The failure by governments to warn industry about the risks of combustible cladding, even though they knew the widely-used material was combustible would do little to make them pay for cladding rectification, the country’s peak industry body for strata managers said on Tuesday. Revelations this week that state and territory building regulators discussed concerns about aluminium composite panels raised by fire authorities and did not pass on any indication to their industries that the materials...
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For those on the hunt for a property, buying off the plan can be a great move for some security in your investment. It has advantages such as locking in a price to safeguard against rising values, as well as a number of tax advantages. Off-the-plan properties may just be the solution for investors who need to organise their finances or first homebuyers who currently do not have enough capacity to purchase. However, there’s still...
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Southbank residents either don’t take showers or many apartments are empty most of the year. A study has found more than 64,000 residential properties in Melbourne are rarely used and almost 12,700 appear unoccupied, with Southbank the top area for vacancies. The findings are based on an analysis of water use commissioned by Prosper Australia, a group seeking tax changes to improve the efficiency of land use. The Speculative Vacancies in Melbourne report, now in its sixth...
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Neighbours could lose the right of appeal against permits for multistorey apartment towers as part of the state government’s push for more affordable housing in a city hurtling towards 6.5 million people. Planning Minister Matthew Guy will on Wednesday unveil rules making it easier for high-density residential development to be approved under a 40-year metropolitan planning strategy. “Developers behind multistorey residential buildings that meet certain guidelines will not be required to notify residents or be...
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Residex believes there are at least 5,000+ suburbs in Australia that you should potentially consider when buying a house or a unit as an investment. That may sound daunting, but it is easy to narrow down the list by following a few simple rules. 1. Think about the long-term Magazines, newspapers and online articles or blogs about investment are a great place to start your research as they offer some useful tips and insights on...
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Melbourne’s much-loved Albert Park may soon be ringed by apartment developments, after Pace Development Group’s purchase of a six-level St Kilda office building. The 181 Fitzroy Street office at the southern tip of the park was bought by the residential developer this week for $17.15million in a deal negotiated by CBRE’s Kiran Pillai and Mark Coster, and Jones Lang LaSalle’s James Kaufman and Steven Messina. Pace intends to redevelop the large glass and concrete building...
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THE Victorian government has released its vision for the Fishermans Bend precinct, with long-term plans for the urban renewal project including two underground train stations and the extension of the Collins Street tram over the Yarra River. The industrial area abutting Southbank and across the river from the Docklands has been earmarked for five new residential suburbs housing up to 80,000 people and will become the workplace for 40,000. A mixture of low-density, medium-density and...
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People who bought property off the plan in a Parkville apartment building that is destined to be ringed by east-west link ramps have been given three choices by the Napthine government – sell now, sell within 90 days, or keep the property. Those who sell to the government will have their property valued by the state at an amount that assumes the east-west link had never been announced, then repaid their deposit, plus any capital...
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Its creators have labelled it an ”elegant” urban icon, but a damning Melbourne City Council report has warned a new apartment building almost as tall as the Rialto would oppress and stifle the neighbours. The 72-storey Southbank mega-tower was previously approved by the state government before changes to planning controls saw the developer Urban Matrix sent back to the drawing board. Months later council staff still do not like the plans for 54 Clarke Street,...
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OPINION by Tim O’Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au In August 2003 XYZ Holdings Pty. Ltd. entered into 11 off-the-plan contracts for the sale of apartments in a 20-unit residential building at a coastal town. Settlement was due 14 days after the establishment of the Community Title Scheme for the building. A “sunset clause” in each contract entitled either party to terminate if the project did not complete by 31st December, 2005....
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