Real Estate: 2024 Year in Review

As we come to the end of another busy year, our national Real Estate team reflects on significant achievements, developments, and industry trends, and looks forward to what 2025 may have in store.

“This year has proved meaningful in the stabilisation of real estate capital markets resulting in an improvement in sentiment and transaction volumes. The commercial real estate market is showing signs of improvement after prolonged uncertainty. On this point, we have assisted clients with several national marquee commercial acquisitions including 121 King Williams Street Adelaide from Charter Hall. The office market continues to undergo fundamental transformation – persistent flight to quality continues to drive occupancy gains in newer stock while older buildings account for most negative net absorption. As a practice group, we have exposure to emerging trends in real time enabling us to impart commercial intelligence to our clients. We consider that 2025 will see the commercial real estate market in Australia continuing to offer significant opportunities and we expect deal flow to improve as commercial real estate is considered higher performing relative to other investment alternatives.”

Adam Rinaldi – Practice Team leader

Industry insights 

Australia’s real estate market underwent major legislative changes in 2024, targeting housing affordability, tenant protections, and sustainable property practices. These reforms impact buyers, renters, investors, and developers.

In response to rising living costs and rental shortages, new laws now limit rent increases to once per year in most states and enhance tenant security by restricting eviction grounds. Landlords must adhere to updated minimum standards for property maintenance and safety, ensuring adequate heating and structural soundness for renters.
With housing affordability remaining a national concern, the Australian government introduced initiatives to support first-time homebuyers and lower-income families. Expanded grants and tax incentives are now available for eligible first-home buyers, and zoning reforms were implemented to boost the supply of affordable housing in urban and regional areas. These measures aim to increase access to housing and help curb rising property prices in high-demand regions.

In 2024, regulations on foreign investment in residential real estate were tightened. The Foreign Investment Review Board (FIRB) now imposes higher fees and stricter requirements on foreign buyers, aiming to support the Australian housing market and ensure accessible housing for Australians.

New real estate laws also prioritise environmental sustainability. Property developers must meet eco-friendly standards through energy-efficient designs, sustainable materials, and water conservation practices. Incentives are available for retrofitting existing buildings to improve environmental performance, aligning with Australia’s climate goals and promoting sustainable urban growth.
Digital transformation in real estate took a significant leap forward in 2024, with new legislation allowing digital contracts and electronic signatures in property transactions across Australia. These updates simplify the buying, selling, and leasing process, making it faster and more accessible for all parties. The new rules also include enhanced cybersecurity standards for digital transactions, protecting sensitive information and reducing the risk of fraud.

The 2024 changes reflect Australia’s commitment to a fair, accessible, and sustainable real estate market. For buyers, renters, investors, and developers, understanding these reforms will be crucial to successfully navigating the industry’s evolving landscape. By balancing affordability, sustainability, and consumer protection, these updates are helping shape a more resilient and inclusive real estate sector for the future.

Team movements 

We welcomed Catherine Wheeler in Perth (Partner), Mia Formichella and Claire Wong (Associate), and Andrew Zhao, Grace Escott, Alexandra Turner, and Kitty Chen (Lawyers).

We were delighted to see the promotions of Damon Nicholson (Senior Associate), George Komninos (Associate), Merna Isaac (Associate), Michael De Palma (Associate) and Mandy Hsieh (Associate).

Significant matters 

Throughout the year, we continued to act for our clients, across various industries in a number of transactions and developments, including:

Sunkin Group

Acted for Sunkin Group in its $600 million+ staged mixed-use development known as “Highett Common”, a master planned precinct spanning approximately 9.34 hectares which will be home to over 1,000 residences and is set to become Victoria’s first medium-density net zero community.

The Port of Brisbane

Acting for The Port of Brisbane (PBPL), the major seaport in Queensland. PBPL in its capacity as Port Manager, is responsible for managing all Core Port Land in accordance with the Brisbane Port Land Use Plan to facilitate and maximise trade through the Brisbane Port.

Parkstone Funds Management

Acted for Parkstone in its acquisition of the Hinkler Central shopping centre in Bundaberg for $107 million, in partnership with Centennial.

Victory Estate Pty Ltd

Acted for Victory Estate Pty Ltd in the acquisition of farmland, which was rezoned to a 280-lot Precinct Structure Plans master-planned development site.

Zerso Pty Limited

Acted for Zerso Pty Ltd, the second largest meat processor and exporter in Australia on the acquisition of its commercial site at Homebush for $24.5 million.

Mars Family Holdings 

Acting for the owner of the office towers situated at 420, 424 and 426 St Kilda Road, Melbourne following its acquisition from China-backed, Woodlink in 2019.

Recognition 

This year, we have achieved outstanding recognition – both for the team and our individuals – across our national real estate practice team. We are grateful for our clients and colleagues and are looking forward to another successful year in 2025.

The Legal 500 Asia-Pacific

In the 2024 edition of The Legal 500 Asia Pacific, Piper Alderman was recognised across 14 areas of law including Real Estate. Lawyers in our team were highlighted as recommended for this category, including:

• Mark Askin
• Adam Rinaldi
• Janet Wong

The Best Lawyers in Australia

In the 2025 edition of The Best Lawyers in Australia, 52 of our lawyers have been named a ‘Best Lawyer’ and 13 of our senior lawyers have been named in the ‘Ones to Watch’ list, including the following partners in our Real Estate team:

• Richard Abbott– Leasing Law, Real Property Law
• Marcus Andrews – Real Property Law
• Mark Askin– Leasing Law, Real Property Law
• Tony Britten-Jones– Leasing Law, Real Property Law
• Warren Denny– Leasing Law, Real Property Law
• Jonathan Dodd– Hospitality & Tourism Law, Leasing Law
• Adam Rinaldi– Leasing Law, Real Property Law
• Ashley Watson– Commercial Law, Mining Law, Native Title Law, Oil and Gas Law, Planning and Environmental Law
• Catherine Wheeler – Leasing Law, Real Property Law
• Lauren Abbott – Ones to Watch: Real Property Law
• Janet Wong– Ones to Watch: Real Property Law

Client Feedback

We were also delighted to receive some very kind feedback from clients and contacts during the research process for the legal directories, including the following testimonials from The Legal 500 Asia Pacific: Australia, 2024 edition:

“The team provides appropriate advice in a timely manner. I feel that I am listened to when I make an enquiry and need advice.”

“Attentive, accessible, and very good communicators.”

“The Piper Alderman real estate team are diligent, hardworking, personable, and always listen to client’s needs.”

“We have a very friendly and practical relationship with the partners and their associates which makes for effective and efficient outcomes.”

“Each partner has an in-depth knowledge and knows how to apply this in a commercially practical way.”

“They provide independent practical advice that has our best interests at heart. Their services are provided in a timely manner, and the team are flexible in their approach and listen to the outcomes needed.”

“Piper Alderman provides practical commercial legal solutions. They are innovative in their advice and provide amazing, personalised customer service. Their staff are friendly and down to earth – a rare find in larger law firms.”

“Mark Askin and his team take the time to really understand client needs which contributes to an overall better outcome. Mark’s communication is exceptional. He is extremely approachable and accessible – his service feels genuine.”