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

<html><body>
The Civil Aviation Safety Authority has demanded that a real estate agency ground its drones used to take advertising photographs of properties. 
South Australian agency Toop&amp;Toop was using unmanned aerial vehicles, or 'drones', fitted with cameras to take aerial photos or footage of properties. Other real estate agencies, such as <a href="/expert-insights/investing/will-google-glass-change-the-face-of-real-estate-in-australia">Melbourne's Marshall White</a>, do the same.
The Civil Aviation Safety Authority (CASA) notified the company that they were unauthorised to operate the drones on a commercial basis, putting an end to the practice at the company. Despite reports that it is illegal for real estate agents to use drones, the practice is legal as long as the operator has approval.
Managing director Anthony Toop says the company was unaware of any legal issues when they first launched the drones.
“We ordered the first ones from the States,” says Toop.
“Our trials were fantastic – the results were so much better than we could ever have imagined.”
<img src="/images/2014/06/19/Photo_43_Very%20High%20Res%20RGB%20JPG_667605TOOPTOOP_03B767BDF.jpg" alt="">
An image captured by one of Toop&amp;Toop's drones. Source: supplied.
After some initial success with the technology, Toop&amp;Toop started using the drone to advertise more properties, which lead to media attention.
“We did a press release and got a lot of publicity,” says Toop. He says the press attention caught the eye of a former employee who was trying to get an aerial photography qualification.
“That was the first we knew of any issues.
“We got some legal advice, and [the legal team] advised that we talk to CASA. We proactively went to them, and we said, “surely there isn’t a problem, and what’s the deal?”’
CASA told Toop that his company was not authorised to continue flying the drones, and served him with a notice to desist.
“Because we are a very high profile company, we weren’t going to play with that at all,” says Toop. “We just shut it down. But our competitors all started flying.”
According to Toop, his company won’t be reporting any competitors to CASA.
“But it’s incredibly frustrating,” he says.
Peter Gibson, corporate communications manager of CASA, explains that commercial operators must meet certain licensing requirements to use drones.
“If you’re a real estate agent and using a drone to take photographs of clients’ homes, you should either be using an <a href="https://www.casa.gov.au/scripts/nc.dll?WCMS:STANDARD::pc=PC_100959" target="_blank">approved remotely piloted aircraft operator</a>, of which there are about 110, or you need to get an operators certificate and approval from CASA," says Gibson.
He acknowledges that this is a lengthy process for those who wish to operate the drones themselves.
“It takes some degree of work to understand the safety standards you need to meet. You need to develop manuals and undergo training, you’ll need to submit materials for approval,” he says.
Gibson says that the process will cost several thousand dollars, but there is an alternative.
“A simple way of doing it would be to simply engage the service of an authorised operator.”
Article continues on next page. Please click below.
<hr class="system-pagebreak">
Since grounding their own drones, Toop&amp;Toop have used an authorised drone operator. 
“But because we do everything in house, it’s not a model we’re keen on. We were looking to use it all the time, because it’s such good imagery. We’re waiting for the legislation to catch up,” explains Toop.
He says that the lengthy training process is an unrealistic measure for most agencies.
“We advertised for a commercial pilot, to try to do this part time. Even the commercial pilot said the requirements were ridiculous. So we’re just waiting for the legislation to get more consistent with reality,” says Toop.
<img src="/images/2014/06/19/Photo_142_Super%20High%20Res%20RGB%20JPG_666898TOOPTOOP_599C50B0B.jpg" alt="">
An image captured by Toop&amp;Toop's drone. Source: supplied.
Some may be tempted to dodge the cost of engaging an authorised operator or undergoing the required training. But Gibson warns that those illegally operating drones can face steep costs, including penalties.
“More seriously,” he adds, “there may well be insurance issues as well. If something was to go wrong, they may then have problems with their insurance, given that they have been operating illegally.”
For now, Toop&amp;Toop have come up with an alternative for hard to get shots – ‘Toop Air’. Cameras are suspended on 40 metre high aluminium poles, which can then capture about 80% of the images that drones could, according to Toop.
“But the thing that we’re missing are the video drones, which were incredible.” Toop says that the agency will continue to outsource drone operations, but will have to be more selective with the properties that are advertised with drone imagery.
Picture courtesy of Don McCullough/Flickr/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
</body></html>

jrichardson-uRX5hFdKfN

South Australian real estate agency forced to ground drones: Will others follow?

<html><body>
Andrew Nicholson, formerly of Swire Properties Limited, will join CBRE as the head of asset services for Asia Pacific in September.
Nicholson was a portfolio manager, managing a commercial and development portfolio worth more than US$2.5 billion. He handled Hong Kong office investments and major commercial developments on behalf of European and Asian joint venture partners.
Since 2011, he has been a lecturer on asset management at the International Real Estate Business School at Regensburg University, Germany and with the Asian Cities program of the Real Estate Academy in China and Tongji University, Shanghai.
Nicholson, who will remain based in Hong Kong, takes over the position from Sam Cuccurullo, now the executive manager and head of asset services for CBRE Asia Pacific. After 19 years with CBRE, Cuccurullo will retire at the end of 2014.
In addition to Cuccurullo’s work on CBRE’s Asia Pacific activities, he has participated in the company’s fundraising efforts and was involved with CBRE’s Walk for a Wish program for five years.
CBRE  Global president of asset services Tony Long said that Nicholson will build on the Cuccorollo’s work at the company.
“Sam has been a true asset to CBRE since he joined our Pacific operations 19 years ago and we are hugely grateful for his many contributions,” said Long.
“We are equally fortunate to have Andrew coming onboard. His wealth of international experience will continue to drive our world-class Asset Services business. As a global leadership team, we are focused on building a consistent, globally-enabled platform of standards, training and technology that foster best practice generation from around the world. “
 
 
</body></html>

CBRE appoints Andrew Nicholson as head of asset services for Asia Pacific

<html><body>
A new group executive, enterprise services and chief information officer has been appointed, according to Ian Narev, Commonwealth Bank’s current chief executive officer.
David Whiteing has been appointed to take the role, and is an internal promotion, according to Narev.
“David is a highly experienced business and IT executive with a track record of delivering technology and process transformation in many industries, including financial services, both in Australia and overseas,” Narev said.
Technology and productivity are noted as the long-term strategies priorities, looking to build on their current “extensive investments” in technology.
Whiteing joined CBA in September 2013, as team lead for the Architecture and Planning team in Enterprise Services.
He was previously vice president of enterprise systems at BP in the UK.
His new role commences on 14 July 2014.
</body></html>

jduke-EHk3XBmHkn

CBA’s internal promotion sees new group executive 

<html><body>
GUEST OBSERVATION
Here are the top four lessons learnt by Homely at AREC 2014: 
<ol>
<li>
Agents aren’t limited by talent  One of the main messages that was conveyed through the whole conference is that it isn’t about talent. Being a successful agent comes down to hard work and systems. Agents like James Tostevin spoke about having a routine and being dedicated. There was a strong consensus that doing the right thing and actively listening to customers is half the battle to being a successful agent. Tostevin ended his speech with the quote ‘Play to your strengths’ 
</li>
<li>
The art of prospecting  Key note speaker Jordan Belfort (aka 'The Wolf of Wall Street') was engaging and charismatic. Whilst some people <a href="/news/wolf-of-wall-streets-gold-coast-arec-2014-attendance-continues-to-provoke-debate">were not sure if he should be there</a>, he did leave some good points. His main lesson he wanted to reiterate was the four second rule. You have four seconds on the phone to be perceived as an expert and a quarter of a second in person to be taken seriously. If you miss your opportunity on your first impression, you won’t get another shot. Ensuring your appearance is impeccable and your opening lines are engaging is essential for success. 
</li>
<li>
We all have boulders in our lives. It’s how we deal with them  Engaging and charismatic speaker Aaron Ralston spoke about how every individual will encounter boulders in their lives. His choice of the term boulders was used in both a metaphorical and physical example after he was trapped and needed to set himself free by cutting his arm off. Ralston’s message was that you need to expect to be challenged, but challenges make us stronger and are there for a reason. How you approach them and ultimately overcome them shapes the type of agent you will be, but also human being. 
</li>
<li>
Priorities are the cornerstone to success By far a serious contender for the most engaging speaker of the conference was Chip Eichelberger. Eichelberger spoke about how priorities are the key to success. He mentioned that so many people get caught up in the minor details of things, whilst dismissing their true priorities. He mentioned that you need to listen to the support team around you “Sometimes a good coach doesn’t tell you what you want to hear, but what you need to hear” the importance of a good team around you and structure in your approach to business was the main message he imparted.
</li>
</ol>
Finally, one of the quotes that resonated with a lot of people was “Nothing is fun until you're good at it” stated by Eichelberger. In order to make real estate fun, it takes hard word, dedicated, and systems. The top agents will implement a true system that ensures efficiency and helps productivity.
Rocky Bartolotto is director, chief auctioneer at auction services and national sales director at <a href="https://homely.com.au/">Homely.com.au</a>.
<a href="https://homely.com.au/" style="line-height: 1.3em;"></a><a href="https://homely.com.au/" style="line-height: 1.3em;">Homely.com.au</a> is a free to list, banner-ad free, real estate website that helps people find their next home. You can submit your listing <a href="https://agent.homely.com.au/submit-your-listings/" target="_blank">here</a>.
</body></html>

po-LsXgBTHBmX

 The top four lessons learnt at AREC 2014

<html><body>
GUEST OBSERVATION
It is often <a href="https://theconversation.com/factcheck-does-building-hospitals-schools-and-airports-cost-more-in-australia-than-in-the-us-16540" target="_blank">argued</a> that Australia’s construction sector productivity is lower than most other developed countries, such as the US.
While there are many factors involved, Australia’s overall productivity growth is declining, something that is not economically sustainable.
A 2010 Australian government-funded <a href="https://www.acilallen.com.au/cms_files/acgbuildingsproductivity2010.pdf">report</a> concluded that accelerating the adoption of Building Information Modelling (BIM) in the building sector could improve productivity by between 6 to 9%. It also found that concerted government support for the use of BIM by architects, engineers, builders, contractors, owners and facility managers involved in a building’s life cycle would increase BIM adoption in 2025 by 6 to 16% and produce an economic benefit equivalent to A$5 billion added to Australia’s GDP.
More recently the Productivity Commission, in its draft <a href="/news">report</a> on public infrastructure, recommended government clients look to BIM to help lower bid costs, and require tender designs to be submitted using BIM to reduce overall costs.
What is BIM?
Building Information Modelling has a wide range of definitions depending on its application, but one <a href="https://www.canbim.com/about-canbim-0/faq-1">agreed</a> definition is: "a digital representation of physical and functional characteristics of a facility. BIM is a shared knowledge resource for information about a facility forming a reliable basis for decisions during its life-cycle; defined as existing from earliest conception to demolition."
<img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/50213/width668/zpsnqtf2-1401858403.jpg" alt="">
A Building Information Model linking 3D with the project schedule leads to 4D. 5D consists of 4D together with cost modelling. More dimensions such as facility management, safety and environmental impacts can be added to create nD. Xiangyu Wang
BIM offers a shared platform where people can collaborate with each other horizontally and vertically along the different stages of the project lifecycle. It allows all members of a construction team to generate the characteristics and functionalities of their building, plant or road network virtually, so as to pinpoint errors before they happen on the real construction site.
The construction process at some level can be regarded as an information flow process. This is especially true for mega-construction, such as hospitals, highways, and LNG facilities.
In Australia, there has been successful use of BIM for <a href="https://www.adelaidenow.com.au/news/south-australia/new-royal-adelaide-hospital-will-help-to-build-south-australias-future/story-fni6uo1m-1226828337517">hospitals</a>, tunnels, highways, airports, petrochemical plants, and office and residential buildings. But there is an identified industry need for BIM guidelines and case studies in the infrastructure sector in Australia, and these are currently being developed by the Australasian Joint Research Centre on BIM.
BIM has the potential to become more innovative and powerful by being integrated with other technologies such as RFID, barcode, laser scanning, augmented and virtual reality, energy and structural analysis tools, GIS/GPS, and mobile and cloud computing, Big Data analysis, and so on.
Article continues on the next page. Please click below.
<hr class="system-pagebreak">
How is BIM being used in Australia?
Australia is a laggard in terms of using BIM in the building and infrastructure sector, but we are catching up quickly. For oil and gas, we are leaders, as the oil and gas sector adopted 3D engineering and modelling decades ago, and has been continually improving its understanding and use of BIM over time.
A good example is Project Echo.
Initiated by Woodside Energy, Project Echo is a collaboration between Curtin University, Woodside and about 20 other partners representing government, clients, contractors, consultants and technology providers, with the aim of enhancing technology-enabled productivity for the entire (LNG) industry.
Through the research and innovation, it is envisaged a productivity improvement of 30% is very achievable. While Project Echo is focused on the energy sector, the research will also provide flow-on benefits to mining and infrastructure construction.
<img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/50204/width237/f5fzyx5v-1401857603.jpg" alt="">
Woodside Smart Tag. Xiangyu Wang
One example of how Project Echo is making an impact right now is the Woodside Smart Tag project. The new Smart Tag is not just an ordinary RFID tag, but a tag that can be integrated with other technologies including augmented and virtual reality technologies, allowing a user to communicate with equipment for the first time. The technology displays a 3D model of the component and where it fits in the construction path.
It also allows the user to locate any item, obtain background information about that item, how to assemble it, inspect it, or if necessary order a new item on the spot. This is break-through technology, because by interacting with an intelligent tag the user can communicate with each component. Each component can speak for itself, so to speak, thereby creating a smart work site.
Xiangyu Wang is professor, Woodside Chair at Curtin University.
Xiangyu Wang received funding from Australian Research Council (ARC) Linkage Grant (2013-2016): "Transforming liquefied natural gas (LNG) plant construction productivity through mobile computing technologies." Chief Investigators: Xiangyu Wang, Kok Lay Teo, Ryan Loxton, Martijn Truijens, awarded amount $500,000.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
</body></html>

jake-cSmGT7VXVf

What is BIM and is it the future of construction?

<html><body>
Leighton Holdings’ chief executive Marcelino Fernandez Verdes has become executive chairman.
The outgoing chairman Bob Humphris, who announced his retirement at the contracting group’s annual general meeting last month, will leave the company on Wednesday.
Fernandez Verdes became CEO of Leighton in March replacing the former CEO Hamish Tyrwhitt.
Russell Chenu, a former chief financial officer of James Hardie, and Trevor Gerber, a former group treasurer of Westfield Holdings, have joined Leighton’s board as non-executive directors.
</body></html>

jchancellor-FAypfDUnLy

Fernandez Verdes becomes Leighton Holding's executive chairman

<html><body>
Is there a glass ceiling for women in real estate? Some will say yes, others will say no. We encourage you to have your say in the comments section and in the poll at the bottom of this post.
Just Think Real Estate’s Edwin Almeida took this question to Gai Waterhouse, legendary horse trainer and businesswoman, and <a href="/news/gai-waterhouse-springs-into-melbourne-apartment-high-society-title-tattle">purchaser of a Spring Street, Melbourne apartment</a>.
“It is perhaps only when you stand next to celebrated women, iconic celebrities, if I can put it this way, that you truly understand how tenacious and well-grounded such individuals are in their knowledge of the industry,” Almeida explains.
“The question asked of Gai Waterhouse was; is there a glass ceiling that sits above professional women, particularly in regards to the real estate industry?”
The simple answer she provided was that yes, for professional women there is a glass ceiling.
“However, women that want to make it in any industry and be the leaders breaking new grounds, need to approach this obstacle with determination to be the best and to continually chip away until you break through. Notably, Waterhouse’s insights is grounded in experience and as I said, her expert knowledge within the racing industry,” said Almeida.
He explained that observing Waterhouse quickly identified some of the skills behind her successes.
With Waterhouse engaging every guest that visited at the Sunday charity event, including the children, Almeida noted that real estate agents could learn a lot – particularly for their approach at an open home.
She gave this advice: “Know your market, know your product, know your industry,” Almeida explains.
You can see the full interview, or read it in the transcript, below.
{qtube vid:=2aoWKaAiQWg}
Transcript:
ALMEIDA: Welcome, my name is Edwin from Oz Real Estate TV and I am delighted to have Gai Waterhouse with us today. Thank you.
WATERHOUSE: Lovely to be with you. I’m very excited.
ALMEIDA: Gai has made a huge contribution to our inaugural competition to raise funds for Westmead medical research foundation. Gai, your prize on the night raised just over $3,000. Thank you.
WATERHOUSE: I’m glad you’ve come out today as it’s very important, firstly to raise money for charity. It’s such a worthwhile charity that you’ve personally had so much involvement with.
ALMEIDA: Gai, there’s a perception out in the real estate world that there’s a glass ceiling for female real estate professionals. I’m sure you have a lot to say about that. Is there a glass ceiling for any female professional?
WATERHOUSE: There is a glass ceiling, and I just say you keep on chipping away and you crack it and you make sure you get to the top. You’ve got to be very focused, you’ve got to be very determined in life and you’ve got to know what you’re doing and do it well. Every Sunday at the stables I open the yard for my owners and friends and people from charities, like you Edwin, to be here and to see exactly what we do behind the shutter door here on Kensington Street in Bowral, Sydney.
ALMEIDA: So, you’ve heard it from Gai, there’s the perception that there is a glass ceiling but you’ve got to chip away at it. Gai, I’ve written a couple of articles about the real estate industry being poised for female agents to take over the industry. The platform, the springboard is there, I’ve seen you do it in the racing industry, and I’m hoping that somebody of your calibre actually takes that platform on and takes on John McGrath.
WATERHOUSE: [Laughs] Well, John is a personal friend of mine. All I know is that if you know your product, you know it well and, importantly, you have the right product to sell – you’ve got to have the credibility, you’ve got to have the determination not to allow the sale to walk out the door. That’s the most important thing.
ALMEIDA: And the question I’m sure all the viewers are waiting for me to ask – what’s your tip for the weekend?
WATERHOUSE: My tip for the weekend… well, horses you should follow is a horse called Access Knowledge, which is a horse bought in England by Bruce Slade, a very exciting horse. I also like a horse called Almaha, he races in Queensland. He’s really exciting. A filly called Bay Rock runs at Randwick, she’s delightful and the cutest horse called PJ, we call it PJ like Pyjamas, Pajero, who runs on Monday over the long weekend – a very nice horse.
ALMEIDA: Well, I’m putting my money on PJ. Gai, thank you very much for your time. Thank you once again for your charitable heart and you’re an absolutely gorgeous woman. Thank you very much.
{module Do you think there is a glass ceiling for female real estate agents?}
</body></html>

Gai Waterhouse answers the question of the day: Is there a glass ceiling in real estate?

<html><body>
REA, the owner of realestate.com.au, has quickly followed the appointment of its new chief executive with appointing Owen Wilson as its new chief financial officer.
Owen Wilson will start in September, along with Tracey Fellows, the Canadian-born ex-Microsoft and Australia Post executive, who is the<a href="/news/australia-posts-tracey-fellows-to-head-rea-group"> incoming chief executive officer of the REA Group</a>.
Wilson most recently was CFO at the recruitment company, Chandler Macleod Group. His resume included time at ANZ Banking Group and KPMG.
</body></html>

REA set for spring arrivals of CFO and CEO

<html><body>
Obviously, the real estate agent’s job is to get the best price possible for the vendor, while the buyer’s agent is there to negotiate and get the best price for the buyer. With these two conflicting roles in mind – how close is too close?
Whenever you discuss with a buyer’s agent their role, they say that there are many aspects that make them good at their job. This often includes their relationships with local real estate agents, and their ability to access off market sales and snap up bargains for “under market value”. Anything that a buyer’s agent does to legally get their client a better deal is that expert doing their job well and so criticism should not necessarily be levelled at buyer’s agents for being savvy negotiators.
As a result, it isn't exactly surprising that vendors may express concerns when a buyer's agent is expressing interest in purchasing their property.
<blockquote>
An agent acting for the vendor should, prior to going to market, set a base line of offers that will be submitted to the vendor.
</blockquote>
However, real estate agents are there to protect the vendor from buyers, and their representatives, who are looking to get a cheap deal. Clearly, there’s a disconnect here. If buyer’s agents are building relationships with real estate agents to get cheap off-market deals, does this mean that the real estate agent is not doing their job properly?
Not necessarily.
We note that some buyer's agents are hired by owner occupiers who are happy to pay market value, but are looking to get into a specific market or to <a href="/expert-insights/buying/buyers-agents-are-particularly-beneficial-for-busy-people-david-airey">take the hassle out of the buying process</a>. They are also often hired for their ability to "find" investment-grade product (here, for instance, is <a href="/news/how-buyers-agents-pick-the-best-performing-properties">buyer's agent Rich Harvey's take on how to find the top performing properties</a>) and for their strengths when bidding at auction. This article refers to their negotiating strategies, particularly via private treaty or prior to auction. If you are interested in whether or not you should hire a buyer's agent, we <a href="/news/the-argument-for-against-buyers-agents">recommend reading this for/against article first</a>.
<blockquote>
This is a dangerous liaison if the vendor’s agent is going to be persuaded to undersell the property, or accept first offers.
</blockquote>
Just Think’s Edwin Almeida answered Property Observer's Tuesday Q&amp;A about the dynamic between real estate agents and buyer’s agents.
What offers do you absolutely have to put through to the seller?
First and foremost let’s get it clear, an agent acting for the vendor should, prior to going to market, set a base line of offers that will be submitted to the vendor. These offers, be they in writing or verbal offers, need to be discussed beforehand. This eliminates any misconception that the agent will try and “condition” their vendor into lowering the asking price. I believe this will also make the agent more accountable to their own market opinion when submitting the proposal to be the selling agent.
Under our regulations [the Property, Stock and Agents Regulation 2003]
Schedule 2 Principal to be informed of an offer
Section 3(1) The agent must, unless the principal has instructed to the contrary in writing, inform the principal of all offers of purchase as soon as practicable after receiving the offer up until exchange of contracts has taken place.
So in theory all offers must be put to the vendor not just the written offers as most quote. However;
Sub-section (2) If the agent is not going to inform the principal of an offer, the agent must inform the person who made the offer that the offer will not be submitted to the principal. Most agents forget, that they further to the above, even when a verbal offer is submitted and this is passed on to the vendor, the agent must confirm this offer in written form (Sub-section (3)). Should real estate agents keep their distance from buyer’s agents (or buyer’s advocates, as they are also called)? This is a dangerous liaison if the vendor’s agent [which is what we could also call the real estate agent] is going to be persuaded to undersell the property, or accept first offers. The relationship between BA and VA works well when selling off the plan properties, and developers need quick sales to satisfy bank funding requirements. In essence, the relationship works when the vendor is in need and is under some sort of pressure to achieve quick sale; financial, legal obligation or timing issue. This relationship also works well when dealing with developments and the VA is looking for the unsophisticated would-be developers, typical of foreign investors. Can off-market sales ever be good for a vendor? Only if the buyer’s agent meets the asking price. Or if the vendor does not wish to publically advertise the property; this is when we rely on buyers agents. The silent listings that require discrete marketing strategies may also be an opportunity for an off-market sale to benefit a vendor. There are a number of these. Some development sites fall into this, but there are some high end homes also out there on the silent market. What are the tactics of buyer’s agents that real estate agents should shield the vendors from? Low offers: Offers that are ridiculously low and the BA insist they be submitted just because they have made these in writing. This only works with agents that do not truly understand the process. As above. Pest and building reports: Protect your vendor by obtaining a P&amp;B report prior to the marketing, this way most, if not all, objections will be dealt with, as opposed to subjecting the vendor to objection pressure during the selling campaign. Remedy the problem at a low cost rather than an exaggerated perceived cost. Dealing with dummy buyers: Some, although not all buyer’s agents, will send in dummy buyers to place low offers on properties, again another way to so-called ‘condition’ the agent and vendor. Once more this is quickly dealt with if the real estate agent knows the value of the property and has already discussed the strategy how to handle low offers. 
{qtube vid:=3-uMKHTqxik}
YOU MIGHT ALSO WANT TO READ:
<ul>
<li><a href="/expert-insights/investing/selling-agents-and-buyers-agents-work-together-but-have-opposing-goals">Selling agents and buyers' agents work together but have opposing goals</a></li>
<li><a href="/expert-insights/investing/selling-agents-and-buyers-agents-work-together-but-have-opposing-goals">The reciprocal relationship between buyers' agents and selling agents </a></li>
<li><a href="/expert-insights/investing/the-reciprocal-relationship-between-buyers-agents-and-selling-agents">A selling agent will never work in a buyer's best interest: Catherine Cashmore</a></li>
</ul>
What topic would you like to see covered in our next Tuesday Q&amp;A? Send requests for topics and experts to <a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
Photo courtesy of pallspera.com/<a href="https://creativecommons.org/licenses/by/2.0/" target="_blank">Creative Commons</a>.
</body></html>

Q&A: How close should a real estate agent get to a buyer’s agent?

<html><body>
A vacant land block in Port Adelaide was up for sale through eBay. The 105 square metre block, <a href="https://www.realestate.com.au/property-residential+land-sa-port+adelaide-200904771" target="_blank">Lot 14 Mercantile Dock, Port Adelaide</a>, was discovered by a new Ray White agent when he was browsing on eBay.
It is now going to auction on 28 June, with a price expectation of $350,000. The eBay price asked for $360,000.
Ray White Norwood’s Murray Pope said that he approached the owners to ask if they wanted help selling the land.
“It turned out the owners were based in Queensland and they were very happy with the idea of a local agent auctioning the land,” Murray explained.
This will be Murray’s first auction, having just joined Ray White Norwood in early-2014.
It is one of the smallest blocks, but it isn’t expected to put off buyers, he said, noting that much of the land around is of a similar size.
“Good sized and functional homes are still easily constructed by building a tri-level home with a rooftop garden. We have the plans drawn up of a home that would suit this land,” he said.
<img src="/images/2014/06/03/port-adelaide-june-3-floor-plan.jpg" alt="">
He said that it will suit families and developers. The eBay listing noted council rates at $278 per quarter.
{module Real estate agents – would you look for a lead through eBay?}
Share other quirky ways that you have found vendors in the comment section below.
</body></html>

Industry News

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Industry News

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News