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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<div>
The high cost of online Google advertising has been highlighted by auditors Grant Thornton amid the latest financial report on the ASX-listed, BuyMyplace (BMP).
The DIY selling platform has reported a $2.8 million loss in its recent half-year results, noting currently only three percent of listings are DIY in the Australian market, "an exceptionally low number compared to international markets."
It is still aiming for breakeven which is expected to be achieved at 350 listings per month, with an average order value currently sitting within $800 to $900.
BMP spent $870,000 on advertising and marketing, some 68 per cent up on the prior period, and more than half of its $1.5 million revenue.
In its independent auditors' review, Grant Thornton noted the company's latest net loss, up from $1.7 million in the prior period, indicated that "a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern".
</div>
<div>BMP, founded in 2007, was listed on the ASX in 2016.</div>
<div> </div>
<div>Helping home sellers sell their homes without an estate agent for as little as $700, BMP has sold more than 5000 homes since 2009 worth $2.7 billion. It stood at 2800 home in early 2016 on its backdoor ASX listing.</div>
<div> </div>
<div>It claims 77 percent of the properties sell within 90 days.</div>
<div> </div>
<div>BMP, which has a market cap of $9.4 million, has had to rely on Google Ads and Google Keywords to promote its services to consumers.</div>
<div>
The newly appointed BMP CEO Colin Keating told The Australian Financial Review it was "not unusual" for micro cap companies at BMP's stage of growth to have concerns pointed out by its auditors.
But he said BMP remained highly viable, and that since taking over as CEO in November last year, a significant review had seen BMP address the increased cost of Google advertising.
Keating took over from Paul Heath who led the company during its IPO in early 2016 which envisaged the possibility of 8000 annual property listings, $10 million annual revenue and $3 million EBITDA by 2019.
The recent shareholder update advised BMP’s focus on promoting the brand through marketing had "led to a leading position in the market, ultimately resulting in an increase of web traffic and number of listings."
<div title="Page 2">
BMP enjoys $1 million working capital facility provided by KM Custodians which owns around 10 percent of the company's shares.
Currently the facility is drawn to $500,000.
It indicated net cash burn for the quarter of $880,000 was slightly higher than the previous quarter.
"The increased burn was directly associated with technology initiatives that have already delivered efficiencies in the operations platform.
"These efficiencies were reflected in a reduction of inbound tickets from existing DIY vendors thus providing a more effective customer experience in conjunction with establishing operating margin levers and scalability."
BMP recently undertook an extensive search of potential digital marketing agencies to replace the incumbent provider.
"This search highlighted several areas of opportunity in terms of optimizing the marketing spend and driving enhanced growth from a new digital marketing strategy," shareholders were advised.
The new digital marketing agency partner commenced with BMP earlier this month facing the challenge of the slow down in residential property listings across the Australian real estate sector, along with increased competition from other disruptors.
The former CEO Peter Butterss recently tendered his resignation as a director of the company with lawyer, Stephen Moulton joining the BMP board.
Property Observer understands BMP is currently in a number of discussions with potential merger partners and acquisition targets.
Discussions have taken place with five targets which could see to $16 million potential additional revenue in year one.
The shares are currently trading at 14 cents having hit a 2016 peak of 50 cents.
 
</div>
</div>
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jchancellor-FAypfDUnLy

Escalating online Google advertising cost hits BuyMyplace selling platform profit results

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CBRE has launched an Australian build-to-rent committee to service the emerging sector of the market. 
It will be led by CBRE’s director of development valuations and advisory, Jozef Dickinson whose committee will provide valuation and advisory work, research, development feasibility and site identification services. 
Joining Dickinson in CBRE’s Australian ruild-to-rent committee are Ken Smith, Simon Cowley, Ben Martin-Henry, Kate Heaney, Ashley Kerfoot, Josh Rutman and Simone Lutz. 
The committee will be supported by CBRE’s US-based multifamily expert Colleen Pentland Lally, executive managing director of investor services Mark Granter and national director of institutional valuations Stephen Thomas. 
Granter said the establishment of a dedicated committee highlighted the firm’s commitment to diversify into new growth areas. 
The launch of this committee follows a successful nine-day build-to-rent campaign undertaken by Pentland Lally across Australia last year. 
CBRE has a multifamily business in several major international markets – completing US$24 billion worth of transactions in the US, £$2.4 billion in the UK and €$1 billion in Germany, in 2017.
Last year in the US, multifamily assets accounted for 32% (US$150 billion) of total commercial property investment in the US – making it the most popular asset class. 
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j.ballantyne1990-6AQqhLzZaK

CBRE launch local build-to-rent committee

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Savills Australia is welcoming a new director to help lead the Victorian business’ capital transactions division. 
With 13 years’ experience in commercial property agency and valuations, James Girvan returns to Savills with $3 billion worth of commercial property transactions under his belt. 
Girvan has relocated from Sydney to Melbourne to fill the role.
Some of the notable transactions that Garvin has been involved in include 231 Elizabeth Street for circa $350 million, 20 Hunter Street for circa $200 million, and 55 Clarence Street for $170 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/3/28/girvan.jpg" alt="">
He aims to set about “finding a home” for the capital that had not been able to break into the Sydney CBD market. 
“Many local and offshore groups that have missed out on core Sydney CBD opportunities are now turning their attention to core Melbourne stock,” he said. 
“As the development pipeline comes to fruition in the next two years, and with the current low vacancy and potential for rental growth, Melbourne will become a pivotal point of interest for investors.”
The move follows the appointment of Ben Parkinson as state director of Capital Transactions in October 2017, and the successful sales of 50 Franklin Street and 800 Collins Street late last year. 
Parkinson said several local institutions were looking to re-weight their portfolios, with the Melbourne market providing tenant diversity given the even distribution across tenant sectors.  
“There has been massive net absorption throughout the past few years and Docklands, among other precincts, is at capacity. 
“Although the recent change in the city’s planning laws limits the availability of new sites, the population growth is creating pent-up demand for office space, with prime rents expected to increase by about 7.0% in the short to medium term.” 
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Savills bring new director onboard to Melbourne capital transactions team

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Former Brisbane Lion Jamie Charman has joined the real estate ranks.
The former Premiership winning ruckman has been appointed as a sales agent in the Ray White Albion office in Brisbane's inner north-east.
Charman told the local paper he's always been passionate about real estate.
“I actually worked for Ray White Corporate part-time while I was still playing, so it feels so right to come back to this great brand — it’s a household name,” Charman said.
“I’ve always been passionate about residential property, and have bought and sold through Ray White many times.” 
Charman owns two houses in Brisbane with his wife, Calexico director Nicky Charman. Their most recent Hawthorne purchase was bought off-market through Ray White New Farm.
Charman had been involved in the AFL inner circle since retiring and was even hired for a brief period as a part-time kicking and catching coach for North Queensland Cowboys in the NRL.
He had been the commercial manager for the Lions for a number of years following his 2011 retirement. The last two years he's been working with a commercial property company in the inner city.
“During my professional and footballing career, I always bought and sold property and did my own small developments so property has always been a passion of mine and I'm looking forward to helping people in this exciting field full time,” Charman said. 
“For me, the move into real estate is not a huge leap but I am really excited by what the future holds.” 
“I know what the auction process feels like for both the vendor and the buyer. I have been on both sides, so I have a good understanding and empathy for anyone going through this process. 
“I know it’s a stressful time for many buyers and the property market can sometimes be difficult to navigate." 
Charman's career began in 2000 when he was picked as the number 29 draft pick for the Lions from the Sandgate Hawks. 
He made his Lions debut a year later against Fremantle and played in the Lions' 2003 grand final victory.
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Former AFL player Jamie Charman makes mark on new field

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MMJ Real Estate has announced the further growth of its national commercial network with McGees Sydney office merging with MMJ Sydney’s business.
MMJ currently comprises six offices in Sydney, Melbourne, Brisbane, Perth, Canberra and Wollongong.
MMJ Real Estate chief executive, Chris Johnson announced the merger.
Ian Dimond, who has managed McGees in Sydney for over 20 years, will join MMJ Sydney’s current directors Cameron Algie and Chris Johnson, in driving the continued development of MMJ throughout New South Wales.
The McGees' clients include many Australian and international corporations, as well as government bodies, private investors and the legal fraternity. 
Other senior operatives who will join MMJ Sydney as part of the merger include Tony St Leon and Callum Macgregor.
The MMJ network also residential offices located in Wollongong, Illawarra North, Illawarra South and Dapto.
Picture above L-R: Cameron Algie, Chris Johnson, Ian Dimond.
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MMJ Real Estate merges with Sydney office with McGees Sydney

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The listed real estate and financial services group, The Agency Group, formerly known as Ausnet, has agreed to buy another estate agency with some $3 million sought via a shareholder capital raising.
It announced the $950,000 extended tranche deal with another Perth-based company, ServTech Global, which is trading at 2 cents.
The Agency, trading at just under 2 cents, has the aim of having 600 sales representatives within three years.
It has indicated its intention to buy the <a href="https://www.sellleaseproperty.com.au" target="_blank">Sell Lease Property agency </a>which has 210 agents and an $8 million annual revenue, reflecting $38,000 per current agent.
It will pay up to $950,000 for the acquisition of three businesses from the Western Australia-based proptech disrupter ServTech which floated earlier this year with Perth investors Keith and Patricia Scudds the biggest shareholders.
Sell Lease Property has around half its agents in WA having recently expanded onto the east coast, where it has 45 agents in Queensland and 25 in Victoria. The company does not have suburban real estate offices.
The Agency says after the deal it will have 280 agents across Australia generating 120 sales every month worth $80 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/15/slp.jpg" alt="">
Unlike other real estate franchise groups which take some of the agent's commission, Sell Lease Property (SLP) allowed its agents to keep all their commission in exchange for using ServTech's Angel Platform, an online system which handles all the back-office paperwork at a cost of $700 per transaction.
The ServTech company was founded by real estate entrepreneur Brett Quinn and was chaired by former Fortescue mining executive Nick Cernotta, who recently stepped down. Bert Mondello is the new chairman.
Last month ServTech announced a convertible loan facility with Ausnet after a detailed strategic review of its business including its operating costs and cash burn.
"The impact one of changing market conditions resulted in slower than expected revenue growth which resulted in an unacceptably high and unsustainable rate of cash burn," its ASX listed shareholders were told. Shareholders were told Ausnet had agreed to actively oversee an ongoing strategic review of the business plan and technology associated with Sell Lease Property, plus assist with growth strategies and national rollout, identify and implement strategic synergies with its associated companies, where appropriate as well as provide the Company with significant management and marketing expertise. 
<div title="Page 2">
The Agency has also agreed to buy Value Finance and Complete Settlements, the mortgage broking with $1 million revenue and conveyancing businesses with $445,000 annual revenue within ServTech, but not its technical side.
The Agency will pay $25,000,000 (sic) per month to maintain the administration of the secured ServTech business.
The $950,000 deal involves an upfront $250,000 payment then $100,000 every month for seven months during 2018.
The Agency Group gave no indication of where the entire $3 million was intended.
</div>
 
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Ausnet changes name to The Agency Group and announces Wild West expansion intentions

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Ray White Double Bay director Elliot Placks has claimed John McGrath wouldn't see his then junior staffer so he left for Ray White.
Placks said McGrath believed he was too young as Placks sought to move into sales.
He had created a business plan for McGrath to look at.
“I was getting 10 appraisals each week and I was only 20. I was good at it,” Placks said.
“I knew my target area and my commission based on the leads and appraisals I had created over the last two years," Placks recently said in a self promotional press release.
"But (then McGrath CEO) John McGrath wouldn’t see me.
"I was too young - told to stay as an assistant for a few more years."
After McGrath's snub, Placks joined Ray White Double Bay in 2003 and was made a director in 2011.
“I knew in my heart that I was ready and if he didn’t see the vision, I told him I’m going out to see who else sees it.
“I just wanted to become a sales agent, so I marched down to Ray White Double Bay and spoke to (former director) Trevor Leach, Craig Pontey and Mike Finger.
“Within the first half hour Mike told me I had a job, and that he’s never done that with anyone before.”
In his first year of selling real estate in 2003, Placks was named the number three top selling agent for Ray White in NSW and since then he’s consistently been a top 10 sales performer within the group.
Placks began his real estate career at McGrath while also working a boutique restaurant at Rose Bay and in fact he was "working in real estate to save enough money to buy the restaurant”.
Faced with the decision between buying the restaurant, he shifted to real estate full-time.
“The great thing about the restaurant in Rose Bay was I talked to a lot of people about their property and I got a lot of leads,” he said.
“That’s the unique part of real estate, sometimes you can sit at a coffee shop and chat to people and get leads.”
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jrobinson-rf4aSBido9

John McGrath's snub of a young Elliot Placks was a 'sliding doors' moment

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The former Melbourne sports broadcaster Rob Astbury, who became a highflying Gold Coast estate agent, has died aged 69.
He died unexpectedly, but peacefully, according to reports.
After an early career in Melbourne radio, Astbury made the move to television where during a 21-year media career, he won 10 VFL/AFL awards, and was twice nominated for the Logie Awards for the Best News Story of the year.
He hit the headlines in 2006 when a biography King and I: My Life with Graham Kennedy detailed Astbury’s relationship with the late king of television comedy. 
After retiring from television, he worked as a real estate agent between 1994 and 2000. For the next decade he ran a property development company in Thailand. He returned to the Gold Coast in 2010 to continue in <a href="https://www.propertyobserver.com.au/http://raywhitebroadbeach.com/agents/rob-astbury/44016" target="_blank">real estate at Ray White</a>.
The Ray White chairman Brian White said "Rob was one of our superb Elite members renowned for his creativity".
<div>"The White family is deeply saddened to learn of the death of Rob Astbury who has been one of our finest performers over the long time he was with the Ray White group.</div>
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<div>"For more than 20 years Rob showed a creativity and an imagination that brought such wonderful results to his client base.</div>
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<div>"Invariably an Elite member, Rob's unique ability to communicate with his database and to encourage and locate the right buyers for the different properties he'd been commissioned to sell, had become legendary," Brian White noted.</div>
His own profile indicated he joined Ray White (Broadbeach) in 1994 and in his first year received Ray White's Rookie Of The Year Award, "possibly the oldest Rookie of all time!"
His sales achievements included the sale of the beachside home of Brian White.
Astbury had <a href="https://twitter.com/mrpford?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" target="_blank">a second book in the works</a>.
"So here are the last few paragraphs of Rob’s unpublished memoir," entertainment reporter Peter Ford tweeted.
"Yes it names names and settles scores but it’s a lot more than just that."
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Gold Coast Ray White estate agent Rob Astbury dies leaving unpublished second book

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The low-cost estate agents Purplebricks has reported its first full-year profits in the UK, with its expansion into Australia keeping the group in the red.
Full-year annual results show Purplebricks accelerated its revenue from property sales for the year to April 2017 - up 151% to £46.7 million ($78 million) of which £3.5 million ($5.9 million) came from its Australian business.
Purplebricks launched in Australia in September last year and to date it has sold about 800 homes and secured 1600 listings.
It listed in the UK in December 2015 worth £250 million ($423 million) and is now valued at more than £1 billion ($1.69 billion), the Australian Financial Review noted.
Full-year annual results show Purplebricks's Australian business generated a £6.1 million ($10 million) loss with revenues exceeded by a big marketing spend (£3.8 million or $6.42 million) and administration costs (£3.9 million or $6.6 million).
Co-founder Michael Bruce expressed satisfaction with the Australian business performance to date.
"With the UK business now in profit it is encouraging to see Australia following a similar growth trajectory," Bruce said.
Purplebricks forecast full-year revenues to reach £80 million ($135 million) in the UK over the next 12 months and to grow to £12 million ($20 million) in Australia. The company recently announced plans to expand into the US.
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Purplebricks reports $10 million losses in Australia

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Australia’s leading construction companies expect a recovery in engineering and non-residential building activity for the rest of the 2017 calendar year and in 2018, according to a survey from an industry body.
The upbeat forecast comes after three years of declining major project work, the latest Australian Industry Group/Australian Constructors Association Construction Outlook said. 
After dropping sharply by 8.0% in 2016 (current prices), the survey forecasts that the total value of turnover from major project work will rise by 4.3% in 2017 followed by a stronger lift of 6.4% in the 2018 calendar year. The recovery comes on the back of an upturn in non-mining infrastructure construction, with engineering construction rising 2.9% in value in 2017 and a further 6.8% expected in 2018, turning around 2016’s steep 16.5% downturn. 
An emerging phase of strong public sector spending on transport infrastructure will continue to boost conditions, despite the further winding down in mining-related construction.
Commercial construction, including offices, retail buildings and industrial premises, is also expected to gain momentum from flat conditions in 2016 to increase by 1.6% in 2017 and a further 5.6% in 2018. The outlook for multi-level apartment construction remains strong for 2017 (+22.9%) as work continues to fill up the backlog, although the pace of growth will moderate in 2018 (+6.8%) as the current apartment building cycle reaches its peak.
<a href="https://www.propertyobserver.com.au/images/2017/06/29/Turnover.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/29/Turnover.png" alt="">
Australian Industry Group chief executive Innes Willox said while “apartment building continues to feature prominently, it is clearly set to scale back in the period ahead”. But pointed to further expansion in infrastructure investment, particularly in road and rail works, and a lift in private sector commercial construction.
He said the overall pick-up in major project work confirmed construction had moved beyond the impact of the winding down of the boom in mining and energy-related projects. 
However, there could be an expected further decline in resources-related engineering construction, particularly in the oil and gas processing sector, which is set to follow 2016’s 39% decline with further steep drops in 2017 (-25.5%) and 2018 (-56.8%). 
However, the drag from other mining-related construction will slow in 2017 (-14.3%) before emerging from its downturn to record mild growth of 3.1% in 2018.
Australian Constructors Association (ACA) executive director, Lindsay Le Compte, said the spate of infrastructure project announcements on the eastern seaboard will demand a larger workforce and action was the need of the hour to provide skilled personnel. 
Key Points from the Ai Group / ACA Construction Outlook survey:
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<li>After falling by 1.2% in the year to February 2017, total employment in major construction is expected to return to growth with rising infrastructure work over the reminder of 2017 (+4.5%), before registering a further increase of 1.9% in the six months to June 2018.</li>
<li>Skilled labour shortages remain a concern, with a relatively high 39.1% of respondents reporting either ‘major’ or ‘moderate’ difficulty in recruiting skilled labour in the six months to March 2017, down only slightly from 40.0% in the previous six months. Sourcing of sub-contractors also remained a key concern, with 39.1% citing major or moderate difficulty (down from 44.4% in the previous six months).</li>
<li>The sourcing of building materials was less of a concern for the industry in the six months to March 2017, with 21.7% of respondents citing major or moderate difficulty, down from 38.9% six months earlier.</li>
<li>Labour costs are expected to become a greater source of pressure for the construction of infrastructure and building projects in 2017, with 39.0% of respondents expecting major or moderate increases in both direct labour rates and sub-contractor rates. Reports of increases in construction material costs have eased off to some extent, with 21.7% of businesses reporting major cost hikes (down from 32% six months earlier). </li>
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