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Twenty formal warnings have been issued to Victorian estate agents as a result of a recent review, with 13 continuing investigations into underquoting at agencies across the state currently underway.
“Consumer Affairs Victoria is determined to level the playing field for Victorian home buyers,” Consumer Affairs Victoria director Simon Cohen said.
Victoria has seen court action with agency Hocking Stuart last month ordered to pay $330,000 for “serious” underquoting.
Legislation has been passed by the Victorian Parliament that will force agents to give greater context around how they reached an estimated sale price, including using at least three comparable sales as a reference point for advertising the estimated price.
A survey by Consumer Affairs Victoria as part of its 12-month review into real estate agent underquoting found a quarter of the properties sold for between 10 and 20 percent more than their advertised estimated price.
Taskforce Vesta reviewed 200 Victorian properties from first listing to sale over the past year, and 63 percent of them sold for above the estimated price.
Some 30 percent of properties sold for between 0.1 and 10% above the estimated price; 26 percent sold for between 10.1 and 19.9 percent above the estimated price; and 7 percent sold for 20 percent or more above the estimated price.
The findings led the consumer watchdog to review 1400 files at 34 real estate agents across the state, SmartCompany reported.
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jchancellor-FAypfDUnLy

13 Victorian estate agents facing underquoting prosecution

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It is no surprise the last direct link of the presidential candidate Donald Trump to Australia was a real estate conference.
It was four years ago when the entrepreneur Donald Trump told his Australian estate agent audience that owners struggling to sell their prestige homes shouldn’t fire their listing agent, just “fire them up” with the prospect of higher sales commission.
The billionaire property developer and host of The Apprentice advised his devoted audience via satellite that he regularly pays his agents 2 percent or 3 percent higher than the regular sales commission rate.
"Over the years, I have done every conceivable thing to agents, including a time when I decided to cut the agents out on a beautiful building I was marketing to try and save on the commissions,'' Trump told the audience of estate agents at the Australasian Real Estate Agents (AREC) conference on the weekend at the Gold Coast.
"But did I learn the hard way that was a bad idea. The sales I had started to dry up. I found out the agents were telling people the building was no good. They weren't stupid.
"Now I pay 7 or 8% commission and go [to] the other extreme because it means people bring buyers to me because I pay a better commission. It works.''
Trump, who praised estate agents as strong, smart and resilient, cautioned the 2,500 agent audience not to let the economic environment make them too aggressive.
"If you are too aggressive to the point where you become obnoxious, you are not a good agent,'' he said.
"When I'm looking for an agent, I look at their past success and their reputation. I want to see their record: are they honourable people, are they well liked and what is their success rate like? And if I like what I hear, I make a deal.''
Negotiation skills were also important, he added, saying his tip to prospective vendors in choosing the right real estate agent was to “look at their past success,” News Ltd papers reported.
Last month the local Apprentice television host, Mark Bouris suggested Australian estate agents would be more successful if they emulated the “big man”.
He suggested it was important to build a strong image based on consistency and trust. 
Bouris was speaking at The Great Start, an exclusive breakfast event in Sydney with an agenda to help agents build their personal brand hosted by realestate.com.au.
 
“The most important variable in how [to build a personal brand] is consistency. You’ve got to be consistently the same. People don’t like to be surprised. They want to be familiar with you. The way you build familiarity is someone sees something at the same place, at the same time, in the same way, in the same image. Familiarity also then builds trust.”
Mr Trump is the best example of this, being the “most consistent brand person” Mr Bouris has “ever seen and/or met”, the REB wesbite reported.
“Now, Donald, you might not like him, he is divisive. I get it. But he’s never off brand. Never,” Mr Bouris said.
“He is totally consistent. And you watch him today when he walks onto the stage, he’s exactly the same person he is the day before, the day before, the day before.
“He’s not changing. He’s not a shape changer. He’s not an image changer. He is consistent and persistent.
“And it seems like that’s what you’ve got to do if you want cut through to build awareness campaigns – because he’s trying to win people’s votes, which is what all of you are trying to do, or I try to do. I try to win consumers’ votes to come to me. You’re trying to win investors’ and vendors’ votes to come and see you. It’s a campaign. An election campaign. It’s about your image. It’s about being consistent.”
Mr Bouris said agents also have to be consistent in what they say, adding that they must believe the messages they’re putting out to the market.
“Whatever you decide to establish, be consistent on everything you do with it. Everything,” he said.
“This is all pervasive… It is everything you do. Everything you do.”
Mr Bouris said this consistency includes physical appearance, where, perhaps, Mr Trump offers yet another lesson.
“You have to have an image that you are consistent with physically, your appearance,” he said.
Even Mr Trump’s hair could have a lesson for agents.
“Now, we all laugh at that, but his hair is part of his physical image.
“If you look at him now, his hair has never changed colour – it’s getting a bit more yellow – but it’s never changed colour, ever since I can remember. And it is part of his physical image. He comes out always with a satin tie. It’s a pink or it’s a red or it’s a blue. He comes out with a pinstripe suit.
“He’s a big man. He’s a big guy. So his whole physical image has never changed. I’ve never seen him thinner or fatter. He’s got a sort of colour about his skin… He’s always the same. And this is a guy trying to become president of the United States. He is the alternative candidate.
“So obviously something works.”
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Agents told to emulate Donald Trump by local Apprentice Mark Bouris

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GUEST OBSERVER
One of the many advantages in using a buyer’s advocate is to capitalise on both their knowledge of the property market and their relationships with the sales agents.
As a result of such a relationship, I managed to obtain access to an off-market property in the Lower North Show and set up a private inspection with my client.
At the time I suspected the property would be beyond my client’s budget but my client still insisted on viewing the property.
It was a lovely family home in excellent condition and as it was of interest to my client, we completed an appraisal, concluding that the property would be very fair buying in the range of $3.79m to $3.84m.
After discussions with the agent, it was revealed that the vendor ideally wanted $3.9m but we suspected that there would be some room for negotiation.
At the time, I anticipated we would be able to secure the property for around $3.8m to $3.85m but unfortunately this was well beyond my client’s limit so we moved onto another property.
As it would turn out, the vendor’s motivation actually increased a month later once they had purchased and they decided to list the property on the open market.
A couple of weeks later we were contacted by another person who expressed interest in our service.
They initially wanted to purchase a home in Sydney’s Eastern Suburbs and so I arranged for a meeting with my colleague who specialises in the East.
We outlined our services and put forward our fee schedule. However, unfortunately after further discussions with this prospect they decided not to proceed, but rather to attempt to secure a home themselves.
This is not an unusual occurrence as I have to admit that it can be a little difficult for some people to see the value in our service prior to engaging us.  
As we usually do, we followed up a few more times over a two-week period before finally making contact. 
They told us they had decided not to purchase a home in the Eastern Suburbs, but changed track and preferred a house in the Lower North Shore and of course, you guessed it – it was the same one that I had seen prior to it coming to market.
But the sad part about this story is that this person ended up buying the property in question for an inflated price of $4.07m. 
I will always respect one’s decision to do it alone, using a buyer’s agent is not for everyone.
This was another example of a good selling agent doing their job well and taking advantage of an inexperienced and possibly emotional buyer.
I believe that even after the buyer would have paid our fees, I would have saved them around $200k.
However, this buyer was no Robinson Crusoe – sadly I’ve seen it many times before. Another win for a vendor – I only wish I could have been involved.
Rich Harvey is REBAA president and can be contacted <a href="https://www.rebaa.com.au/" target="_blank">here</a>.
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How to throw away $200,000: Rich Harvey

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Property tycoon Donald Trump’s outrider, Todd Wynee-Parry visited Australia sizing up opportunities in 2013.
A few headlines, but it never looked likely there would be any investment.
“I think [the Gold Coast] needs to rethink its development strategy and designate some proper resort sites," he advised at the time.
"The Gold Coast is a gorgeous beach with no world class resorts actually on the beach," saying Queensland needed to lift its game if it hopes to attract more premium tourism.
Mr Wynne-Parry was speaking at the Tourism &amp; Transport Forum’s 2013 Outlook Conference in Sydney where the Trump group gave fleeting interest to developing a prestige hotel and apartment Trump Tower at Sydney’s Barangaroo.
But Australian gambling tycoon James Packer had a near monopoly on that ambition.
"You're not a global hotel company unless you're in Sydney," Wynne-Parry suggested.
"There is room for another luxury hotel and we would love to be a part of Barangaroo or anything that gives us a decent shot at 150-200 rooms with some residential and good connectivity to the CBD. Maybe (we could get) concessions from the government in terms of a tax holiday or something and an enhanced GFA (gross floor area)."
Also speaking to the Tourism and Transport Forum at the Sydney Hilton via video link, Trump's daughter Ivanka -- the Trump Hotel Collection executive vice president of development and acquisitions -- said the company wanted a "very big" piece of the Australian market.
"I just wanted to reiterate how important Australia is to us strategically as we grow the Trump Hotel Collections around the globe," she said.
"There are many great cities . . . for our hotel collection and we are very excited about making our presence felt in Australia in a very big way."
Trump International's then senior vice-president for global hotel development and acquisitions, Todd Wynee-Parry departed the empire in mid-2014 when he became senior vice president development at Commune Hotels &amp; Resorts.
From October 2000 until 2006, he was in the TOGA Group to head up the growth of its hotel mamagement division.
"Todd was responsible for significant growth of the business and was directly responsible for the identification and securing of many new management opportunities," Alan Vidor said adding he was "tenanciaous, commercially astute, driven and extremely hard working." 
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Trump remains a no-show in Australian tourism

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The Hillary Clinton campaign released a three-and-a-half minute video of a small businessman, Andrew Tesoro, who tells how Donald Trump cheated his five-person architecture firm out of thousands of dollars back in 2006.
It was when the practice designed the clubhouse at the Trump National Golf Club in the Westchester County town of Briarcliff Manor, NY.
<a href="https://www.youtube.com/watch?v=OmfSWPmw86k" target="_blank">Manhattan-based architect Andrew Tesoro</a> said throughout the design process, Trump asked for multiple redesigns. 
Tesoro provided $140,000 worth of extra work and Trump shared that he loved the design. Trump’s representatives then told Tesoro they would only pay him $50,000, later decreasing  the amount even further to $25,000. Trump responded through his lawyers: Accept pennies on the dollar or I’ll tie you up in court for years.
The video intersperses Tesoro’s narrative with footage of the candidate at a campaign rally saying, “I’ve built an extraordinary business on relationships and deals that benefit all parties involved.”
The video had more than 7 million views on Facebook. Tesoro, 64, doesn’t hate Trump.
He told Forbes magazine although he resented that Trump shorted him a huge amount of money, "his organization does that to everybody.
"At the time I could see that the carpenters, the tile guy, the landscape consultant, the mechanical engineering consultant, other vendors and tradespeople were all subjected to an after-the-fact renegotiation challenge.
"I didn’t take it personally. 
"And I believed Donald Trump when he showered me with compliments. 
"Maybe that was his way of manipulating me into accepting less money. 
"He was also nice and decent to me on an individual basis."
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Trump golf course clubhouse architect on Trump negotiating tactics

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The expatriate infrastructure guru Peter Hofbauer has secured the snappy sale of his Mosman home.
The six-bedroom Bradleys Head Road trophy home on 2244 sqm was listed only late last month with an asking price of between $15.5 million and $16.5 million through McGrath agents Michael Rava and Michael Coombs. 
It set a non-waterfront record for the suburb when it last sold at $7.15 million in 2001, but not this time.
Hofbauer, who was previously Babcock &amp; Brown's head of infrastructure, moved to London in 2007 where he now oversees infrastructure investments at Hermes, which is owned by BT Pension Scheme in London.
Mandolong House, one of Mosman's most coveted heritage estates, holds the inland record when selling at $18 million in 2012.
This article was first published in the Sunday Telegraph.
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Infrastructure guru Peter Hofbauer secures snappy Mosman sale

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An Elizabeth Bay trophy home, Berthong, once owned by actor Russell Crowe, has been quietly listed for sale through Christies International.
It means the 1880s villa, and the neighbouring harbourfront, Boomerang, are now both for sale, but by different Melbourne vendors. 
They were once both owned by the Albert family.
Berthong, which sits in lush grounds having been once part of the orchard of the colonial secretary Alexander Macleay, carries a price tag of $37 million to $40 million.
For a time Berthong was a strata duplex which was reunited as a home by the late adman Michael Ball, who sold it in 1995 to News Corp executive, Lachlan Murdoch who sold it to Russell Crowe for $9.25 million in 2001. Crowe owned the home for two years.
This article was first published in the Saturday Daily Telegraph.
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Berthong, Elizabeth Bay harbourfront trophy home listed

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A likely $16 million private treaty trophy home sale in Mosman headlined the nation's weekend property sales.
It was the redundant Federation Queen Anne style home of the London-based infrastructure investment adviser, Peter Hofbauer.
The six-bedroom <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house/nsw/lower-north-shore/mosman/322852" target="_blank">1910 Bradleys Head Road</a> trophy home (above) on 2244 sqm was listed only late last month.
Offers were not due for another 20 days when it was snapped up Friday night.
It came with an asking price of between $15.5 million and $16.5 million through McGrath agents Michael Rava and Michael Coombs. 
It set a non-waterfront record for the suburb when it last sold at $7.15 million in 2001, but not this time.
At around $16 million is does rank as the third highest sale result across the lower north shore this year.
The Melbourne-born Hofbauer, who was previously Babcock &amp; Brown's head of infrastructure, moved back to London in 2007 where he now oversees infrastructure investments at Hermes, which is owned by BT Pension Scheme in London.
The top auction sales reported in Melbourne and Sydney were also both secured early in their pre-auction marketing.
A Cronulla beachfront (below) sold <a href="https://www.realestate.com.au/sold/property-house-nsw-cronulla-121799054" target="_blank">well ahead of its scheduled weekend auction</a> at $5.25 million on October 25.
<img src="/images/2016/11/07/Screen%20Shot%202016-11-07%20at%209.40.05%20AM.png" alt="">
The five bedroom, five bathroom bayside home sits on a near level 1340 sqm block with 24 metre width on the water.
It last sold at $4.3 million in 2011.
The Seaholme sale on the bay near Melbourne's Altona at $2.888 million was secured October 20.
The Jon Fredrick and Clayton Brown architecturally designed four bedroom home with study had a prominent street facade since built around 10 years ago.
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The <a href="https://www.realestate.com.au/sold/property-house-vic-seaholme-123732738" target="_blank">13 Esplanade, Seaholme home</a> (above) had been initially listed in May with $2.9 million hopes. 
Auction activity has continue to rise through into the final month of spring, however the number of auctions remained well below the highs recorded a year ago.
The preliminary national clearance rate was 77.5% across 2,490 reported auction results, according to CoreLogic.
This was higher than last week’s final clearance rate of 74.4 percent, with auction volumes increasing compared to the 2,253 capital city auctions reported last week.
Over the corresponding week last year, auctions volumes were significantly higher with 2,947 auctions reported and a 61 percent clearance rate.
The jump in success rate over the past week was especially evident in Melbourne which reported an 80.5 per cent clearance rate, up from the previous week's 77.5 percent.
There was a bigger jump in the Canberra clearance rate. Across Canberra a total of 113 auctions were held this week, compared to 93 last week and 122 at the same time last year. Canberra’s preliminary clearance rate of 79.5 percent was up on the 70 percent in the previous week. 
Sydney's 82.1 percent was the fourth week-on-week reporting above 80 percent, up from 80 percent, although the total 1,063 auctions scheduled fell just below last week's 1,100.   The Domain chief economist Dr Andrew Wilson suggests the Sydney market was beginning to ease 'reflecting more choice for buyers'.
'With more robust listing numbers also set for coming weekends' said Domain chief economist Dr Andrew Wilson.
Sydney’s preliminary auction clearance rate was up slightly on the prior week's 80.5 percent, while one year ago it was a significantly lower clearance rate of 58 percent.
The Northern Beaches sub-region of Sydney has shown the strongest performance with 92 percent of the 111 reported as sold over the past week.
It included the Thursday twlight auction when the North Curl Curl home of model Jennifer Hawkins and builder, husband Jake Wall sold.
They secured a $5,235,000 sale of the Koichi Takada-designed five bedroom, three bathroom home that had been listed with $4.8 million expectations.
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$16 million Mosman sale leads weekend results

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<img src="https://counter.theconversation.edu.au/content/67912/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Aquaculture is in the spotlight again, with an ABC investigation raising concerns over the sustainability of the expansion of Tasmania’s salmon-farming industry.
Controversies over fish farming are newsworthy and emotive, particularly when company profits and communities are at stake. Unfortunately, independent scientific evidence is often used selectively or even ignored in these debates. 
Science is an essential tool for managers and regulators when planning industry expansion, and Australia’s aquaculture industry does have a strong research base. 
Fish farming can be sustainable, but only if it takes proper account of scientific research – and only if that research moves fast enough to give an up-to-date picture of the risks.
<h2>Demand for sustainable aquaculture</h2>
The ever-growing demand for seafood, combined with the limited opportunity to increase catch from wild fisheries, means we need more aquaculture. Farming already produces roughly 50% of the global seafood supply, and farmed fish production now exceeds that of farmed beef. 
Intensive aquaculture is relatively new, with supply rising tenfold since the mid-1980s. It is thus unique among food production sectors in that its initial expansion has taken place in an era of unprecedented scrutiny from government, environmentalists and the community. 
This scrutiny is warranted, given that many fish farms are in coastal waters considered as a multi-use, common resource. In Australia, the industry is subject to high environmental standards and constantly evolving management.
Intensive aquaculture has several inherent advantages over other forms of agriculture (besides the intrinsic health benefits of seafood). These include efficient food conversion (it takes just 1.3kg or less of feed to produce 1kg of salmon, compared with 1.8kg for chicken and 2.6kg for pork); relatively limited use of fresh water; and the absence of fertilisers. 
However, there are also significant sustainability challenges, including limiting marine feed ingredients; waste management; the use of drugs, colourants and other chemicals; impacts on wild marine species; management of fish health and welfare; site selection; and societal attitudes. 
The aquaculture research community is acutely aware of these challenges. At a World Aquaculture conference in Adelaide in 2014, the program was dominated by issues related to sustainable development.
<h2>Planning for the future</h2>
In the forseeable future, world aquaculture production is projected to grow at least at its current and long term rate of 6.5% a year. Australia’s industry, while representing less than 0.1% of world production, is growing even faster: more than 7% a year over the past decade. 
Given cost constraints, this future expansion will be mostly inland or in coastal marine environments. Scientific input will be crucial if this expansion is to be managed in a sustainable way.
For example, coastal aquaculture operations are exposed to conditions that create good years and bad years. Understanding the spatial and temporal variation in these conditions is critical. It is not in the industry’s interest to risk growing fish in marginal conditions. 
Conditions are also becoming more challenging as a result of climate change – the oceans off Australia’s southeast are among the fastest warming on the planet.
Enlightened aquaculture businesses are trying to anticipate these conditions by working with scientists including CSIRO and the Bureau of Meteorology to understand future environmental risks on a range of timescales. 
Seven-day ocean forecasts and medium-term outlooks covering several months will help the industry make decisions about cage locations, stocking density, diet, disease management, and when to harvest.
<a href="/images/2016/11/07/image-20161031-27102-1uht7n5.jpg" target="_blank">Click to enlarge</a>
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Monthly forecast of ocean temperatures for the east coast of Tasmania for the coming months Author provided
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Meanwhile, longer-term planning, on time scales of years and decades, will be informed by climate models. For example, the industry can aim to breed fish to cope with changing conditions such as warmer water. 
Of course, forecasts are never 100% accurate, meaning that aquaculture businesses still need to account for risk and uncertainty. 
<h2>Planning for now</h2>
Science is clearly crucial for effective future planning. But it is also important to ensure that current management is the best it can be, and that current risks are managed. 
In the case of finfish aquaculture, the potential for localised impacts on the seabed around sea cages is well known, and monitoring and management strategies well established. 
The potential for adverse effects on the water in and around cages is also important, and water column monitoring is increasingly a management requirement. 
Broader ecosystem interactions – such as changes in fauna and flora on reefs around cages – are progressively being recognised as an issue for many aquaculture regulators and managers. 
As scientists’ understanding of these risks increases, regulators and managers can implement strategies to protect a broader suite of environmental assets and values. 
However, there is no “one size fits all” management approach for this rapidly growing industry, and strategies need to be considered in the local context (ecological, social and economic). Science can provide a better understanding of a particular scenario, but it is up to managers to use this information wisely – and to exercise caution where risks are not well understood. 
<h2>Fast responses</h2>
Management may aspire to be “best practice”, but it is important to recognise that this does not mean that it will be static or finite. Management should respond to changes in the environment (both natural and social) and should adjust as the science and understanding develops.
It is important to acknowledge the different but complementary roles that science and management play in aquaculture planning. Scientists seek to understand the situation (such as the current or future environmental conditions) and share that understanding impartially and objectively. Regulators and managers need to make decisions with a much broader mandate, and as such need to consider factors beyond the science alone. Good planning needs to recognise the value of both.
Aquaculture development and policy needs to be able to trust the science, which in turn, must be delivered in a timely manner, to ensure long-term sustainability of this industry.
Graham Mair is director of Marine Sciences and Professor of Aquaculture, Flinders University and can be contacted <a href="https://theconversation.com/profiles/graham-mair-209191" target="_blank">here</a>.
Alistair Hobday is senior principal research scientist - Oceans and Atmosphere, CSIRO and can be contacted <a href="https://theconversation.com/profiles/alistair-hobday-12414" target="_blank">here</a>.
Catriona Macleod is associate professor, University of Tasmania and can be contacted <a href="https://theconversation.com/profiles/catriona-macleod-104361" target="_blank">here</a>.
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Sustainable aquaculture is possible, with the right science

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GUEST OBSERVER
Melbourne’s Southbank Riverside attracted a disproportionally large share of capital in the third quarter of this year.
Transaction volumes for the three-month period accounted for approximately 50 percent of the AUD 1.4 billion (USD 1.1 billion) transacted year to date.
Southbank Riverside is a small but significant component of the Melbourne CBD office market, accounting for 4.3 percent of total CBD stock (6.8 percent of prime stock).
In Q3 the following assets in Southbank Riverside transacted:
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<li>HWT Tower, 40 City Road (apportioned value AUD 194.2 million)</li>
<li>IBM, 60 City Road (apportioned value AUD 244.9 million)</li>
<li>Twenty8 Freshwater Place (AUD 286.0 million).</li>
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These sales represent 49.2 percent of the total precinct by NLA (Net Lettable Area). Currently JLL is marketing 12 Riverside Quay.  
A sale would mean that just under 60 percent of the total stock would have transacted in 2016.
A changing ownership profile
A number of domestic wholesale funds and large-cap REITs have divested holdings in the precinct. DEXUS, Frasers Property and GPT Wholesale Office Fund were active vendors over the quarter. A number of these groups are identifying opportunities to undertake tactical disposals, crystalise capital gains and recycle profits into new projects/investment opportunities or reduce gearing. An availability of investment grade product has enabled large international fund managers such as ARA Asset Management and J.P. Morgan to gain exposure to the Southbank Riverside precinct over the quarter.
The REIT sector remains active within the precinct. Mirvac is constructing a new Melbourne HQ for PwC and has secured superannuation fund ISPT for a 50% takeout of the completed product.
What is attracting a new cohort of investors? 
Southbank offers CBD access via a pedestrian bridge and connects to Flinders Street Station. Flinders Street Station provides connections to Melbourne’s white collar employees – a disproportionately high number lives to the East and South of the Melbourne CBD. The market fundamentals of Southbank Riverside have been positive, with the precinct recording an average vacancy rate 2.4 percentage-points lower than the greater CBD, over the last ten years. Investors are also drawn to the diverse nature of the tenant profile in Southbank Riverside – IBM, LinkedIn CPA Australia and PwC are all located in the precinct. The strength of the precinct as a corporate location was underlined with PwC committing to a new office at 2 Riverside Quay.
Historically the precinct has benefited from a flight to quality, with tenants vacating older style assets in St Kilda Road for modern product in Southbank Riverside. Given the significant supply anticipated to be withdrawn from St Kilda Road, this trend is likely to continue. A long-flagged rental upswing is finally occurring in Melbourne’s CBD, with prime net effective rents increasing by 5.7 percent over the quarter. The new investors in Southbank are poised to capture the upswing as each of the assets had a WALE of between three and four years.
With the precinct tightly held, and limited potential commercial sites for future development, the investment proposition of Southbank Riverside remains firm. The challenge will be securing investment grade product in a tightly held market.
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Ben Thatcher is research analyst, JLL, and can be contacted <a href="https://www.jllapsites.com/research/" target="_blank">here</a>.
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Where does Melbourne’s Southbank rank for commercial property?

Developer <a href="https://www.apartments.com.au/developers/bottega-property-group">Bottega House</a> has secured council approval for its first Brisbane project - a $270 million luxury residential development on an absolute riverfront site in leafy St Lucia.&nbsp;

The 15-storey project, known as <a href="https://www.apartments.com.au/new-apartments/st-lucia-by-bottega-house-180-macquarie-street-st-lucia-qld-4067">St Lucia by Bottega House</a> , will occupy a prime north-facing site at 178-180 Macquarie Street, directly fronting the Brisbane River in the established inner-west suburb known for its rowing clubs, golf courses and sprawling University of Queensland campus.&nbsp;

St Lucia by Bottega House will feature a suite of amenities including dedicated wellness spaces, a mineral pool and cold plunge. The project has been positioned to attract affluent owner-occupiers seeking high-quality, house-sized apartments.&nbsp;

Bottega House has been set up by co-directors Nick Malloch, Louis Mennes and Craig Marsh.

Malloch said the project drew inspiration from its Brisbane River setting and leafy inner-west surrounds, while responding to the demands of discerning locals looking to transition from freestanding homes into apartment living.&nbsp;

"With an expansive river frontage and lush green surrounds, we knew we had to create something special that reflects the natural beauty of the location while offering residents masterfully crafted homes," said Malloch.&nbsp;

"Our intent was to complement the project's quiet, private setting by introducing residences that offer a calm retreat and sanctuary from the everyday. The result is a harmonious blend of architecture, interiors and amenity that emphasises wellbeing, comfort and beauty without excess."&nbsp;

Malloch added that project consultants had been carefully selected in alignment with Bottega House's commitment to care, quality and attention to detail. The design team includes architects <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, interiors practice <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and landscaping by <a href="https://www.apartments.com.au/architects/urbis">Urbis</a>.&nbsp;

Three-bedroom apartments are expected to start around $5 millio. Selling agents Keenan &amp; Byrne said the pricing strategy for the project was anticipated to achieve upwards of $25,500 per square metre.&nbsp;

The project's development approval this week follows the success of Bottega House's inaugural Queensland project - a 22-storey collection of full-floor sky homes at Broadbeach on the Gold Coast which included the sale of a two-storey penthouse at a record price for a beachside residence.&nbsp;

St Lucia by Bottega House is expected to launch to market in November, with construction anticipated to be completed mid 2029.

[smartcode_project_cta:default project_id=151826]

Joel Robinson

Bottega House to make Brisbane debut with St Lucia riverfront apartment development

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> is advancing its affordable apartment model into Brisbane with the acquisition of another site at Cordelia Street in South Brisbane for $27 million.

Sherpa, which has a $1.7 billion pipeline across Southeast Queensland, intends to bring a cohort of apartments exclusively for first homebuyers into its proposed 186-apartment project to be built at 2 Cordelia Street.

The Sherpa model has already been incredibly well received from their Gold Coast projects, where Sherpa Group set aside a number of apartments exclusively for first homebuyers.

The new $320 million project marks Sherpa Group's second development in Brisbane, following its $255 million Symphony project, also on Cordelia Street, which is currently under construction.

Symphony will deliver 146 apartments across 28 levels, offering a mix of one, two and three-bedroom apartments. With 114 already sold, construction by <a href="https://www.apartments.com.au/builders/lps-group">LPS Group</a> is scheduled for completion in 2028.

[smartcode_project:default project_id=7574 project_image_fid=351654]

Sherpa Founder, Christie Leet, said the company was excited to be venturing into Brisbane for its second residential project.

“We’re big believers in the future of Brisbane as we lead into the 2032 Olympics and beyond,” Leet said.

“The success of Symphony has guided us into what will be our second project and we look forward to submitting our plans with council soon so we can deliver yet another quality project to the inner city residential market.

“Our Flourish model has been very well received both in Brisbane and the Gold Coast, and we’re excited to be able to offer some of these apartments again exclusively to first homebuyers to help get them into the property market.

“The model has been extraordinarily well received in our previous projects and it is something we are committed to moving forward.”

2 Cordelia Street will be designed by <a href="https://www.apartments.com.au/architects/hal-architects">HAL Architects</a> &amp; Finegrain and will include Sherpa’s signature residential amenities including pool, gym, recreation, wellness and work from home spaces.

The project will feature ground-floor commercial space, creating a vibrant amenity for residents and the surrounding community.

A development application will be lodged with Brisbane City Council in August on the code compliant site and will be launched to the market early 2027.

Sherpa acquires new site for second Brisbane apartment tower

One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Jonathan Chancellor

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