logo
General insurers on notice over low-ball flood settlement offers

General insurers on notice over low-ball flood settlement offers

Consumer advocates say insurance companies are ripping off vulnerable customers with low-ball cash settlements to fund repairs on flood-damaged homes, and regulators and governments are taking notice with the latter backing changes to the industry code of conduct to boost protections against the practice.
Thousands of households in NSW and Queensland are still cleaning up after the devastating floods in April and May. 'We hear appalling stories about insurers pushing cash settlements onto customers who are clearly vulnerable,' says Financial Rights Legal Centre senior policy and advocacy officer, Drew MacRae.

Hashtags

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Boom to bust: home prices plunge in key Sydney suburbs
Boom to bust: home prices plunge in key Sydney suburbs

News.com.au

time9 minutes ago

  • News.com.au

Boom to bust: home prices plunge in key Sydney suburbs

They're the suburbs Sydney's fledgling housing boom forgot. Property prices in some of the city's most coveted suburbs have plummeted over the past year despite falling interest rates igniting another surge in real estate values across the rest of the market. Median price falls of up to $750,000 in coastal and well-connected inner suburbs have largely been the result of buyers turning to more affordable markets amid cost of living pressures. This reduction in demand – at a time of rising listings – has put pressure on sellers in up-market areas, while buyers in these markets had more room to negotiate. PropTrack data indicated the largest falls over the past year were in eastern suburbs Vaucluse, Waverley, Woolloomooloo and Darlinghurst and in northern beaches suburbs Manly and Fairlight. Prices in these markets all fell by an average of more than 14 per cent over the past year, which given the inflated prices, delivered buyers significant savings. Manly house prices were an average of close to $750,000 lower than a year ago, while in neighbouring Fairlight the difference was about $600,000. Other suburbs with major falls, reported at between 10 and 14 per cent, were Cammeray, Cremorne, Gordon, Kirribilli, Neutral Bay and Lindfield, on the north shore. There were also large price falls for units in southern suburbs Blakehurst, Woolooware and Kingsgrove and for houses in Glebe and Strathfield South, in the inner west. REA Group economist Eleanor Creagh said a complex set of forces pushed down median prices in many up-market areas, but one of the biggest factors was looming uncertainty about the global economy. 'Buyers in some premium markets may have been more cautious,' she said. 'These buyers are typically less sensitive to mortgage rates and more responsive to broader macro-economic factors. 'With recent uncertainty around the economic outlook and volatility in equity markets, some high-end buyers may be exercising caution (and) delaying upgrade decisions.' Ms Creagh said this contrasted with a recent rise in spending across the cheaper end of the market. 'More affordable markets … have seen renewed activity since the Reserve Bank's February and May rate cuts, with improved borrowing capacity lifting prices.' Ms Creagh noted that some annual price figures may be somewhat skewered by weakness in the market late last year, just prior to rate cuts, and shifts in the types of homes getting sold. Auctioneer Damien Cooley – the director of Cooley, one of Sydney's biggest auction houses – said the type of housing stock coming to market was playing a part in prices. 'A-grade' homes that ticked all the boxes for buyers were still selling well even in up-market areas. But there was also a high share of listings for 'C-grade' and 'D-grade' homes – properties with major drawbacks – and these were struggling. 'Sellers of C-grade homes are getting crucified,' he said. 'Buyers are not interested in a lot of these properties unless they can get them for bargain basement prices.'

Queensland's top landscape projects revealed at leading awards ceremony
Queensland's top landscape projects revealed at leading awards ceremony

News.com.au

time9 minutes ago

  • News.com.au

Queensland's top landscape projects revealed at leading awards ceremony

Queensland's architects celebrated the best new landscapes across the state in an awards show on Thursday night, where 6 projects won awards of excellence for their work across the field. The Australian Institute of Landscape Architects (AILA) Queensland Awards had more than fifty projects nominated for awards at Blackbird Brisbane, in an event that covered accomplishments in fields such as parks, infrastructure and climate positive design. One of the night's most successful companies was design firm Urbis, which won three awards of excellence and two landscape architecture awards. Their work on the Northshore Brisbane Street renewal program received an award of excellence for the infrastructure category, and the company shared an award with South Bank Corporation for the Future South Bank Master Plan. Glen Power, Director of Urbis, said the team was proud of their work over the past year, and appreciated the recognition within the field. 'It's obviously an honour to be nominated amongst all the other incredible submissions,' he said. 'It's more of a celebration than it is a competition.' Urbis also scored an award of excellence for the parks and open space category, with their work on the Archerfield Wetlands District Park. Mr Power said his team was especially proud of creating spaces within the park both for community members and the redevelopment of the Oxley Creek corridor. 'We're proud to create an environment for flora and fauna that'll … continually keep giving back to the community,' he said. Meanwhile, the master plan for Washpool Creek Catchment by Tract received an award of excellence for landscape planning, along with an award for climate positive design, a regional achievement award and a ShadeSmart award. Judges said the project's plans for transforming the catchment over the next three decades represented a strong vision for the area, and credited their work in mapping out the technical stormwater engineering. Other awarded projects included the Archerfield Wetlands Land Management project from the Brisbane Sustainability Agency. The project was given an award of excellence for land management, while the University of Queensland Ampitheatre from Hassell took home one for the health and education landscape category. The jury described Hassell's work on the project as thoughtful response to post-pandemic attitudes, 'reinviting students outdoors and reinvigorating campus life through a landscape that is culturally aware, ecologically attuned, and beautifully resolved.' Overall, 18 landscape architecture awards were also given out on the night, along with several regional achievement awards, ShadeSmart awards and one award for climate positive design. Finally, Caloundra Community and Creative Hub from Jacobs and Sunshine Coast Council won the people's choice award that evening. AILA Queensland Jury Chair, David Hatherly, said judges saw 'a strong commitment' across the board to designing with climate and community in mind, when creating public spaces across Queensland. 'Landscape architecture is playing a critical role in connecting policy, infrastructure and biodiversity with how people connect with and experience their everyday environments,' he said. 'The profession's leadership is helping guide our cities, towns and regions towards more inclusive, sustainable futures.' Many of the night's winners will now be heading to the National Landscape Architecture Awards, to be hosted in Hobart in October.

$32m Mill deal reveals major players interest in Geelong
$32m Mill deal reveals major players interest in Geelong

News.com.au

time9 minutes ago

  • News.com.au

$32m Mill deal reveals major players interest in Geelong

Deep interest in a landmark riverbank property demonstrates Geelong's growing maturity as a market in the eyes of major property players, the agents handing the sale revealed. Geelong's Hamilton Group paid more than $32m for the 29,280sq m Newtown property at 403 Pakington St, which had a developable net saleable area of 42,757sq m, and a mixed use permit already in place. The campaign drew interest from potential suitors across Geelong, nationally and internationally. $130m Geelong village to build 195 homes for downsizers The permit allows for the construction of 314 apartments, 29 townhouses, as well as commercial and retail spaces. But Hamilton Group managing director Cam Hamilton revealed a new vision for the site, pivoting to a commercial use for the existing historic mill building, focusing on retail, hospitality and office use, and pushing ahead with the four or five seven-storey apartment blocks on the remainder of the land. The new vision would include up to about 150 apartments, he said, less than half offered in the approved plan, which would be a blow to chasing Geelong's near 2051 housing target of around 130,000 homes. The sale was negotiated by Oliver Hay, Hamish Burgess, Joe Kairouz and Leon Ma of Cushman & Wakefield on behalf of a private investor who has held the assets for decades. Mr Hay reported strong interest from residential developers, retirement and aged care providers and medium-term investors. 'This transaction underlines the strength and maturity of Geelong's property market,' Mr Hay said. 'We received strong interest nationally and internationally, but the fact a local buyer emerged successful reflects deep local confidence.' Mr Hay said major players were more confident about investing in Geelong as the local economy grew and diversified. 'What we experienced was institutional, local, offshore developers who look at Geelong as a viable market now,' he said. 'We had good bidding depth at that level and that shows a kind of a market that's maturing. 'If you had done that five years ago or three years ago, I don't think you would have the same kind of confidence for a ticket size that big.' Mr Hay said the region's growth, particularly its median house prices, had drawn eyes to Geelong. 'That was the best part of Geelong and people are seeing there's multiple uses there as well, like retirement land lease communities are popular around that area.' Mr Burgess said it's uncommon to see a site of this size and with such comprehensive approvals come to market. 'The sale, which was unconditional immediately after the campaign closed, demonstrates continued demand for well-located, development-ready land in regional centres,' he said. The transformation in Newtown 19th century former industrial heart is emblematic of Geelong's economic diversification, powered by population growth, KPMG urban economist Terry Rawnsley said. New data shows people relocating from capital cities to live in Geelong was the biggest portion of the region's population growth. Healthcare is Geelong's biggest employment sector, with 30,000 workers from doctors, nurses to NDIS workers and aged care, now representing 17 per cent of the workforce. And Geelong's industrial base has increased, as manufacturing jobs represented 9 per cent of the region's workforce. But the biggest growing industry in the past 12 months was accommodation and food services, while jobs ads for professionals and services doubled between 2019 and 2024. 'That's reflecting that growing population (in Geelong),' Mr Rawnsley said, speaking at a UDIA function in Geelong this week. 'There's a real private sector renaissance coming through in Geelong.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store