Australia: Property & Projects - What's News - 29 June 2015

RICS launches consultation on new global residential measurement standard
A new global standard on measuring residential property has been published for consultation. RICS is encouraging the more than 100 000 chartered surveyors and property professionals from around the world to have their say on this landmark standard (18 June 2015).  More...

Better buildings through CEFC $125m cornerstone investment in sustainable property trust
The Clean Energy Finance Corporation (CEFC) is committing up to $125 million in a $400 million trust which will invest in older office stock to upgrade their energy performance to revitalise and reposition them in the market (17 June 2015).  More...

CEDA:  Future of Work Report urges better urban planning
The Centre for Australian Economic Development report on the future of Australia's workforce calls for a radical rethink in urban planning to deal with workforce changes to come and it's not all about cities, it says. We need to factor in congestion, urban flooding and huge housing prices among other rising trends (17 June 2015).  More...

PCA: Homebuyers slugged with 800% tax increase
New analysis shows that average stamp duty costs have increased by between 527% and 795% across the states and territories in the last twenty years, slugging homebuyers and throwing up a major barrier to home ownership in Australia (15 June 2015).  More...

Australian median house price exceeds $650,000
The Real Estate Institute of Australia (REIA) says that Australia's housing market continued its growth in the first quarter of 2015, according to the latest Bendigo Bank/REIA Real Estate Market Facts publication (12 June 2015).  More...

Housing Affordability Remains a Major Issue for Australian Households
The current public discussion taking place around housing affordability highlights a huge and growing problem for thousands of Australian households, according to the UDIA (10 June 2015).  More...

Implementation of Reef 2050 Plan the focus at Great Barrier Reef Ministerial Forum
The sharp focus for Governments now is on implementing the recently released Reef 2050 Long term Sustainability Plan, which will lock in the strategic improvements necessary to improve the health of the reef (10 June 2015).  More...

Shipping companies and masters prosecuted for marine pollution
The Australian Maritime Safety Authority (AMSA) has prosecuted two shipping companies and their masters for two separate marine pollution incidents within the Great Barrier Reef (10 June 2015).   More...

Winners and losers in Development Assessment Report Card
Australia's states and territories must step up their planning reform efforts to take pressure off house prices, finds the Property Council of Australia's 2015 Development Assessment Report Card (09 June 2015).  More...

In the media – New South Wales

New apartment design guidelines released
The State Government has released new guidelines for apartments which will help ensure good design for communities across NSW. The release of the policy, (SEPP) 65, is part of the NSW Government's goal to make planning rules simpler and it will provide clarity for the public and industry (19 June 2015).  More...

Towards clear and simple town planning
Planning Minister has released a proposal to repeal 16 state planning policies and return those powers to local government. The proposal is a first stage in the NSW Government's wider review of State Environment Planning Policies (SEPPs). The review will examine more than 60 planning policies (11 June 2015).  More...

In the media – Queensland

Minister delivers good news for local irrigators
Irrigators in the Lower Balonne area will soon have greater flexibility to manage and trade their water allocations with changes to local water resource planning rules by the end of July. Under the previous Resource Operations Plan, Lower Balonne water users were not able to trade a water entitlement that was linked to an on-farm storage (18 June 2015).  More...

Gladstone port master plan sets the standard
Public consultation begins this week on an initiative that will drive economic development in and around Gladstone's port and protect the Great Barrier Reef (08 June 2015).   More...

In Practice and Courts – Victoria

Growth Areas Infrastructure Contribution rates have been adjusted for 2015-16 commencing 1 July 2015. Refer to the Department of Environment, Land, Water and Planning or the State Revenue Office (04 June 2015).

SRO: State Taxation Acts Amendment Bill 2015
As part of the 2015-16 State Budget the Victorian Government introduced a new non-resident duty surcharge and an absentee owner land tax surcharge. This surcharge, which is in addition to any stamp duty or landholder duty payable, is proposed for contracts entered into (or a relevant acquisition made) on or after 1 July 2015 (27 May 2015).  More...

In Practice and Courts – Queensland

Increase in the value of a penalty units
The value of a penalty unit for most offences under state legislation will increase to $117.80 effective from 1 July 2015; and the value of a local law penalty unit for most local governments will also increase to $117.80 effective from 1 July 2015 (Under the Penalties and Sentences Act 1992 (the Act)).

Cases - Victoria

Landmark Property Enterprise Pty Ltd v Monash Property Developments Pty Ltd [2015] VSC 266
SALE OF LAND – Contract for the sale of land – Contract varied – Whether contract became a terms contract – Whether contract voidable by purchaser – Australian Horizons (Vic) Pty Ltd v Ryan Land Co Pty Ltd [1994] VicRp 70; [1994] 2 VR 463 – Ottedin Investments Pty Ltd v Portbury Developments Co Pty Ltd (2011) 35 VR 1 – Portbury Development Co Pty Ltd v Ottedin Investments Pty Ltd [2014] VSC 57 – Sale of Land Act 1962 ss 29A, 29M, 29N, 29O, 29P, 29S.  More...

Morrison v Neil & Ors [2015] VSC 269
REAL PROPERTY – Restrictive covenant – Application for discharge or modification –Covenant restricting, amongst other things, the erection of more than one dwelling on the land – Proposed development involving subdivision and construction of single dwelling on one lot and 4 unit development on the other – Whether by reason of changes in the character of the neighbourhood the restriction ought to be deemed obsolete – Whether discharge or modification will not substantially injure the persons entitled to the benefit – Application refused – Applicable legal principles – Property Law Act 1958, s 84(1)(a) & (c).  More...

Cases - Queensland

Body Corporate for Wendall Court Community Titles Scheme 14392 and Body Corporate for Whispering Winds Community Titles Scheme 14455 v Valuer-General [2015] QLC 16
Body Corporate for Wendall Court & Anor [2015] QLC 16
Land Valuation Act 2010 ‒ Valuation of particular properties ‒ absolute beach frontage ‒ rate per metre-ocean front component ‒ frontage to depth ratio ‒ battle axe block ‒ boardwalk ‒ esplanade ‒ ocean sea wall ‒ outlook ‒ uninterrupted views.  Valuation ‒ particular factors in valuation ‒ allowable density ‒ strata title ‒ highest and best use ‒ five level complex ‒ car parking ‒ future development ‒ airport proximity ‒ corner position ‒ building height restrictions ‒ Tourist and Residential Domain (RD6) ‒ town planning restrictions-impact assessable ‒ amenity ‒ unmade road.  Statutory valuations ‒ Land Valuation Act 2010 s 5(1) ‒ valuer-general must decide value of land, s 17(1) what is expected realisation, s 18(1) what is bona fide sale, s 46(1) enhancements must be disregarded, s 47(1) single dwelling house.  Statutory valuations ‒ sales and other basic evidence ‒ best evidence of value ‒ lightly improved sales preferred ‒ improved sales ‒ valuation of improvements ‒ inaccurate assessment ‒ high risk of error ‒ post valuation date sales ‒ mortgagee in possession ‒ depreciated value ‒ original condition ‒ demolition costs ‒ valuers expertise and opinion ‒ older sale ‒ inappropriate adjustment to analysed sale ‒ Liat Nominees Pty Ltd v Chief Executive, Department of Lands.  Statutory valuations ‒ relativity ‒ untenable to adopt if no sound basis ‒ vacant or lightly improved sales preferred ‒ not preferred to exclusion of relevant sales ‒ valuer-general should correct errors not make inaccurate assessment to secure uniformity.  Statutory valuations ‒ methodology ‒ valuer-general ‒ written reports-sales-applied values not disclosed ‒ concessional values ‒ applied values not analysed values not used for site or unimproved values ‒ Chief Executive, Department of Natural Resources v Radlett Enterprises Pty Ltd.  More...

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