Strata giant faces landmark class action, social housing at record low & plans revealed for Sydney's tallest tower

2 February 2026

Strata giant faces landmark class action over 'sophisticated' overcharging

One of Victoria's largest strata management firms, Bluestone OCM, is facing a landmark class action alleging systematic overcharging and aggressive debt recovery across dozens of Melbourne's most prominent apartment towers. The case comes as Australia's $7 billion strata industry faces mounting scrutiny following explosive investigations into hidden fees, secret kickbacks and developer deals.

Widespread problems exposed

ABC's Four Corners exposed widespread misconduct in 2024, while an independent investigation into Netstrata by NSW Fair Trading has intensified calls for reform. Victorian Consumer Affairs Minister Nick Staikos commissioned an expert review of strata laws last year but has yet to release the panel's December report or the government's response—despite repeated requests.

Why this matters

Strata-titled properties now house at least one in six Australians, with projections suggesting nearly half will live in apartments or townhouses by 2050. With 7% growth in strata properties over just two years, ensuring the sector's transparency and accountability has become critical as more Australians entrust their homes—and their money—to strata managers.

Australia spends more on property investor tax breaks than social housing, homelessness services and rent assistance combined

According to new research by the Australian Council of Social Service, Australia spent $12.3 billion on tax concessions for property investors in 2025—more than the $9.6 billion total expenditure on social housing, homelessness services and rent assistance combined.

The findings come as Productivity Commission data reveals social housing's share of total dwellings has dropped to a record low 3.6%, down from 5.7% in the 1990s and roughly half the OECD average.

The Australian Council of Social Service is calling on the Federal Government to recalibrate its housing policies to prioritise people on the lowest incomes. It must set and fund social housing targets to end housing stress, curb the 50% Capital Gains Tax (CGT) discount and negative gearing, and invest the savings in essential supports such as social housing.

Four in five foreign investors fail to disclose vacant properties

Amid Australia’s housing crisis, Treasurer Jim Chalmers has pushed the ATO to tighten enforcement after it was revealed thousands of foreign property owners failed to report whether their homes were sitting empty.

The vacancy fee

Foreign owners must lodge an annual declaration confirming whether their property was occupied, genuinely available for rent, or rented out for at least 183 days in a 12-month period. If not, they face a vacancy fee set at double the foreign investment application charge — currently $30,300 for homes under $1 million and $60,600 for properties under $2 million. Failure to lodge can also trigger fines of up to $82,500. Despite the policy being introduced in 2017, and fees doubling in April 2024, compliance remains low.

Low compliance revealed

Freedom of information data shows overseas buyers owned 40,177 properties in 2023–24, but only 8,656 vacancy declarations were lodged. That leaves 31,521 properties unaccounted for, raising concerns that empty homes are worsening rental shortages during a critical housing supply crunch.

Brisbane

Sales results for the Week

Brisbane recorded 265 sales for the week ending 31 January, including 106 properties that sold for more than $1 million, according to PropTrack's latest auction and sales results. The top sale was 1104/232 Wellington Rd, Kangaroo Point, which sold for $14,003,000.

Listing of the Day

Gold Coast

CHM Living scales back Bilinga plans

CHM Living has scaled back its Bilinga beachside development following council concerns about building intensity and setbacks, lodging a revised application for a seven-storey, 17-apartment building—the third design iteration in less than a year.

The site at 70 Pacific Parade originally won approval in July 2025 for a boutique seven-storey building with just five apartments. But after CHM Living acquired the neighbouring property at 1 Archer Street in late 2025, it submitted an ambitious 11-storey, 24-apartment redesign for the 1,009m2 dual-frontage site.

Council raised concerns about the "intensity of the built form" and building setbacks in the November proposal, noting that a well-defined coastal character for Bilinga has been established under the planning scheme. The latest seven-storey, 17-apartment application appears to address these concerns while still delivering significantly more density than the original five-apartment approval—reflecting the challenge of balancing development potential with Bilinga's protected beachfront character.

Coombabah Plaza eyes expansion

Coombabah Plaza is looking to upgrade, with plans lodged for a four-storey mixed-use development featuring 17 apartments and three new retail tenancies at 21 Hansford Road. The proposal would activate underutilized space on the eastern side of the existing IGA and medical centre.

Sales results for the Week

The Gold Coast and Northern NSW recorded 214 sales for the week ending 31 January, including 88 properties that sold for more than $1 million, according to PropTrack's latest auction and sales results. The top sale was 12/61 Garfield Terrace, Surfers Paradise, which sold off-the-plan for $16 million, with an expected completion date of late 2026.

Listing of the Day

Sydney

Sydney's battle for tallest tower heats up

Developer Andrew Richardson is seeking to build Sydney's tallest building, a slender "pencil" tower near Circular Quay reaching approximately 310 metres, eclipsing Sydney Tower and narrowly beating two rival super-tall projects already in the pipeline.

Richardson is in talks with UniSuper and the federal government to amalgamate Richardson’s 2 Bulletin Place, UniSuper's 7 Macquarie Place and the Commonwealth-owned 18–22 Pitt Street into a single development site delivering 55,000 square metres of mixed-use space.

What's proposed

The tower would feature a nine-storey podium, a 31-storey luxury Mandarin Oriental hotel and over 40 storeys of residential apartments. The project is being designed by Crone Architects in collaboration with New York's SHoP Architects, known for Manhattan's ultra-slender Steinway Tower.

The height race

The push follows 2019 NSW planning changes allowing developments up to 320 metres. Dexus has lodged plans for a 310-metre, 70-storey skyscraper, while Lendlease has submitted plans for a 309.2-metre, 72-storey tower—all vying to reshape Sydney's skyline in what was previously unthinkable under controls that capped heights at 210 metres.

Plans lodged for Bondi Junction mid-rise

Advent Property has submitted plans for an eight-storey residential building at 117 Ebley Street, Bondi Junction, featuring nine apartments, including two affordable housing units. Designed by PBD Architects, the development includes four 50m² studios and five full-floor 99m² apartments, along with a rooftop terrace, two car spaces, and basement bicycle parking and storage. The compact 254m² site was last sold in March 2024 for $2.5 million.

69 Milton Street ASHFIELD

Plans have been lodged for the extension of an existing heritage listed house at 69 Milton Street, Ashfield, alongside the construction of a two-storey townhouse dwelling at the rear of the house, comprising four residential units.

Boutique hotel planned for Summer Hill

Plans have been lodged for a part two, part three-storey hotel at 32 Edward Street, Summer Hill, featuring 13 rooms. Designed by Charles Tang Design, the site is just steps from the Summer Hill Flour Mills Precinct, the Summer Hill town centre and public transport.

Plans Submitted for Dolphin Street, Coogee

Plans have been lodged for a five-storey residential building at Dolphin Street, Coogee, featuring seven apartments with a mix of one, two, and three-bedroom units. Designed by PDB Architects, the development includes a basement with eight car spaces, plus motorcycle and bicycle parking. The 539m² site, situated adjacent to Coogee Beach, offers easy access to shops, green spaces, and public transport. The property was last sold in May 2025 for $7 million.

Sales results for the Week

Sydney recorded 555 sales for the week ending 31 January, including 195 properties that sold for more than $1 million, according to PropTrack's latest auction and sales results. The top sale was 21/155 Kent Street, Sydney, which sold for $7,211,000.

Listing of the Day

Melbourne

Sales results for the Week

Melbourne recorded 601 sales for the week ending 31 January, including 78 properties that sold for more than $1 million, according to PropTrack's latest auction and sales results. The top sale was Residence Two/2-12 Cambridge St, Collingwood, which sold for $3.8 million.

Listing of the Day

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