice and who pops onto your radar through a letterbox drop or a signboard can net you the right price?
Implicitly, you’re going to need to trust your real estate agent. They’re being given much of the authority over what is likely your biggest asset, and often a property you’re incredibly fond of. You’re also likely handing them the keys, letting them show buyers around the home and letting them guide you in terms of the price to expect, what to pay for advertising and what to fix up. Emotions are going to be running high, especially if it’s your home. This property was our home, and that word, “home”, is deliberately loaded with all the emotions and memories it contains.
Looking at Roy Morgan’s latest Image of Professions Survey 2014, the picture is pretty bleak for property as a place for trusted professions. Real estate agents scrape in just two places off the bottom of the trustworthy list, above car salespeople and “advertising people”, and yet below both state and federal MPs. Yes, real estate agents are apparently less trusted than MPs that cause Australians to leave their seats and actually march in the thousands against injustices.
Journalists didn’t fare too much better, scraping in <a href="https://www.roymorgan.com.au/findings/5531-image-of-professions-2014-201404110537%20" target="_blank">at number 20 of the list of 30</a>, notably just better than business executives, insurance brokers and stock brokers. It doesn’t mention where property journalists fall, although I’m <a href="/news/letter-from-the-editor-property-reporting">sure we can all draw our own conclusions</a>.
These are not unusual results, and are from studies widely circulated by property trade magazines and elsewhere. Reader’s Digest recently recorded a similar trend. If you’re a real estate agent, you’re inherently seen as less trustworthy than bank managers, accountants, lawyers and even talk-back radio announcers, they tell us.
Last year’s LEDA Real Estate and ReachTEL Consumer Property Confidence Index, which queried over 1,500 people, had 53% say they did not trust what the real estate industry said about the property market. That’s the industry as a whole, and not just our real estate agents or developers.
It’s a pretty heart-wrenching number of the general public’s view of the quality of the property industry, if not entirely unexpected.
Do we really believe that there are huge numbers of crooked real estate agents and property industry members? There are some that should be outed and avoided at all costs, but it is certainly not the case that the majority of those working in our industry are con artists.
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The reason behind this lack of trust is simple.
Our track record, and the individuals that have let us down, have left their imprint – and we can do nothing to change that. The property marketing scams and schemes, the investment groups discovered to be reaping in huge commissions and ‘finding’ assets that they sell for inflated prices - this is the legacy of the Australian real estate industry.
This is what we are dealing with, and to suggest that our industry has anything near to a clean bill of health in protecting consumers is a dramatic falsehood. I've previously written about scam watching, and <a href="/news/letter-from-the-editor-scam-watching">my view has always been that being on your guard is a must</a>.
When property prices start to grow, and it becomes the exciting discussion point once again, sharks swoop. We saw it happen on the Gold Coast, we saw it happen with mining towns, and more recently we’ve seen it happen in the United States. I had a friend recount <a href="/news/letter-from-the-editor-a-festive-season-and-a-sobering-experience">his family's sobering property story to me at Christmas last year</a>. No doubt this is happening right now, and will become the next story we write and lament over.
When people look to make a quick buck in an asset that’s complex and not a “sure thing”, but is then advertised as such, that’s when trouble comes knocking. But it comes in other, subtler forms too.
I’ve been asked why, when it comes to real estate, I am more “unforgiving” than I would be for many other indiscretions. “It’s like you have some sort of agenda,” I’ve been told. Yes, I do have an agenda.
My agenda is this: Improving our industry for consumers. <a href="/news/qld/letter-from-the-editor-more-information-not-less-please-queensland">More transparency, not less</a>. More protection. More accountability. More education. More of the high standard and professionalism that we expect from the majority of other industries. More cracking down from the authorities on the rogues that cause us problems in the first place.
This should be everyone’s agenda. This is why I take it personally when someone rips off another human being over their home or investment - ripping someone off is not a mistake or an accident, it's a despicable and calculated action.
If you’re an industry professional who cares about the job you do, then you’re likely already practicing this agenda – being honest with your clients and buyers, and offering them a fantastic service. I’m proud of many individuals in real estate, and I’m also mightily ashamed by others - some of whom I've never even met.
There are a lot of small battles that need to be fought in real estate. We won't win all of them, and there are many who do not deem many of the issues significant, or worthy of wider regular coverage. Whether it’s underquoting, reserve price publishing, illegal commissions, disclosure, conditioning or just really asking whether an area is growing when someone suggests it is – it’s more important now, than ever before, to be chipping away and improving the quality of what is being provided.
One small change at a time and we’ll get to a point where we’ve improved to a standard above what is currently expected.
But we're not there yet.
If you’re a member of the public and you voted, or would vote, that you don’t “trust” the industry, then you have my approval. When I choose an agent, despite being familiar with many of them and knowing that most are likely trustworthy, I will be choosing very carefully indeed. 
You should also.
You should not implicitly trust anyone with your home. And for as long as this industry remains a minefield, sadly my advice will always be that you trust when you have reason to and not before.
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