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REIQ Journal : July 2008
Green light for next stage of Eastern Busway The next stage of the Eastern Busway from Buranda to Main Avenue at Coorparoo has been given the official go-ahead. The State Government has committed to a $465.8 million investment in the next 2.7 kilometres of the Eastern Busway route, including $123 million for property resumptions. Construction of the first section of the Eastern Busway – between the Princess Alexandra Hospital and South East Busway at Buranda – is well under way and is due for completion by late 2009. Construction on this new section will begin in mid 2009 and is expected to be completed by early 2012. The Concept Design and Impact Management Plan for the Eastern Busway have also been approved, which means the entire 18-kilometre project from Buranda to Capalaba has now been confirmed. UPDATE Phillips and Anor v Scotdale Pty Ltd  QCA 127 Last month the REIQ Journal reported on the Supreme Court decision of Phillips and Anor v Scotdale Pty Ltd  QSC 368. In that decision the Supreme Court ruled that it was illegal for a real estate agent to release a deposit to a seller prior to the finalisation of the contract, even though all parties had agreed to the deposit being released early. However, on 30 May 2008, the Court of Appeal rejected the proposition that a deposit could only be released on settlement and confirmed that it is lawful for a real estate agent to release a deposit to a seller prior to the finalisation of the contract where there is a written direction by all parties. Justice Keane held that section 378(1) of the PAMD Act expressly contemplates that an amount of money may be received by a licensee, either “for a transaction” or “with a written direction for its use”. Section 385(2)(b) states that the licensee is only required to withdraw money from its trust account when the transaction is finalised. However, Justice Keane concluded that section 385(2)(b) is concerned only with moneys paid to a licensee “for a transaction” and is not concerned with moneys paid to a licensee “with a written direction for their use”. Justice Keane held that the moneys in question belong to the latter class of moneys. Consequently, Justin Keane held that compliance by a licensee with a written direction is permitted by the Property Agents and Motor Dealers Act 2000 (Qld). There will be a detailed report of the Court of Appeal’s decision in the August issue of the Journal. REIQ Journal July 2008 Go Gecko we are distinctive & we revel in our differences Stand out from the PACK when WILL YOU own your own destiny? TAKE CONTROL OF it now, by operating YOUR OWN Go Gecko OFFICE Tired of seeing your boss GET ALL THESE . . . at your expense? Limited EXCLUSIVE Areas available inquire today firstname.lastname@example.org p: 3265 3546 www.gogecko.com.au