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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.
 
<hr class="system-pagebreak">
 
<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?

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

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Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

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Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

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La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

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<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

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Alistair Walsh

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