The Property Mill- New South Wales- 27 August 2013

August, 2013

In the Media

Climate Commission: Australia has undergone a “quiet” solar revolution

A new report says that “a quiet energy revolution” has been taking place in Australia, with over one million households now getting energy from solar panels. The explosion in solar PV was due to a number of factors, including reducing costs and government policies including the renewable energy target, the carbon price and feed-in tariffs  (07 August 2013)

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 Could Australia follow NZ on property damage definition

Insurers could end up paying more claims in the future after legal experts said it was possible that Australian law will adopt New Zealand’s definition of property damage (07 August 2013)

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 UDIA: hidden Government charges destroying Australian home ownership

Exorbitant charges levied by governments on new housing are adding as much as $65,000 to the cost of a new home, worsening the housing affordability crisis and locking young families out of home ownership, according to the UDIA,  calling for the establishment of an inter-governmental agreement to ensure that local infrastructure charges are benchmarked between jurisdictions (06 August 2013)

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 Published articles

 House Price Indexes: Eight Capital Cities, Jun 2013 / Australian Bureau of Statistics

Preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities rose 2.4% in the June quarter 2013. The capital city indexes rose in Sydney (+2.7%), Melbourne (+2.4%), Perth (+3.4%), Brisbane (+1.9%), Canberra (+1.0%), Adelaide (+0.3%) and Darwin (+2.9%) and fell in Hobart (-1.0%) (06 August 2013)

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Cases

 Valuer-General v Perilya Broken Hill Ltd [2013] NSWCA 265

APPEALS – appeal from valuation decision limited to question of law – scope of appeal – error of law in failure to bring to account cashflow – no error of law in arithmetic error

COURTS AND JUDGES – statement of reasons for decision – appeal limited to question of law – extent of duty to give reasons – no error in giving short reasons

MINES AND MINERALS – operation and history of mining legislation – nature of rights conferred by mining lease – nature of rights of owner of privately owned minerals

VALUATION – methods of valuation – hypothetical fee simple of mine – valuation by discounted cashflow of hypothetical mine – application of royalty provisions in Mining Act 1992 as generally applicable public law – parties’ cashflows included royalty payments as expenses but did not include receipts of royalty for privately owned minerals – valuation set aside and proceeding remitted – appeal allowed

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CCM Holdings Trust Pty Ltd v Chief Commissioner of State Revenue; CCT Motorway Company Nominees Pty Ltd v Chief Commissioner of State Revenue [2013] NSWSC 1072

[TAXES AND DUTIES] – [STAMP DUTY] – where duty assessed pursuant to land rich provisions of the Duties Act 1997 – review/appeal from decision of Chief Commissioner of State Revenue – whether the land holder was land rich at the time of the relevant acquisitions – whether transfers exempt from land rich duty – Corporations Act 2001 (Cth);  Duties Act 1997 (NSW)

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Filmlock Pty Limited v Nissi Investments Pty Limited (No 2) [2013] NSWSC 959

Judgment for the plaintiffs

CONTRACT – purchaser’s failure to complete contract for sale of land – minor inaccuracy in description – no uncertainty of subject matter

CONTRACT – alleged defect in title – rights of carriageway and restrictions on use created after contract – limited rights to make objection, requisition or claim for compensation or rescission – purchaser obliged to complete the contract

Conveyancing Act 1919 (NSW)

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Arida v Arida & Ors [2013] NSWSC 1051

CONTRACTS – general contractual principles – construction and interpretation of contracts – agreement required valuation of property as at a particular date be obtained – valuer made valuation as at a later date, then subsequently made valuation as at requested date – whether valuer’s task was complete upon making first valuation – whether term can be implied into agreement that valuer entitled to make new valuation For more information, please click here.

Contact Mills Oakley

 

Catherine-Hallgath-Mills-Oakley

Catherine Hallgath | Partner
T: +61 2 8289 5806
E: challgath@millsoakley.com.au

vera-visevic-mills-oakley

Vera Visevic | Partner
T: +61 2 8289 5812
E: vvisevic@millsoakley.com.au

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