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Inside track: Property & Real Estate

06 November 2019

#Property & Real Estate

Inside track: Property & Real Estate

In the media

Commonwealth

Property investors lose hundreds of thousands of dollars through unregulated real estate advice
Even though residential real estate has generally been a strong investment for people over the past few decades as Australia went through its biggest ever property boom, plenty of people have lost money, especially buying off-the-plan or new developments (25 October 2019).  More...

'No-go' lending zones: Development defaults rise in Sydney and Melbourne
Receivers and managers are preparing for an increase in workloads as investors default on loans when pre-sales of residential projects fail to materialise. One of the highest-profile collapses has been the Raylan Group, but there are more projects in the wings that are teetering on the edge, according to receivers and managers (23 October 2019).  More...

Majority of new apartments worth less than purchase price, data shows
Shaky confidence in the capital city apartment market is hitting off-the-plan buyers hard, with a rise in the number of newly constructed units now worth less at completion than the price they were originally purchased for (21 October 2019).  More...

Victoria

Next step for the new central Dandenong
There has been strong interest from the private sector in a mixed-use development worth up to $300 million under the Andrews Labor Government’s Revitalising Central Dandenong project. Following the conclusion of a Request for Proposal process in 2020, Development Victoria will work with the successful developer to consult with the local community and businesses during the design phase, in collaboration with the City of Greater Dandenong (24 October 2019).  More...

Charter Hall lodges plans for 150 Lonsdale Street
Fund manager Charter Hall has submitted a development application for its 150 Lonsdale Street property at the eastern end of the Melbourne CBD. “The proposed podium references the vertical rhythm of the existing building and frames the view of the Wesley Church (23 October 2019).  More...

Councillors green light $1bn Cbus tower
Melbourne City councillors have signed off on a $1 billion-plus office tower set to straddle four addresses on the corner of Bourke and Queen streets. Super fund developer Cbus Property first submitted plans for a 58-storey tower late last year, before revising plans to comply with Melbourne's strict C270 controls (16 October 2019).  More...

Standing up for combustible cladding owners in Victoria
The Building Amendment (Cladding Rectification) Bill 2019, introduced to Parliament, includes a provision to allow the State to chase wrongdoers through the courts in cases where the State pays for rectification costs (15 October 2019).  More...

NSW

The sky's the limit: Developers and councils transforming Sydney into Manhattan
Developers are seeking to raise height limits to house Sydney's burgeoning population and make windfall profits (20 October 2019).  More...

Central station redevelopment demonstrates how cities can be shaped by transport
Around the world major transport nodes are generating exciting urban renewal projects that lead to significant development and the announcement of plans for redevelopment around Sydney’s Central Station is a world class example.” says Urban Taskforce (17 October 2019).  More...

Cases

F.J. & P.N. Curran Pty Ltd v Almond Investors Land Pty Ltd [2019] VSCA 236
CONTRACTS – construction of contracts – rural land – option to purchase – lease – development works for almond farming rendered land unusable – ‘crop compensation’ paid – whether crop compensation payable under contractual documents – no entitlement to crop compensation under contract
EQUITY – estoppel by convention – whether representations regarding crop compensation made – evidence that crop compensation would be paid supported by objective circumstances and compelling inferences – no lack of clarity or precision in evidence – representations made – whether oral evidence of pre-contractual negotiations can found conventional estoppel – Retirement Services Australia RSA Pty Ltd v 3143 Victoria Street Doncaster Pty Ltd [2012] VSCA 134; (2012) 37 VR 486; Johnson Matthey Ltd v AC Rochester Overseas Corp (1990) 23 NSWLR 190 considered – Unnecessary to decide – representations made in continuum of conduct between parties – mutual assumption found – conventional estoppel found
EQUITY – equitable estoppel – promissory estoppel pleaded as positive right to crop compensation payments – whether promissory estoppel has defensive character only - Saleh v Romanous [2010] NSWCA 274; (2010) 79 NSWLR 453; DHJPM Pty Ltd v Blackthorn Resources [2011] NSWCA 348; (2011) 83 NSWLR 728 considered – not appropriate case in which to decide principle
LIMITATION OF ACTIONS – Limitation of Actions Act 1958 s 27 – whether payments by mistake – payments not by mistake – conventional estoppel – any mistake discoverable by 2007 – counterclaim for repayment of crop compensation statute-barred

Mediratta v Clark [2019] VSC 685
SALE OF LAND – contract for sale of residential land – whether vendor breached contract – whether default notice valid – whether contract rescinded – scope of General Condition 22 considered – whether there should be implied in the contract a term permitting the purchaser or his representative to have access to the land at any time to undertake a valuation – whether duty to cooperate existed so that the purchaser was entitled to have access to the land to carry out valuation just before or on the settlement day – whether the vendor engaged in unconscientious conduct entitling the Purchaser to relief against forfeiture of his interest in the land – BP Refinery (Westernport) Pty Ltd v Hastings SC (1977) 180 CLR 266; Secured Income Real Estate (Australia) Ltd v St Martins Investments Pty Ltd [1979] HCA 51; (1979) 144 CLR 596; Simcevski v Dixon [2017] VSC 197; Ventura v Ventura [2018] VSC 485; Mount Bruce Mining Pty Ltd v Wright Prospecting Pty Ltd, [2015] HCA 37; (2015) 256 CLR 104; Aussie Invest Corp Pty Ltd v Pulcesia Pty Ltd [2005] VSC 362; [2005] 13 VR 168; Legione v Hateley [1983] HCA 11; (1983) 152 CLR 406; Stern v McArthur [1988] HCA 51; (1988) 165 CLR 489; Tanwar Enterprises Pty Ltd v Cauchi [2003] HCA 57; (2004) 217 CLR 315; Romanos v Pentagold Investments Pty Ltd [2003] HCA 58; (2003) 217 CLR 367; 428 Lt Bourke St Pty Ltd v Lonsdale St Café Pty Ltd [2009] VSC 133 and U108 Pty Ltd v Sing Fan & Ors [2010] VSC 12 referred to

Robinson v Yarra CC [2019] VCAT 1628
Section 82 of the Planning and Environment Act 1987 – Yarra Planning Scheme; proposal for partial demolition of existing building and construction of double storey rear extension – C=council supports proposal but neighbour has objected and sought review of the proposal at the Tribunal – heritage issues; various straightforward positive attributes of the proposal – more contentious debate on whether or not the proposal would be an acceptable interface with the 180 St Georges Road neighbouring property – permit issued 

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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