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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Stockland managing director Mark Steinert has been appointed the national president of the Property Council of Australia, the peak body for Australia’s $680 billion property industry.
He takes over from Darren Steinberg, CEO of Dexus Property Group after his four years in the role.
The property industry represents 11.5% of GDP, employs more than 1.3 million people and contributes $34 billion in real estate specific taxes alone, and Steinert said the role of National President was an opportunity that came with great responsibility.
Steinert’s appointment coincided with the election of a new national board with Property Council chief executive Ken Morrison welcoming the "powerful new board".
Property Council of Australia National Board
<ul>
<li>Mark Steinert - Stockland - National President 
</li>
<li>Carmel Hourigan - The GPT Group - Vice President 
</li>
<li>David Southon - Charter Hall - Vice President 
</li>
<li>Darren Steinberg - DEXUS Property Group - Immediate Past President 
</li>
<li>Peter Allen – Scentre Group  
</li>
<li>Kingsley Andrew ‐ Stockland 
</li>
<li>Stephen Conry ‐ JLL 
</li>
<li>Tarun Gupta ‐ Lend Lease 
</li>
<li>Sue Kench - King and Wood Mallesons 
</li>
<li>Ming Long - Investa 
</li>
<li>Derek McMillan - Australian Unity Retirement Living 
</li>
<li>Chris Palandri - Brookfield Multiplex 
</li>
<li>David Rolls - Mirvac 
</li>
<li>Nigel Satterley AM - Satterley Group 
</li>
<li>Steven Sewell - Federation Centres 
</li>
<li>Adam Tindall - AMP Capital 
</li>
<li>Carolyn Viney - Grocon 
</li>
<li>Kurt Wilkinson - Brookfield 
</li>
<li>Ben Yates - Development and Advisory</li>
</ul>
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jchancellor-FAypfDUnLy

Stockland's Mark Steinert to lead Property Council of Australia

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BrickX, the online platform that allows Australians to buy and sell fractional equity in residential property, has acquired its first property in Victoria.
<a href="https://www.brickx.com/" target="_blank">BrickX</a> recently bought a Miller Street, Prahran townhouse, which BrickX chief Darren Patterson said was likely the first of many property investments in Victoria.
“BrickX reviewed numerous properties across Melbourne before finally settling on this apartment in Prahran which we believe has attractive investment fundamentals,” said Darren Patterson. 
“The suburb has experienced capital growth of over 8% per annum over the past five years and will be appealing to tenants."
The recently renovated townhouse at <a href="https://www.realestateview.com.au/Real-Estate/4-6-miller-street-prahran/Property-Details-sold-residential-8611262" target="_blank">4/6 Miller Street</a> was bought at an undisclosed price, but on an anticipated 3.17% gross yield, through John H Castran Real Estate.
It last sold at $330,000 in 1998. There had been a $901,000 nearby sale in 2013, which had initially sold in 1997 at $265,000.
The first phase of the BrickX platform is open only to wholesale investors, both individual and company, however the company intends to make BrickX available to retail investors in the near future.
Dividends derived from the properties’ yields are distributed to investors on a monthly basis.
"Prahran's rental property demand is 32% higher then the Victorian average, and over the last 2 years the median price changed by a gain of 11.24% with this apartment’s market-trending location a match with our high quality renovation and structural requirements," Darren Patterson said.
The initial unit or ‘Brick’ price will be $123 when units becomes available for purchase.  
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BrickX extends fractional property investment portfolio to Melbourne  

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bidRhino.com, an online property auction website, has launched with an off the plan auction offering at 603/79 Market Street, South Melbourne. 
The live, auction portal aims to revolutionise the property market as residential properties can be listed and potential buyers or tenants can securely bid with just a digital click. 
<img src="/images/2015/04/24/off-april-24-one.jpg" alt="">
bidRhino.com online auctions are being marketed as an easy method for sale or lease. 
"Property vendors and landlords can save money by listing their properties themselves, it’s simple and effective, and with bidRhino there is only a fixed fee for service," bidRhino director Michael Cavey said.
The basic fee for selling property is $498 dollars. The basic package for leasing property is $198.
<img src="/images/2015/04/24/off-april-24-two.jpg" alt="">
"Online auctions are already a highly successful transaction method that have proven to be effective in many industry sectors - clothes, cars and travel," said Cavey.
Sellers and landlords can potentially expose their property to a global marketplace, said Cavey, who believes the opportunity is a natural progression for the industry. 
“bidRhino.com supports the research habits of hundreds and thousands of home-buyers and sellers with over 90% of all property buyers doing all their research solely online," he said.
 <img src="/images/2015/04/24/off-april-24-three.jpg" alt="">
<a href="https://www.bidrhino.com.au/vic/for-sale/South-Melbourne/603/79-Market-Street/id-1546" target="_blank">With $575,000 plus price guidance</a>, the initial opportunity is to secure a property in The Walker apartment complex, positioned in the heart of South Melbourne, which is due for early 2016 completion.
This apartment comprises two generous bedrooms, one bathroom, and an open terrace, in the 67 apartment building that has an architecturally adapted heritage façade.
<img src="/images/2015/04/24/off-april-24-four.jpg" alt="">
<img src="/images/2015/04/24/off-april-24-five.jpg" alt="">
It is anticipated that each property will be listed online for three to six weeks, during which time bidders can register to bid on any property.
Open house inspections can still be conducted and will be advertised on the site.
Once the vendor/agent/landlord has approved a bidder, the legal documents are emailed to the bidder for review.
<img src="/images/2015/04/28/ibb-logo.png" alt="">
bidRhino.com logo
Once the auction itself begins, all registered and approved bidders can bid on the property until the auction is finished. 
When the auction has ended and the reserve price or weekly, rental price has been met, the highest bidder becomes the successful purchaser/tenant. 
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bidRhino.com launches online auction site with off the plan offering

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As ANZAC Day was an important national day of remembrance, the Real Estate Institute of Queensland sought to ensure its membership did not trade this Saturday.
“The last time Anzac Day fell on a Saturday was in 2009, and in the past 25 years it has only fallen on a Saturday three other times," REIQ CEO Antonia Mercorella said.
"While the law has been the same every year, this year Anzac Day falls on a Saturday and it’s possible that some real estate agents booked advertising well in advance and without realising the significance of this particular Saturday.
“We have reminded our membership that holding an open house, either for the purpose of selling a property or to rent a property, is strictly prohibited."
Mercorella said that while there were a few open houses booked throughout the state for this Saturday, she expected these were due to oversight, rather than wilful disregard for the law. 
"We have notified all members that under the Trading (Allowable Hours Act) 1990, factories and shops in Queensland are required to close on Anzac Day with some limited exceptions."
In communications with the membership the REIQ explained that real estate offices are required to close on Anzac Day, with the one exception that offices can open for the sole purpose of leasing related activities, for example, accepting rental payments.
NSW and Melbourne agents are offering mostly afternoon auctions.
But Victorian laws could be changed to stop home auctions before 1pm on Anzac Day.
Premier Daniel Andrews is concerned about reports raised on Neil Mitchell's 3AW that home auctions will be held on Saturday morning.
"It may be legal to be having auctions and things of that nature, but I think it's pretty ordinary," Andrews said.
About 80 are scheduled for Anzac Day, with 18 due to be held before 1pm.
They included a Richmond apartment listed for 11.30am auction with $300,000 plus hopes at <a href="https://www.realestate.com.au/property-apartment-vic-richmond-119423687" target="_blank">202/120 Palmer Street</a>.
Set in the Niche complex, it has been pitched to investors with an estimated rental return of $350 per week.
The Real Estate Institute of Victoria says it was disappointing some vendors and agents had ignored their advice about maintaining respect for the day.
Amanda Lynch, chief executive of the Real Estate Institute of Australia says there was a need a nationally consistent position on ANZAC Day opening hours.
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REIQ says agents ought not trade on Anzac Day, while Victoria likely to introduce ban

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McGrath Estate Agents, started by high-profile chief executive John McGrath in 1988, has appointed Simon Mordant of Luminis Partners to advise on growth options, including a long rejected venture into Victoria.
According to an internal email <a href="https://www.afr.com/street-talk/mcgrath-appoints-luminis-to-advise-on-growth-options-20150421-1mpg8p" target="_blank">obtained by the Street Talk column at the Australian Financial Review</a>, McGrath is exploring a number of growth opportunities and methods for funding them.
"As part of this process, we've appointed Simon Mordant of leading independent advisory firm Luminis Partners to work with us on our company's long-term growth strategy," McGrath said in the email.
"Assembling the best team is always paramount to our success.
"As we grow our great company, we are now focusing on our move into Victoria.
"We are receiving strong enquiry from quality real estate businesses who have expressed their interest in partnering with us to extend our six-star service offering south of the border.
<a href="https://www.afr.com/real-estate/residential/mcgrath-mulls-buyback-amid-float-expectations-20141026-11c7m5">Street Talk reported last year </a>McGrath Estate Agents was exploring an initial public offering and also potentially buying out franchisees. 
McGrath Estate Agents has 62 offices across NSW, south-east Queensland and the ACT, most of which are franchises. 
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John McGrath finally thinks of venturing into Victoria

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McGrath Estate Agents recorded its best month in the company's history during March.
The real estate agency based across New South Wales, Queensland and the ACT turned over more than $1.46 billion in property during March from its 1,281 sales.
It was 14.6% higher that the previous company record of $1.27 billion in November last year.
McGrath Statistics: March 2015.
<img src="/images/2015/04/10/mcgrath%20graphic%20april%2013.jpg" alt="" style="font-size: 12.1599998474121px; line-height: 1.3em;">
Source: Facebook
The March 2015 sales figures covered 62 offices.  
“Typically a surge in supply will bring clearance rates down unless demand is so high that the market can sustain the extra stock," chief executive John McGrath said.
"And that’s what happened in Sydney."  
Sales activity was diverse with 345 sales over $1 million; 124 sales over $2 million and 17 sales over $5 million. 
McGrath reported that 199 (40%) of the company’s Sydney metro auction properties were in the $750,000 to $1.5 million price range, while they recorded 175 properties (35%) went under the hammer in the $1.5 million to $3 million range.   
“We are seeing real strength in the auction method across our eastern seaboard network, particularly in the $750,000 to $1.5 million price bracket where we saw an overall clearance rate of 85%," McGrath said.
“In terms of the most active buyers in today’s market, upgrading couples/families and investors continue to dominate."
Record sales performances in March for the McGrath network were:
 
<ul>
<li>Edgecliff reports $232.2 million (+50% on November 2014)</li>
<li>Lindfield reports $74.8 million (+143% on November 2014)</li>
<li>Mosman reports $65.1 million (+ 87% on November 2014)</li>
<li>Epping reports $55.5 million (+42% on November 2014)</li>
<li>St George reports $54.7 million (+47% on November 2014)</li>
<li>Ettalong reports $12.3 million (+47% on November 2014))</li>
<li>Brighton-le-Sands reports $36.3 million (+14% on November 2014)</li>
<li>Surfers Paradise reports $35.0 million (+101% on November 2014)</li>
<li>Balmain reports $32.3 million (+10% on November 2014)</li>
<li>Menai/Illawong reports $14.6 million (+3% on November 2014)</li>
<li>Wollongong reports $13.2 million (+8% on November 2014)</li>
<li>Bowral reports $11.6 million (+87% on November 2014)</li>
</ul>
 
 
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Record March for McGrath

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The veteran Gold Coast developer Jim Raptis plans a comeback.
He has plans to recapitalise the delisted Raptis Group and start a large project opposite the Harbour Town Shopping Centre at Biggera Waters on the Gold Coast.
The 67 year old who has been through several property cycles, has advised the company directors' plan to recapitalise the company to have a minimum of $1 million in cash.
"Research has provided attractive opportunities to resume the previous property development activities of the company and return value to the shareholders," said Raptis.
Raptis has kept a mostly low profile over the past six years after his group collapsed in 2009.
Raptis Group announced on Wednesday it had received the benefit of a "legal clearing of the decks" and "the opportunity to resume trading without any liabilities from the past resurfacing".
The local News Ltd paper suggested it was "its third phoenix-like rise from the ashes of financial disaster".
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Jim Raptis rising from the ashes with Gold Coast recapitalisation plans

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AMP Capital has announced Kylie O’Connor as the fund manager of the $4.2 billion AMP Capital Diversified Property Fund (ADPF).
Reporting to AMP Capital Head of Property Funds Management Chris Judd, O’Connor replaces incumbent Louise Joslin, who is retiring from executive roles. 
O’Connor will commence her new role in mid-2015 having worked for Lend Lease for the past 14 years, most recently as fund fanager for several funds.
The AMP Capital Diversified Property Fund includes the newly-developed Macquarie Centre in Sydney; Pacific Fair on Queensland’s Gold Coast, which is currently undergoing significant re-development; and potential developments at Garden City Booragoon in Western Australia and Quay Quarter Sydney.
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AMP Capital appoints Kylie O'Connor as property fund manager

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Raine &amp; Horne has opened a Dubai office, which has direct views to the Burj Khalifa, the world’s biggest skyscraper.
“Dubai is now the logical place to do business in the Middle East, Central Asia, Africa, the Asian subcontinent and the Eastern Mediterranean due to its strategic location, tax-free living and strong economic outlook,” the Raine &amp; Horne chief executive Angus Raine said. 
“With more capital flowing back into the residential and commercial markets in the UAE’s most populous city, establishing Raine &amp; Horne Dubai makes plenty of sense.”
Raine &amp; Horne Dubai will specialise in residential, commercial and retail property sales from an office in Dubai’s mixed-use Oberoi Center, located at the entrance to the city’s principal CBD, the Bay Business district. 
It will be headed by property specialists Surender Bhojwani, and Sanjay Chimnani, who has worked in the property market in Dubai since 2004 after more than three decades in India. Prior to launching Raine &amp; Horne Dubai, Chimnani was a co-founder of a major real estate investment company, before taking a senior management role with a German fund management company. 
Premium residential space in Dubai starts from $600 a square foot, while affordable housing is available from $300 a square foot, says Chimnani.
“But unlike Sydney, for example, distances need not be big in Dubai, so you can pay $300 a square foot for space and be only 15 minutes by car from the centre of Dubai,” he said. 
“But there is still a shortage of affordable housing in Dubai, so for now, many workers live in the nearby emirate of Sharjah and commute.”  
On the commercial property front, Chimnani is convinced the prospects are very good. 
“It remains a question of supply, with more multi-nationals looking to set up shop as Dubai rebuilds its reputation as the business and tourism capital of the region,” he said.  
“There are new free zones targeting technology, media, design, banking and finance, and the healthcare sector.
“The Dubai government is promoting the city as a major hub for businesses looking to establish themselves in the Middle East and North Africa – and this links back to the emirate’s reputation for stability.”
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Raine & Horne dips toe in the sands of Dubai agency

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The Real Estate Institute of Queensland (REIQ) has quit the Real Estate Institute of Australia (REIA).
REIQ chairman Rob Honeycombe confirmed the organisation had left the REIA, effective 30 March.
Property Observer reported last month its resignation was imminent <a href="/news/any-reiq-split-from-reia-is-short-sighted-michael-davoren">in a</a><a href="/news/any-reiq-split-from-reia-is-short-sighted-michael-davoren"> column by a former REIQ president</a>.
REBonline now reports Honeycombe told REIQ members that Queensland was not getting value for money from the $260,000 annual contributions.
“Our resignation from REIA was not a decision your board took lightly, but we will not continue spending your member funds where we do not see sufficient return on investment,” he wrote in a letter to REIQ members.
“Businesses need to evolve – our agencies do this continually. REIQ must do this, too. Similarly, we think it’s time for REIA to return to a member-focused and more efficient organisation.”
Honeycombe said there have been ongoing discussions about changes to the REIA since NSW left the national body in 2012.
“In March 2014, the REIQ asked the other real estate institutes to consider the option of a smaller, more efficient REIA team with a sole focus on lobbying and policy,” he said.
“As a board member of REIA, I continued this conversation at all REIA meetings during 2014 and again earlier last month when the REIA board met in Perth.
“Despite initial resistance, we’re really encouraged the real estate institutes have now agreed to come together this month – importantly, with NSW representatives – to explore a new model for the national body.”
 
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