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Inside track: Property & Real Estate

16 July 2019

#Property & Real Estate


Inside track: Property & Real Estate

In the media

Commonwealth

APRA finalises amendments to guidance on residential mortgage lending
The Australian Prudential Regulation Authority has announced that it will proceed with proposed changes to its guidance on the serviceability assessments that authorised deposit-taking institutions perform on residential mortgage applications (05 July 2019).  More...

Morrison Government delivers to protect farmers
The Morrison Government has introduced legislation to protect them from the unlawful actions of animal activists. The Criminal Code Amendment (Agricultural Protection) Bill 2019 introduces new offences for the incitement of trespass, property damage, or theft on agricultural land (04 July 2019).  More...

PCA: Property industry confidence shows post-election jump but challenges remain
Property industry confidence has jumped following the federal election outcome in a positive sign for the Australian economy, but the Property Council has warned that a number of economic factors remain challenging for the industry which is Australia’s largest employer (04 July 2019).  More...

REIA says rate cut to help affordability for home buyers
The RBA’s decision to cut interest rates will help affordability for home buyers, according to the Real Estate Institute of Australia (REIA). The second cut in as many months is a major boost to housing affordability,”REIA President Adrian Kelly, said (02 July 2019).  More...

Australia’s Robust Population Growth Means More Housing is Essential
The Australian Bureau of Statistics latest figures on population growth are robust and will need to lead to more new housing, says the Urban Taskforce. The ABS data shows that Australia’s population grew by 1.6 per cent during 2018 with record births (20 June 2019).  More...

Victoria

Melbourne Airport Plans Stall While Hotel Development Takes Off
Planning for Melbourne Airport has included four runways since the 1960s, but plans for construction of its third proposed east-west runway are now subject to further government consultation. Meanwhile, the new $250 million Fender Katsalidis-designed hotel development at Melbourne Airport was green-lit by the federal government (01 July 2019).  More...

Sydney and Melbourne Property Prices Rise for the First Time Since 2017
Sydney and Melbourne dwelling values recorded a slight uptick for the month of June, marking the first monthly increase in housing values for the major capital cities since 2017 (01 July 2019).  More...

PCA: Industry confidence rebounds, but will house prices skyrocket?
Property market confidence in Victoria has rebounded for the first time in four quarters according to the ANZ/Property Council Confidence Survey released. Despite the post federal election boost in confidence, the Property Council has cautioned that further leadership is required to ensure sufficient housing supply is able to meet the needs of all Victorians (01 July 219).  More...

Flammable cladding leads to insurance crisis which could see construction industry grind to halt
The cladding crisis has escalated with Victoria's building industry in danger of grinding to a halt because building surveyors can no longer get professional indemnity insurance (25 June 2019).  More...

NSW

Planning Minister Rob Stokes flags medium density housing code review
It could be easier for landowners and developers to build terraces and other medium-density homes in more areas of Sydney by the end of the year. The Planning Minister, Rob Stokes, is a keen supporter of the medium-density housing code as a means to increase the diversity of housing (13 June 2019).  More...

Published

Growing the market for sustainable homes: industry roadmap
CRC for Low Carbon Living, Australian Sustainable Built Environment Council
CRC for Low Carbon Living: 01 July 2019
This strategy document is designed to accelerate action, with four clearly defined steps: differentiate sustainable housing in the market; train and reward the construction industry; build awareness; and broadcast the positive business case.  More...

Social housing as infrastructure: rationale, prioritisation and investment pathway
Australian Housing and Urban Research Institute: 26 June 2019
This research modelled ways to best finance and fund social housing, revealing that a capital investment strategy, supplemented by efficient financing, is substantially more cost-effective than a commercially-financed model reliant on an operating subsidy.  More...

In practice and courts

Commonwealth

GBCA Important Deadlines - Green Star certification for your project
Many project teams have timelines set around major events. To support this, these guidelines below (based on typical time frames), which specify the deadlines you’ll need to meet in order to have your project certified in time for key milestones in 2019. Deadlines are from 08 April – 04 November 2019.  More...

Cases

PCCEF Pty Ltd v Geelong Football Club [2019] VSCA 144
CONTRACT – Commercial lease – Application for leave to appeal trial judge declaration regarding construction of market rent review provision – Tenant succeeded before trial judge – Landlord’s construction held to be correct – Leave granted and appeal allowed – Electricity Generation Co v Wooodside Energy Ltd [2014] HCA 7; (2014) 251 CLR 640, Mount Bruce Mining Pty Ltd v Wright Prospecting Pty Ltd [2015] HCA 37; (2015) 256 CLR 104 applied – Growthpoint Properties Australia Ltd v Australia Pacific Airports (Melbourne) Pty Ltd [2014] VSC 556 distinguished.

Acapulco Gold Pty Ltd v Wallis [2019] VSC 414
APPEAL – Victorian Civil and Administrative Tribunal – Orders under Subdivision Act 1988, s 34D(1)(a) that owners corporation transfer part of common property to a lot owner in return for a payment assessed to be ‘fair market value’ – Whether Tribunal required to apply Spencer v Commonwealth (1907) 5 CLR 418 in assessing ‘fair market value’ of the land to be transferred – Whether Tribunal misapplied Spencer – Whether Tribunal had regard to irrelevant considerations – No real prospect of success on appeal – Leave to appeal refused – Subdivision Act 1988 (Vic), ss 32, 34A, 34D, Victorian Civil and Administrative Appeals Tribunal Act 1998 (Vic), s 130.

Disclaimer
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.

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