A wave of investment, renewal and precinct growth continues to shape the northern edge of Macquarie Park, where daily life is supported by a rare combination of university activity, corporate employment, major retail, and expansive green corridors. It’s this convergence of amenity and connectivity underpins the setting for <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>’s <a href="https://www.apartments.com.au/new-apartments/la-vera-94-talavera-road-macquarie-park-nsw-2113">La Vera</a>, which has now topped out and is tracking toward completion in mid-2026.

Within this pocket of the precinct, residents move easily between the area’s key anchors. Macquarie Centre, home to more than 360 retailers, fresh food offerings, dining and entertainment, sits at the heart of local convenience and functions as a major transport interchange. The Metro, T1 rail line and extensive bus network place much of Sydney within quick reach, while surrounding arterial links support direct access to neighbouring districts.

[smartcode_project:default project_id=134951 project_image_fid=5829]

Green space remains a defining feature of the immediate environment. Lane Cove National Park stretches along the northern boundary of the precinct, offering bushland trails, cycling routes and quiet riverfront pockets. Shrimptons Creek and the campus grounds of Macquarie University extend these recreational networks, softening the urban setting and creating a daily connection to nature that informs the project’s architectural response.

<a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> have shaped La Vera around these contrasts. The building’s northern elevation adopts an organic, curvilinear form that mirrors the natural topography of the national park. Three sculpted forms soften the tower’s profile and encourage a stronger transition between indoor living areas, balconies and the broader landscape.

[smartcode_project:default project_id=134951 project_image_fid=223737]

Cox Director Felipe Miranda says the building’s outlook played a central role in the design process.

“The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park… The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies,” Felipe Miranda of Cox Architecture said.

Toward the city-facing side, the design shifts to a more urban expression. A gridded facade and extensive glazing capture CBD views, creating a dual strategy that blends ecological outlooks with metropolitan orientation.

[smartcode_project:default project_id=134951 project_image_fid=5827]

La Vera delivers 169 residences across one- to four-bedroom layouts, reflecting the needs of young families, downsizers, first-home buyers and investors seeking long-term certainty within a high-amenity location. From the project, residents can walk to Macquarie University, Macquarie Hospital and nearby corporate offices, reach national park trails within minutes, and enjoy retail and dining without relying on a car.

The project is delivered by Urban Property Group, a 4.5-star iCIRT-rated developer-builder with more than three decades of experience. The company has become a leader in adopting 10-Year Latent Defects Insurance (LDI), first introduced on its Parq Bexley development and now embedded into its pipeline.

[smartcode_project:default project_id=134951 project_image_fid=223727]

La Vera is the first development in Macquarie Park approved to offer this 10-year LDI policy, adding another layer of protection for purchasers and reinforcing the transparency of the construction process.

Urban Property Group CEO Patrick Elias says this assurance has become increasingly important for buyers navigating the off-the-plan market.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been… Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share,” Urban Property Group CEO Patrick Elias said.

Urban Property Group's in-house construction team is forecasting a mid-2026 completion, with <a href="https://www.apartments.com.au/project-marketer/home789">HOME789</a> appointed as the project marketer.

[smartcode_project_cta:default project_id=134951]

Staff Writer

La Vera delivers a nature-connected address within Macquarie Park’s core

<a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA</a>&nbsp;doesn’t just rise over North Sydney, it redefines it. Now in its final release, <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a>’s $1 billion architectural statement is not just complete, but already reshaping the way people live, connect and dine in this rapidly evolving harbourside CBD.

Positioned beside the new Victoria Cross Metro Station and boasting panoramic views across Sydney Harbour, Aura’s 386 residences crown a mixed-use precinct designed with unapologetic ambition. The curvaceous sandstone-inspired form by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, paired with <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richard Stanisich</a>’s understated interiors, sets a design tone that’s both monumental and intimate.

At its peak, literally, the two penthouses so spectacular they command their own names; La Davina and Il Magnate. The residents are spread across the&nbsp;entire top floor, offering what many consider the most refined residences ever built in North Sydney. Designed by Richard and Kirsten Stanisich, each four-bedroom home is meticulously crafted to evoke calm, space, and permanence.&nbsp;

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/VB70993aG-I?si=adRBlXQliYmYvaSz" title="YouTube video player" width="560"></iframe>

The kitchens are fully wrapped in natural stone, with integrated Gaggenau appliances, Sub-Zero fridges, concealed sculleries, and even a zip hydro tap delivering boiling, chilled and sparkling water on demand. A linear stone fireplace anchors the open-plan living space, dividing lounge and dining zones with quiet sophistication.&nbsp;

[smartcode_project:default project_id=30959 project_image_fid=292861]

The master suite, meanwhile, feels more like a private retreat, complete with a custom stone makeup vanity, walk-through dressing area, and spa-inspired ensuite with heated stone floors, a freestanding Villeroy &amp; Boch tub, and timber veneer joinery throughout.

Kirsten Stanisich, Director of Richards Stanisich, said the penthouses offer incredible scale reflective of a single residence.&nbsp;

“We sought inspiration for these remarkable residences from the classic top-floor Parisian apartment," Stanisich said.

"We looked at what made these French apartments so elegant and found it really came down to their scale. It was ultimately this generosity of space that we used for the AURA penthouses, where we’ve designed considered rooms with deep large-scale proportions."

[smartcode_project:default project_id=30959 project_image_fid=310337]

Everyday living at Aura feels no less elevated. A dedicated 24-hour concierge, Technogym fitness centre, sky dining terraces, and a resort-style pool serve a lifestyle designed to rival luxury hotels.

At street level, Aqualand’s own hospitality arm, Etymon Projects, curates a precinct of LA-style bistros, Japanese fine dining, and local wine bars, all seamlessly integrated into the building’s sculptural podium.

[smartcode_project:default project_id=30959 project_image_fid=310337]

This final chapter, aptly dubbed The Finale, is more than a sales phase, it’s an invitation to two of the most exclusive apartments ever to be built in North Sydney.

With limited residences remaining, buyers can access curated incentives including stamp duty rebates, rental guarantees, legal fee coverage, and even $20,000 towards dining within the precinct.

From generous one-bedders to The Icons, two singular penthouses priced well into prestige territory, Aura’s offerings reflect a scale and calibre rarely seen in urban Sydney. And with move-in now immediate, this is no longer a promise of future luxury. It’s happening.

[smartcode_project_cta:default project_id=30959]

Aqualand unveils penthouse collection at AURA By Aqualand in North Sydney

There’s no sign of the development wave that began several years ago slowing along Old Burleigh Road.

Around 10 new apartment developments are either underway or preparing to launch along the 800-metre strip stretching from the southern edge of Surfers Paradise towards the heart of Broadbeach, collectively adding just shy of 1,000 new apartments to the beachfront corridor.

The latest plans propose a further 30 apartments to replace an original six-unit walk-up on a 658 sqm site at <a href="https://www.apartments.com.au/new-apartments/20a-old-burleigh-road-surfers-paradise-qld-4217">20A Old Burleigh Road</a>. The 14-storey building has been designed by Ferro Chow Architecture, which recently joined the Elevation Architecture Group.

The developer behind the project is Geoffrey Booth, whose Future Liv In has focused on delivering rental accommodation across regional Australia.

<img alt="Old Burleigh Road" data-entity-type="file" data-entity-uuid="99d393e7-d404-43bc-80cb-6255c39b83d6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2012.28.44%E2%80%AFPM.png?VersionId=ZFT8F3mOny4M4ut.kFF3woC9WH9oR5gT" />

The Old Burleigh Road development will comprise 18 two-bedroom apartments, 10 three-bedroom apartments, and a single four-bedroom residence occupying the entirety of level 12. Above, the building will be crowned by a two-storey penthouse with its own private lift, several multi-purpose rooms, and two rooftop terraces — one featuring a puppy lawn and spa, the other offering a private swimming pool, sunset deck, and built-in barbecue.

Resident amenities will be located on the second level and include a pool with adjoining spa, cabana, and pool deck, along with an indoor residents’ lounge featuring a bar and an alfresco barbecue kitchen.

In the architectural statement submitted by Elevation Architecture, the project is referred to as “UMI”, which the firm says has been “inspired by the majestic hinterlands and shaped by the coastal climate”.

“It is an exemplar of how community living can still feel at one with nature, breathable, and deeply connected in place,” the architects noted.

They added that the site benefits from established building separation to adjoining towers, helping to maintain privacy, sunlight, and residential amenity, while still offering direct beach access within an urban setting.

“Drawing inspiration from the Gold Coast hinterlands and the region’s natural landscape, the podium and tower detail highlights the contrasting elements of treetop green and cliff-face peach. The vibrant texture and materiality shaped by time has a richness in depth and character.”

<img alt="Old Burleigh Road" data-entity-type="file" data-entity-uuid="b3d6c923-a0ab-4d74-86da-177313447e8e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2012.28.38%E2%80%AFPM.png?VersionId=i2fygmoVQM6hWpbATTAW_yTitoMTrnI1" />

Old Burleigh Road has become a hotspot for developers, with the three-tower Jewel development kickstarting a wave of projects up and down the strip when it was completed in 2020.

Currently under construction and approaching completion is <a href="https://www.apartments.com.au/new-apartments/faro-broadbeach-123-old-burleigh-road-broadbeach-qld-4218">FARO Broadbeach</a> by 5Point and Bottega, 21 large-scale half- and full-floor apartments. 5Point is also behind the recently launched <a href="https://www.apartments.com.au/new-apartments/lumara-108-old-burleigh-road-broadbeach-qld-4218">Lumara</a>, another 37 apartments to add to the pipeline.

Luxury builder GRAYA is progressing construction on <a href="https://www.apartments.com.au/new-apartments/enclave-by-graya-118-old-burleigh-road-broadbeach-qld-4218">Enclave</a>, its first Gold Coast tower, while Polycell remains the most active developer on the street. They are preparing to launch <a href="https://www.apartments.com.au/new-apartments/sandpiper-broadbeach-155-old-burleigh-road-broadbeach-qld-4218">Sandpiper</a>, a 50-storey redevelopment of the former Sandpiper Holiday Resort that will deliver around 200 apartments alongside extensive resident amenity. The group also has another 130-apartment project approved nearby, as does <a href="https://www.apartments.com.au/news/qld/dvb-approved-for-second-broadbeach-apartment-development">Dean Gallagher’s DVB Projects</a>.

Joel Robinson

First look: Old Burleigh Road apartment development wave continues

Sunshine Coast developer Habitat Development Group continues to position itself as one of the region’s largest new apartment developers.

Its latest project is in Maroochydore, where it is currently delivering <a href="https://www.apartments.com.au/new-apartments/the-millwell-2-millwell-road-east-maroochydore-qld-4558">The Millwell</a>. Adjacent to the new 53-hectare Maroochydore City Centre project, Habitat is planning a further 180 apartments on a 3,468 sqm site at <a href="https://www.apartments.com.au/new-apartments/132-136-aerodrome-road-maroochydore-qld-4558">132–136 Aerodrome Road</a>. The site was purchased with approval for a smaller 13-storey, 103-unit building.

Habitat will demolish the two existing retail centres, currently home to the Salvation Army Family Store and Neighbours Aid, and replace them with an 18-storey building featuring the significant rooftop amenities that have become a hallmark of Habitat developments in recent years. The rooftop will include both indoor and outdoor spaces, anchored by an infinity swimming pool.

<img alt="Maroochydore" data-entity-type="file" data-entity-uuid="ad434d07-666b-4614-b33e-530ad6a2d261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2010.12.33%E2%80%AFAM.png?VersionId=7pyLsPWKQuwv0us3_v.9DmbzEc2VZe9Z" />

There will be a mix of one- to four-bedroom apartments.

The Development Assessment Report, submitted to the Sunshine Coast Council, says the proposal&nbsp;is not speculative, but a response to both zoning intent and demonstrated housing need.

“The proposed development represents an appropriate and logical intensification of the site, consistent with the planning framework and the intended urban outcomes for the locality.”

Across the Sunshine Coast, councils are increasingly scrutinising not just height or yield, but whether new projects genuinely align with the long-term structure plans underpinning growth corridors. The&nbsp;ASTP Planning Report&nbsp;reinforces the approach, noting that the project has been shaped around site responsiveness rather than generic typology.

“The development has been designed to respond to the physical constraints and opportunities of the site, while delivering a high-quality residential outcome that integrates with the existing and emerging urban context.”

<img alt="Habitat" data-entity-type="file" data-entity-uuid="3a03fc54-4ca5-4868-88d0-eeced70604e2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2010.12.28%E2%80%AFAM.png?VersionId=1pkK3lJrrZjkghTLBReM2zatcas4Nc4B" />

In mid-2025, Habitat, a developer that also builds its own projects, commenced construction on The Millwell, located just over one kilometre from the new proposal. The Millwell will comprise more than 200 apartments across two eight-storey buildings.

Habitat also has two projects on Lake Kawana in Birtinya: <a href="https://www.apartments.com.au/new-apartments/st-clair-birtinya-930-931-waterside-retreat-birtinya-qld-4575">St Clair</a>, a 200-unit, two-building development launched last year and set to welcome buyers this year; and Esperance, a 175-apartment project currently progressing through the development approval process.

First look: Habitat continues to bolster Sunshine Coast apartment pipeline with Maroochydore development plans

John Camilleri, the breeder of legendary racehorse Winx, is set to deliver a landmark two-tower beachfront development that would redefine the Surfers Paradise skyline.

Camilleri, who spent around $100 million acquiring development sites across the Gold Coast in 2025, has lodged plans for two new towers on the dress-circle stretch of Garfield Terrace, just two days before Christmas.

In assembling the site, Camilleri's Celestino Developments has effectively acquired the 71 Garfield project by Iris Capital and AALTO by Weiya Holdings, creating an unrivalled <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">4,000 sqm beachfront holding along Garfield Terrace</a>.

The proposal comprises two residential towers of 55 and 48 storeys, linked by a dramatic skybridge which will home “exclusive VIP and wellness amenities.”

In total, the development would deliver 275 two-, three- and four-bedroom apartments across the two towers, rising above a shared landscaped podium that incorporates a central green space and a beachfront swimming pool stretching more than 90 metres.

<img alt="DBI" data-entity-type="file" data-entity-uuid="097900f3-6bef-4919-b168-b08f2f762876" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.37.58%E2%80%AFAM.png?VersionId=et0SpmcvaPPVrexI_zWi46BVFtZBxAzx" />

Architecture firm DBI, in documents submitted to Gold Coast City Council, said the project at 63–79 Garfield Terrace would “establish a new benchmark for beachfront residential living on the Gold Coast.”

"The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience. Together, the 48-storey North Tower and 55-storey South Tower form a distinctive twin-tower composition whose dynamic silhouette will make a significant contribution to the Surfers Paradise skyline."

DBI said the architectural language draws inspiration from the fluidity and movement of the coastal landscape.

"Each tower is defined by organic, curving forms and continuous balcony ribbons that wrap the buildings, providing deep shading, enhancing environmental performance, and reinforcing the rhythmic, sculptural expression of the façade. These balcony forms also reduce the apparent mass of the towers while maintaining strong visual continuity from podium to summit. Sculpted reflective downturns run along the western spine of both towers, shifting and lifting as they extend upwards to frame service zones and open eastward to maximise ocean views."

<img alt="Garfield" data-entity-type="file" data-entity-uuid="a2a00ce3-a0e9-45d6-b4b5-b7baed592ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.53.40%E2%80%AFAM.png?VersionId=DnruWV1dhLrtXOeElwekyd7vPq2gw55t" />

The project’s most striking feature is the skybridge at level 45, which will house executive lounges, formal dining spaces, wellness facilities and panoramic ocean-facing views.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI added.

The podium will host an extensive suite of recreational amenities, including resident lounges, private dining rooms, a large open green lawn, and the signature 90-metre pool stretching along the beachfront. The pool is divided into lap, lounge and children’s zones.

The southern end of the podium will accommodate additional wellness facilities, including a gymnasium, plunge pools, treatment rooms and a dedicated yoga lawn.

<img alt="Garfield" data-entity-type="file" data-entity-uuid="ee1b4f25-231f-4804-83b1-a573a1481962" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.55.47%E2%80%AFAM.png?VersionId=zObzIA3D5w7EwqPsHjr2pKrA4vbB28zL" />

There will be 127 apartments in the North Tower and 148 in the South Tower, including multiple penthouses, while the Enderley Avenue and Oceanway frontages will be activated by a series of food and beverage tenancies.

Camilleri emerged as the most active site acquirer on the Gold Coast in 2025. He spent just over $30 million acquiring Pacific Point, a 10-level Surfers Paradise apartment block and an adjoining three-level duplex, from fellow racing identity and Aquis billionaire Tony Fung. Plans are now underway for a 93-apartment, 40-storey tower on the 1,682 sqm site.

He also paid $53.65 million for the 1,500 sqm Garfield Terrace site previously marketed as AALTO by Weiya Holdings, before acquiring the adjoining parcel from hotel billionaire Sam Arnaout’s Iris Capital, the developer behind V&amp;A Broadbeach.

First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge

Strata Management

<html><body>The Queensland government has revealed a modernised set of body corporate regulations that applies to strata unit management from March 1, 2021.

The new set of regulations that lay out changes that will assist management transparency were announced by Attorney-General and Minister for Justice Shannon Fentima.

They apply to new and long established body corporates.

They will facilitate electronic voting and attendance at meetings for absentee owners, including remote personal attendance by teleconference or videoconference.

The electronic voting system may allow votes to elect committee members to be cast by computer, smartphone or tablet.

The new rules will encourage the use of email and other forms of electronic communication for the exchange of information and documents within bodies corporate, which ought reduce the hefty photocopying costs of strata management.

If owners give their email address to the body corporate as a part of their address for service, they will be consenting to receive all documents from the body corporate by email.

The rules also clarify and improve the list of documents that original owners or developers must provide to the body corporate to facilitate effective governance of the scheme.

It will encourage early identification and remedy of building defects by requiring a body corporate to consider a motion to prepare a defect assessment report at its second annual general meeting.

Motions submitted by members of the body corporate before the first annual general meeting must be included on the agenda, where possible.

The original developer owner will need to give additional items to the body corporate, including a copy of its development approval, any fire and evacuation plans required under the Fire and Emergency Services Act 1990
and any contracts or agreements for the supply of utility services to the body corporate.

The updated set of rules require the body corporate manager, and the caretaking service contractor, to disclose any associated commission, payment or other benefit received, including the amount of the benefit if it’s monetary, before a body corporate decides to enter into a contract, including for insurance.

From 1 March 2021, the maximum number of committee voting members will depend on the number of lots in the scheme, with fewer than 7 lots, the maximum number will be equal to the number of lots.

If it includes more than 7 lots, the maximum will be 7—unless it is a principal scheme at no more than 12.

Fentima said the government was still working on establishing a Community Titles Legislation Working Group which will provide advice to the government on a range of issues impacting the community titles sector.

https://www.qld.gov.au/law/housing-and-neighbours/body-corporate/legislation-and-bccm/regulation-changes/summary</body></html>

The modernised body corporate regulations will facilitate electronic voting and attendance at meetings.

jchancellor

Interstate apartment owners to access online Queensland strata management meetings

<html><body>
More than one million people in NSW are being invited to have their say on how laws can be changed to improve the experience of the growing number of people living and working in strata communities.

Minister for Better Regulation Kevin Anderson said community consultation was now open as a crucial part of the statutory review of both the Strata Schemes Development Act 2015 and Strata Schemes Management Act 2015.

“With the continued surge in popularity of apartment living we expect over half the population of Greater Sydney to be living in strata titled apartment towers, townhouses and blocks of flats by 2040,” Mr Anderson said. “There are now 81,717 strata schemes registered in NSW and every year this number grows by more than 1,000 across both Sydney and regional NSW.

“It is important that the laws covering strata living stay relevant and address some of the fundamental issues that might be stopping people from fulfilling the great Australian dream of home ownership. “The Government’s landmark 2015 reforms modernised strata living, but we know there is more to do.

"In particular, we know more needs to be done to ensure that apartment buildings are well maintained and remain free of building defects over their lifetime so that owners aren’t left out of pocket by tens of thousands of dollars. That’s why we will be seeking feedback on changes that would require owners to disclose critical information about programmed maintenance, capital works spending and defects.”

Mr Anderson said feedback was also being sought on a new digital Strata Portal that will capture mandatory information for each strata building in NSW and make it available to the regulator to ensure compliance with fire and other important safety requirements.

“Strata schemes are integral to supporting NSW’s growing population and housing boom. As more and more people choose to call NSW home, strata living holds the key to encouraging growing cities and urban development which is why this review is so important to ensure we make strata living more appealing,” Mr Anderson said.
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Community consultation is now open as a crucial part of the statutory review of two the strata scheme acts



Strata laws in New South Wales to be reviewed

<html><body>
GUEST OBSERVATION
Should private citizens be allowed to force the sale of a neighbour’s property against his or her will?
Let’s ask the question another way: is it fair that just one neighbour, or maybe a small group of neighbours, should be able to block the sale or redevelopment of someone else’s property?
When it comes to collective strata sales, the answer isn’t obvious.
Strata title is the most common form of apartment ownership in Australia. It gives each owner ‘title’ over their own unit and shared ownership of the shared space. Three million people live in them. In most states (except for NT and NSW), 100% of the owners have to agree in order to terminate a strata scheme and sell the block of units.
The need for achieving a unanimous decision makes it difficult for ageing buildings to be sold and redeveloped in order to increase urban density. Until 2016, only 1.1% of all the strata schemes in NSW had been terminated since 1961.
Economists, at least since 1838, have understood that attempts to assemble complementary resources can be plagued by the holdout problem.
A new law, which commenced in NSW in 2016, intends to remedy it. Only 75% of the owners in a strata will have to agree in order to sell or redevelop a site. Early in 2018 the Land &amp; Environment Court issued preliminary decisions in two cases in Sydney. It’s easy to see more will follow due to inherent problems with the solution.
What’s wrong with 75%?
First, the urban redevelopment benefits might not materialise. There’s no requirement for the properties developed to be replaced by properties with increased density.
Second, the legislation gives private citizens a power previously only available to the government: the power to compulsorily acquire someone else’s property. Given the cultural and legal importance of property rights in Western societies, violating those rights is a big step.
Third, the law says the terms of the settlement must be “just and equitable in all the circumstances”. This can be taken to mean the market value of the lot and other costs, such those of moving.
But market value is problematic. The market value of the entire block sold as one will often be much more than the sum of the market value of each unit sold individually. And the market value of an individual unit might be insufficient to purchase a replacement in the neighbourhood after the redevelopment takes place.
The property might be an investment which, if sold, would be subject to capital gains tax. After payment of the tax, the owner might have insufficient funds to purchase a suitable replacement.
And existing owners are likely to value their property higher than the market, otherwise, the property would already have been sold.
A premium is justified, but how much?
The legislation doesn’t define the highly subjective concept, “just and equitable compensation”.
It provides no guidance as to how to separate the true subjective value to the owners from what they might be asking for just because they’re holding out to inflate their financial gains.
Our solution: reducing holdouts while protecting property rights
We believe it is. Most people didn’t want to see a single owner holding out on a development purely for personal financial gain. On the other hand, most don’t want to see a vulnerable resident removed from their home against their wishes.
The method we propose in a working paper coauthored with economists from Florida State University and University of California Santa Barbara assigns to each owner a right to a defined fractional share of any collective sales proceeds, equal to his or her proportion of the overall market value of the whole building, as assessed by the independent valuer (the shares add up to 100%). Then, each strata owner specifies the lowest price at which he or she is willing to sell.
How it would work
Consider an owner called Jo whose share is 10% and who nominates $1.2 million as the compensation she wants (this may well be more than the valuer’s estimate of the market price of Jo’s apartment). For Jo to receive $1.2 million, the whole building would have to sell for $12 million.
Thus Jo, by nominating her required compensation as $1.2 million has, in effect, set a reserve price of $12 million for the whole building. Every owner does the same, each setting the building’s reserve price. The highest of these building reserve prices becomes the actual reserve price and it is what matters: when it is met, every owner will get at least what they asked for.
Wouldn’t the owners all nominate unreasonable and untruthfully high prices? It turns out our scheme gives the owners a financial incentive to set a truthful price, that is to nominate the lowest prices at which they would voluntarily sell their individual properties. If they set a price too high they run the risk of the sale falling through and getting nothing.
How it could be used
It’s an idea that could be applied in other contexts. The sale of group water rights in the Murray Darling Basin is one.
For decisions to sell strata-titled units, the scheme would require the appointment of a neutral agent to receive the individual demands for compensation and to set the (secret) reserve necessary to ensure no collective sale is made unless all demands for compensation are met.
It would eliminate the incentive for holding out. Any collective sale that took place would be unanimous, satisfying the NSW law and also the laws of the states that require 100% agreement.
There’s nothing to stop it being adopted voluntarily, on a case by case basis, now, as an option that will get the best result for development and owners within the laws that we have got.<img src="https://counter.theconversation.com/content/103091/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Duygu Yengin, Associate Professor of Economics, University of Adelaide
Jonathan Pincus, Visiting Professor, School of Economics, University of Adelaide
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/evictions-versus-holdouts-how-to-painlessly-dissolve-a-strata-title-103091" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Evictions v holdouts: How to painlessly dissolve a strata apartment title 

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The Victorian government’s plan for major rental reforms could turn away landlords from renting, and inadvertently lead to a surge in short stays such as Airbnb in Melbourne, says a leading strata management body. 
A response from the state government on short stays following lengthy public consultation is due on December 8, and the proposed new rental laws once again highlight the need to get short stay regulation right, according to Strata Community Australia (Vic) — the peak industry body for strata management in Victoria. 
SCA general manager Rob Beck says rightly or wrongly, stronger tenant rights could see landlords review how they use their investment properties. 
“Key proposals like the removal of no pet clauses in rental agreements, a cap on maximum rental bonds and new protections to make it easier for renters to make minor modifications to the property are ones which will likely make owners think long and hard about whether they want to keep renting or not,” said Rob Beck. 
Landlord insurance will go up after the Andrews' government pet policy for tenants is introduced in Victoria next year.
Emphasizing the need to regulate short stays, Beck said it wouldn’t be a surprise to see a shift from investor owners towards short stays if the proposals announced for new rental laws are brought into effect, and that this raised “the importance of having short stay regulation in place to new levels”.
Beck says short stays present a unique challenge for strata communities to manage compared to leasing arrangements, and SCA (Vic) wanted regulations to allow strata schemes have better control over this issue. 
More than 1.6 million Victorians live in strata properties, so potentially a huge number in Melbourne could be impacted by a spike in short stays, according to Beck.
“What we want to see as part of the regulations delivered by State Government are measures like the ability for strata schemes to create rules to regulate short stays, and the ability to recover costs such as any damage or any increased proportion of strata fees. 
“These would work to make strata schemes better able to manage these stays.” 
“Provided the right regulatory framework exists, short stays have a place in Victorian strata communities, and it will be perfect timing ahead of the summer period, for the State Government to deliver laws for the busy years ahead.” 
 
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Victoria's new rental reforms could trigger surge in short stays: Strata body

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A top strata management body has urged the federal government to spell out its stance on fixing the flammable cladding on buildings as it fears apartment owners could be on their own on fixing this issue which is likely to cost a huge amount of money.
The Prime Minister is being urged to reconsider his reported decision to “handball” the flammable cladding crisis onto state governments, according to a media release from Strata Community Australia, which is the leading industry body for Body Corporate and Community Title Management in Australia. It has about $1.2 trillion worth property under management.
Chief executive Erik Adriaanse said without immediate support from the federal government, thousands of apartment owners nationwide could find themselves in an insurance and financial disaster.
“We’re very concerned that owners will be left to face this issue alone, with little to no support coming from the parties responsible,” Adriaanse said today.
SCA said it was unacceptable that the federal government, based on the Prime Minister’s comments, wants to wash its hands of the issue especially as national building codes and border screening measures lie within their control.
The issue of flammable cladding was brought to light after an ABC Four Corners report detailed the volume of non-compliant flammable cladding on Australian buildings as “unquantifiable”.
Some insurance providers are reviewing how this affects their policies.
“We have already seen this issue in recent years take the shape of a multi-million dollar problem for owners in a single building, and with insurers and lenders now reviewing their position on policies and property values, there’s never been a more important time for the Federal Government to be hands on.”
The growing fear is that an “unquantifiable” number of buildings with cladding may not be able to get insurance, once identified, thus causing major problems with property valuations, and the ability of owners to get loans.
Adriaanse says by enlarge, Australia’s cladding ‘crisis’ been facilitated by a weak chain of responsibility from suppliers, to contractors, to certifiers and so on, so it is important that the federal government take responsibility on this matter.
He referred to the recent Senate report which called for a ban on such cladding. The Senate committee looking into flammable cladding in buildings in the aftermath of London’s Grenfell Tower tragedy has recommended a ban on the importation, sale and use of the aluminium panels.
“The Senate Inquiry into non-compliant building products was set up to advise the Federal Government on solutions to this widespread issue, and it beggars belief that its first recommendation, to impose an immediate ban on the importation and use of non-compliant cladding, has been passed along the line.”
“A fortnight ago, it was announced that stronger screening measures for these products at the border was not going to be pursued federally, and now that the Senate Inquiry has delivered its initial report, we’re eager to be briefed on what action will be taken by the Federal Government.”
Adriaanse says the overwhelming barrier to see the safety threat of cladding managed once identified is the associated cost, which more often than not falls to the owners.
“If one of the parties involved in the supply, installation or certification cannot be pursued by owners to fund rectifications, we will see non-compliant cladding stay on Australian buildings.”
“The cladding responsible for a 13 storey fire which broke out at Melbourne’s Lacrosse Apartments back in 2014, still resides on the exterior of the building for one sole reason, the owners cannot afford to have it removed and replaced.”
“In this instance it was $8.6 million for the cladding replacement, and we’re desperate to see other owners around the country avoid bills of this crippling nature.”
Adriaanse says it has been very positive in the last week to see national builders commit to auditing their buildings at their own cost, but it is the rectification government support must come.
“We’d like to see a commitment from the Federal Government to support owners in these situations moving forward, for the benefit of making buildings and their occupants safe.
“Be it in the form of a financial assistance package, or new laws which hold suppliers, installers, certifiers and all involved in the process accountable, we’re adamant that this issue will drag on if owners are left to pick up the tab.” 
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Federal government washing its hands of cladding issue: Strata body

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GUEST OBSERVER
Changes to smoking rules in parts of the country set the stage for 'smoke free by-laws' in strata properties.
The stage is set for new smoking laws in Victoria, as New South Wales and Queensland progress reforms on controlling if and where apartment owners can smoke.
Owners corporations in Victoria are encouraged to get feedback from their owners on what their position is.
As part of a raft of changes to New South Wales strata legislation in late 2016, for the first time smoking was included as a potential nuisance or hazard to apartment residents. Owners corporations there can now create by-laws to make their buildings smoke-free.
Queensland, which is currently reviewing its strata legislation, has also proposed laws to allow smoking to be banned in apartment buildings.
Should Victoria be looking to emulate these reforms?
Residents of apartments are more vulnerable to second-hand smoke because the smoke can easily drift between areas of a building. Furthermore reverse cycle air conditioners, common to many apartment buildings are often taking the second hand smoke from one individual and circulating it to other members of the Owners Corporation.
Some strata schemes have been crying out for the chance to regulate smoking in their buildings.
The aim of these by-laws is not to stigmatise people who smoke but restrict where people can smoke or restrict smoking completely to create a cleaner and healthier living environment for all residents of a scheme.
The most obvious benefits of smoke-free apartment buildings is the health benefits from decreased exposure to second-hand smoke.
Second-hand tobacco smoke causes cancer and any level of exposure is potentially unsafe. Children exposed to second-hand smoke are at an increased risk of a range of conditions.
Adults who have been exposed to second-hand smoke experience immediate adverse effects on their cardiovascular system and in the long term can develop coronary heart disease and lung cancer.
Benefits to smoke-free apartment buildings is not limited to just the health aspect but can also create financial benefits to owners.
Tobacco smoke leaves residue on walls and curtains and smoke-free apartments have been shown to have cheaper cleaning costs.
Smoke-free buildings also carry a reduced risk of fire and other damage such as burn marks on carpets, furniture and counters thereby reducing repair or replacement costs.
Current laws in Victoria only allow for smoking to be prohibited on common property.
Owners Corporations under the 2006 Act are able to pass a rule as a special resolution at an AGM, prohibiting smoking in designated common property areas but cannot prohibit a resident from smoking in their lot.
So how do the NSW laws work?
In NSW an owners’ corporation can create smoke-free by-laws or make changes to existing ones. New by-laws require a special resolution at a general meeting of the owners’ corporation. For the by-law to be introduced 75 percent must vote in favour of the resolution.
Once a by-law is in place and communicated to all residents in the building a breach can result in a penalty notice being issued by the owners’ corporation. The offending owner or resident may be ordered to pay a monetary penalty.
Ultimately it is about giving strata communities a choice.
The updated legislation that allowed these by-laws to be brought in are not anti-smoking per se, but they do give strata communities that do not want smoking in their buildings a great deal more power enforce restrictions. Ultimately it’s up to each community to individually decide how their scheme is managed.
Victorian decision makers should be closely watching their New South Wales and Queensland counterparts to see how the smoking model rule is received by owners.
 
Stephen Raff is the CEO of Ace Body Corporate Management and can be contacted <a href="https://www.acebodycorp.com.au" target="_blank">here.</a>
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Are Victorian apartment blocks the new no smoking areas? Stephen Raff 

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The recent state-wide blackout in South Australia has prompted the strata property sector to use the outage as a wake-up call leading into the summer season.
Stephen Raff, chief executive officer of Ace Body Corporate Management said apartment and unit owners need assurances their communities are 'power planned' for wild summer weather, ahead of what forecasters are saying could be a very eventful season.
"Black outs bring all of our lives to a standstill, but perhaps no group is hit harder than strata communities, where tens, even hundreds of residents are simultaneously cut off from the grid," he said.
"Suddenly, elevators not working, garage doors not opening, fridges turning warm and hallways plunged into darkness become an issue for 10, 20, 50, 100 residents and the recent example of South Australia must be a wakeup call for owners corporations in Victoria.
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“There’s obviously a cost associated with being ‘power planned’ but when the benefits are stacked up next to it, it’s a no contest.
"Alongside the addition of an alternative power source like a generator, there also must be consideration for a policy around how this is used in times of need. 
“It’s going to be pretty tough for owners corporations of a 15 or 50 lot building to find a generator that can power the whole place up, so there’s got to be some planning that goes into this.
“The first thing that springs to mind is a schedule system, whereby over a period of 3, 4, or 10 hours of complete loss of power, owners corporations have a plan for where the generator is most needed.
"What happened in South Australia acts to remind us that the weather in this country is wild and it is not only traditional storm and bushfire affected areas that can be hit with sudden power outages."
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Property 101: Apartment owners, strata need to prep for summer season

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GUET OBSERVER
The NSW Civil &amp; Administrative Tribunal (NCAT) has the power under section 162 of the Strata Schemes Management Act 1996 to appoint a compulsory strata managing agent to a strata scheme.
This power is also contained in section 237 of the Strata Schemes Management Act 2015 which, but for part 11, will commence on 30 November 2016. The sections, which differ slightly, empower the NCAT the make an order that either all, or part, of the functions* of the owners corporation are delegated to a strata manager.
What does compulsory strata management mean? 
The simple answer is that it means different things in different cases. For instance, NCAT may order that all the functions of the owners corporation are to given to the strata management agent or, it may order that only a certain power or function is given to the strata managing agent.
If all the powers of the owners corporation are granted to the strata managing agent meetings of the owners corporation are not necessary. Instead of you, as a lot owner, voting to decide matters the strata manager will exercise their delegated power. If they do so they can raise levies, pass resolutions on behalf of the owners corporation and pass by-laws pursuant to section 65A. A by-law could also be passed pursuant to section 52 by the compulsory strata manager with the prior written consent of the lot owner granted the exclusive use right or special privilege.
On the other hand if the strata manager were only granted the powers of the executive committee, they could call meetings, pay invoices (unless restricted by the owners corporation at general meeting from doing so) and conduct the day to day affairs of the owners corporation but could not pass any resolutions that are required by the Act to be passed at general meeting. This would include resolutions to pass by-laws, to accept an easement or to alter or amend the common property.
Who can apply for an order for compulsory management? 
A wide variety of people can obtain an order to appoint a compulsory strata manager and it need not be a lot owner. They are:
anyone with an interest or estate in a lot in the scheme or if the scheme is a leasehold scheme, a lease of a lot;
anyone who has obtained an order under the 1996 or the 2015 Act that has not been complied with and that imposed a duty on the owners corporation, executive/strata committee or an officer of the owners corporation
an authority that has the benefit of a positive covenant requiring a duty of the owners corporation; or
a judgment creditor to whom the owners corporation owes a judgement debt
When can the NCAT make an order for compulsory management? 
Both the 1996 and 2015 Acts provide that the NCAT may make an order only if satisfied that:
(a)  the management of a strata scheme is not functioning or is not functioning satisfactorily, or
(b)  an owners corporation has failed to comply with a requirement imposed on the owners corporation by an order made under the Act, or
(c)  an owners corporation has failed to perform one or more of its duties, or
(d)  an owners corporation owes a judgment debt.
What does “not functioning or is not functioning satisfactorily” mean?
CTTT (the predecessor to the NCAT) Member Moore in Coote v Sharpe, Wentzel &amp; Owners Corporation Strata Plan 55434 stated that imposing a compulsory strata manager upon an owners corporation is a “draconian” measure as it “removes the democratic process which has been established” under the Act. As such, the reasons for a finding of dysfunction must be based on objective evidence. For this reason, these orders are not lightly granted.
Instances where an order for compulsory strata management has been made show that the following behaviour can be a sign of a failure to function when affects the management structure of the scheme:
<ul>
<li>a failure (or inability) to pass resolutions to raise contributions;</li>
<li>a continued failure to carry out required maintenance and repairs</li>
<li>a long history of acrimony, deep seated discord and or violence in the scheme;</li>
<li>the presence of a voting block, for instance, where divisions within the scheme see a 50/50 stand off meaning resolutions cannot be passed;</li>
<li>a pattern of strata managers terminating their appointment; and</li>
<li>a pattern of improper decisions making (i.e. decisions not made in accordance with the Act)</li>
</ul>
* The Dictionary to the Act defines “function” as “function includes a power, authority or duty.”
Allison Benson is legal practitioner director, Kerin Benson Lawyers and can be contacted <a href="https://kerinbensonlawyers.com.au/">here</a>.
 
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Property 101: Compulsory NSW strata management and how it affects you and your scheme?

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Michael Teys has written to clients after ASIC disqualified him from being a director or officer of a company for a period of five years.
It followed the winding up of two companies of which he was a director. One was wound up in 2010 and the other in 2014.
He told clients neither company nor the events investigated were related to his work for them as a lawyer or his recent work as founder and director of Block Strata Pty Ltd.
Block Strata was formed after these events took place.
"I deeply regret my past commercial failings.
"However, I cannot change what has happened and must learn from my experience.
"Therefore, having co-operated fully with ASIC, I have resigned from all of my directorships and corporate roles and have decided not to appeal the disqualification."
Teys notified the management of Block Strata Pty Ltd would continue under Jacqui Bartholomeusz’ directorship and a new licensee-in-charge, Paul Loccisano, has been appointed.
However he signalled he would continue to serve Block Strata as its legal counsel and would maintain my private legal practice as a specialist in strata law.
In February ASIC disqualified Michael John Teys from managing corporations for five years following his involvement in the failure of three companies.
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