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<a href="https://www.realestate.com.au/property-house-vic-hawthorn-108065231" target="_blank">58 Kooyongkoot Road, Hawthorn, VIC, 3122</a>
{yoogallery src=[images/stories/november4kooyongkoot]}
A ready-made post-modern style home which is well suited to an older family (probably a Scotch College one), offering good lifestyle options. If you like the house style, there is plenty to like about this offering - numbers of bedrooms and their separation (master away from secondary rooms) is spot on and the floor plan flows well.
Land size is good at just under 1,000 square metres, and with western rear orientation afternoon sun is optimised into the backyard and informal living areas. This house has been well maintained yet some may like to cosmetically alter utility areas - importantly these areas are a good size and logically positioned.
For a large family the rear open-plan area may be a little small - particularly around the meals area.  Master bedroom is a great size and perhaps the highlight. For a busy executive family this will tick many boxes - it is a big family home to enjoy yet will be relatively easy to maintain (a lot of hard paving - less expansive lawns).
James Buyer Advocates gives this home a rating of 741 out of 1,000, which puts it in the above-average category. It was passed in at auction on November 5 on a vendor's bid of $3.4 million. The reserve is $3.65 million.
Adam Woledge is a registered architect and principal buyer advocate of <a target="_blank" title="James Buyer Advocates" href="https://www.james.net.au/">James Buyer Advocates.</a>
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maljames-vHwm28JUAa

A post-modern Hawthorn home for an older family passed in

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<a href="https://www.realestate.com.au/property-house-vic-brighton-108024461" target="_blank">54 Hanby Street, Brighton, VIC, 3186</a>
Not a home that grabs everyone from the street, but a home that does it for me in 2011.
The flow works from the start – e.g. in from a good-sized garage through a drop-off-stuff room and wet area to wash up in. Or in through the front door and turn right into your office and if you have a business associate the toilet is nearby without intruding into the home.
When into the main living areas they unfold one after another but all have views to the outside – it's nicely stepped back in design. Out the back the garden is a great size  not sure about what the northerly neighbour is doing and that is an issue that needs investigation but overall the outsides are good.
Upstairs works and the kids are “winged off’ around a central bathroom and the master to the rear is substantial.
Price is the key to this home – it's definitely a $3 million-plus home with the land, but I’m not sure what the second numeral in the dollar equation will end up being.
James Buyer Advocates gives this property a rating of 779 out of 1,000, which puts it in the above-average category. 
The property was passed in on a vendor bid of $3.35 million, with the reserve undisclosed.
Mal James is principal of<a target="_blank" title="James Buyer Advocates" href="https://www.jamesbuyeradvocates.com.au/"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
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A good flow in Brighton should secure more than $3 million

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You’re a $1 million-plus family home buyer. Super Saturday (October 22) has been and gone and you didn’t manage to buy yourself a home from the 150 or so properties that were on offer. What now? With the Melbourne Cup break coming up, it’s time to a) assess your form b) assess your goals c) improve your decision-making processes and/or d) panic.
Let’s start with d) panic. As a home buyer you effectively have a month to find a home or else you probably won’t be settled in a new place until at least Easter 2012. That is six months away, well into the next school year and – oh my god – the footy will have already started again. Six months more of your family unsettled and in limbo. Have you broken into a cold sweat yet?
Well stop it, right now. Take a deep breath and don’t panic. Panic only encourages one thing – poor decisions. Poor buying decisions now will give you and your family weaker long-term outcomes – both financially and emotionally. Poor decisions can lead you to buy the wrong home or miss out on the home you should have bought. Panic leads to weaker negotiating stances.
With four weeks to go and with no obvious target home, the first thing to consider is an alternative home strategy. You could rent, move into a holiday house, move in with family, or buy an interim home. The key to getting temporary family shelter is not perfection but it does have to be comfortable. You want to be in a home that is not going to add stress that will encourage panic and lead to forced decisions – instead of waiting for the right 10-20 year family home.
Assess your form: If you were a racehorse would you back yourself at the next start to win after your last few months of home-buying performances? Have you missed the podium each time the auction race was on?  Was it because you didn’t get the values right, which meant you were shocked by the result every time? Even if you knew how much you needed to pay, did you miss out because you just didn’t perform when it counted? Truthfully assess your skills and your shortcomings and plug the holes either with alternative strategies or some professional assistance – otherwise you will get the same result.
Assess your goals: It’s possible you may not have actually found a home you have wanted to buy yet. You are not alone. We have been in a low-quality stock environment all year and even as professionals we have found it hard sometimes to find good homes to buy. That’s not the case right now, but it has been. However, your goals still may need some tweaking – especially if money seems to be front and centre of almost every family discussion. You may have $3 million tastes with a $2 million budget. You may have bought into what the papers have been saying about the world coming to end, yet the homes you like have three or four bidders and your buy cheap policy is not working. Whatever it is – take a look at what it is you really want. Write down your three Ps – Price, Property and Position – and then get a suburb report of the last 12 months sales and see if there are any homes within your price range. This will give you a clear idea of how realistic your current goals are.
Finally, improve your decision making processes: This can be in the form of DIY improvements or by getting some professional help. A process that will lead to informed and good decisions is 1) clarity of purpose – know what it is you want and match the home to your goals not the other way around. 2) Accurate assessment of a home as to value and whether it meets your needs and 3) planned and professional negotiation to maximise your chance of success within acceptable risk and reward parameters.
You have four weeks after Melbourne Cup to do some things that will make your life better for the next decade. Whatever those actions are base them on good decisions and on clear goals that will result in your family’s best long-term emotional and financial outcomes – and get on with it!
Mal James is principal of<a href="https://www.jamesbuyeradvocates.com.au/" title="James Buyer Advocates" target="_blank"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
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If you haven't found your dream home yet, don't panic

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<img src="/images/stories/barringtonavenue.jpg">
7 Barrington Avenue, <a href="/news">Kew</a>, Vic 3101
Great street, great façade, good land size but the floorplan needs some work as I don't think the sleeping rooms work for modern requirements. That said, don't give up on it as there are some real positives - lovely powerful feel as you enter. Slate roof and tuck pointing. Love the wallpapers. Dual access. Private backyard. Botanical garden.
But back to the floorplan - the sitting and dining rooms are great but the master for me should be where the sitting room is - the rooms are little on the north side and rear living area is also a little small with a bedroom in the way. I think going up is the best answer if you are a multiple-child family, with the staircase in one of the smaller northern rooms - that way you have the space to rework the majesty of downstairs. An atmospheric home that needs a smart renovator.
A stately, single-level Queen Anne  home thathas a series of wonderful formal rooms. Other key pluses for me were the ornate period detailing, private front yard, expansive entry and dual car access. Given the land size some buyers may like to see a bigger backyard area or even a larger rear informal area. Going up seems the logical idea, yet that may not be that easy. Although this property enjoys a western rear orientation (which is quite good for afternoon sun) the house does turns its back on the north, which is not ideal and therefore results in dark feel internally.
James Buyer Advocates gives the property a rating of 666 out of 1,000, which is in the category of a good average home. The property sold before auction at an undisclosed price above $3 million.
Adam Woledge is a registered architect and principal buyer advocate of <a target="_blank" title="James Buyer Advocates" href="https://www.james.net.au/">James Buyer Advocates.</a> 
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Sold Kew property has a lovely feel, but the floorplan needs work

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None of us like to be lied to or feel we’ve been fooled – and very few of us want to be beaten in a deal.

Buying a home is a significant emotional experience – and for many buyers there’s an extra emotional stress when we start dealing with agents and negotiating.

Selling agents are masters at managing buyer emotions. They’re quite capable of bending the truth when it’s in the interests of their client – the seller. As a buyer though, being at the other end of that manipulation can be incredibly unsettling.

When it happens – or rather, when we perceive it is happening – we feel a charge of emotion. We feel we are losing balance and self-interest and ego comes into play. Emotion builds up inside us and we change chemically. Our decision making processes alter – not necessarily to our benefit.

Feeling that we’re being lied to undermines our trust in the salesperson and in the whole buying process. I’m not dealing with that lying salesperson, we think. I’m not buying my home through an auction because it’s unfair.

That’s what you feel. However misdirected emotion can cause intolerable stress, leading to poor decisions, which can result in missing what should have been bought, paying way too much or buying the wrong home just to get rid of that stress.

As buyer advocates, the technique we use to help buyers maintain their equilibrium while knee-deep in difficult negotiations is to ask themselves some questions about how they are responding to the process. Only by being a master of your own responses can you remain in a balanced state to have the best opportunity to make the right decisions.

Ask yourself: Is it the action of the agent or your reaction to it that is causing you angst? The way you react to an agent’s manipulations may well be what is creating the emotion, increasing your stress and potentially lessening your outcome.

And if you are feeling outraged by what you believe are an agent’s lies, consider whether you as a buyer, haggler or negotiator are not also capable of the same when it suits your own interests.   Is your role as a buyer really more noble than the role of a selling agent?

For instance, if a selling agent asks me if my client has any more money to give in this deal, I don’t say yes, not if I feel the deal can be done there and then at that price. Is me telling the agent ‘no that’s the absolute limit’ a mis-truth, acceptable salesman’s puffery or a straight out deceitful lie?

From the other side, if as a buyer agent I knew I could buy this home at $2,000,000 but instead answered truthfully when asked the more money question as yes actually I have $2,080,000 or $2,340,000 have I committed a greater sin of deceit?

Should you even presume that your relationship with a selling agent will be based on trust? After all the deeper the relationship, the greater the emotional effect of the lie. But why would you try to form a normal trusting relationship with the specific people whose allegiance is completely to their client and whose role is to create conflict amongst buyers (auctions) and to minimise buyers’ interests where that benefits their client, the seller? (That role has legitimacy according to the Estate Agents Act and Common Law).

Why not form those relationships with people whose role is to minimise your conflict and to maximise your interests!

Selling agents are not bad people. They engage in techniques to maximise the interests of their client (the seller), most of which are legal and that you yourself would engage in, if you were skilled enough to do so.

Feeling aggrieved about being manipulated or feeling that you have been lied to by an agent rarely helps you.  All it does is make you emotional, alters your chemical balance and changes your decision making processes generally for the worse.

You can minimise the “lying effect” and the emotional roller coaster responses by engaging professional buyer representation, acquiring a deeper understanding of your main goals and good questioning technique when you hit the bumps along the way. All of this hopefully leads to a different, more beneficial perspective of what it’s all about – buying the right home not about “getting the agent”.

Mal James is principal of<a href="https://www.jamesbuyeradvocates.com.au/" title="James Buyer Advocates" target="_blank"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.</body></html>

Keep your emotions in check when negotiating for a property

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Recently we gave a talk to more than a hundred high-net-worth individuals at the Sandringham Yacht Club for Peter Wilson of Godfrey Pembroke, where we involved the participants in a hands-on exercise that introduced them to “valuing” high-end homes.
There were three steps to the process. First we asked them to give their valuation of three 250-square-metre beachfront blocks in Sandringham that were up for sale. Then we informed them there was a conservative valuation of $5.4 million from a reputable valuer, and asked them to revalue the blocks in the light of this information. Then, after telling them the asking price was $8 million and there was possibly a winning consortium’s bid, we asked them to give a third and final valuation. Their final valuation had to be above the possible winning consortium’s bid – after all, there is no point coming second if you want to buy something.
Three clear things came out of this exercise:
1.            At the top end people have a very wide opinion of values: In this exercise the estimates varied from $3 million to $12 million on the same offering. People were genuinely trying to estimate correctly – there was self-interest involved.
2.            The power of suggestion: While the value range remained wide for the second lot of “valuations” after the $5.4 million value was tabled, not one participant’s valuation was now below $5.4 million. Once a credible suggestion had been given, it seems everyone put a floor under the price. Very interesting if you are the only taker on a home.
3.            <a href="https://www.propertyobserver.com.au/residential/a-smart-buyer-s-guide-to-step-quoting/2011091451554" title="A smart buyer's guide to step quoting" target="_blank">The power of step quoting</a>:  Scenario three produced a wide range of valuations but not one was below the valuation the respective participant had put in scenario two. In other words, for every one of the participants the price had gone up. This is again about the power of suggestion and the power of step quoting.
For buyers who believe that an asking price is an asking price and a valuation is a valuation – like rocks set in stone on which to build a platform of action – this scenario may seem a bit perplexing.
But the fact is that when you’re buying a property – especially at the top end – opinions, suggestions and questioning are how a final sell price is established.
When agents are dealing with buyers – including us as buyers’ agents – they use suggestion firstly to frame an area of thought e.g. a price range and then to move you the buyer up the price ladder. Depending on the agent’s credibility you will either go with that suggestion or you won’t.
Agents also use questioning to work out if you are actually on the price ladder – and if so at what position. They do this to ascertain broad interest which they report back to the vendor, and to ascertain your interest so as they can decide on a plan to take you up to the next rung.
As buyer’s agents our role is to do the reverse.  Our job is not to establish a credible floor, but to establish a credible ceiling. We use the power of suggestion to indicate to the selling agent where a client may be on the price ladder. We use questioning to gain information and to see if those suggestions have been effective.
Remember that in home buying there are three opinions that really count when it comes to forming or framing your price thoughts. Firstly: the vendor’s sell price (not asking price); secondly: the highest other bidder’s buy price (That is the only other buyer competition we are concerned about); and thirdly: your own thoughts on price. Which is actually the most important opinion on price.  Not the valuer, not the buying agent and not the selling agent, not Uncle Jim’s – but yours. If it is informed and considered then it is correct and more important than all others.
Some of you may view this all as a game and some may not want to be involved. But here in Melbourne, it’s the way homes are bought and sold (yes, even auctions). It’s called haggling or bargaining, and what that involves is a contest between seller and buyer. In many cases it’s unavoidable – and when it is, you might as well play the game as best you can.
Mal James is principal of<a href="https://www.jamesbuyeradvocates.com.au/" title="James Buyer Advocates" target="_blank"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.</body></html>

The only valuation that matters is yours

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324 Beaconsfield Parade, <a target="_blank" title="St Kilda West" href="/news">St Kilda West</a>, VIC, 3182
{yoogallery src=[images/stories/september23beaconsfield]} 
What attracted me in the first place was the very unusual façade of 324 and even though it has a block of flats next door overlooking at front and back, which may affect the amenity and the feel in the backyard, I still went inside thinking I could like this - and I did.
Basically it's a three-level house (but it has a lift) with multiple zones on each level. Level one does have a high-quality kitchen and kids' bedrooms and full-length doors. Dining room in a funny place but it sort of works. The second level works well bedrooms and billiard room and then the third level - wow, great views and the lift goes up to it. You would use this.
Two car parks, while without garaging, are good for this area. Its is a question of price. About $4 million was gettable on the forefront last on similar blocks, but with weaker homes, so is more than $5 million with a better home gettable this year? Time will tell if Hocking Stuart agent Andrew Stuart can deliver - history shows says he can - will today's market follow history?
This property, which has price hopes of $5 million plus, went to auction on Saturday, September 24 at 12.30pm. It was passed in on a vendor's bid of $5 million.
Mal James is principal of<a target="_blank" title="James Buyer Advocates" href="https://www.jamesbuyeradvocates.com.au/"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
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Vendors of St Kilda West home hope $5 million is over the horizon

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Valuing land is difficult enough, but there are even more variables when it comes to getting a consistent opinion of the market value of an actual building.
We always counsel long-term passive investors to buy purely on land value, or to buy proven populist homes like Victorians and Edwardians as opposed to new homes.  Why?
Buildings are very much like clothes: they are fashion statements and, as such, various styles go in and out of fashion. Many of us love period homes now, but in the 1960s the thinking was to modernise them and in the process a number of classic buildings were destroyed. Similarly, Art Deco was loved in the 1920s and ‘30s but now has a limited following  – a very passionate one who will pay strong prices, but limited nonetheless.
The value of a home depreciates just as a new car does the moment it is driven from the showroom.  If half your money is spent on the home (the other half on the land) and that home goes out of favour as many do (such as the recent fad to Georgian reproduction homes), then while the land component may be growing in value, the other half of your money is working in a negative direction growth-wise.
To demonstrate the various ways different people can regard the same building, here are the opinions of four famous agents on the value of a 230-square-metre 1970s home, with an en suite and double garage, on a nice block in Inner Melbourne.
Ms Artina Deco: $400,000. “I think this home will be bought by an overseas buyer who would consider this a good solid home.”
Sir Eddy Wardian: $300,000. “I think this home will be bought by a new home buyer and renovated to new. My estimate of its value when renovated is $700,000, and I think it will cost $400,000 to renovate – therefore it is worth $300,000.”
Mr Victor Rian: $200,000. “I think this home will be bought by an investor who will get a 3% rental return, so I have based my calculation on that.”
Cal Bung: Zippo – $0. “I think this home will be bought by a developer who will bulldoze and put up units.”
As for me – my opinion of the market value of this home would depend on where it is located. If it was Balwyn I’d say $300,000 to $400,000, because that’s how overseas buyers from China and India have been assessing similar homes recently.
But if I was in Brighton or Toorak, I’d say between zero and $200,000 because it is more likely to be bulldozed and the site developed. Many great homes in Toorak have no value because they are bulldozed by a new owner with plenty of funds who want to make their own footprint.
While there are no set in stone rules in building value assessment – here are a few guidelines that we follow:
1.       New homes we calculate at replacement value
2.       Near-new homes we calculate at replacement value minus a cosmetic update cost
3.       Homes 20 to 50 years old depend on the suburb. A way of getting a handle on values on these buildings is to build a database of comparable (similar) sales, subtract what you consider to be land values, and build a range of how the market values homes.
4.       1940s to 1970s homes without architectural merit – zero. With merit – difficult!
5.       Pre-1940s period homes that need to be completely gutted – a token amount depending on size
6.       Pre-1940s period homes that need some work – completed value less estimated renovation value
7.       Pre-1940s period homes completely renovated – compare to others in area and if that is not easy we value at replacement cost as if it were a similar quality and sized new home.
Valuing homes and land and emotion is the pursuit of perfection by the imperfect – but the closer you get, the better your decisions and strategies can be.
Mal James is principal of<a href="https://www.jamesbuyeradvocates.com.au/" title="James Buyer Advocates" target="_blank"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.</body></html>

Home valuations can be subjective 

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111 Rowell Avenue, <a target="_blank" href="/news">Camberwell</a>, 3124
An interesting property this one - nothing wrong with the quality, yet for most buyers in this area this will lack another bedroom or two and/or another living area. The laundry is one of the biggest we have seen, and many will like this - yet some could think about converting this back to a bedroom and relocating laundry to eastern side of ensuite/study - just a thought.
There is of course scope to extend up to the rear down the track, and young families may be interested here with this in mind. Rowell Avenue is one of Camberwell's better addresses - leafy, wide and close to Camberwell Junction and the M1 freeway.
James Buyer Advocates rates this property as 708 out of 1,000, which puts it in the above-average category. It will go to auction on Saturday, September 17 at 11.30am.
Adam Woledge is a registered architect and senior buyer advocate at <a href="https://www.james.net.au/rating/111-Rowell-Avenue-CAMBERWELL" target="_blank">James Buyer Advocates</a>.
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Small, but well-formed in Camberwell

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Agent step quoting is a contentious part of our industry: It’s how selling agents nudge buyers up the staircase towards a price their clients are hoping for. Done badly it can make buyers feel cheated and manipulated and invite accusations of under-quoting. Done well it’s a legitimate haggling process agents use to get a buyer and a seller to meet at a price point they’re both comfortable with.
We usually only hear of step quoting when it’s done badly as it highlights the low-skilled, unethical agents almost immediately. When highly skilled agents use step quoting successfully it goes unnoticed except through careful examination at a later date. Yet within the inner-east and bayside million-dollar-plus markets it is a particularly common practiced black or noble art depending on your point of view.
How does it work? Well at the top of the stairs in step quoting you have a seller, a mum or dad just like you and they think their home is worth $4 million. At the bottom of the stairs in step quoting is you, the buyer and you think the home is worth early three’s, but your dream price is $2.95 million – you don’t want to admit to a 3 in front of it at this stage.
Both you and the seller are interested in the transaction because the seller feels it’s time to move on and you hoping it’s time to move in.
You’ve seen the home in an ad and you’ve rolled up to the first open for inspection. The selling agent at the door says $3.2 million plus when you ask the “how much” question, while not in any way looking interested under your recently purchased “anti-agent” dark sunglasses.
“Mmmmm, $3.2 million – a bit more than the $2.95 million” you thought it was worth and maybe you will have to concede it’s going to have a 3 in front of it. You’ve moved a step to step two – not that painful.
But hold on, wasn’t that $3.2 million quote underquoting by the agent? Hasn’t the agent committed an offence by quoting at this stage a price much lower than they said the property may sell for?
Let’s press rewind for a minute.
OK Mal, how can the owner realistically think the home is worth $4 million? Trust me, this for many is not a dream figure, this is a cast in stone, almost religious belief and it comes from one of four sources: the agent told her, her mate told her, another agent told her or the tea-leaves told her – but she believes right now her home is worth $4 million when quite possibly in this falling market the home is considered low $3 millions by most serious buyers and even the agent currently trying to sell the home.
How come? Time lag and the well-known leap of faith valuing technique. Ten weeks ago the owner met with a number of agents – some competent, some not so competent and some downright rascals, and the average of what the seller was told seemed to be $3,400,000 to on a really good day $3.7 million. One rascal agent did say $4.3 million, but the two other competent agents said mid-$3 millions. With each of the two “mid $3m’s quote” competent agents the seller asked “do you think I can get more, could I get $4 million” Each agent, who still wanted to get the job replied “it’s possible but unlikely”. Luckily for the seller one of the competent agents was engaged, even though he was not the highest in value estimate.
That was 10 weeks ago, this is now.
The vendor, who is now getting more emotional, is convinced more than ever that the news of the world doesn’t apply to her – when in fact it does and her $4 million was always $3.7 million on a good day – yet the market has dropped 10% in 10 weeks and her home is now worth $3.4 million – on a good day with plenty of bidders. The selling agent doesn’t know yet if the home will have plenty of bidders as this is the first open for inspection and so being professional and with an obligation to the seller’s interest first and foremost they are quoting $3.2 million plus. You tell me – is he dealing morally, legally or ethically?
The first open actually went pretty well and the selling agent put seven names onto their list. As one of my favourite agents and master of the step quote once explained, there are three lists: the door list (everybody who goes through is on that), then there is the engaged list and finally there is the buyers list.
But that’s another story, back to the steps and step quoting. It’s week two and you notice in the papers the home is quoted at $3.4 million plus. “Mmmm,” you think, “they must have interest”. Well, they may and quite possibly they may not. Think about it – the $3.4 million-plus quote would have gone in before the first open to meet printing deadlines, the new quote is not a response to the first open for inspection(OFI) but part of a well-planned step quoting process.
You are back at the second OFI and you ask about the quote – of course in a manner behind your “anti-agent” dark sunglasses so as the agent knows you’re not interested. A reply comes either “that was a printing mistake” (one of my favourites if the campaign hasn’t leaped out of the blocks in the first week) or “yes, we’ve had a lot or interest and so we put the quote up”.
At this point a number of things have happened – you the buyer have made it onto the second list – the engaged list – as you are a “repeat inspector”. Second time round you really like this home and you, the buyer, have now gone to Step 4 begrudgingly. Step 1 was your dream price $2.95 million and you blew past Step 2 ($3 million) and Step 3 ($3.2 million) and your teetering around Step 4 ($3.4 million).
Meanwhile back at the ranch the selling agent is also doing all he can to pull the vendor back down from the top step of $4 million – talking about clearance rates, and falling prices and global recessions. The vendor won’t budge. “You said I could get $4 million,” she says.
Week 3 and you are back at another open for inspection – you are now being considered a serious prospect. But the price has gone up again: “We have had some interest at around $3.7 million. How do you feel about that? “ the agent asks you.
Actually you feel sick, but behind your special “anti-agent” sunglasses you trot out, “Mmmm,  guess that puts me out” You think $3.7 million, OMG. What – I’m not paying over $3.6 million”, and so welcome you’ve arrived at Step 5 in the step quoting process.
The agent has deliberately not asked the vendor for a reserve as he is aware of what she “may” want and also aware of the law. Meanwhile the agent is pummelling the seller with reports of how the serious buyers have either fainted or been abusive when they hinted at a price of $3.5 to $3.6 million.
So come auction day; you the buyer are at Step 5 with a lean and our vendor is at Step 7 with a lean.
The home is naturally passed in and the selling agent runs up and down the stairs until a result either happens or the vendor sticks to her guns, and the home is listed for private sale the following week.
So, has the agent acted unethically or illegally?
He would have if he had told the seller that she could get “$4 million, no worries, I promise, maybe even $5 million”, and then once he had “bought the job” given the buyers a quote of $3 million at every open for inspection and never made any effort to work (explain to) the buyer or the seller along the steps.
Such agents are unethical and lazy and unfortunately they are too plentiful in supply through deliberate training or poor supervision.
But are agents who work to bring the buyer up to maximise the vendor’s price, and the vendor down towards what the market will pay, which ultimately achieves what the vendor wants (a sale), doing their job ethically and professionally? In these cases it’s a fine line, but if you are a buyer that moves up the steps and you have been informed along the way then well, are these quality agents not just doing their job very well?
Why you as a buyer may need some professional help? In this market what happens if you are the only buyer on the engaged and buyers list since the first quote of $3.2 million plus?
You mightn’t like being run up the step quoting stair, but that’s how the property market works, and the highly skilled selling agent’s job is to get the best price for his or her client, who, by the way, is not you.
Mal James is principal of<a href="https://www.jamesbuyeradvocates.com.au/" title="James Buyer Advocates" target="_blank"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.</body></html>

A smart buyer's guide to step quoting

A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

[smartcode_project_cta:default project_id=134974]

Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

[smartcode_project_cta:default project_id=152125]

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Mal James

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