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In today’s world most goods or services that are offered on the market have a fixed asking price. They are offered for sale without the option to negotiate, which is called “bargaining”.
But it hasn’t always been that way and we seem to have lost the old concept of bargaining and now call it negotiation. It is still the same thing.
Wikipedia defines <a href="https://en.wikipedia.org/wiki/Bargaining">bargaining</a> as: “Bargaining or haggling is a type of negotiation in which the buyer and seller of a good or service dispute the price which will be paid and the exact nature of the transaction that will take place, and eventually come to an agreement.”
In real estate today that pretty much sums it up though I am not very comfortable with the term “dispute”.
Either way, the fact is that real estate purchases have always been negotiable. The seller asks a fixed price or puts their property up for auction to the highest bidder. So we’re back to a sort of bargaining again.
But you see there is an important element involved in this. It is called perception of value, and this is the most important ingredient in the practice of bargaining.
It is about the perceived value of a material object. As in Murphy’s Law, what the buyer believes is usually at opposite ends to what the seller believes. The concept of value is different for everyone involved in a purchase or a sale. It depends which side of the coin you are on.
There is an old saying that “Beauty is in the eye of the beholder.” And this holds true for anything you want to buy as a consumer.
Would I have paid $120 million dollars for Edvard Munch’s iconic masterpiece The Scream? No. But that is just me, and if I had that sort of money I would now be sitting happily under a coconut tree with Clive Palmer sipping cocktails in Bora Bora.
In the real estate merry-go-round sellers offer their property for sale, not just based on its current market value but on the value they place on it themselves. Similarly, buyers will value it based on their own perception. So we are back to bargaining again.
I love a bargain and don’t we all. The problem is that sellers want to make a profit. It is all about money, and money makes the world go round.
Tim Mansfield is a 30-year global veteran in the real estate industry and founder and CEO of Sydney-based buyers’ agents <a href="https://www.primepropertybuyer.com" target="_blank" rel="nofollow">PrimePropertyBuyer</a>. You can follow Tim on Twitter by clicking <a href="https://twitter.com/#%21/tim_mansfield" rel="nofollow">here</a>.
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The art of bargaining in real estate

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The property market in New South Wales is overcrowded with real estate agents struggling to get a piece of the pie, and they are squeezing each other out of business.
Figures from the Department of Fair Trading (Real Estate Section) in Sydney for the end of May 2012 show there are 17,364 current licensed real estate agents in NSW.
When the property market is practically stagnant as it is at the moment and real estate agents are suffering you have to ask the question “How on earth do they survive?”
Perhaps more to the point “How do they survive in the downturns?” and live to see another day?
In 2012 so far the evidence of trials and tribulations for real estate agents is there to see all over Sydney with mounting mergers and acquisitions to share debt or overheads in businesses’ valiant efforts to avoid going under. This is particularly true of Sydney’s eastern suburbs, where agents have always enjoyed astronomical commissions on residential sales in wealthy suburbs like Darling Point, Point Piper and Vaucluse.
Of course you could argue that recent sales of multi-squillion-dollar waterfront homes have fallen back from $50 million plus to $30 million because of the GFC, the strong Aussie dollar, the European economic crisis and the simple fact that everyone is scared to death about what will happen in future.
So where does all this leave NSW real estate agents? Their best efforts to make even a reasonable living are mostly stranded now like whales on a sad beach. Their songs of past success floundered by an apathetic property market where people don’t know whether to buy or to sell.
When whales are stranded on that lonely beach there is a way for them to survive through help from others.
Here is that help if you want it and are prepared to listen:
<ul>
<li>Stand out in the crowd. Don’t sit back and wait for business to come to you. You have to draw attention to your company, your brand or yourself as an individual.</li>
<li>Do anything you can that differentiates you from your competitors. It doesn’t matter what it is; the point is to do it. It may be red balloons outside your agency window, a snake-charmer in the front yard of your open inspections; or just give a red rose to every lady you meet during your business day (this works wonders).</li>
</ul>
I can’t quote names or places, but I am going to tell you how I once did it with the help of others.
Some years ago I met a senior property executive for a coffee to have a talk about the real estate industry, which was in bad straights at the time but moving up from 8am on the property clock heat meter.
We discussed how to differentiate a new brand. By our second cappuccino we had agreed on how to make the new business really stand out in the market, but there were huge risks involved.
This is what we did:
<ul>
<li>We agreed to concentrate on a single niche market (do what you know best and don’t offer a wide range of options). </li>
<li>We decided to specialise in the sale of prime waterfront homes in Sydney’s eastern suburbs (you can’t be any expert on everything).</li>
</ul>
How did we do it?
<ul>
<li>A lot of courage, and financially a big risk.</li>
<li>The first thing we did was to re-name a 10-metre cabin cruiser that already belonged to the company, and we called it “Waterfront”.  It was berthed nearby our new office and hosted up to 12 guests. </li>
</ul>
Then we invited prospective waterfront property buyers to see their dream properties from the water on Sydney’s glittering harbour and disembark for guided inspections of the homes we were selling. I should not say this, but “Boomerang” comes to mind.
<ul>
<li>We convinced the local municipal council at the time to put all their property records for the area into a digitised format that we could use for direct marketing campaigns to waterfront owners. It was the first time ever in Australia that this was done, from old ledgers to the new digital era. Then we transferred this data onto a PC and used the information.</li>
<li>We engaged a well-known aerial photographer who was a specialist in waterfront homes in Sydney’s eastern suburbs, and together we published a high quality book showing these properties from the air. This had never been done before.</li>
<li>We distributed the hard-cover book personally by hand to every single waterfront home that was included in it for free. Of course we had branded it with our business name, but it was not directly about us. In fact we didn’t even include a contact telephone number in it, just our logo.</li>
</ul>
Publishing the book alone cost about $30,000 in those days. We recovered the investment in six months and established our brand forever in premium residential property. This brand is now one of the best-known in the world today.
The glossy book that we gave away (which was my baby and for which I nearly lost my job then because of the cost) has been much loved by thousands of people over the years.
We didn’t need to knock on the doors of some of the greatest homes in Australia to list them for sale. We were already inside sitting proudly on their coffee table, and we are still there today. 
Summary:
<ul>
<li>Concentrate on just one speciality.</li>
<li>Think outside the box.</li>
<li>Don’t do what everyone else does. </li>
</ul>
“The one who follows the crowd will usually never get any further than the crowd.”
~ Albert Einstein
Tim Mansfield is a 30-year global  veteran in the real estate industry and Founder and CEO of Sydney-based buyers’ agents <a href="https://www.primepropertybuyer.com" target="_blank">PrimePropertyBuyer</a>. You can follow Tim on Twitter by clicking <a href="https://twitter.com/#!/tim_mansfield">here</a>.
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How real estate agents can survive downturns and stagnant property markets

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The Greeks have narrowly voted in a pro-bailout party that wants to stay with Europe by accepting the harshest possible economic conditions for years to come, rather than getting out and starting again on their own.
The European debt crisis over the past few months reminds me of the story of the Dutch boy who put his finger in a hole to stop a leak in a dyke. He was lucky because eventually some passers-by helped him and fixed the leak. If they hadn’t found him the dyke would have burst.
And the situation reminds me too of events leading up to the Wall Street crash that lead to the Great Depression. Financiers managed to reverse the downward plunge by buying as many shares of stock as they could, but the house of cards came crashing down as people panicked in October 1929.
In this case the European solution has been cash bailouts and buying government bonds. But buying bonds is just the same things as increasing debt. Someone eventually has to pay it back.
Where has it all gone wrong, we ask ourselves. In Ireland, Portugal, Spain and now Greece the same thing has happened. Countries are like dominoes collapsing one by one.
Do we blame the banks for their profit-taking over the years, or their customers who took advantage of easy loans to live lives they couldn’t afford?
Tim Mansfield is a 30-year global  veteran in the real estate industry and Founder and CEO of Sydney-based buyers’ agents <a href="https://www.primepropertybuyer.com" target="_blank">PrimePropertyBuyer</a>. You can follow Tim on Twitter by clicking <a href="https://twitter.com/#!/tim_mansfield">here</a>.
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Greece has voted to stay in Europe, but domino effect still threatens Europe: Tim Mansfield

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I first worked in the property business selling villa plots on the island of Menorca in the Spanish Balearic Islands. I was 18 years old then and full of teenage enthusiasm. It didn’t work out.  The company went bust, and I lost my job. I was devastated. I had worked so hard.
Not long after I met the owner of a big real estate agency in England and he said, “Come and join us.” He gave me a one-way airline ticket from Menorca to London to start my new employment. They collapsed within a year, and I lost my job again.
When I was 20 years old I got another job with a company in London named Marcus Leaver, which wanted to start a business in Spain. It was very cold winter that year in England and I spoke Spanish, so I grabbed it.
The year was 1974 and General Franco was still the dictator in those days. The Australian Embassy in Madrid at the time needed a new office and engaged me to find one. I never did, but became great friends with the ambassador at the time.
Marcus Leaver went bust in Spain; so I joined the British Army for a while, did my bit and left for the lucky country in 1982.
In the late 1980s I was sales manager at Andrew Gibbons Real Estate in Sydney’s Double Bay. Our crowning glory in those days was the sale of the famous Point Piper waterfront home Paradis Sur Mer (also known as Toison d’Or) for $19.2 million. I later worked for Colliers International and set up their Prestige Homes &amp; Holdings Division. Here is a quote from an article written then: "Tim Mansfield, of Colliers, is confident that come September, when the spring flowers bloom, people will put their property on the market again. Trouble is they have to buy somewhere else."
Years later I worked in Dubai as sales director of a well-known property development company. What happened? It went bust after the bubble burst there in late 2008. 
I have failed many times in my life, but I am not a failure. We all fail at one time or another along our path in life. We all make mistakes, and that is part of being human.
My own failures are where I went wrong in life,  like stepping stones along the way. You can fail on your own, or you can fail with the help of others when you go through life.
If you are blessed by having a family – a partner and children you love and they love you – hold onto them forever.
You can go bankrupt; you can nearly starve to death and live on cold and windy streets under lamplights. Even then you can retain your dignity.
Life is not all about money. It is about your kindness to others without judgement. It is about words of encouragement to keep them going. It is about holding another person’s hand in yours, and a hug or a kiss that makes you feel that special bond that holds us all together.
At the end of the day who can judge better if I failed or not? Those that helped or those that put me down along the way?
It is only me who can be the final judge. I am the one who knows the real things that I did to help others in life and never said.
There are three things you can do. Nothing else really matters:
<ol>
<li>Help others</li>
<li>Never give up on your dreams</li>
<li>Don’t let people put you down</li>
</ol>
 Tim Mansfield is a 30-year global  veteran in the real estate industry and Founder and CEO of Sydney-based buyers’ agents <a href="https://www.primepropertybuyer.com" target="_blank">PrimePropertyBuyer</a>. You can follow Tim on Twitter by clicking <a href="https://twitter.com/#!/tim_mansfield">here</a>.
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Booms and busts are a natural part of real estate – and life: Tim Mansfield

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The age-old real estate adage of “You make your money when you buy, not when you sell” is as true today as it ever was.
As human beings we often ignore this tip and fall into the trap of buying without doing our homework first. The problem with this is that you may do exactly what the seller is hoping you will do – pay a price above the market value of the property.
The economy, market forces and other factors make it difficult to calculate the time it will take to recoup the cost of a premium you have paid, but even if you paid 10% over market value it could take two or more years.
Astute home buyers and investors do extensive research before they make a decision to buy. They will have established a market value in their heads, carefully balanced out the pros and cons, put their emotions to one side and made an informed decision on the maximum amount they are willing to pay.
There is an important element called “potential” involved in property purchases.
It is not just what you see physically when you inspect a property but also what you believe can be done in future to improve it. This forms part of what adds value for you as a buyer and is particularly important when you decide to sell.
There are three key questions that buyers always need to ask:
<ol start="1">
<li>What is the seller’s motivation? The answer to this question helps to understand the urgency of the sale (or not) and impacts on the price the seller is willing to accept at any given time.</li>
<li>How long has the property been on the market? This one helps to understand the reasons the property had not sold. Is it overpriced? Does it have major defects? Or has it just gone stale and the seller is now open to any reasonable offer as other buyers have shied away?</li>
<li>What is the market value of the property? Doing your own research helps establish a value in your own mind based on recent comparable sales and current listings in the same area.</li>
</ol>
Of course the decision to purchase a property needs to be finely balanced between the buyer’s needs and wants. We would all love to own a home with a swimming pool, but do we really need one?
If you are a property buyer and have ticked all the above boxes before you purchase you will have the satisfaction of knowing that you are ahead of the game for years to come.
If you are time-poor or feel you don’t have the experience to buy a home or investment property yourself, engage a buyers’ agent. They have many years of know-how in successful property transactions and will take the stress and strain away from you. Their job is to act independently for you in your best interest and get you the best possible purchase price.
In New South Wales buyers’ agent fees vary from agency to agency but generally they charge an amount ranging between 1% and 3% of the purchase price. Every case is different and depends on a number of factors including the scope of the buyer’s brief (wish list), the resources involved, the geographic location, market conditions, etc.
The fee paid for a successful purchase should be regarded as an investment and it is always money well spent.
A final thought: "As the vendor will engage an agent to negotiate the highest possible price, why shouldn't the buyer engage one to negotiate the lowest?"
Tim Mansfield is a 30-year global  veteran in the real estate industry and Founder and CEO of Sydney-based buyers’ agents <a target="_blank" href="https://www.primepropertybuyer.com">PrimePropertyBuyer</a>. You can follow Tim on Twitter by clicking <a href="https://twitter.com/#!/tim_mansfield">here</a>.
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Research your property purchases thoroughly, as a mistake will cost you for years

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Whether you are buying or selling real estate the importance of property inspections is paramount in a smooth transaction.
Not being prepared can lead to last-minute disruptions in a sale or purchase and cause major headaches to all parties involved.
For a buyer, a pre-purchase building inspection report (whether it is for a house, a strata unit or a company title unit) is used to ensure that the property is in good condition and does not have any major defects that may affect the property’s value or cost money to rectify in the future.
For a seller, providing a pre-sale building report (including a pest report if necessary) is always a good idea. It demonstrates transparency and honesty on the seller’s behalf and means that prospective buyers don’t have to order and pay for one separately, often at the last minute. Some buyers may still wish to request an independent report, but that is their decision.
There have been cases where the seller has provided the report in the contract of sale as an annexure and included a condition that the cost of the report should be reimbursed by the purchaser. This seems a bit miserly to me. What the seller should do is concentrate on achieving a good sale price through a smooth exchange of contracts and write off the relatively low cost of a building report. The benefits of providing the report in advance far outweigh the outlay involved, so it should be included at no charge.
For buyers it is critically important that they request an inspection report (if one is not already available) as soon as possible once they are interested in a particular property. The process can take two to four days, during which a physical inspection or inspection of strata or company title records is finalised.
I have seen many cases where the successful purchasers of a hot property among several interested buyers were the ones who first obtained their inspection report. Once they were satisfied that the property had no major defects they took the plunge and exchanged contracts.  It often comes down to a race between who gets the report first and is willing to go ahead, not who will pay the highest price.
Legislation in NSW provides a five-business-day cooling-off period from the time of exchange of contracts until the exchange becomes unconditional at 5pm on the fifth day. This short period can be used to obtain a building inspection report, but it is cutting it very short.
In the case of auction properties it is particularly important for buyers to have already ordered a building report they are happy with before they bid successfully on the day (or exchange contracts on the same day after it is passed in).
In summary:
<ol start="1">
<li>Sellers should attach a current inspection report to the contract of sale (and provide it free of charge).</li>
<li>Buyers should be aware of the importance and urgency of obtaining or viewing an existing inspection report before purchasing a property by private treaty or at auction. </li>
</ol>
Tim Mansfield is a 30-year global  veteran in the real estate industry and Founder and CEO of Sydney-based buyers’ agents <a href="https://www.primepropertybuyer.com" target="_blank">PrimePropertyBuyer</a>. You can follow Tim on Twitter by clicking <a href="https://twitter.com/#!/tim_mansfield">here</a>.
 
 
 
 
 
<ol start="1"></ol>
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The importance of building inspections in property transactions

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 What is the formula for success? It is quite simple. Keep on making mistakes.
You may think that failure is the enemy of success, but it is not true. You can be discouraged by failure or you can learn from your mistakes. So go ahead and make as many as you can. Just try to ensure they don’t hurt anyone along the way.
J.K Rowling, the author of Harry Potter once said “You might never fail on the scale that I did. But it is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all - in which case, you fail by default.”
Your success in life as well as in work is actually built on your failures. They are the mechanism by which we learn, and they are the stepping stones that will get you to the place you want to be in the future. If you don't make mistakes (and learn by them) you will find it hard to succeed. To fail is to be human.
Achieving success is not something that happens overnight. You have to work hard at it; you have to have failed many times first, and you have to feel hungry and go through the bad times before it happens.
In Australia TPS (or Tall Poppy Syndrome) is a social phenomenon in which people of genuine merit are criticised because their achievements apparently elevate them above their peers. Sadly, in this lucky country cutting tall poppies it is almost a national sport.
It is too easy to give up on your dreams when you have failed many times. These failures might include a regrettable comment you made in the office, the day you forgot your wedding anniversary, or the black day that your business collapsed.
So what? Life goes on and you control your own destiny. No one else can do it for you.
People will criticise you along the way, and they will do their best to put you down. Some see failure as a weakness, when in fact it is strength. Ignore them and concentrate on your own dreams and not theirs.
“It is not the critic who counts; nor the man who points out how the strong man stumbles, or where the doer of deeds could have done them better.” – Theodore Roosevelt.
And one final quote . . .
“You are the author of your own life. It's up to you to dream it, imagine it, sketch it, shape it, build it, go after it and make it happen. Then colour it in with bright, shining shades of joy and efforts that are yours and yours alone. No one else can know the dreams you dream or the strengths you have within you that will help you make those dreams come true. They are yours alone. And so is today."  –Author unknown
Tim Mansfield is a 30-year global  veteran in the real estate industry and Founder and CEO of Sydney-based buyers’ agents <a href="https://www.primepropertybuyer.com" target="_blank">PrimePropertyBuyer</a>. You can follow Tim on Twitter by clicking <a href="https://twitter.com/#!/tim_mansfield">here</a>.
 
 
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The formula to success is to keep making mistakes

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Last week the former Commonwealth Bank CEO Ralph Norris went out on an apparently shaky limb with his brave statement that a budget surplus is "an almost mindless commitment". But he should be applauded for his strong belief. It is that same strength of conviction that will hold a branch firmly to a tree of thought and ensure that millions of Australians can safely join him on it. 
The analogy that comes to mind in relation to the federal government is that of the captain of the ill-fated Titanic who ignored all warnings of the danger of hidden icebergs along the route and even put on speed, until the ship inevitably hit one and disappeared below the icy water. 
There is a fundamental flaw in the government’s plan to achieve a budget surplus. It is simply that while on the journey toward that final destination, it runs the risk of demoralising the entire population through spending cuts. 
The policy of “give with one hand and take away with the other” is a recipe for disaster, and the inevitable nemesis will be a crushing defeat at the next general election. 
When people lose hope in the future they lose their spirit and their drive to move forward. They languish and procrastinate while hoping to hear any good news at all that will signal them to optimism. The Aussie spirit has always been based on hard work, enthusiasm and a determination to succeed. The final objective of all of us is to own our own home, but the current property market has almost stalled. 
In a worthy attempt to “to ease the pain of the market” Tim McKibbin, CEO of the Real Estate Institute of New South Wales (REINSW),<a href="https://www.propertyobserver.com.au/tax/pay-as-you-go-stamp-duty-scheme-needed-for-first-home-buyers-reinsw/2012041654290" target="_blank"> has proposed pay-as-you-go stamp duty for first-home buyers</a>. This idea and a suggestion of cutting red tape and loosening planning controls are both positive, but it remains to be seen if the NSW government will actually introduce them. 
Let’s face it, we cannot point the finger solely at the GFC or Europe and America’s economic woes. The federal government has to accept a large portion of the blame for our own financial malaise, and they need to do something about it in positive terms that the nation can take as a series of immediate initiatives to stimulate the economy. 
The truth is that the current feeling of pessimism has little to do with unemployment or the closure of factories. Interest rates are lower than they have been for decades. So why is there a feeling of doom and gloom? 
It is about the perception that people have of the economy and the future ahead. We are actually saving more money than we have for years, for the simple reason that we are too scared to spend it. Each of us of course has a different perception of the value of money, so one dollar to me may be worth two to someone else, or vice versa. 
In 1947, Abba Lerner wrote an article entitled “Money as a Creature of the State”, in which he commented that economists had largely abandoned the idea that the value of money was closely linked to gold. He argued that responsibility for avoiding inflation and economic depression lay with the state because of its ability to create or tax money. 
No truer word said.
In last week’s news I was delighted to read a comment by the straight-talking John Symond of Aussie Home Loans who coincidentally supported the suggestion I made in a recent column entitled With pessimism lingering in the property market, the RBA must cut rates in May that the RBA cut the cash rate by 50 basis points next month. He also called for “an injection of good news and an injection of confidence”. 
What the central bank does later on in the year will again depend on inflation figures. The point is that it needs to take bold action now to stimulate the economy and restore vital confidence. 
The following quote reminds me of the onerous responsibility held by the Reserve Bank of Australia and the duty of fair play by the banks to avoid profiteering: 
“A prince, who should enact that a certain proportion of his taxes should be paid in a paper money of a certain kind, might thereby give a certain value to this paper money; even though the term of its final discharge and redemption should depend altogether on the will of the prince.” Adam Smith, Scottish pioneer of political economy (1723-1790) in An Inquiry into the Nature and Causes of the Wealth of Nations.
Tim Mansfield is a 30-year global  veteran in the real estate industry and Founder and CEO of Sydney-based buyers’ agents <a href="https://www.primepropertybuyer.com" target="_blank">PrimePropertyBuyer</a>. You can follow Tim on Twitter by clicking <a href="https://twitter.com/#!/tim_mansfield">here</a>.
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Federal government is largely responsible for current financial malaise

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It is a sad state of affairs that the current mood of the nation is one of pessimism about the future.
The recent hold on cash interest rates by the Reserve Bank of Australia and a rise in unemployment have no doubt contributed. The European financial crisis has softened somewhat after the Greece bail-out, but there is still a cold wind blowing for the fate of other countries, including Spain, where unemployment is now at 23% and growing.
Down Under, continuing bad news in retail sales, increasing fuel prices and an uncertain property market are not helping either. The hopes are that things will pick up after Easter but even then there is a contagious malaise that seems to have gripped us all.
Under these circumstances it is hard not to feel somewhat pessimistic. And some say we should feel honoured and grateful to live in the “lucky country”. But I pose the question, “are we really that lucky anymore?” or is it just that “everyone is lucky but some are just not as lucky as others”?
<div>
The RBA’s decision to keep current cash rates on hold at 4.25% is the same thing as throwing a wet fish at the vast majority of home loaners in Australia. The word “disappointing” hardly describes the suffering of many families who are already struggling to reach the end of the month. Under these circumstances it is not surprising that the retail industry is in chaos. People are too afraid to spend their hard-earned cash. 
Of course for some sectors of the finance industry this is an opportunity to capture more business (and that is fair enough). 
But I don’t wear the mortgage lenders’ argument that the Reserve Bank of Australia is waiting for the latest domestic data before doing the right thing. On top of that I don’t think for one moment that home loaners are complacent about their mortgages. A much better phrase would be “scared to death.” 
I quote from a speech Angel Gurría, OECD Secretary-General, delivered at the INET Annual Plenary Conference – “PANEL: The Challenge of Deleveraging and Overhangs of Debt – Inflation and Austerity” on 13 April 2012 in Berlin, Germany where he said: 
“Herd behaviour is a case in point. A loss of confidence in the ability of policymakers to deal with current challenges affects the decisions of households to consume, of businesses to invest, and of financial markets to intermediate transactions. 
“A lack of trust in the ability of agents to honour their debts can generate herd behaviour of the same sort: without a clear and consistent strategy for deleveraging rampant indebtedness can seriously undermine confidence. The rollover of public debt becomes impossible if markets perceive a high risk of default. And because financial markets are interconnected, there is contagion across countries.” 
He concluded his speech with the observation “Let’s not forget that the ultimate goal of economic policy is to ensure broad and stable human prosperity.” 
The RBA’s recent statements and lack of direction have left us all worrying about the future. 
It must send out strong signals for optimism and cut rates by 50 basis points in May to stimulate the economy and restore confidence. 
The Chinese use two brush strokes to write the word crisis. 
One brush stroke stands for danger; the other for opportunity.
Tim Mansfield is a 30-year global  veteran in the real estate industry and Founder and CEO of Sydney-based buyers’ agents <a href="https://www.primepropertybuyer.com" target="_blank">PrimePropertyBuyer</a>. You can follow Tim on Twitter by clicking <a href="https://twitter.com/#!/tim_mansfield">here</a>.
 
 
 
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With pessimism lingering in the property market, the RBA must cut rates in May

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One of my favourite proverbs is never judge by appearances, and it is often trailed by the quote “for things are seldom what they seem”.
William Shakespeare spawned the proverb in The Merchant of Venice from his famous soliloquy “All that glitters is not gold.”
Four hundred years later our lives are a constant race against time to acquire possessions, and we often disregard the old Bard’s advice.
Appearances can be deceptive and are sometimes designed to be just that. Or is it that we don’t see the woods for the trees, or forget that beauty is skin deep?
There is a certain element of arrogance in making quick decisions by judging by appearances. It is an error that can cost us dearly; whether it is a decision to impulsively buy a home simply because it offered a new kitchen or a car because it had a leatherette steering wheel.
Perhaps the real truth is that over the generations mankind did learn from the Bard. But did we only learn to present ourselves and our possessions with a false external covering and to hide the truth? And did we learn too that first impressions are what really count?
Making decisions about anything is based on evaluation of evidence. You need to look at all the angles and not just the superficial ones. And the same is true too for snap decisions about people you meet simply because of the clothes they wear. Remember Mahatma Gandhi?
There is an interesting methodology for reaching decisions called “triangulation”.
It is all about using multiple sources of information including the facts, your own perception, and getting advice from others who can add to the weight of argument before you make a final decision.
In real estate transactions whether you are buying or selling you need to keep your wits about you and remember William Shakespeare. Trust your instinct by all means, but don’t rush into a decision that could cost you a lot of money.
And lastly, engage a buyers’ agent or vendor advocate to advise you independently in your best interest. They will give you unbiased advice that will help you make a rational and well founded decision.
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a href="https://www.primepropertybuyer.com/" target="_blank">Prime Property Buyer</a>.
 
 
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Appearances can be deceiving, so don't make a costly error when buying a house

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Joel Robinson

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
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The purchaser sold their long-held family home in the area before embarking on a six-month search for the right apartment. After inspecting a range of options across the Lower North Shore, the buyer returned to <a href="https://www.apartments.com.au/new-apartments/alex-willow-crows-nest-82-90-alexander-street-crows-nest-nsw-2065">Alex &amp; Willow</a>. 
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The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
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Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

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Tim Mansfield

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