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

Reinsw

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Juwai chairman Georg Chmiel chats with REINSW present and Laing+Simmons managing director Leanne Pilkington on women in the real estate industry.
You may have noticed that most senior executives in the real estate industry are men. Leanne Pilkington, however, is a woman.
And Pilkington is a figure of power in the industry. On top of her ongoing role as the Managing Director of Laing+Simmons, she has also just started a two-year term as the President of the Real Estate Institute of New South Wales. 
Pilkington has come a long way since her first job, as a 12-year old weekend receptionist in her parents’ real estate agencies in the Hills District of Sydney. She used to get into regular screaming matches at the office with her father. Now, it’s safe to say she seldom has to raise her voice to get what she wants.
I turned to Pilkington to find out more about the revolutions that are about to change the way you buy and sell real estate. My talk with her is the latest in my continuing series of interviews for the Property Observer.
Put the Women in Charge
But first, I asked Pilkington a provocative question. What if women ran real estate, and what if men mostly held the lower-level jobs like receptionist and personal assistant?
“The admin work wouldn’t get done, that’s for sure,” she laughed. Then, getting more serious, “I think we would have a much more empathetic industry. I think it would be a happier place to be, quite frankly.”
“Women are more focused on the relationship and men on getting the deal done. You shouldn’t close a deal at the expense of the relationship.” 
It’s worth noting that the top Laing+Simmons salesperson is a woman. It’s easy to imagine a relationship-focused industry resulting in investors buying and holding more property over the long term.
Taking Real Estate Out of Social Media
It is unlikely that men will suddenly step down from all the senior positions in the real estate world. And Pilkington isn’t holding her breath. She believes other changes are already under way that will soon revolutionize your experience as a vendor or buyer.
Whether you’re a Generation X Facebook addict or Gen Y Instagram photo-sharing fiend, you might be surprised by Pilkington’s first prediction. Some think real estate advertising will increasingly migrate to social media. Pilkington believes the opposite.
“I’m so tired of the ads I’m getting on Facebook and Instagram,” she says. “I just wonder how long it will be before there are so many unwanted messages on our social media feed that we turn them off.“
Anyone who has looked at property has likely seen their social media feed quickly filled up with agent photos, property ads, and other sponsored real estate content. What if your social media feed were free of real estate adds? Pilkington thinks that’s where we’re heading.
Giving Agents More Training Than Baristas
Pilkington’s second prediction for a real estate revolution involves the person everyone loves to hate: the real estate agent. As former CEO of LJ Hooker, I know that most agents are actually extremely professional and hard working. 
But Australians rank real estate agents as the third-most dishonest professionals in the country, according to a Roy Morgan poll reported in the Property Observer. Only car salespeople and advertising people fared worse.
Pilkington has a plan to change agents’ lowly reputation by changing the agents themselves.  
“At the moment, you need more education to become a barista making cappuccino than a real estate agent,” she said. Under the training reforms passed through Parliament in March, Pilkington expects that to change later this year. 
Under the new scheme, she says, “Before you get a license, you will need to have three years of experience.” She also hopes to make agents a recognized profession under the professional standards scheme. All told, “We will have fewer agents doing better work,” she says. She promises to release more information about this change soon.
Creating a Concierge Real Estate Experience
You will appreciate Pilkington’s third real estate revolution if you have ever stayed at a very, very nice hotel. I mean the kind of hotel where all the staff remember your name, your room preferences, and your past requests. The type of hotel that leaves a chocolate on your pillow and places a vase of your favorite flowers on the side table in your room.
“I would love to see it be a concierge experience,” says Pilkington, “I know all of the hurdles we will have to jump through to get there, but Laing+Simmons is focusing a great deal on this.
“In a perfect world, we would like Mrs. Smith to walk into an open home and for us to know that she also has a property under management with another office or a home for sale with another agent.
With a concierge experience, you as a buyer or vendor would get the best possible advice and most seamless service from the real estate professionals that work for you. Instead of being pestered by agents from several different offices, you could work with just one person.
The kind of information sharing that a concierge experience would require is not, let’s say, traditional in the real estate world. If Pilkington succeeds in creating a concierge model, the impact will be huge.
Advice for Property Buyers
Pilkington believes property buyers need to be realistic about where you will buy your first property. 
“When I got married and moved into my first property,” she recounted, “I sat on the back step and cried. I said to my husband, ’I don’t want to live here.’” Luckily for Pilkington, that first home ended being a joyous one, but it is telling that it was not exactly her dream home.
She also advises that you be prepared for the extra cost you will have to bear when interest rates go up. “Higher rates are coming. You need to factor that into whatever you are borrowing.”
Pilkington’s last piece of advice might be controversial. 
“Don’t get too many family members involved,” she says. “Too many people’s opinions will paralyze you.”
Rather than getting advice from all your friends and family, Pilkington suggests, “You’ve got to do your research, make a decision, and go forward with it.”
Georg Chmiel, the chairman of Juwai, a Chinese website for buyers of overseas property, was speaking to Leanne Pilkington in what will be a monthly insight into the leading minds of Australian property experts.
Last month he spoke to LJ Hooker agent Bill Malouf about the ins and out of the Sydney market.
 
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jrobinson-rf4aSBido9

Georg Chmiel chats with REINSW president Leanne Pilkington on women in real estate

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EXPERT OBSERVER
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The Real Estate Institute of New South Wales (REINSW) has blasted the NSW Government’s decision to extend its rental moratorium saying the timing, which coincides with the end of the banks’ loan repayment waiver, will create a perfect storm and send many mums, dads and retirees broke. 
Contrary to the NSW Government’s obvious stereotyping, around 80 percent of landlords in New South Wales are mums and dads or self-funded retirees who are either paying off a single property investment, or depend on it for income. 
Now they are facing an even longer period of no income, more uncertainty and for many, financial ruin, he says. 
This is a case of logic being ignored, livelihoods being placed at unnecessary risk and, worryingly, a refusal to undertake the proper consultation. 
How are these mum and dad investors, many who have lost their jobs, going to cope? The banks have already made clear that the cold hard reality for many landlords is that they are going to have to sell their property to retire debt. The nest egg people have worked so hard to achieve, and have sacrificed so much for, will be lost. 
The Department of Fair Trading has informed the REINSW clearly that if even if a landlord has lost their job, if the hot water system breaks on their property, they have to find the money from somewhere to fix it. 
For the Minister to assert that the extension of the rental moratorium is in support of both tenants and landlords is grossly insulting. To date, the Government has provided the Tenants Union $13.5 million to assist tenants. Not one cent has been provided to assist landlords. It undermines the absolutely critical role landlords play in society: providing choices for people to have a roof over their heads. 
“n the end, tenants will suffer too. Fewer properties available for rent at this incredibly delicate economic time pushes more people onto the streets. 
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The REINSW calls for an urgent review of this decision, particularly in the absence of any research to suggest the extension of the moratorium is an appropriate, let alone necessary, move.
The NSW Government’s failure to explain the rationale for the extended rent-free period is a critical concern, especially given the current state of eased restrictions in New South Wales as well as the recent decrease in the national unemployment rate to 6.8 per cent. 
The REINSW has repeatedly sought to consult with the Department of Fair Trading and the Minister to explain the impacts of this measure on the state’s landlords and tenants but our efforts, despite the promises made, have been met with a closed door. 
Instead, the State’s largest real estate industry body, like the rest of the community, is left to process the recklessness of a decision made with no industry consultation, no basis in data and with clearly no understanding of the broader industry and market ramifications. 
We expected better from the NSW Government.
Tim McKibbin is the chief executive officer at REINSW. 
 
 
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REINSW blast NSW government decision to extend rental moratorium

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Treasurer Dominic Perrottet has announced the 2020-21 NSW Budget will be handed down on Tuesday, November 17, 2020.
The Budget was deferred in March following a recommendation by the National Cabinet of Commonwealth, State and Territory leaders.
“Our focus over the last six months has been on protecting the lives of the people of NSW during this pandemic as well as sustaining their livelihoods,” Mr Perrottet said. 
 “Our priority in recovery is supporting jobs, jobs and more jobs and the 2020-21 Budget will reflect that.”
Confirmation of the Budget date comes as the NSW Government’s commitment to COVID-19 health and economic support measures approaches $16 billion. 
 “NSW is the engine-room for the Australian economy and we’ll light the way out of these unprecedented times.”  
“We look forward to delivering for the people of NSW once again.”
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j.ballantyne1990-6AQqhLzZaK

March 2020 NSW Budget now scheduled for November

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A quarrel has erupted between the state’s peak estate agent organisation and the NSW government over the safety of deposits in trust funds following property sales.
The Real Estate Institute of New South Wales has accused the NSW Fair Trading department of “gross negligence” involving the audit requirements of trust accounts following the state’s largest fraud case.
They have demanded a parliamentary inquiry.
The Minister for Innovation and Better Regulation Matt Kean said it was wrong for the REINSW to say there was had been any legislation which had left consumers exposed, adding that the REINSW did not understand its members’ legal obligations.
“Auditors are required to lodge reports where they identify a financial irregularity,” he said.
Estate agents and solicitors must safeguard buyer deposits in trust funds after any property sale.
But in recent times more estate agents have illegally dipped into their client deposits, sometimes to help keep businesses afloat, or meet their gambling addiction or fund a lavish lifestyle.
The state government guarantees the safe keeping of deposits and offers capped compensation.
“Four years ago, Fair Trading made the decision to remove the obligation for real estate agents to lodge their annual trust account audits in what it claimed removed “red tape,” Mr McKibbin said.
“Removing the obligation to lodge the audit with Fair Trading meant Fair Trading no longer had the administrative burden of reading the audit reports.”
It had created the situation of compensations now costing taxpayers “millions of dollars,” Mr McKibbin said.
A Maroubra real estate agent was sentenced earlier this month to an intensive correction order, which will see him perform 400 hours of community service work, after being found guilty of eight trust account withdrawals totalling more than $425,000 over an eight month period in 2014.
The issue flared when victims of a 2018 estate agency collapse initially found they would not be full compensated because the alleged fraud exceeded the maximum compensation offered by the Property Services Compensation Fund, which is funded by the real estate sector through a levy.
A seller was told a missing $560,000 deposit would not be fully compensated as it exceeded the $500,000 maximum compensation, and the 120 other clients who were owed a $3.6 million total found themselves being told they would share the $2 million compensation limit that applied for any one agency collapse.
McKibbon said Fair Trading has subsequently agreed to full compensation after lobbying by the institute.
“We expressed the view that the consumer’s loss in this case was in a large part attributable to Fair Trading and to refuse to compensate them was unconscionable. 
“Pleasingly we have received assurances from Fair Trading that they will now fully compensate.
“But it is the NSW tax payer that has come to the rescue.
“REINSW seeks to work cooperatively and constructively with a competent regulator and minister.
“Sadly neither currently exist,” McKibbin said.
Mr Kean said there were “serious questions over whether the REINSW was fit and proper to provide continuing professional development.”
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jchancellor-FAypfDUnLy

REINSW accuse NSW Fair Trading of gross negligence in trust fund bust up

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EXPERT OBSERVATION
Reforms to Stamp Duty announced by the NSW Government are an insult to those people trying to purchase a home in NSW.
The Treasurer’s statement on November 5 provides no genuine relief to home buyers, it’s nothing more than hype and bluster in the lead up to the election, according to Real Estate Institute of NSW.
The State Government’s intention to index Stamp Duty by reference to the Consumer Price Index (CPI) starting from 1 July 2019 without adjusting the tax brackets is a real sleight of hand.
NSW Treasurer Dominic Perrottet has acknowledged that the stamp duty rates have not been amended since they were introduced in 1986 and then says that he is going to apply indexation (CPI) to the set of tax brackets that are 32 years out of date!
In 1986 the Sydney median house price was $93,576 and the median unit price was $86,109. At that time the overwhelming amount of property transactions did not attract the higher rates of tax.
Now with the Sydney median house price at $956,000 and the median unit price at $730,000 the overwhelming amount of transactions do attract the higher rates of tax.
By sitting on their hands for 32 years successive Governments have unconscionably profited at the expense of the home buyers including the most vulnerable - first home buyers.
The first tax bracket tops out at, $14,000. I ask rhetorically when was the last time you heard of someone buying a house for $14,000?
Yes, indexing is good, and the Treasury says had it been introduced 15 years ago then it would be better now - I agree. In fact if it had of been done 32 years ago it would be even better and deliver a far more equitable outcome for the property consumer (see table below).
If the Government is serious about Stamp Duty reform it must adjust the brackets to reflect today’s median house price and then index it from there
To do anything other than that is delivering reform without substance and is just disingenuous political grandstanding.
The Government’s own published data sets out clearly the continuing decline in property transactions and consequential Stamp Duty revenue.
The irony? There is empirical evidence demonstrating that a reduction in the rate of tax will drive more additional transactions and consequently more revenue for Government.
Stamp Duty brackets - what they are and what they should be
<img src="https://www.urban.com.au/images/2018/11/12/REINSW%20table.JPG" alt="">
Tim McKibbin is the REINSW CEO 
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Stamp duty reforms are an insult: REINSW 

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The Real Estate Institute of New South Wales has accused the NSW Fair Trading department of putting little value on its opinions.
The REINSW chief executive Tim McKibbin has quit the department's industry forum which was established to consult on real estate reform.
McKibbin claimed Fair Trading had a “systemic lack of industry knowledge and misguided beliefs.”
He claimed a real estate reference group established in 2015 by former minister Victor Dominello was "an exercise in futility."
“They put us in a forum; that essentially gave us the impression we were being listened to and we were being worked with,” Mr McKibbin told Domain.
“I feel extremely conned and feel they essentially gave me some colouring-in pencils and told me to sit in the corner.
“We met quite regularly but we did not achieve really anything in three and a half years,” he said.
“[Fair Trading] come to these things with the view that they know what they’re doing and they don’t.
“They got us along and we had minutes and meetings and agendas, and we were completely ignored, so the risk of [now] being outside of the conversation is minuscule in my view.”
REINSW chief executive Tim McKibbin outburst comes <a href="https://www.domain.com.au/news/nsw-renters-set-to-see-biggest-shakeup-of-states-rental-laws-20180920-h15mq6-765151/">less than a week after </a>Innovation and Better Regulation Minister Matt Kean introduced rental reforms into State Parliament, which apparently caught the institute by surprise.
Mr Kean hit back at the criticism, saying he was disappointed with the REINSW’s decision.
“It’s disappointing REINSW have chosen not to provide a voice for their members in this important forum, but I welcome real estate agents to engage directly with NSW Fair Trading.”
Government sources alleged to Domain that the REINSW had been relentlessly trying to undermine Fair Trading so that it was removed as a regulator.
Shadow minister for innovation and better regulation Yasmin Catley was concerned by the move and said the institute’s resignation showed the minister and Fair Trading were not engaging with a key stakeholder effectively.
“If you don’t have the peak body at the table … you won’t deliver the key outcomes for consumers,” she said.
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Conned REINSW surrenders any influence with NSW State Government  

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Availability across the Sydney rental market remained relatively steady in July 2018, according to research from the Real Estate Institute of New South Wales.
REINSW Deputy President Brett Hunter said the July 2018 REINSW Vacancy Rate Survey  saw vacancy rates across the Sydney metropolitan at 2.8 per cent, a rise of 0.1 percentage points
“The vacancy rate fell 0.1 percentage points in both Middle and Inner Sydney at 2.9 per cent and 2.7 per cent respectively, while Outer Sydney bucked the trend rising 0.3 percentage points at 2.7 per cent.  “The Sydney vacancy rate we are seeing at the moment is in line with the winter seasonal trend,” Mr Hunter said.   
<a href="https://www.propertyobserver.com.au/images/2018/8/17/VACANCY%201.jpg" target="_blank">Click here to enlarge: </a>
<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/2018/8/17/VACANCY%201.jpg" alt=""> 
In the Hunter, vacancy rates fell 0.2 percentage points to 1.7 per cent, with Newcastle down 0.2 percentage points at 2.2 per cent. The Illawarra dropped 0.5 percentage points to 2.0 per cent with Wollongong down 0.3 percentage points to 2.0 per cent.  Across regional areas, Albury was up 0.1 percentage points at 1.5 per cent, while the Riverina and Central Coast were steady at 3.1 per cent and 2 per cent respectively. 
<a href="https://www.propertyobserver.com.au/images/2018/8/17/VACANCY%201.jpg" target="_blank">Click here to enlarge: </a>
<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/2018/8/17/VACANCY%202.jpg" alt=""> 
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Sydney rental market remains steady in winter seasonal trend: REINSW

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An actor hoping to break into auctioneering won the final of the 2018 REINSW Novice Auctioneers Competition last night.
REINSW President Leanne Pilkington said the Novice Auctioneers Competition raised more than $25,000 for suicide prevention awareness charity, R U OK. “The 2018 Novice Auctioneers competition was a great success with more than 30 auctioneers battling it out over the course of the event,” Ms Pilkington said.  “Winner, Oliver Burton, of Kensington, who took out the Inner West heat to gain entry into the final was polished, professional and well prepared,” Ms Pilkington said.  
<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/2018/6/29/actor-reinsw2.jpg" alt=""> Mr Burton, who graduated from the National Institute of Dramatic Art in 2015 said he loves being in front of a crowd, keeping people’s attention and putting on a great show. “Being a freelance performer is a difficult gig and I was looking for a profession that makes use of my skills and training. I am thrilled by how welcoming the industry has been and am grateful for the advice that I have received during the competition.
“I am looking forward to beginning my auctioning career and am thankful for REINSW for creating an opportunity to introduce me to the industry,” he said.  The Novice Auctioneers Competition is an annual event for REINSW and is open to entrants over 16 who live in NSW who have not completed more than six auctions in the past 12 months or more than eight in their career. 
They must also have no more than six months experience as a livestock or chattel auctioneer.  
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Actor Oliver Burton takes out 2018 REINSW Novice Auctioneers Competition 

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EXPERT OBSERVATION
Stamp duty has remained unchanged in NSW for 32 years despite median house prices rising by 1181%.
When the current NSW Transfer Duty brackets were put into place in 1986 the median dwelling price, according to statistics from CoreLogic, was $80,675 compared to the current median house price of $1,033,892.
The government’s unwillingness to act on this is outrageous.
The numbers speak for themselves.
Median unit prices have also seen a similar increase with a rise of 841.80% from $80,331 to $756,557.
Consumers should be angry about this huge injustice and the government needs to start listening.
A full review must be undertaken and it must be undertaken now.
It was time for the NSW government to correct the punishing effects of Stamp Duty bracket creep. 
However, to date, Government has chosen to ignore the damage these outdated tax rates are causing.
The Government’s conduct in regard to this issue is nothing less than unconscionable. 
The current NSW Transfer Duty brackets (other than the top bracket for residential land over $3 million) have been in place for more than 30 years.  
The Second Reading to the 1986 Bill which on enactment increased NSW Transfer Duty rates and introduced the current base thresholds included the following statement: 
The increased rates for conveyances only affect properties worth more than $300,000 and thus will not affect the average home purchaser. 
Leanne Pilkington is the Real Estate Institute of New South Wales president.
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