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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?

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

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Alistair Walsh

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