In the media – National

ABA: Low interest rates yes, property bubble no: new report
House prices in Australia are in a period of strong growth spurred on by low interest rates, but there is no evidence of a property bubble, according to a report on the housing market released today by the Australian Bankers' Association (11 March 2015). More...

REIA: Moderating lending activity
The latest housing finance figures released today by the ABS reflect flat lending activity for housing. The Real Estate Institute of Australia (REIA) says the figures for January 2015 show, in trend terms, that the number of owner-occupied finance commitments fell by 0.1 per cent. This fall follows three consecutive months of no change (11 March 2015). More...

Government to define "agribusiness" following new FIRB rules
The Federal Government wants to create a clearer definition of agribusiness after it confirmed new laws surrounding foreign acquisitions. But the working definition of an agribusiness is limited to primary production — large corporate farms are covered but processors and manufacturers are not (05 March 2015). More...

Equanimity penalised for misleading ads
Gold Coast-based financial planning and property management company, Equanimity Concepts Pty Ltd, has paid $30,600 in penalties for false or misleading advertising. ASIC was concerned the company could have misled consumers into thinking that if they borrowed with Equanimity, they would be helped to repay their home loan in a reduced timeframe without incurring further debt (04 March 2015). More...

Treasurer Orders Foreign Investor to sell illegally purchased Sydney Mansion
The Treasurer has made an order under the Foreign Acquisitions and Takeovers Act 1975 (the Act) for Golden Fast Foods Pty Ltd (Golden Fast Foods), to divest the established residential property in Sydney. The property was bought illegally by Golden Fast Foods, which is ultimately owned by Evergrande Real Estate Group, a large company listed on the Hong Kong Stock Exchange, via a string of shelf companies (03 March 2015). More...

In the media – Victoria

Planning Minister Richard Wynne makes first major approvals for Melbourne projects and suburbs
In his most significant major approvals since taking office, Planning Minister Richard Wynne has signed off on five new "activity centres" in middle and outer Melbourne, in a bid to generate more jobs and higher-density residential development (04 March 2015). More...

In the media – New South Wales

Sydney Airport Major Development Plan approved
Deputy Prime Minister and Minister for Infrastructure and Regional Development Warren Truss has approved a Major Development Plan for Sydney's Kingsford Smith Airport. The Plan includes a new ground transport network for Terminal 2 and Terminal 3, a 430-room 4–5 star hotel and redevelopments to improve passenger access and convenience (12 March 2015). More...

Barangaroo South Concept sets the Agenda for a Taller Global City for Sydney
The revised concept plan for Barangaroo South will add new high quality buildings to this exciting new urban precinct for Sydney, says the Urban Taskforce (06 March 2015). More...

Regional NSW can grow through sale of poles and wires
NSW Farmers announced today that it supports the privatisation of NSW's poles and wires assets so long as some assurances are made to country NSW Members of the association agreed to support the privatisation so long as a minimum of one third of the funds from the sale or lease back arrangement are dedicated to rural and regional infrastructure projects (05 March 2015). More...

Sydney's new housing must be located alongside Light Rail & Metro Routes
As Sydney grows it will be important to build new urban housing alongside new metro and light rail routes, says the Urban Taskforce (04 March 2015). More...

In Practice and Courts - National

Options Paper on Foreign Investment: Consultation
The Government is seeking views on proposed reforms to strengthen Australia's foreign investment framework, particularly around residential real estate and agriculture. Interested parties are invited to comment on the consultation paper. Closing date for submissions is 20 March 2015. More...

National approach to retail leasing arrangements
On 28 October 2014, the committee was granted an extension to report by the 8th sitting day in 2015. On 3 March 2015, the committee was granted a further extension to report by the 18 March 2015. More...

In Practice and Courts – New South Wales

Announcements, Draft Policies and Plans released 2015

New home improvement hub up-and-running
A new one-stop-shop for home improvements has been launched as the Department of Planning and Environment brings together new ePlanning tools making it easier to renovate (10 March 2015). More...

NSW OSR: New land tax scam
OSR is aware of a fake scam targeting land tax clients (11 March 2015). More...

NSW Valuer General Policies
On 4 September 2014, we advised that the Valuer General had commenced publishing policies for the land valuation system. Further policies have been released since then. The second set (of two further policies) was released in February 2015 (02 March 2015). More...

Cases - Victoria

ACN 005 057 349 Pty Ltd v Commissioner of State Revenue [2015] VSC 76
Land tax – Taxpayer alleged that assessment of duplicate property led to overpayment of land tax – Overpayment discovered outside prescribed statutory period for recovery – Taxpayer alleged moneys were paid under a mistake of law – Whether taxpayer entitled to bring a common law restitutionary claim in circumstances where statutory objection and other recovery procedures not utilised – Land Tax Act 1958 (Vic) ss 19, 24A(1), 90AA, 92A. More...

Cases - Queensland

Orchid Avenue Pty Ltd v Hingston & Anor [2015] QSC 042
CONTRACTS – DISCHARGE, BREACH AND DEFENCES TO ACTION FOR BREACH – REPUDIATION AND NON-PERFORMANCE – where the plaintiff and defendant entered into a contract for the sale of an apartment "off the plan" and an additional contract for sale of furniture for the apartment – completion to be after registration of the relevant plan and creation of separate title for the apartment –– where the plaintiffs registered the plan, created a separate title and settlement became due – where the defendant refused to complete the contract, having purported to terminate – where the plaintiff claimed damages for breach of contract. CONVEYANCING – BREACH OF CONTRACT FOR SALE AND REMEDIES – VENDOR'S REMEDIES – DAMAGES – where the parties entered into a contract for the sale of an apartment "off the plan" and a contract for sale of furniture for the apartment – completion after registration of the relevant plan and creation of separate title for the apartment – where the plan was registered and settlement became due – where the defendant refused to complete the contract, having purported to terminate – where the plaintiff claimed damages for breach of contract – where the plaintiff agreed to contribute $23,350 towards the total cost of furniture and their claim was reduced by this amount to reflect the net value of the contract for the apartment – nominal damages claimed for non-performance of the furniture contract. CONVEYANCING – STATUTORY OBLIGATIONS OR RESTRICTIONS RELATING TO CONTRACT FOR SALE – PROTECTION OF PURCHASERS – OBLIGATIONS ON VENDOR: DISCLOSURE, WARNINGS AND LIKE MATTERS – where the parties entered into a contract for the sale of an apartment "off the plan" – proposed apartment identified on a plan – where the plaintiff was required to provide to the defendants prior to purchase, a written statement clearly identifying the lot to be purchased under s 21 of theLand Sales Act 1984 (Qld) ('LSA') – where the plaintiff was required to provide a s 22 statement rectifying information that subsequently became inaccurate contained within the s 21 statement – where the defendants pleaded a defence under s 25(1) of the LSA allowing a purchaser to avoid a contract if "materially prejudiced" by the inaccuracy of a statement provided under s 21 – defence not pursued at trial and no evidence tendered to prove the defendants were materially prejudiced. TRADE AND COMMERCE – COMPETITION, FAIR TRADING AND CONSUMER PROTECTION LEGISLATION – CONSUMER PROTECTION – MISLEADING OR DECEPTIVE CONDUCT OR FALSE REPRESENTATIONS – where the parties entered into a contract for the sale of an apartment "off the plan" – where the defendants alleged that the plaintiff engaged in conduct which contravened s 52 of the Trade Practices Act 1974 (Cth) 'TPA'– where the defendants claimed they were induced to enter the contract and relied on misrepresentations made by the plaintiff that the views from the apartment would be unobstructed by any other building – where the defendants claimed relief under s 87 of the TPA. More...

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