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).
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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...
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.