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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

Builder-developer ALAND has drawn back the curtain on its first city-focused new apartment development.

The North Sydney development, <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-173-179-walker-street-north-sydney-nsw-2060">The Walden</a>, is the first time the company has ventured this close to the city, having previously completed thousands of apartments predominantly in Sydney's west, and more recently in Gosford.

<a href="https://www.apartments.com.au/developers/aland">ALAND</a> acquired the prime North Sydney site, spanning Walker and Hampden Streets just down the road from the Victoria Cross Metro station, for $240 million in June.

Now they've unveiled the new project, a mix of one-, two-, three- and four-bedroom apartments across a 30-level building designed by Rothelowman.

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The Walden will capitalise on the site’s front-row position on the eastern fringe of the <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> CBD, which offers uninterrupted Sydney Harbour views stretching from the Sydney Harbour Bridge all the way to Sydney Heads.

The main tower will be flanked by a small four-level amenity building known as The Pavilion, offering exclusive resident-only amenities including a dedicated concierge service, a sauna and private wellness studio, a gymnasium and fitness studio, a resort-style rooftop pool and sundeck.

There will also be a&nbsp;residents’ lounge, private dining and a wine cellar, and co-working facilities with an on-site meeting room and boardroom.

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ALAND Founder Andrew Hrsto said the company knew they could create something "iconic" with The Walden when they saw the site.

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“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic – being the last development with a view offering this exceptional.

“We identified the attributes and quality of the site as being perfectly aligned for ALAND – and we feel that this off-market acquisition is a perfect opportunity to showcase our craftmanship and expertise through a truly unique offering."

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Hrsto pointed to ALAND’s longstanding development expertise as a significant benefit in delivering a positive outcome for The Walden.

“Being a fully integrated development and construction business with a highly experienced team, we have the benefit of in-house experts across the development spectrum, from acquisitions, design, planning, and construction, to sales, marketing, property management, through to building management.

“As one of Australia’s largest private development and construction groups, we’ve been in operation for 23 years, with a Gold Star iCIRT rating and a 100 per cent delivery success rate across numerous masterplanned and mixed-use projects – and we’re very much looking forward to bringing this expertise to The Walden and contributing to the ongoing revitalisation of North Sydney."

The Walden is the latest development in Sydney to have the 10-year Latent Defects Insurance policy by Resilience Insurance, protecting buyers from any structural or waterproofing-related issues for 10 years post-completion.&nbsp;

Demolition of existing structures on The Walden site has already commenced through specialist civil contractor Moits, with the aim of completing preparatory ground works by the end of 2025, ahead of construction commencement in early 2026.

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Joel Robinson

ALAND unveils The Walden, North Sydney's latest luxury apartment development

<a href="https://www.apartments.com.au/developers/toga-group">TOGA</a> has opened sales for the final building in Macquarie Rise, its latest mixed-use development in Macquarie Park.

Since launching its <a href="https://www.apartments.com.au/new-apartments/macquarie-rise-122-herring-road-macquarie-park-nsw-2113">Macquarie Rise</a> in late 2023, TOGA has secured over 125 sales in the Herring Road development, to a range of purchasers, from first home buyers to investors and downsizers. Around 65 per cent of purchasers have been owner-occupiers.

TOGA has now launched a new release of one-, two-, and three-bedroom apartments in the final building, Saunders Rise. Many of the apartments feature multi-purpose rooms and offer views of the surrounding greenery. Also part of the release is a series of&nbsp;sub penthouses housed on the upper floors.

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“We’re delighted with the ongoing strong interest in our Macquarie Rise development, which is testament to the need for premium housing in this much-loved Sydney suburb,"&nbsp;Allan Vidor AM, Managing Director at TOGA, said.

"We’re proud to be able to offer buyers a unique product that includes luxury amenities, spacious living areas and flexible layouts, designed to suit all kinds of buyers, from young professionals to families and investors.

“We have long been advocates of Macquarie Park, and once Macquarie Rise is complete, TOGA will have built 1,000 apartments in the area, delivering much needed homes within a thriving precinct. It’s great to see the area become renowned for high-quality apartments, proximity to amenities and green spaces."

TOGA, one of Australia’s few Gold Star iCIRT rated developers, is also handling construction of Macquarie Rise. They are on track to complete the building in 2027.

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Macquarie Rise boasts a prime location, placing residents within immediate reach of Macquarie Centre, Macquarie University, and the newly completed Macquarie University Metro, connecting to the Sydney CBD is just over 20 minutes.

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Macquarie Rise residents also have access to Club Rise, an exclusive, residents only lounge designed by luxury hotel designers Stack Studio, offering an abundance of work and break-out areas, a Pilates studio, a gym, and a karaoke room. As well as these premium amenities Macquarie Rise will also feature an impressive podium top 20m lap pool.

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“Offering luxury, spacious apartments in a vibrant and well-connected neighbourhood, it’s no surprise that Macquarie Rise remains popular with a range of buyers," said TOGA's General Manager of Sales, Anthony Falas.&nbsp;

"With interest rates tracking downwards, we expect the final apartments to continue to receive high levels of interest.”

Located at 122 Herring Road, Macquarie Park, the development will be delivered in partnership with Baptist Union NSW and Morling College with a value of over $400 million.

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TOGA launches final stage apartments in Macquarie Rise

Southern Cross Station anchors the western end of <a href="https://www.apartments.com.au/developments/melbourne-vic-3000">Melbourne</a>’s CBD, connecting metropolitan and regional rail with tram and bus interchanges in one of the city’s busiest transport corridors.&nbsp;

Just metres away, <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a>&nbsp;will place residents in the heart of the city, with immediate access to Spencer Street trams, a growing mix of retail, hospitality and cultural venues, and a neighbourhood evolving into a lively residential precinct.

Developed by <a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a>, the 68-level project integrates a sculptural glass tower with the heritage-listed Eliza Tinsley Building on a 2,765 sqm Bourke St site.&nbsp;

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Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the development replaces a previously approved scheme for 813 apartments with a refined offering of just over 600 larger-format residences, responding to a growing owner-occupier demand for spacious city living.

The location sits within a dynamic pocket undergoing significant transformation. Marvel Stadium and the Docklands waterfront are less than 10 minutes away on foot, offering both sports and leisure attractions.&nbsp;

Bourke Street Mall, Queen Victoria Market, and the State Library are all within walking distance, while Flagstaff Gardens, Melbourne’s oldest park, provides a green escape just to the north.

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Proximity to some of the city’s largest employers and education hubs, including the courts precinct, legal chambers, RMIT, and major hospitals, makes 640 Bourke Street an appealing residential address for professionals, families and students alike.

Education opportunities span all levels. Nearby, Haileybury City Campus offers private schooling just a short walk from 640 Bourke Street. Just beyond the CBD fringe, Carlton Gardens Primary School, one of Melbourne’s oldest state primary schools, and Docklands Primary School provide convenient government schooling options.

Higher education is equally accessible. RMIT University’s city campus spans multiple buildings just a few blocks away, while the University of Melbourne’s Parkville campus is easily reached via tram along Swanston or Elizabeth Streets.

Victoria University’s City Queen campus, focused on law and business, is also close by, positioning 640 Bourke Street within walking distance of three of Melbourne’s major tertiary institutions.

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The neighbourhood’s retail tapestry continues to evolve into something distinctly local and walkable. Just steps away, Woolworths Metro on Bourke Street ensures that everyday essentials are easily within reach.&nbsp;

For larger shopping trips, Spencer Outlet Centre on Spencer Street and QV Melbourne on the opposite side of the CBD broaden the offering with supermarkets, fashion, dining and specialty stores.

The lane-to-lane vibe unfolds beautifully in nearby arcades and alleys. Hardware Lane, with its European-style red-brick paving and alfresco dining, pulses with jazzy evenings and casual lunches.

A few minutes north, Howey Place and Centre Place offer leafy, boutique-lined lanes where hidden cafés and niche retailers congregate under historic glass-covered cloisters.

Completing this tapestry is the newly opened Mecca “beauty playground” on Bourke Street. Spanning 4,000 sqm over three levels, the flagship blends immersive retail within an art-deco heritage setting.

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This finely grained network of shops, eateries, arcades and service outlets defines the everyday lifestyle at 640 Bourke Street - further enriched by over 3,000 sqm of resident amenity including a Turkish-inspired pool, gym, co-working rooms and private cinemas.&nbsp;

Apartments are priced between&nbsp;$640,000 and $3.95 million. Off the plan stamp duty concessions available until October 2026. Prospective buyers can visit the on site display gallery which has&nbsp;fully built one, two, and three-bedroom apartments.

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640 Bourke Street: A heritage address at the heart of Melbourne

Lower North Shore development specialists&nbsp;<a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a>&nbsp;has topped out its new local apartment development,&nbsp;<a href="https://www.apartments.com.au/new-apartments/northcote-collective-naremburn-2-6-northcote-street-naremburn-nsw-2065">Northcote Collective</a>.&nbsp;

Located in the tightly held suburb of <a href="https://www.apartments.com.au/developments/naremburn-nsw-2065">Naremburn</a>, Northcote Collective is a collection of just 58 one-, two-, and three-bedroom apartments designed by award-winning architects Rothelowman.&nbsp;

The building is just a five to 10 minute walk from the heart of Crows Nest and the new&nbsp;St Leonards and Crows Nest Metro stations. Abadeen has also brought doorstep convenience, with a ground-floor retail offering on Northcote Street.

Northcote Collective is being delivered by&nbsp;<a href="https://www.apartments.com.au/builders/decode">Decode</a> — an iCIRT-rated construction company well regarded in the new development industry.

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“This is an important and exciting moment for Northcote Collective, and we’re proud to celebrate this milestone with our partners, consultants, and future residents,” said Justin Brown, Executive Chairman and Founder of Abadeen.&nbsp;

“From the outset, our vision was to create something truly special for Naremburn — homes that respect the character of the neighbourhood while elevating the standard of Lower North Shore living. With connectivity to transport, retail on the doorstep and a true village lifestyle, this milestone also comes at a perfect time when buyer confidence is returning to the market. I am incredibly proud of our team and of Decode for their dedication in helping us bring this vision to life.”

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The development is two-tiered, with two rooftops for residents. The taller building has an impressive rooftop pool, a rare inclusion in the new Sydney apartment market. The level, with panoramic views, also includes an entertaining terrace with barbecue facilities.

Local downsizers and young professionals are showing the strongest interest in the development, with recent improvements in the property market — supported by three rate cuts in 2025 — boosting borrowing power and buyer confidence.

Auction activity across Sydney surged by almost 30 per cent in recent weeks, with clearance rates above 70 per cent — signalling a renewed wave of buyer demand.

Northcote Collective will welcome buyers in 2026.

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Abadeen tops out Northcote Collective in Naremburn

Sunshine Coast-based <a href="https://www.apartments.com.au/developers/devcon-property-group">Devcon Property Group</a> has acquired one of Maroochydore’s most prominent development sites for $12 million unlocking the potentialfor a mixed-use project in the Cotton Tree precinct.

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The 4,178 sqm site at 41–43 Aerodrome Road—well known locally as the former home to one of Australia’s last Sizzler restaurants—was sold via an off-market expressions of interest campaign by Colliers agents Nick Dowling and Baydn Dodds. More than 70 targeted buyer groups were approached, resulting in multiple competitive offers for the property.

Devcon Property Group Managing Director Michael Kain said the acquisition was a strategic move in line with the company’s focus on delivering high-quality projects in prime coastal locations.&nbsp;

“We’re excited about the possibilities this site, in one of the Sunshine Coast’s most iconic beachside &nbsp;communities, offers for a broad range of development outcomes,” Kain said.

“Its location, ocean view potential, and proximity to the Maroochydore CBD and beach make it an &nbsp;outstanding development prospect. Our plans are to refurbish the existing building and then review &nbsp;development options for the remainder of the site.”&nbsp;

<img alt="Aerodrome Rd site overlooking Beach (Large)" data-entity-type="file" data-entity-uuid="a29dc4ed-68c1-4bec-a4fc-283063dcde1e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Aerodrome%20Rd%20site%20overlooking%20Beach%20%28Large%29.jpg?VersionId=b0WxJWevmLoAfCP4YvGImZpR3rSCJJ9L" />

Colliers Special Projects Manager Baydn Dodds said the sale reflected the ongoing strength of the &nbsp;Sunshine Coast’s development site market, particularly for projects capable of achieving water views. &nbsp;

“Sites of this scale, in walkable beachside locations with ocean views, are tightly held and continue to attract significant interest from both local and national developers,” Baydn Dodds said. &nbsp;

“Holding a prominent position as the former home to one of Australia’s last Sizzler restaurants and more recently occupied by Rashays, the prime site is located just 150 metres from Maroochydore Beach.&nbsp;

“With stunning ocean view potential, located in one of the Sunshine Coast’s best known iconic &nbsp;beachside communities, within steps of shops, cafes and the beach it is no surprise that there was strong interest in the site. The transaction highlights the ongoing depth of demand for well-located &nbsp;mixed-use sites across the Sunshine Coast.”&nbsp;

Colliers Sunshine Coast Managing Director Nick Dowling said the transaction reinforced the &nbsp;Sunshine Coast’s status as one of Australia’s most active development markets.&nbsp;

“The combination of strong population growth, lifestyle appeal, and infrastructure investment is &nbsp;driving demand for quality development opportunities,” Nick Dowling said. &nbsp;

“The Sunshine Coast is one of only three markets nationally to record an increase in crane numbers, &nbsp;reflecting the strength of the region’s construction pipeline.&nbsp;

“Opportunities like this are rare and continue to generate strong buyer interest in the region.”&nbsp;

The Sunshine Coast development market is booming, with several high-profile developers like Cube Developments, Gardner Vaughan Group, and RCQ, planning developments in the region.

Tim Mansfield

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