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The questionable benefits of employing feng shui experts for a building project will be explored in tonight’s episode of Grand Designs.
In <a target="_blank" href="https://www.lifestyle.com.au/granddesigns/series-3/episode-4-warburton-arch-house.aspx">episode 4</a>, couple Tyrone and Hailey follow the guidance of a feng shui expert and so-called energy ecologist throughout the construction of their <a target="_blank" href="/news">Warburton </a>home, 65 kilometres north-east of Melbourne.
Their property, Arch House, is a passive solar construction with a curved living roof planted with native grasses.
The couple are building their house around the concrete former reservoir that supplied water to the township.
The reservoir is on 1.4-hectare property on a hill covered in chestnut and olive trees.
They originally planned to build the house cantilevered over the concrete dam, but the feng shui expert advised against it.
The feng shui expert advises throughout the project, including testing radioactive gas levels in the stone used in the construction.
Partway through the project Tyrone starts to express his doubts over the benefits of employing a feng shui expert.
The couple also have the property blessed by a Buddhist monk.
The property is designed by Soft Loud House architects, who describe it as a seven-star, rendered ICF earth-sheltered house using local stone and passive design principles, including a ground linked heat pump and hydro power generator.
They began construction on the project in 2010.
According to RP Data the median house price in Warburton is $260,000. Prices dropped 17.1% in the last year but have increased 11.8% over the past five years.
The median rent is $288 per week.
Nearby <a target="_blank" href="https://www.realestate.com.au/property-acreage+semi+rural-vic-warburton-111572647">a two-storey mud brick construction</a> on 3.6 hectares by the Yarra River is listed at $550,000.
And <a target="_blank" href="https://www.realestate.com.au/property-house-vic-warburton-111216903">a three-bedroom weatherboard home</a> on 3.2 hectares in the hills is listed for $660,000.
Last week’s episode featured <a target="_blank" href="https://www.propertyobserver.com.au/victoria/balnarring-hobby-farm-beach-house-as-grand-designs-australia-s-third-episode/2012110157566">a hobby farm in Balnarring.</a>
Tonight’s episode airs on the Lifestyle Channel at 8.30pm.
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awalsh-7Ub9EypybQ

Feng shui expert guides construction of Warburton home on Grand Designs' November 8 episode

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New global banking regulations will restrict funding to commercial property developments in Australia, according to the banking industry.
Westpac’s Gail Kelly says new regulations, named Basel III, raising the amount of capital and liquid assets banks must hold means Westpac can no longer finance risky commercial properties.
“Commercial property, unless it is delivering cross-sell activity, like the transactional business, and infrastructure, become less attractive from a return on equity point of view [as Basel III take effect],” Gail told the Australian Financial Review.
“With commercial property, it’s not just the high level of capital required [as a ratio to assets weighted for risk] but also the through the cycle impediments [structurally higher provisions for bad debts].”
She says that while bad debts in the industry are down, Westpac will be approving less loans to commercial developers.
Kevin Nixon from the Institute of International Finance, which works for global banks, wealth managers and insurance companies, says it is clear that the new capital and liquidity requirements would restrain lending to long-dated riskier projects such as infrastructure and commercial property.
“There are two elements - the extra capital required to be set against these loans but also the proportion of the loan which must be funded by either deposits or long-term debt,” Nixon told The Australian Financial Review.
“So that’s why long-dated infrastructure and long-dated commercial property becomes problematic.”
Nixon says the uncertainty about upcoming regulations, to be introduced in 2013, is restricting lending from banks.
“[The new regulations] will both increase and sustain the emphasis that banks place on deposit funding from retail customers, which will impact property funds and real estate investment trusts,” Brad Carr from NAB says.
He says this shift makes it more difficult for the funds and trusts to attract investors as the relative risk-reward skews to bank deposits, not property.
“The property funds that are best placed to absorb this impact will be the ones with greater access to raise capital from different sources,” Carr told The Australian Financial Review.
“It will be increasingly important to have a broader array of investor bases and funding options available, from domestic institutions, offshore bond investors, hybrid markets or bank debt.”
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New global banking regulations to restrict funding of commercial property developments: Gail Kelly

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An 1860s grand estate in Bendigo has been listed for the first time in 70 years.
<a href="https://www.tsfn.com.au/?pagecall=property&amp;propertyID=2199224">Fortuna Villa</a> is being sold by the Department of Defence with $3 million expectations.
The three-storey Italianate-style mansion with 30 bedrooms was once owned by quartz king, George Lansell.
The mining entrepreneur was the director of 38 mines and had links to almost every mine in Bendigo.
He struck fortune with his purchase of the 180 mine, part of the New Chum Reef.
He remodelled the mansion in the late 1880 which was lavishly furnished with pieces collected from around the globe. He designed the spacious gardens with walks, lakes and imported plants.
He bought the property in 1871 from Theodore Ballerstedt, a mine operator who bought the site in 1857 from the Crown.
The Villa is built in a number of architectural styles - Victorian Italianate and Victorian Free Classical, with Federation influences.
The heritage listed rendered brick construction comes with seven bathrooms, cast-iron verandahs, a billiard room, a ballroom, a conservatory, a reception room and entrance hall.
It has a stained glass, cedar and blackwood staircase, a solid marble bath, extensive acid-etched glasswork.
The villa comes on 7.57 hectares and has 32 outbuildings. The Victorian gardens include a roman bath and a Pompeii fountain. There is also a tennis court, coach house and a large lake on the property.  The lake was previously a tailings pond.
<a href="https://www.fortunavilla.net.au/inc/pdf/Draft%20Fortuna%20Phase%201%20Summary%20Report%20-%20Public%20Doc%20-%20final%20100709.pdf">The Department of Defence</a> occupied the site from 1942 and in 1957 it was compulsorily acquired for Army use. Since then the site has been occupied by the Army and other Defence organisations. Most recently it has been the home of the Defence Imagery and Geospatial Organisation.
The department of defence built a number of modern buildings on the property including a mess hall, stores and accommodation.
The property is being sold by public tender ending December 7.
An environmental survey of the property shows some soil contamination from previous mining activities and defence activities.
The report says that any buyer looking to build on the land would be required to undertake measures to avoid contamination.
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Department of Defence selling 1860s Fortuna Villa in Bendigo

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There will be a surge in buyer activity in the Port Macquarie market led by rent-seeking investors, according to PRDnationwide research.
PRDnationwide research analyst, Oded Reuveni-Etzion says the arrival of the spring selling season will lead to a recovery after a few softer years following the global financial crisis.
"This is really the first sign of the reprieve that the market has shown since government stimulus and lower interest rates encouraged buyers to purchase in 2009," says Reuveni-Etzioni.
"An increase of properties on the market has resulted in a slight increase in sales activity, but prices and activity are expected to only marginally benefit from a low interest rate environment, as only one quarter (25.9%) of dwellings here are owned with a mortgage."
He says an increase in rental returns is expected to stimulate investor activity.
"The rental market has recorded a 31% increase in the median rent price for units and houses over the past five years," he said
"In June 2012 a two bedroom unit recorded a median rent of $250 per week, while a three bedroom house closed at a median weekly rent of $360. The median unit rent climbed 8.7% in the year to June, while the median rent for a house remained unchanged."
The rise in rent has been driven by a tight vacancy rate of 1.5% in September. PRDnationwide say it is now one of the tightest rental markets in coastal New South Wales.
"Gross yields for a two bedroom unit ranged from 2.9% for an apartment in Park Street to 9.0% in Flynn Street. A current median unit yield of 5.3% proved insufficient for investors, although projected growth in rent prices may change this situation in the medium term."
The principal of PRDnationwide Port Macquarie, Tony Dekker, says there has been increased investor interest in holiday apartments.
"I would say that the current low interest rates and a belief that the market has now bottomed out have contributed to this increased activity," he said.
"Certainly the newly introduced direct flights to and from Melbourne will have a positive impact on our volume of holiday makers in the near future, and we are confident that the market will improve in the New Year."
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Rebound in Port Macquarie anticipated to be led by investors

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There are sizable differences in residential rent payment frequency between different states, which real estate entrepreneur Ben White says has significant implications for real estate agencies.
In Victoria, more than 70% of rent is paid on a monthly basis, but in Queensland most rent is paid on a weekly or fortnightly basis, with less than 5% on a monthly basis.
NSW is similar to Queensland, with just 11.5% paid monthly and then rest paid fortnightly or weekly.
Paying on a monthly basis is much more beneficial to agents, tenants and landlords, says White, and he thinks this should be the norm.
“Monthly is better for everyone. Tenants often prefer it, and it’s much more efficient for a property management business because they have more predictable cashflow coming through. It just makes more sense for everyone to have lumpier transactions,” White says.
“In Queensland a property manager will spend two to three times as much time on rent collection and arrears than their Victorian counterpart.”
The data comes from White’s property management company, Atmosphere, which handles $30 million a month in rent for agents around the country.
White says the difference in frequency between the states comes from cultural and historical differences.
“The industry in each state has evolved under different cultural norms. There’s no law one way or the other it’s simply the way people expect rent to be payed,” White says.
“You see a lot of practises in industry that are determined by how they were taught by their predecessor.”
White says agents in Queensland and NSW need to change the accepted practises of paying month weekly.
“Our recommendation is to have a payment system that automates and has direct debit authorities, modern payment systems et cetera but also look at the industry practises.”
White says changing to a monthly system not only has efficiency and cash-flow benefits but also improves relationships with landlords.
“When you start having weekly rents versus monthly rents you end up having often have a situation where even low levels of arrears have a disproportionate effect on the relationship with the landlord,” White says.
“If someone misses one in 10 weekly payments the end result is you have a much higher frequency of the landlord getting short-payed.
“When it comes to landlords evaluating property managers, whether they are short payed is a critical factor.”
White will be speaking at the wealth conference in August next year, a conference aimed at property management professionals.
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<tr height="20">
<td height="20" width="64">State</td>
<td width="68">Weekly %</td>
<td width="89">Fortnightly %</td>
<td width="100">Four Weekly %</td>
<td width="102">Monthly %</td>
</tr>
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<td height="20">NT</td>
<td>27.27%</td>
<td>63.64%</td>
<td>0.00%</td>
<td>9.09%</td>
</tr>
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<td height="20">TAS</td>
<td>13.04%</td>
<td>65.22%</td>
<td>0.00%</td>
<td>21.74%</td>
</tr>
<tr height="20">
<td height="20">VIC</td>
<td>12.40%</td>
<td>15.57%</td>
<td>0.34%</td>
<td>71.69%</td>
</tr>
<tr height="20">
<td height="20">ACT</td>
<td>16.67%</td>
<td>83.33%</td>
<td>0.00%</td>
<td>0.00%</td>
</tr>
<tr height="20">
<td height="20">QLD</td>
<td>45.56%</td>
<td>48.10%</td>
<td>2.00%</td>
<td>4.34%</td>
</tr>
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<td height="20">NSW</td>
<td>36.74%</td>
<td>49.26%</td>
<td>2.49%</td>
<td>11.51%</td>
</tr>
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<td height="20">SA</td>
<td>14.01%</td>
<td>80.89%</td>
<td>1.91%</td>
<td>3.18%</td>
</tr>
<tr height="20">
<td height="20">WA</td>
<td>42.17%</td>
<td>48.56%</td>
<td>3.51%</td>
<td>5.75%</td>
</tr>
</tbody>
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Queensland and WA tenants still paying weekly rentals with Victorian property management the most efficient

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Another tranche of 7-Eleven service stations will go to auction in December this year, with 10 going to Jones Lang LaSalle auction in NSW and seven in Queensland.

The convenience store company has been selling off service stations since buying 295 company-owned or leased stations from Mobil in 2010. The 10 new properties represent the sixth tranche of this sale program in New South Wales.
Recently 10 auctioned 7-Eleven service stations sold at a September 25 auction, the third successive 7-Eleven auction with a 100% clearance rate.

The stations were in urban areas such as <a target="_blank" href="/news">Rozelle</a>, in Sydney’s inner west, along with regional areas such as <a target="_blank" href="/news">Glendale </a>in Lake Macquarie.

They had an average initial yield of 6.27%, with prices ranging from $2?million in Glendale to $4?million in <a target="_blank" href="/news">Croydon Park</a>.

They came with newly signed 15-year leases with three five-year options and annual rent increases of 4%.

This tranche will be the last 7-Eleven auction, according to Jones Lang LaSalle’s John Macree.
The 10 New South Wales listings are in <a target="_blank" href="/news">Carlton</a>, <a target="_blank" href="/news">Berkeley</a>, <a target="_blank" href="/news">Blacktown North</a>, <a target="_blank" href="/news">Haberfield</a>, <a target="_blank" href="/news">Kirrawee</a>, <a target="_blank" href="/news">McGraths Hill</a>, <a target="_blank" href="/news">Northmead</a>, <a target="_blank" href="/news">Revesby</a>, <a target="_blank" href="/news">Riverwood </a>and<a target="_blank" href="/news"> Rooty Hill</a>.  
The seven Queensland properties are in <a target="_blank" href="/news">Brisbane</a>.

“To date, we have sold over $170 million worth of 7-Eleven stores as part of a sale program by 7-Eleven Australia," says Macree. 


The recent sales came with redevelopment potential as all tanks, pumps and line work come under the responsibility of 7-Eleven. The sales come with site remediation guarantee should 7-Eleven collapse.


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Another 17 service station listings from 7-Eleven

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A remarkable church conversion in Moonee Ponds has been listed for sale.
{yoogallery src=[images/stories/2012/10/nov5hudson1]}
The conversion of an 1892 Anglican <a target="_blank" href="/news">Moonee Ponds</a> church was designed by owner and architect duo Dominic and Marie Bagnato.
The Gothic-style timber church was originally built by Tadgell Brothers following the general consensus at an 1890 residents' meeting that the area needed a church for religious purposes and Sunday school.
The church was officially opened by then Lord Bishop of Melbourne Dr Goe. The treasurer of the consortium who built the church was Robert Hedge, who was honoured in a 1901 memorial. which still existed in 2008.
The church acted as a venue for sports meetings, working bees and other social activities. The church was part of the St Thomas parish, before leaving temporarily in 1915 and permanently in 1960.
In 1904, an extension to the church was built at the rear and in 1918 a vicarage was built nearby. A church hall was built in 1927. The current vendors bought the church itself in 2007.
Heritage documents say the front gable of the church is adorned with a decorative barge board standing proud from the main wall.
“There is a small Gothic-style porch centrally located in the main facade. The design of the church building is symmetrical. The interior of the building matches the overall design in its simplicity,” Heritage Victoria documents say.
“The arched windows are plainly pointed, the walls are with a timber dado, the ceiling has timber lining and the exposed trusses are also constructed from timber. Most interior fittings such as the pews, the pulpit, altar and font have been removed.”
Upstairs pictures on page 2
 
<hr class="system-pagebreak">
 
<a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/VIC/Moonee-Ponds/?adid=2010097178">The five-bedroom conversion</a> includes an open plan living, dining and entertaining area situated arranged around a Nero Tempesta marble fire-place and looking out over the swimming pool.
{yoogallery src=[images/stories/2012/10/nov5upstairshudson]}
It has limestone floors, Baltic pine ceilings and a Calacatta marble kitchen with a butler's pantry.
Upstairs has a mezzanine lounge, which leads onto a loft with city views.
There is a 700-bottle capacity wine cellar, a gym and a day bed retreat.
The conversion is being sold by Jellis Craig agent John Morello. It goes to auction on December 1 with price hopes for more than $2.4 million.
It comes on 445 square metres.
Recently a Bullarto Church with <a href="https://www.propertyobserver.com.au/residential/bullarto-uniting-church-sells-at-%24115000/2012101457155">toilet complications</a> sold for $115,000.
And an <a target="_blank" href="https://www.propertyobserver.com.au/victoria/collingwood-1870s-church-listed-as-heavenly-development-opportunity/2012082156023">unconverted church in Collingwood</a> sold for more than $2.5 million to a couple looking to renovate and occupy.
Hocking Stuart agent Charles Atkins sold the property.
“It was a great result, we were very pleased. At the time there were a lot of people looking at it for commercial purposes, but it ended up being purchased a couple looking to occupy as home,” Atkins says.
And a church in nearby Napier street sold for more than $2 million in September. Agent Grant Sutherland says it was bought by a developer looking to turn it into apartments.
 
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Moonee Ponds church conversion listed for sale

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Developer Brady Group is currently marketing its proposed 226-metre tower at 500 Elizabeth Street, near Queen Victoria Market.
The proposed 72-level tower is the tallest approved residential building in Melbourne, having gained approval for its current design in April this year.
<img src="/images/stories/2012/10/vision.jpg" style="margin: 5px; float: left;">
Marketing for the 524-apartment complex is in full swing, with advertisements being placed online and at the site. Marketing officially began in August.
The $300 million tower is named Vision and will contain a mix of one, two- and three-bedroom apartments and penthouses.
Prices for apartments range from $381,000 to $3 million.
The tower is four metres taller than another proposed high-rise tower in Queen Street that is also being promoted as the city's tallest tower. That tower, <a target="_blank" href="https://www.propertyobserver.com.au/developments/singapore-developer-cheeky-for-selling-unapproved-melbourne-cbd-high-rise-project-off-the-plan-lord-mayor/2012101657194">Tower Melbourne</a>, caused controversy last month when developer CEL Australia began selling apartments before it gained approval, a move that Melbourne lord mayor Robert Doyle labelled cheeky and arrogant.
If approval for the building is granted, construction will begin next year.
 Brady Group managing director Tony Brady says he is baffled that the Tower Melbourne development is being sold off the plan as the tallest and without planning approval.
“Vision Apartments has a planning permit and the required setback provides both safety and adds to the visual aesthetics of the building.  Now we are focused on marketing what will become a uniquely located development in the most vibrant and exciting part of the CBD opposite the Queen Victoria Market," Brady says.
The Brady Group bought the site in 2008 for $11.8 million in a hotly contested auction which sold for well above its reserve price.
The building is the former Stork Hotel and Backpacker Auto Sales.
The current estimated completion date for the building is mid-2016.
A spokesperson for the company says some apartments have sold already. He says marketing for the project has been predominantly in Australia, but it is also marketed in Asia.
The site is on the corner of Therry and Elizabeth streets.
"This is a landmark site in the history of Brady," Brady sales manager Gareth Lee says.
The area is attracting more and more development, as developers eschew <a target="_blank" href="/news">Southbank </a>and <a target="_blank" href="/news">Docklands</a> in favour of <a target="_blank" href="/news">North Melbourne</a>.
Lee says developers have been attracted to the area, close to Melbourne University and RMIT, the Royal Melbourne Hospital, the Royal Women's Hospital and the Royal Children's Hospital, because it is still in the CBD but "not in the thick of it".
"There's quite a few different styles of apartment buildings being proposed, and many are student-focused," Lee says.
<img src="/images/stories/2012/10/vision2.jpg">
"Vision is very much tailored toward a lifestyle aspect. There's a lot of penthouses and three-bedroom apartments and only a small number of one-bedroom apartments."
For comparison, the tallest mixed-use building in Melbourne, the <a target="_blank" href="https://www.propertyobserver.com.au/developments/fender-katsilidis-ever-changing-place-in-melbourne-s-skyline/2011101351927">Eureka Tower</a>, is 297 metres.
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Vision, the tallest approved residential building in Melbourne CBD, begins marketing

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The average days on market for property in Perth has dropped to its lowest point in four months, according to Raine &amp; Horne data.
The average number of days on market has dropped 15% since June 2012, from 135 days to 115 days.
Raine &amp; Horne North Perth agent Larry Gallagher expects the rate to drop even further with near record-low interest rates, near record-high rents, low stock levels and large population growth.
“Over a thousand people a week are pouring into Perth looking for accommodation, and there currently isn’t enough stock on the market to keep up with the demand,” Gallagher says.
“As a result, accommodation has reached a tipping point, especially with homes listed under the $500,000 mark, which are selling like hotcakes.”
His colleague Nick Pagano recently sold two properties in under a week.
“1/176 8th Avenue, Inglewood, sold in just four days for $480,000, and an older-style home at 4 Latham Street, Ashfield, sold in just two days for $439,000,” Gallagher says.
“Both properties were the subject of multiple offers and sold to first-home buyers.”
RP Data shows the <a target="_blank" href="/news">Inglewood </a>property last traded for $430,000 in 2008 after 18 days on market. 
Recent Real Estate Institute of Western Australia figures show property sales jumped 21% in the second week of October.
Midland is one area where the surge of first home-buyers, many driven by increasing rents, is pushing down days on market.
“As soon as a property hits the market it is being bought, especially in the lower-end where first home buyers can usually be found,” says Vince Pileggi, principal Raine &amp; Horne Midland.
"We've been selling properties within a day here. Houses aren't staying on the market longer than four weeks if they're priced correctly."
His office recently sold a property in less than seven days in <a target="_blank" href="/news">High Wycombe</a>, east of Perth Airport, for $455,000.
“The purchasers of this home were first-home buyers, and properties priced in this range will often only have one open house before they’re snapped up.”
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Number of days on market in Perth drops, with sub-$500,000 properties 'selling like hotcakes': Raine & Horne

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<h2>Sale prices edge 8.7% above estimates of Melbourne agents underquoting at October auctions</h2>
Alistair Walsh
Melbourne real estate agents continue to underquote properties selling at auction, according to the latest Property Observer survey on the issue.
An analysis of 74 sales catalogued by National Property Buyers over the last four weeks shows 55 of those properties sold for above the price range indicated by the selling agent prior to auction.
That’s just shy of 75% of properties selling for more than the upper bracket of the quoted price range.
On average, those 55 properties sold for 8.7% above the upper bracket of the price range indicated by the agents.
Property Observer’s <a target="_blank" href="https://www.propertyobserver.com.au/news/underquoting-still-rife-in-melbourne/2012100456988">most recent underquoting survey</a> found 75% of September surveyed properties sold for over price indications. Those that sold above went for an average of 6.5% over.
Prior to that, <a target="_blank" href="https://www.propertyobserver.com.au/auctions/melbourne-auction-listings-typically-selling-at-5-above-upper-end-estimate/2012090956435">an analysis of 220 auction results</a> in the months leading up to spring found 77% of properties were selling above price guides. Those that sold above were going for an average of 5% above expectations.
Just one property sold for below the price range indicated by agents prior to auction.
The properties analysed were only those where a price range was given with a lower and upper price indication.
Buyers’ agent Catherine Cashmore, who compiled the raw data for this survey, says buyers can expect to pay more than the price indicated before auction.
“Price quotes are important to attract buyers in the first place – no buyer likes to play guessing games when it comes to putting a price on an advertised listing.  However, as with any auction, the quote has to be at a level to attract as many potential purchasers as possible, whilst at the same time, not being too far from vendor expectation to achieve a sale,” Cashmore says.
“There are still agencies who quote at a level which we know from our own research to be too low to reasonably achieve a sale within the advertised range – we come across them weekly – and it would be fair to suggest buyers can expect to pay above the advertised price quote in most circumstances, especially when there is competition.
“However, bear in mind, every real estate sales agency quotes differently, so it's always important to do the necessary leg work to avoid wasting time and money inspecting a home, which will only ever achieve a sale price in excess of the advertised figure.”
Cashmore says more owner-occupiers in the market can push up auction prices.
“Stock levels have been plentiful this year, however the 'best of the best' has not been in abundance.  Owner-occupiers have dominated the inner-city market (with numbers of investors reduced due to continual poor consumer confidence), and it's well known that owner-occupiers are the demographic willing to pay an extra 5-10% more to secure the home of their dreams.  Hence why owner-occupiers fuel price growth and hence why 'investment grade' homes are chosen to attract this demographic.
The most extreme case of underquoting, or overly enthusiastic bidding, was a two-bedroom <a target="_blank" href="/news">Collingwood</a> house that sold for $662,500, 50% above the pre-auction indicated price range of $400,000 to $440,000.
A four-bedroom <a target="_blank" href="/news">Fitzroy North</a> house sold for $1,845,000, or 29% above the pre-auction indicated price range of $1.3 million to $1.43 million.
And a two-bedroom <a target="_blank" href="/news">Hawthorn </a>apartment sold for $652,000, 25% above the pre-auction indicated price of $470,000 to $520,000.
The $600,000 to $1 million bracket had the most cases of underquoting. Of the 26 sales in that bracket analysed, 23 or 88% sold for above the pre-auction indicated price range.
Of those 23, 17 sold for more than 5% above. Those 11 properties sold for an average of 11% over the pre-auction indicated price range.
For properties selling under $600,000, 64% sold for above expectations for an average of 5.7% over.
For properties selling over $1 million, 70% sold above expectations, an average of 10.2% over.
The property sales analysed come from National Property Buyers weekly survey of the Melbourne market.
The properties recorded those thought to be investment-grade or cream of the crop properties. They are thought to be properties that hold the best potential for long-term capital growth and rental demand.
The price quotes are received as close as possible to the auction date to avoid step quoting practices.
Cashmore says agents who put their price quotes too high risk scaring away potential clients. While Cashmore agrees price quoting can be frustrating for clients they must realise that more legislation won’t stop the practice.
 
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<h2>Melbourne agents not underquoting</h2>
Robert Larocca, REIV policy and public affairs manger 
Homes selling for more than their reserve and quoted price at auction does occur – in fact, it is what most vendors hope for – but it cannot always be described as underquoting.
The legal definition of underquoting is quite different, and those who seek to point out instances of alleged unlawful activity should take the time to understand the law first.
The Australian Consumer Law requires that all business people – including real estate agents – not engage in conduct that misleads or deceives or is likely to do so.
This general statutory obligation is allied to specific requirements imposed on Victorian estate agents by the Estate Agents Act to not over-quote to sellers or under-quote to buyers the estimate selling price of properties they are employed to sell. The act also makes it clear what is meant by the term “estimated selling price”, and this is critical information for all those who comment publicly on this matter.
The estimated selling price is “the amount the agent believes, on the basis of his or her experience, skills and knowledge, that a willing but not anxious buyer would pay” for the property in question. The estimated selling price can be a single figure or a price range.
If a price range is used, the agent must believe the estimated selling price is likely to fall within it. The range cannot be more than 10% of the amount of its lower limit. An estate agent must provide a vendor with the estimated selling price and include it in the sale authority the vendor signs.
The act goes further. It prohibits an estate agent making a statement in marketing material, advertisements, or even when talking to people, in which he or she indicates the selling price is less than the estimated single figure selling price or in the case of a price range, is less than the lower end of the range. For example: if the agent has provided an estimated selling price to the vendor of $500,000 to $550,000 he or she cannot advertise the property using a range of $490,000 to $530,000.
In practical terms, this means an agent can’t use a quoted price that is below what he or she believes (as expressed by the estimated selling price given to the vendor) the home will sell for.
The Australian Consumer Law’s prohibition on misleading and deceptive conduct obliges an estate agent to keep an advertised estimated selling price or price range under review during a sale campaign and to align it with a vendor’s actual selling price requirements, as may be necessary.
If during a campaign an offer or enquiry is received at a price above single figure estimated selling price or above the lower limit or upper limit of a price range an estate agent is advertising, and the vendor indicates he or she want something more, the estimated single figure selling price or price range as advertised must be adjusted in line with the vendor’s current expectations.
For example: if the price range is advertised at $500,000 to $550,000 and an enquiry is received at $510,000 in response to which the vendor indicates he requires an offer of at least $520,000 before he will consider selling, the range will have to be adjusted so the lower limit is advertised as  $520,000, to avoid misleading or deceiving the public about the selling price.
The act also requires that the real estate agent provide proof to the director of Consumer Affairs about how they arrived at the estimated selling price, if the director requests it
In drafting this law, the Victorian Parliament made an effort to be very clear that the estimated selling price and the vendor’s reserve or asking price do not need to be the same – the agent has his or her view about what the home may sell for, and that can be totally different from what the vendor wants. And this, of course, can be totally different to what the market is prepared to pay.
As a result, it is impossible for commentators to conduct or provide “research” about the extent of “underquoting”, because they do not know what estimated selling price the agent has provided to the vendor. As the act explicitly says that ”nothing …. requires the estimated selling price and the seller's reserve price to be the same amount”, commentators also can’t prove underquoting by comparing the sale price with the reserve.
Maybe all that sort of “research” can prove is that the market sets the selling price, not the advertisement.
Finally, it’s worth reminding <a href="https://www.propertyobserver.com.au/residential/sale-prices-edge-87-above-estimates-of-melbourne-agents-underquoting-at-october-auctions/2012102957500">those alleging underquoting</a> that there is one agency that does know what the extent of underquoting actually is: Consumer Affairs Victoria. It was recently reported (AFR 27/10/12) that CAV had received 15 complaints about underquoting in 2011–12. Over the same time there were around 70,000 home sales in Melbourne alone.
A cursory glance at the Consumer Affairs website shows that in the past 12 months there have been no instances of real estate agents being required to sign enforceable undertakings because they underquoted, and only two court actions against agents in which they were found guilty of underquoting.
This shows that while homes may sell for more than quoted or expected, Victorian real estate agents do have an excellent record of compliance with the law against underquoting.
Robert Larocca is policy and public affairs manager at the<a href="https://www.reiv.com.au/" target="_blank" rel="nofollow"> Real Estate Institute of Victoria.</a>
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Room for debate: Are Melbourne agents underquoting?

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

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Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

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Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

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Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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[smartcode_project_cta:default project_id=152737]

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Alistair Walsh

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