Australia: Property & Projects - What's News - 19 October 2015

In the media – National

Chinese investors flooding billions into the Australian real estate market prompt money laundering fears
The former head of Australia's anti-money laundering agency calls for solicitors and real estate agents to be forced to report suspicious transactions, amid concerns billions of dollars in dirty money are flooding out of China and into Australian real estate (12 October 2015).  More...

Lending figures point to a steady housing market
The latest housing finance figures released today by the ABS reflect stable lending activity. The Real Estate Institute of Australia (REIA) says the figures for August 2015 show, in trend terms,  with the number of owner-occupied finance commitments increased by 0.5 per cent (09 October 2015).  More...

Smart future cities are investing in tomorrow today
The Clean Energy Finance Corporation (CEFC) is working to unlock key investment opportunities for Smart Future Cities in transport, clean energy and greener buildings (01 October 2015).  More...

In the media – Victoria

Inaugural Board Takes Helm At Infrastructure Victoria
The Andrews Labor Government has today announced the make-up of the board of Infrastructure Victoria, the independent body which will take the politics out of infrastructure planning (7 October 2015). More...

In the media – New South Wales

NSW property industry on watching brief
NSW continues to lead national confidence levels across the property industry but is keeping a watching brief for softening conditions in the residential sector, according to  the latest ANZ/Property Council Survey (08 October 2015).  More...

NSW appoints chief planner
The state government of New South Wales has appointed its first chief planner after recently creating the role, with experienced planner Gary White to fill the position (01 October 2015).  More...

Circular Quay Renewal
The Government announces the proposal to invest $200 million on renewing the wharves and will set aside funds from a new round of asset recycling. Construction is expected to begin in 2019 (28 September 2015).  More...

In the media – Queensland

Confidence in Queensland property on the rise
Treasurer Curtis Pitt has welcomed the latest quarterly ANZ/Property Council Survey which reveals growing confidence in the State's property sector (08 October 2015).  More...

Find out about new Great Artesian Basin water resource plan
Water users throughout Queensland's Great Artesian Basin can have their say at upcoming public forums to discuss the development of a new water resource plan for the basin (01 October 2015).  More...

In practice and courts – National

NABERS IEQ free trial extended to mid-November
In response to feedback from the property sector, NABERS has announced it is extending the free trial of its new Indoor Environment Quality tool until 16 November 2015.  More...

1 October 2015 – 90 day lease rule amendment of PPS Act commences
1 October 2015 the date of commencement for the repeal of section 13(1)(e) of the Personal Property Securities Act. Businesses which lease out serial numbered goods for 90 days or more but for less than a year, may no longer need to record these transactions on the Personal Property Securities Register.  More...

In practice and courts – New South Wales

NSW Fair Trading Buying property off the plan Survey – Buying property off the plan

The NSW Government is conducting a survey to seek your feedback about off the plan property sales and assess the issues related to this type of property sale in NSW. Comments close 14 October 2015.  More...  More...

In practice and courts – Queensland

Announcements, Draft Policies and Plans released 2015

Conveyancing – new prescribed forms
The Office of Fair Trading has issued new updated forms effective from 1 October 2015 for property transactions – a new Form 6 Appointment of Property Agent and a new Form 8 Disclosure to Prospective Buyer.  More...

Draft Planning Bills for Public Comment
The draft planning bills will replace the current legislation – Sustainable Planning Act 2009 – and commence late 2016. Public comment closes on 23 October 2015.  More...  More...  More...  More...

Cases – Victoria

Gardencity Altona v Grech & Ors [2015] VSC 538
RESTRICTIVE COVENANT – application to remove restriction in covenants to construction in brick or stone – whether the plaintiff is required to identify all beneficiaries of the covenants – whether brick veneer complies with the restriction - whether the restriction is obsolete – consideration of the proper neighbourhood - no evidence of change in the neighbourhood - covenant complied with on subject land – variety of materials in the neighbourhood but brick the most common material - restriction not obsolete – whether removal of the restriction will cause no substantial injury to the defendants – defendants have genuine and reasonable preference for brick – other amenity interests of defendants not protected by the restriction - some non- adherence to like covenants shown but also adherence - no proposal from the plaintiff in the light of which the effect of removal of the restriction can be considered- removal of the restriction would cause uncertainty – precedential effect of removal of the restriction – not shown removal of the restriction will not substantially injure the persons entitled to its benefit – application dismissed- Property Law Act 1958 (Vic) s 84(1)(a) and (c).  More...

Versus (Aus) Pty Ltd v A.N.H. Nominees Pty Ltd [2015] VSC 515
LEASES AND TENANCIES – Retail leases – Repair of leased premises – Failure to remediate leased premises – Tenant out of occupation for 22 months – Lease renewal – When a lease is "entered into" upon renewal – Whether landlord's obligation to repair subsists in new lease term – Relationship between statutory obligations – Statutorily implied covenants – Retail Leases Act 2003, ss 7, 52, 54, 94.  More...

Cases – Queensland

Stacks Managed Investments Limited v Tolteca Pty Ltd [2015] QSC 276
CONTRACTS – GENERAL CONTRACTUAL PRINCIPLES – HARSH AND UNCONSCIONABLE CONTRACTS AND STATUTORY REMEDIES – where the defendant borrowed $1,000,000 from the plaintiff for the purpose of a subdivision of a block of land – where the residential property of the defendant's sole director was provided as security for the loan – where the defendant defaulted in loan repayments – where the plaintiff is seeking an order for the recovery of possession of the land – where the defendant counterclaims that the plaintiff engaged in unconscionable conduct pursuant to s 12CC of the Australian Securities and Investments Commission Act 2001 (Cth) – whether the plaintiff's conduct was unconscionable.  More...

This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.