In the media – National

Suburbs' with most affordable houses more than 100km from CBD
A new report's list of affordable suburbs reveals first home buyers in Sydney and Melbourne need to be searching as much as 100 kilometres from the CBD (02 June 2017).  More...

Total value of global assets under management surges
Total real estate assets under management rose from US$2.19 trillion to US$2.5 trillion year-on-year with fund managers of all sizes increasing the value of their assets, finds the latest Fund Manager (30 May 2017).  More...

Clean Energy Finance Corporation to be allowed to invest in carbon capture and storage technologies
The Turnbull Government will remove a legislative prohibition on the Clean Energy Finance Corporation (CEFC) to allow it to support investment in carbon capture and storage (CCS) technologies which can reduce emissions by up to 90 per cent. Legislation introduced into Parliament on Wednesday 31 May 2017 (30 May 2017).  More...

EPA defends guidelines not to report contaminated property sites if land value could be affected
A review into the NSW Environment Protection Authority's (EPA) management of contaminated sites found the agency routinely did not declare contaminated sites where property values could be affected (27 May 2017).  More...

Industrial sector gains impetus from savvy investors
Industrial assets are in high demand, not just from the entry of Amazon, but also the fact that there are more than $86.8 billion in transportation infrastructure projects currently underway (02 June 2017).  More...

A cornerstone investment from CEFC has helped Artesian to raise $26 million for the Clean Energy Seed Fund
Artesian has announced the completion of a $26 million capital raise for the Clean Energy Seed Fund, including a $10 million commitment from the CEFC as a cornerstone investor (24 May 2017).  More...

New report identifies 50 measures to help property sector move towards net zero carbon buildings
Australia’s property sector is being urged to use readily available existing technologies to improve the long-term prospects for their properties, in a broader industry push towards net zero carbon buildings (01 June 2017).  More...

Supply, supply, supply = key to affordability plan
The Property Council today welcomed the NSW Government’s plan for housing affordability as a strong step in the right direction to solving the housing affordability problem in NSW (01 June 2017).  More...

New report demonstrates value to the Australian economy from foreign investment in real estate
A new ACIL Allen Consulting report, commissioned by the Property Council of Australia, has highlighted the strong and substantive benefits to the economy of foreign investment in commercial and residential real estate (30 May 2017).  More...

EPA defends guidelines not to report contaminated property sites if land value could be affected
A review into the NSW Environment Protection Authority's (EPA) management of contaminated sites found the agency routinely did not declare contaminated sites where property values could be affected (27 May 2017).  More...

PPS Leases Amendment Act has commenced
The change came into effect on 20 May 2017 and means leases and bailments that were entered into on or after 20 May 2017 will be subject to the new PPS lease definition. The ASFA says if you hire, rent or lease out goods this change may affect you (23 May 2017).  More...

In the media – Victoria

Australia’s First Offshore Wind Farm Proposed for Gippsland
The Andrews Labor Government has welcomed plans for the establishment of Australia’s first offshore wind farm in Gippsland. The Offshore Energy proposal includes up to 250 wind turbines within a 574-square kilometre area, which would deliver around 8,000 GWh of electricity per year (02 June 2017).  More...

In the media – New South Wales

Squeeze on suburban commercial development pipeline
Since the significant rise in residential values over recent years, the prospect of attaining the Holy Grail of property investment returns; the rezoning of land to residential use by vendors has been hotly pursued (02 June 2017).  More...

Comprehensive package to support first homebuyers
The NSW Government has announced a comprehensive package of measures to support first homebuyers by providing stamp duty exemptions, boosting housing supply and delivering infrastructure to support growing communities across the State (01 June 2017).  More...

New priority precincts
The Department of Planning and Environment has announced fifteen new priority precincts to provide more homes and jobs close to public transport, shops and services (01 June 2017).  More...

Housing approvals remain at record levels
Housing approvals continue at near-record levels with more than 72,000 residential building approvals over the past year, latest data from the ABS shows (30 May 2017).  More...

More homes shops and jobs for St George area
More than 10,000 new homes, new retail and office jobs, and greater protection of open space and parklands are on the way for Kogarah, following the Department of Planning and Environment’s finalisation of the council’s planning proposal (30 May 2017).  More...

Plans for Bankstown to proceed to community consultation
A planning proposal to implement the recommendations from the former Bankstown Council’s Local Area Plans can proceed to public exhibition, following a Gateway determination issued by the Department of Planning and Environment (29 May 2017).  More...

Boosting housing supply and making suburbs greener
A proposed new Greenfield Housing Code will increase housing supply by making it easier and greener to build in new development areas (26 May 2017).  More...

Historic Workers Dwellings listed for sale in Millers Point
Property NSW, on behalf of Family and Community Services, has listed for sale the historic Workers Dwellings in Millers Point, the proceeds of which will be used for reinvestment in social housing across NSW. Conservation Management Plans (CMPs) endorsed by the NSW Heritage Council are included in contracts for sale for all heritage listed properties (24 May 2017).  More...

Published – articles, papers, reports

Benefits of foreign investment in real estate
ACIL Allen Consulting commissioned by the Property Council of Australia
A study of the economic benefits of foreign investment in real estate - this evidence-based approach can help inform policies on foreign investment in real estate and provide clarity to the public debate about the type and level of foreign investment and the importance of continuing to attract a steady and sustainable flow of international capital to Australia. Released by ACIL, 22 May 2017.  More...

In practice and courts

The PPS Leases Amendment Act has commenced
The definition of a PPS Lease has changed. The minimum duration of PPS leases has been extended from more than one year, to more than two years.  Leases of an indefinite term will not be deemed to be PPS leases unless and until they run for a period of more than two years. Important Note: This change does not affect agreements entered into prior to 20 May 2017.  More...

Changes to Commercial Building Disclosure and Best Practice Leasing Standard
From 1 July 2017, the mandatory disclosure threshold on commercial office buildings will be lowered from 2,000 square metres to 1,000 square metres.  More information on the CBD Program can be found here, and information on how building owners can improve the energy efficiency of their building in preparation for a Building Energy Efficiency Certificate can be found here.

Have your say on Sydney Metro Martin Place Station Precinct
Macquarie Group’s concept proposal for an integrated Sydney Metro Martin Place station development is on exhibition for community feedback. Macquarie Group’s concept proposal will be on exhibition until Friday, 30 June 2017 (02 June 2017).  More...  Have your say

Title registry Alert: Issue 134: Introduction of National Mortgage Form commencing 29 May 2017
T
he Queensland Titles Registry will accept lodgement of the new National Mortgage Form (NMF) from Monday 29 May 2017 onwards. There will be a transition period until 31 December 2017, during which mortgages can be executed using either the National Mortgage Form or the current Form 2 – Mortgage.  From 1 January 2018, all mortgages must be executed on the National Mortgage Form.  More... 
The National Mortgage Form will be available online from 27 May 2017 here.

Cases – Victoria

Hera Project Pty Ltd v Bisognin (No 3) [2017] VSC 268
PROPERTY – Contract for sale of land – Condition subsequent for registration of plan of subdivision to be achieved by specified date – Loss of right to terminate – Transformation of condition subsequent from one requiring performance by a specified time to one requiring performance within a reasonable time.
CONTRACT – Specific performance – Breach – Contract for the sale of land subject to registration of plan of subdivision – Obligation to use best endeavours to secure registration of plan of subdivision – Content of obligation to use best endeavours – Prevention principle discussed – Whether principle extends to acts that do not constitute contractual breaches – Whether acts of prevention by vendors – Whether purchasers entitled to specific performance – Whether relief should be conditional.
TRADE AND COMMERCE – Australian Consumer Law – Conduct ‘in trade or commerce’ – Whether representations concerning a subdivision of a residential property ‘in trade or commerce’ – Concrete Constructions (NSW) Pty Ltd v Nelson [1990] HCA 17; (1990) 169 CLR 594 applied – O’Brien v Smolonogov (1983) 53 ALR 107 discussed – Application of the re-enactment presumption.  

Casa Di Iorio Investments Pty Ltd v Guirguis [2017] VSC 266
LANDLORD AND TENANT – Retail leases – Damaged premises – Burden of proof with respect to available statutory remedies – Currie v Dempsey [1967] 2 NSWR 532; 86 WN (Pt 2) (NSW) 460 (FC) – Abrath v North Eastern Railway Co (1883) 11 QBD 440 – Charcoal Chicken & Souvlaki Xpress Pty Ltd v Stamatakos [2015] VCAT 1017 – Retail Leases Act 2003, s 57.  

DEXUS Property Group Ltd v Minister for Planning [2017] VCAT 619
Section 80 of the Planning and Environment Act 1987 – Melbourne Planning Scheme – application of planning controls in Capital City Zone Schedule 1 and policies in SPPF and LPPF – effect of transitional provisions – overshadowing of Birrarung Marr public open space – clause 65 – consideration of what is an acceptable outcome.  

Cases – New South Wales

Free Serbian Orthodox Church Diocese for Australia and New Zealand Property Trust v Bishop Irinej Dobrijevic (No 3) [2017] NSWCA 109
APPEAL – COSTS – whether trustee entitled to indemnification out of the trust property – where appellants did not seek judicial advice before embarking on the appeal.  COSTS – whether successful respondent on the appeal is entitled to costs on an indemnity basis – where appellants were refused leave to amend their notice of appeal.  

Legislation – Commonwealth

Clean Energy Finance Corporation Amendment (Carbon Capture and Storage) Bill 2017
Registered 31 May 2017; Introduced HR 31 May 2017.
The Clean Energy Finance Corporation Amendment (Carbon Capture and Storage) Bill 2017 (the “Bill”) removes the prohibition on the CEFC investing in carbon capture and storage technologies. 

Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Bill 2017
House of Representatives Introduced and read a first time 01 Jun 2017; Second reading moved 01 Jun 2017.
Schedule 1 to this Bill will amend the Taxation Administration Act 1953 (TAA 1953) to modify the foreign resident capital gains withholding payments regime to:  increase the withholding rate to 12.5 per cent; and reduce the withholding threshold to $750,000. Date of effect:  The measure will apply in relation to acquisitions of property that occur on or after 1 July 2017. 

Personal Property Securities Amendment (PPS Leases) Bill 2017
Finally passed both Houses 11 May 2017; Assent Act no: 39 Year: 2017 19 May 2017
Amends the Personal Property Securities Act 2009 to: extend the minimum duration of personal property securities (PPS) leases from more than one year to more than two years; and provide that leases of an indefinite term will not be deemed to be PPS leases unless and until they run for a period of more than two years.  See Personal Property Securities Amendment (PPS Leases) Act 2017 - 23/05/2017 - Act No. 39 of 2017 as made. 

 

Contacts:

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Brisbane

Ron Eames, Partner
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Katie Miller, Partner
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Peter Nugent, Partner
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Gerard Timbs, Partner
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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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