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

Property Disruptor

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The Agency is seeking shareholder approval to pay fees owed to its consultants, including its external PR firm, by issuing further equity in the cash-strapped publicly listed company. 
The Agency - whose backdoor listing began as the Namibian Cooper mining company from the west - seeks to pay over $700,000 in fees owed to consultants.
The proposed fees-to-equity conversion will be put to shareholders at a September 23 meeting.
It follows a $5.6 million equity raising in July along with an agreement with some creditors to convert $5.8 million in debt to new equity.
The Agency seeks approval to pay its Perth-based public relations firm Chapter One Advisors through shares, covering a near $50,000 media relations bill.
The proposal is to issue up to 769,231 shares to Assert Corporate &amp; Investor Relations Pty Ltd Trading as “Chapter One Advisors."
Chapter One Advisors managing director David Tasker, The Agency's media spokesman, told The Australian Financial Review it was "reasonably common" for suppliers to take payment through equity in the company.
He said it was a sign these suppliers wanted to back the company and ultimately believed the share price would go up in the long term.
The Agency also seeks to pay about $16,000 to consultant Robert Brierley; $65,000 to solicitor Torq Murray and $100,000 to Sydney-based corporate advisory firm Transocean Group. 
<img src="https://www.urban.com.au/images/2019/9/3/Shares%20-%20The%20Agency%202.JPG" alt=""> 
It is proposed 11 million new shares will be issued at 6.5¢ for these consultants, just above the last closing price of 6.4¢.
The proposed fees-to-equity conversion is among 24 resolutions that will be put to shareholders to assist the agency gets through its cash-strapped expansionary phase that comes soon after its listing and rapid expansion strategy.
The issuance of new options are also proposed:
<img src="https://www.urban.com.au/images/2019/9/3/Shares%20-%20The%20Agency%203.JPG" alt="">
Shares in the The Agency have fallen since peaking at 31.9¢ in September last year following a share consolidation.
The group has a market cap of just  under $8 million. 
The proposed fees-to-equity conversion is among the 24 resolutions to be put to shareholders at a general meeting on September 23.
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Yesterday The Agency reported a <a href="/news/the-agency-reports-bigger-loss-and-announces-2-8-million-cost-cutting">loss for the financial year and announced $2.8 million worth of cost cutting measures</a>.
The accounts were unaudited.
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jchancellor-FAypfDUnLy

The Agency shareholders asked to issue shares to pay $50,000 PR fees

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University of Sydney Business School associate professor Jamie Alcock said it was unfortunate Purplebricks had folded in Australia.
“I don’t think it was bound to fail, it was a market ripe for disruption,” Mr Alcock told Domain.
 “The [real estate agent] commissions in Australia are very high by international standards.
“There is a lot of money to be made. 
"It’s not a hugely complex task to sell residential property; a lot of it could theoretically be disrupted through some technological revolution or a new business model.
“When you see large fees and there are no huge technical skills or qualifications required, it’s disruptable.”
The DIY selling platform, forsalebyowner.com.au has offered to hire all 105 Purplebricks agents and migrate their 1400 listings to its online platform for free, after the British-based firm announced its intention to exit Australia this week.
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j.ballantyne1990-6AQqhLzZaK

Australian real estate maket ripe for disruption: Sydney University professor

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The Top Level acquisition by The Agency, a real estate agency from the West, won't now take place until 2019.
The latest update in the long running saga came Friday when The Agency Group Australia advised shareholders that the settlement date to buy the Bondi Beach-based McGrath Rebels has been extended to 11 January 2019.
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The company will also be extending the closing date of the offer under the prospectus dated 20 November, issue date of securities under the prospectus, settlement of the acquisition of all of the shares on issue in Top Level Real Estate Pty Ltd and closing date of the cleansing offer under the prospectus to be amended to 4 January 2019.
It is two years ago that Top Level was launched with the backing of mortgage broker John Kolena, and Ausnet, a then little-known real estate practice out of Perth since 2006 called The Agency which offer a range of Ausnet financial services.
Top Level has been operating under licence to The Agency Group during the extended delayed period while under offer.
Ausnet came to list on the Australian Securities Exchange via the ASX-listed Namibian Copper Limited, a base metals exploration company previously focusing on Namibia, Africa. 
The Agency, formerly Namibian Cooper/Ausnet, is now trading at 1 cent. 
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The Agency Group Australia also advised shareholders that the ASX had granted the company a waiver from ASX Listing Rule 14.7 to the extent necessary to permit the company to issue 6,160,000 shares to John Kolenda, up to 10,000,000 shares to John Kolenda, 833,333 shares to Paul Niardone and 333,333 options exercisable at $0.30 on or before that date which is 3 years from the date of issue to Adam Davey as approved by the company’s shareholders at the general meeting held in November 2018.
 
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McGrath Rebels acquisition by The Agency pushed back into 2019

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Property Connect CEO Darren Patterson has said property in Australia is "right for disruption" in an interview on the Finance News Network earlier this month.
Patterson was talking about LiveOffer, the technology which allows potential tenants to make an online offer on a rental property.
Property Connect are also moving into doing online auctions for property sales, as well as planning to add a mortgage origination service.
Patterson told <a href="https://www.finnewsnetwork.com.au/" target="_blank">Finance News Network</a>'s Rachael Jones that property technology is very fragmented in Australia and other markets.
"We believe we’ve got the solution that can add value and we can extrapolate from," Patterson said.
"The market is controlled by agents that operate in a franchise model. The two dominant portals take a lot of value out of that chain. And we believe that marketplaces that provide transparency, real time transactional services, will provide value for landlords, renters, vendors and purchasers in that space.
"We believe that marketplaces that provide transparency, real time transactional services, will provide value for landlords, renters, vendors and purchasers in that space."
Patterson said much of the technology is built, but hasn't been implemented for all property types.
"We’re ahead of plan, we recently did a placement, our technology platform on the rental side is built. The auction piece we just recently announced is ahead of plan as well, we’re now in licensing and commercialisation phase," Patterson advised.
The new online rental auction platform is designed to provide transparency and a seamless process, for both the landlord, the tenant and the property manager.
"The tenant, or prospective tenant, can actually control their move-in day, the term of the lease and the amount they want to offer per week," Patterson suggested.
"Sometimes you see tenants turn up to highly sought after properties and there maybe 10/15 people. This gives them a full view and transparency as to where their offer is, in the market. And it allows the property manager to effectively communicate with the landlord, and decide who’s the optimum tenant for the property."
Patterson said they're about to move into providing construction development finance and residential mortgages, something he says they believe will help facilitate the entire property transaction.
Property Connect are targeting the transient markets where renters move between states frequently.
"We see that emerging in Australia, particularly as developers look to build, to let and develop property funds.
"We see that in high-density areas like Hong Kong, Singapore and the Middle East. And we’re rolling out a lightweight sales model, which is focused around licensing in those markets with partners."
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Property Connect Holdings CEO explains why LiveOffer is going to make waves

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LJ Hooker’s intended DIY property selling platform Settl, while launching the 88-year-old company into a new tech era, is already having a disruptive internal impact before it starts, with fears there will be undercutting of the commissions of its loyal sales agents.
The yet to be launched online <a href="https://settl.com.au" target="_blank">Settl </a>platform, which had been timed to commence in the second quarter of 2017, but seems delayed, or even on the back burner, will encourage vendors to sell their homes by themselves for a low fixed fee, in an response to property disruptors such as Purplebricks and buyMyplace.com.au.
Property Observer gleans it will on launch adopt the logo "Pay less, Settle for more."
Purplebricks, buyMyplace and forsalebyowner are all slowly growing their share of the Australian property market due to their low-cost, fixed-fee model.
Settl will include the pricing option of assistance of a Settl estate agent if the vendor wishes to have assistance with open-for-inspections and auctions. 
LJ Hooker’s Settl will be run as a stand-alone entity although seemingly directed by the network's current leadership team who have faced franchisees who've threatened to depart.
Settl has been in research and development by LJX-Lab for the past 20 months.
Settl is led by an expert tech-startup team including players from pioneering tech-giants Uber, Atlassian, Freelancer and Airtasker.
Headhunters Mitchelake have closed applications to find its chief executive who has been tasked with leading "an aggressive business/market development strategy in Australia."
A landing page, while unconfirmed, suggests it is a "smart, nimbler real estate service."
The hybrid model will be scaled up in partnership with LJ Hooker’s own network to cater to the new consumer.
Settl is part of LJ Hooker’s $100 million digital transformation. 
The real estate agency, founded by Sir Leslie Hooker in 1928 and still part owned by grandson Janusz Hooker, is in the midst of a transformation. Earlier this year LJ Hooker's CEO Grant Harrod unexpectedly resigned after the company scrapped plans to list on the ASX.
The most recent development has been that of former Aussie Home Loans CEO Stephen Porges joining in an advisory role, although market chatter points to him becoming the next chief executive following the departure of Harrod.
Earlier this year, LJ Hooker scrapped its IPO as real estate franchise businesses came under pressure from a deterioration in property listings and the threat of technologies.
Chairman Janusz Hooker has likened the launch of Settl to when Qantas created low-cost carrier Jetstar to service a different market segment.
"These will be two brands – LJ Hooker and Settl – serving two distinct customers," Hooker told The Australian Financial Review recently.
Hooker said Settl would cater to the needs of millennials and "digital natives" who wanted to "pay less and do more themselves".
But the traditional, commission-based model is not going anywhere, he stressed. Usually, commissions vary from 1.5 percent to 2.5 percent of the selling price.
"Part of the market still wants to fly Qantas, but there's a new market that wants to fly Jetstar. We're creating a new market – it's not a zero sum game. The launch of hybrid real estate businesses has increased the size of the market," he said.
Pricing for Settl has not yet been revealed, but is expected to be competitive compared with other DIY platforms.
L Janusz Hooker said Australia is on the cusp of a wave of property innovation.
“We have been closely monitoring global trends for several years, and have seen new models gain momentum in overseas markets like the UK.
"Settl will open up this new market in Australia, giving digital-natives the choice and control they want,” he said. 
"In Australia, this segment is estimated to only be a few percent of today’s market, however it could grow up to 10 percent by 2025."
Mr Hooker commented that Australia was a unique market with its own distinct circumstances - "and we’ve seen time and time again that standardised overseas models are not overly successful here." 
“We see the ongoing human value added from agents a critical part of real estate services into the future. To ensure customer satisfaction, Settl’s unique hybrid “online to offline” model aligns the agent 100 percent with the vendor’s result.”
Josh Rowe, CEO of property price prediction app realAs.com, has welcomed the new LJ Hooker venture.
"A company that is not prepared to cannibalise their own business to meet customers' changing needs will eventually fail," Rowe told the AFR.
"Netflix was originally a DVD mail order business with 20 million users at its peak. Now as a streaming service it has 99 million users," he said.
"Perhaps LJ Hooker is the Netflix of real estate in Australia."
Graeme Hyde and Bryan Weir are heading the venture, with oversight by Esther Selvanayagam, the financial chief since February 2017. 
Hyde is the exisiting network chief having joined the real estate industry in 1995 after 15 years in television and radio. He joined the LJ Hooker network in 2001 when he took over the LJ Hooker office in Port Macquarie and was inducted into the Captains Club in his second year with the network and Multimillion Dollar Chapter in his third year. 
Bryan Weir joined the board of LJ Hooker in 2014 after 35 years of corporate and business experience including time at Freeholds and Macquarie Bank.
Weir is keenly involved in the sport of rowing, being the President of Mosman Rowing Club from 2004 until 2009.
Earlier this month they watched as their Mosman-based LJ Hooker Lower North Shore group joined the Ray White network in a shock defection.
LJ Hooker Lower North Shore has been operating for 60 years and employs more than 50 people.
It has been run by the same directors for the last 20 years.
LJ Hooker Lower North Shore directors Richard Harding, Geoff Smith and Bernard Ryan are to undertake the re-brand, seeing the potential for expansion across the region from their already large footprint. Since Property Observer previously reported LJ Hooker agents jumping ship to Ray White, LJH has advertised in print publications for their replacement.
Agents across the group and industry have expressed concern at the LJH Settl initiative saying "flat fees aren't the answer."
"We have an over supply of agents, and the value is being lost as a seller when agents operate just as a tour guide at the opens.
"Agents should be looked at as an investment in the sale," one agent said adding Settl "just creates more opportunity for crappy agents."
 
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