The Property Mill Queensland – 7 July 2015

July, 2015

In the media

CEFC invests $125m in sustainable property trust

The Clean Energy Finance Corporation (CEFC) is committing up to $125 million in a $400 million trust which will invest in energy upgrades of ageing office stock. The properties will be upgraded to meet the equivalent of at least 4.5 stars under the National Australian Built Environment Rating System (NABERS) (23 June 2015).

To read more, please click here.

Better buildings through CEFC $125m cornerstone investment in sustainable property trust

The Clean Energy Finance Corporation (CEFC) is committing up to $125 million in a $400 million trust which will invest in older office stock to upgrade their energy performance to revitalise and reposition them in the market (17 June 2015).

To read more, please click here.

PCA: Homebuyers slugged with 800% tax increase

New analysis shows that average stamp duty costs have increased by between 527% and 795% across the states and territories in the last twenty years, slugging homebuyers and throwing up a major barrier to home ownership in Australia (15 June 2015).

To read more, please click here.

Australian median house price exceeds $650,000

The Real Estate Institute of Australia (REIA) says that Australia’s housing market continued its growth in the first quarter of 2015, according to the latest Bendigo Bank/REIA Real Estate Market Facts publication (12 June 2015).

To read more, please click here.

Queen Victoria Market to be assessed for National Heritage List

The Australian Government announces that Melbourne’s Queen Victoria Market will be assessed by the Australian Heritage Council for possible inclusion on the National Heritage List. The Queen Victoria Market is one of the last remaining nineteenth century metropolitan markets in Australia (12 June 2015).

To read more, please click here.

More water savings and capped bores for the Great Artesian Basin

The Australian Government in partnership with the Queensland Government is delivering more investment to ensure water savings for Queensland’s Great Artesian Basin, one of the largest underground water reservoirs in the world (09 June 2015).

To read more, please click here.

Winners and losers in Development Assessment Report Card

Australia’s states and territories must step up their planning reform efforts to take pressure off house prices, finds the Property Council of Australia’s 2015 Development Assessment Report Card (09 June 2015).

To read more, please click here.

Queensland

Legal action follows Hopeland soil investigations

The Queensland Government has commenced further legal action against Linc Energy following a four-month investigation into soil contamination in the Hopeland region, alleging Linc Energy wilfully and unlawfully caused serious environmental harm ( 10 June 2015).

To read more, please click here.

Gladstone port master plan sets the standard

Public consultation begins this week on an initiative that will drive economic development in and around Gladstone’s port and protect the Great Barrier Reef (08 June 2015).

To read more, please click here.

Cases

Body Corporate for Wendall Court Community Titles Scheme 14392 and Body Corporate for Whispering Winds Community Titles Scheme 14455 v Valuer-General [2015] QLC 16
Body Corporate for Wendall Court & Anor [2015] QLC 16

Land Valuation Act 2010 ‒ Valuation of particular properties ‒ absolute beach frontage ‒ rate per metre-ocean front component ‒ frontage to depth ratio ‒ battle axe block ‒ boardwalk ‒ esplanade ‒ ocean sea wall ‒ outlook ‒ uninterrupted views.

Valuation ‒ particular factors in valuation ‒ allowable density ‒ strata title ‒ highest and best use ‒ five level complex ‒ car parking ‒ future development ‒ airport proximity ‒ corner position ‒ building height restrictions ‒ Tourist and Residential Domain (RD6) ‒ town planning restrictions-impact assessable ‒ amenity ‒ unmade road.

Statutory valuations ‒ Land Valuation Act 2010 s 5(1) ‒ valuer-general must decide value of land, s 17(1) what is expected realisation, s 18(1) what is bona fide sale, s 46(1) enhancements must be disregarded, s 47(1) single dwelling house.

Statutory valuations ‒ sales and other basic evidence ‒ best evidence of value ‒ lightly improved sales preferred ‒ improved sales ‒ valuation of improvements ‒ inaccurate assessment ‒ high risk of error ‒ post valuation date sales ‒ mortgagee in possession ‒ depreciated value ‒ original condition ‒ demolition costs ‒ valuers expertise and opinion ‒ older sale ‒ inappropriate adjustment to analysed sale ‒ Liat Nominees Pty Ltd v Chief Executive, Department of Lands.

Statutory valuations ‒ relativity ‒ untenable to adopt if no sound basis ‒ vacant or lightly improved sales preferred ‒ not preferred to exclusion of relevant sales ‒ valuer-general should correct errors not make inaccurate assessment to secure uniformity

Statutory valuations ‒ methodology ‒ valuer-general ‒ written reports-sales-applied values not disclosed ‒ concessional values ‒ applied values not analysed values not used for site or unimproved values ‒ Chief Executive, Department of Natural Resources v Radlett Enterprises Pty Ltd.

To read the case in full, please click here.

Contact Mills Oakley

Melbourne


James Price | Partner 
T: +61 3 9605 0824
E: jprice@millsoakley.com.au


Anthony Brearley | Partner
T: +61 3 9605 0810
E: abrearley@millsoakley.com.au


Tom Cantwell | Partner
T: +61 3 9605 0958
E: tcantwell@millsoakley.com.au

luke-westmore

Luke Westmore | Partner
T: +61 3 9605 0061
E: lwestmore@millsoakley.com.au

Brisbane

tony-butler

Tony Butler | Partner 
T: +61 7 3228 0432
E: tbutler@millsoakley.com.au

Sydney


lachlan-paterson

Lachlan Paterson | Partner
T: +61 2 8289 5895
E: lpaterson@millsoakley.com.au

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

Tim L’Orange | Partner 
T: +61 2 8289 5816
E: tlorange@millsoakley.com.au

Canberra

adam-peppinck

Adam Peppinck | Partner
T: +61 2 6196 5203
E: apeppinck@millsoakley.com.au

Perth

andrew-logan

Andrew Logan | Partner
T: +61 8 6167 9802
E: alogan@millsoakley.com.au

patrick-thaung

Patrick Thaung | Partner
T: +61 8  6167 9803
E: pthaung@millsoakley.com.au

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