<p>Toorak's dress circle St Georges Road, home to some of the city's priciest homes, is set for a rare new apartment development.</p>

<p>Blood Diamond Group, an entity tied to Tina Brandi, wife of David Brandi who has been a prolific bidder on The Block over the years, has filed plans for an ultra-exclusive development across an amalgamated 3,662 sqm site at <a href="https://www.apartments.com.au/new-apartments/104-106-st-georges-road-toorak-vic-3142">104 and 106 St Georges Road</a>.</p>

<p>The proposal would replace two existing homes on the riverfront site with a five-level apartment building cascading down the steeply sloping land toward the Yarra River. Designed by Charles Wright Architects, the development has been carefully shaped around the site’s topography and river environs, with the upper levels stepping back to reduce visual bulk from both St Georges Road and the Yarra corridor.</p>

<p>Planning documents describe the proposal as “a site layout and building typology that is consistent with the emerging character of the area and which provides exceptional amenity for future residents without compromising that of neighbouring properties.”&nbsp;</p>

<p><img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ea19a17e-7528-4fa8-b727-05f2f7c025e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20a_0.png?VersionId=rZ2IjdoUL_UrRl1sZ4wZHnQXbYUaEmUQ" /></p>

<p>The scheme comprises 12 apartments, including 10 three-bedroom residences, one one-bedroom apartment, and a substantial split-level five-bedroom penthouse. A 624 sqm communal rooftop terrace will crown the building, while three undercroft levels embedded into the hillside will accommodate apartments and basement parking.</p>

<p>The design leverages the site’s dramatic northern outlook across the Yarra River, with living areas and balconies oriented toward the water. A central atrium running the full height of the building is intended to draw natural light deep into the residences and improve internal amenity.</p>

<p>Landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jack-merlo">Jack Merlo Design &amp; Landscape</a> will play a major role in softening the built form, particularly along the river edge where significant setbacks have been introduced. The proposal includes a minimum 30-metre setback from the Yarra River boundary, preserving a substantial landscaped buffer between the development and the waterway.</p>

<p>While a mature English Oak near the front of the site is proposed for removal, the plans retain a large English Elm closer to the riverfront, alongside other established vegetation in the lower section of the property.</p>

<p><img alt="First look: Blood Diamond Group unveils riverfront apartment plans for Toorak Pavilion" data-entity-type="file" data-entity-uuid="ed3bf19b-5bc7-482f-bde7-41f709a13c3a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Toorak%20pavilion%20b.png?VersionId=SG_kBGu4rOaSPY8FtVcmPJfSCrstuOfg" /></p>

<p>Architecturally, the building adopts strong horizontal forms with expansive glazing and curved balcony edges facing the river. Planning documents note the upper levels “adopt a receding form” to ensure the building responds appropriately to the Yarra River environs overlay controls.&nbsp;</p>

<p>The surrounding streetscape is characterised by large contemporary homes embedded into the hillside, many presenting as modest one or two-storey forms to the street before expanding toward the river frontage below. The planning report notes this established pattern heavily influenced the massing strategy for Toorak Pavilion.&nbsp;</p>

<p>Until the recent sale of the landmark Clendon Road mansion Coonac for around $130 million, St Georges Road held the state's most expensive home, the $80,000,088 derelict "Ghost House" mansion that was bought by crypto king Ed Craven.&nbsp;</p>

<p>Blair House, also on St Georges Road, sold for $74.5 million in 2022.</p>


Joel Robinson

First look: Toorak Pavilions slated for dress circle St Georges Road

<p data-end="205" data-start="54">Six months after a development site on Kangaroo Point’s Shafston Avenue sold for $6.55 million, plans have been lodged for a 23-storey apartment tower.</p>

<p data-end="443" data-start="207">A company named JMT Mega Capital, understood to be interstate investors when the 1,222 sqm double block traded late last year through Patona Property, is proposing an 84-apartment development in place of the existing low-rise buildings.</p>

<p data-end="694" data-start="445">The slender tower at <a href="https://www.apartments.com.au/new-apartments/212-220-shafston-avenue-east-brisbane-qld-4169">212–220 Shafston Avenue</a>, overlooking the Brisbane River, has been designed by <a href="https://www.apartments.com.au/architects/aplus-design-group">Aplus Design Group</a>. It will comprise a mix of one-, two- and three-bedroom apartments above six basement levels, topped by rooftop resident amenities.</p>

<p><img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="7e17ba9e-553e-42ef-92b6-22081671521a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_3.png?VersionId=hlVUf99vrOjUs.vhQs0qV0DhOncUy9T8" /></p>

<p>The development has been designed as a vertically articulated tower with recessed balconies, curved façades and planted edges intended to soften its scale within the evolving Shafston Avenue skyline. In the submitted Urban Design Report, Aplus Design Group said the tower had been “shaped with a slender vertical expression, articulated façades, recessed balcony zones, integrated planting and a clearly defined podium relationship, helping to reduce perceived bulk and create a more elegant contribution to the Shafston Avenue streetscape and broader Kangaroo Point skyline.”</p>

<p>The scheme comprises 84 apartments, including 25 one-bedroom units, 34 two-bedroom apartments and 25 three-bedroom residences. A total of 104 car spaces are proposed across six basement levels, including resident, visitor and accessible parking.</p>

<p>Residents will have access to rooftop communal open space and shared amenities, while the development also incorporates deep planting zones and subtropical landscaping throughout the podium and tower levels. The project includes 35 per cent communal space coverage across the site and a 17.5 per cent deep soil zone allocation to support urban greening outcomes.</p>

<p>The application exceeds the mapped building height under the Kangaroo Point Peninsula Neighbourhood Plan and is being assessed under Brisbane City Council’s impact assessment pathway. The design team argues the additional height is supported by the site’s strategic inner-city location, existing high-density zoning, and proximity to transport and employment hubs.</p>

<p>“The design has been developed to make better use of a well-serviced urban site within an established high-density residential setting, while improving the street presentation and overall quality of the public realm interface,” the report states.</p>

<p><img alt="First look: 23-storey Kangaroo Point tower planned for Shafston Avenue riverfront precinct" data-entity-type="file" data-entity-uuid="1ab44b1e-ff45-4bf3-8da8-8aa0cd79db33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_10.png?VersionId=tSxeGekZOqj1e9g3PEn_yFoC3taKDp3U" /></p>

<p>The proposal adds to a growing pipeline of apartment developments reshaping Kangaroo Point ahead of the 2032 Brisbane Olympic Games, with demand continuing to strengthen for new housing supply in well-connected inner-city precincts.</p>

<p>Mosaic has nearly sold out its under-construction <a href="https://www.apartments.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point-qld-4169">The Bedford by Mosaic</a>&nbsp;and <a href="https://www.apartments.com.au/new-apartments/the-carter-by-mosaic-77-linton-street-kangaroo-point-qld-4169">The Carter</a>,&nbsp;while Pikos recently completed <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye Residences</a> nearby. Pikos is also delivering <a href="https://www.apartments.com.au/new-apartments/gaia-kangaroo-point-108-lambert-street-kangaroo-point-qld-4169">Gaia</a>, over 230 three- and four-bedroom apartments on Lambert Street.</p>


First look: 23-storey Kangaroo Point apartment tower planned for Shafston Avenue riverfront precinct

<p>A new 25-storey apartment tower proposed for Mercer Street would push Geelong’s western gateway skyline higher, with Morphy Birrell Property Group lodging plans for a project directly beside one of the city’s most significant heritage streetscapes.</p>

<p>The <a href="https://www.apartments.com.au/architects/fk-australia">FK</a>-designed development at <a href="https://www.apartments.com.au/new-apartments/65-67-mercer-street-geelong-vic-3220">65-67 Mercer Street</a> has now been referred to Victoria’s Planning Minister. The site sits opposite the Geelong rail corridor and immediately south of the heritage-listed St Peter and Paul’s Catholic Church and Ashby Hall precinct.</p>

<p>Rather than compete with the neighbouring ecclesiastical buildings, the proposal adopts a sculpted podium intended to reference the materiality and scale of the heritage context. Planning documents note the design draws cues from the “dark stone brick” church and surrounding masonry buildings, while the tower above transitions into a softer, curved form oriented toward Corio Bay and the Geelong waterfront.</p>

<p><img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="b797d10c-d4a6-47af-b8df-1aeaa3b382be" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/public%20square.png?VersionId=QGIpcz1x1hKB6lQLl2iobyHqb6PS2Ztc" /></p>

<p>The development forms “Stage 5” of Morphy Birrell Property Group’s broader Mercer Street precinct strategy, following the completion of the 21-storey Miramar tower on Cavendish Street and several additional approved redevelopment stages nearby. Planning consultants Ratio said the proposal “represents an exemplary development outcome” aligned with the strategic ambitions for Central Geelong’s continued urban renewal.</p>

<p>The mixed-use project would replace an existing low-rise commercial building and surface parking area on the 3,320 sqm corner site. FK’s urban context report describes the proposal as a residential development comprising apartments, resident amenities, commercial space, and integrated landscaping positioned to maximise bay views and northern sunlight access.</p>

<p>Renders show a deeply articulated tower with curved balconies stepping above a lower masonry podium that frames a landscaped forecourt facing Mercer Street. The design intentionally preserves sightlines toward the adjacent church buildings, with the podium scaled to reinforce the heritage edge before the tower recedes upward.</p>

<p><img alt="First look: Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct" data-entity-type="file" data-entity-uuid="2bdca91e-66f7-4ac7-8baa-2f93bd5b564e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/geelong%20site.png?VersionId=QOhbino4ZgzKYw5dW3QE14E.2yq.Sv87" /></p>

<p>The planning report highlights the site’s strategic location within 400 metres of key Geelong destinations including Cunningham Pier, the Geelong Station precinct, Deakin University, and the convention centre. Bus services run directly along Mercer Street, while the Corio Bay foreshore sits around 100 metres north of the site.</p>

<p>The proposal arrives amid accelerating redevelopment across central Geelong, where planning policy continues to encourage higher-density housing close to transport infrastructure and the waterfront. Mercer Street in particular has emerged as a focal point for taller apartment development due to its proximity to Geelong Station, the bay, and major civic infrastructure.</p>


Morphy Birrell Property Group targets 25-storey Geelong tower beside landmark church precinct

<p>Development giant&nbsp;<a href="https://www.apartments.com.au/developers/hamton">Hamton</a> and joint venture partner Hostplus have revealed the next residential stage of their $3 billion Moonee Valley Park masterplan, lodging plans for 512 more apartments within the precinct on surplus racecourse land at 110 Wilson Street, Moonee Ponds.</p>

<p>The proposed development, dubbed&nbsp;<a href="https://www.apartments.com.au/new-apartments/trackside-house-110-wilson-street-moonee-ponds-vic-3039">Trackside Gardens</a>&nbsp;in the planning application, follows the <a href="https://www.apartments.com.au/news/vic/first-look-exclusive-hamton-and-hostplus-reveal-sixth-stage-of-moonee-valley-park-masterplan">recent unveiling of the sixth-stage Cox Place Precinct</a> and continues the long-running transformation of the Moonee Valley Racecourse into one of Melbourne’s largest urban renewal projects.</p>

<p>Positioned on the north-eastern edge of the racecourse adjacent to CityLink, Trackside Gardens will comprise three residential buildings rising between 61.8 metres and 86.4 metres within a heavily landscaped precinct shaped by Hamton’s Nature Based Cities framework.</p>

<p>The project forms part of the broader Moonee Valley Park redevelopment being delivered by Hamton, Hostplus and the Moonee Valley Racing Club, which is reshaping the 40-hectare racecourse site into a mixed-use neighbourhood with housing, retail, commercial space, hotels, parkland and community infrastructure.</p>

<p>Trackside Gardens sits separately to the recently proposed Cox Place Precinct, a five-building stage comprising around 1,100 residences, two build-to-rent buildings, two build-to-sell towers, retail, office space, and a hotel overlooking the racetrack. Together, the projects continue to accelerate housing delivery across the precinct.</p>

<p><img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="5fc1941e-52d3-41c6-abc4-0f13fe8ae5ea" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/DA%20Edits%20%281%29.png?VersionId=7qwRHq5dcvXWNot2hNOgoQhN2GIWudNK" /></p>

<p>Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a> with landscape architecture by Tract, Trackside Gardens has been conceived as a botanical-style residential precinct prioritising canopy planting, communal green space, and vertical landscaping.</p>

<p>“The architectural vision for the proposed development centres around buildings in a botanical park setting that champions the important role of nature,” the planning submission states.</p>

<p>“The proposal incorporates principles of biophilic design, with landscape and environmentally sustainable development influencing the ultimate design response of the buildings and prioritising the ground plane to ensure a high amenity for both occupants and visitors.”&nbsp;</p>

<p>Trackside Gardens will deliver 512 apartments across the three buildings, alongside 518 basement car spaces and 523 bicycle spaces. Around 20 per cent affordable housing is proposed across the broader North East Precinct, equating to around 158 dwellings.&nbsp;</p>

<p>The affordable housing component will be concentrated within the Wilson East building, while the remaining apartments are expected to be delivered as build-to-sell residences.</p>

<p>Trackside Gardens has been designed around Hamton’s Nature Based Cities initiative, founded by Executive Chair Paul Hameister OAM in partnership with the University of Melbourne, Urbis, Ark Resources and Tract. The initiative promotes integrating higher-density urban development with significant biodiversity, tree canopy and landscape outcomes.</p>

<p><img alt="First look: Hamton expands Moonee Valley Park masterplan with 512-home Trackside Gardens precinct" data-entity-type="file" data-entity-uuid="89353449-7b3c-42fd-8fd8-8bf64a5ef80f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_4.png?VersionId=X8jRt0P2L7fIWjLhfX6gPknXToXIBeLj" /></p>

<p>A comprehensive landscape strategy would introduce deep soil planting, vertical greening, communal gardens, and new pedestrian links throughout the site.</p>

<p>Planning documents state the development is targeting a 5 Star Green Star Buildings rating, a 7.5-star average NatHERS rating, and “Exemplary” Nature Based Cities certification.&nbsp;</p>

<p>The proposal joins an expanding pipeline of approved and proposed buildings within Moonee Valley Park, including the recently launched Eveline apartments and the approved Grandstand North and South towers.</p>

<p>Hamton has increasingly focused on precinct-scale, nature-led communities across Melbourne’s middle-ring suburbs, with projects spanning Hawthorn, Kew, and Moonee Ponds.</p>


Hampton unveils Trackside Gardens, latest stage of $3 billion Moonee Valley Park masterplan

<p>The Paul Gedoun-led <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Group</a> has achieved another milestone in its $1 billion transformation of Rainbow Bay on the southern Gold Coast with the completion of the company’s third project in four years, the $160 million <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a> residences.</p>

<p>Delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a> and designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker Architects</a>, Esprit buyers have now moved into the 94 apartments across two interconnected buildings at 217-227 Boundary Street.</p>

<p>The successful settlement of Esprit marks another astounding chapter in the S&amp;S story, which launched its highly successful Flow apartments three years ago and created its own ultra-luxury branded fingerprint on an area craving new luxury residences.</p>

<p>Most early purchasers have secured gains of well over $1 million since the project launched in 2021.&nbsp;</p>

<p>[smartcode_project:default project_id=102921 project_image_fid=172129]</p>

<p>S&amp;S Projects Founding Director Paul Gedoun said the completion of Esprit reflects sustained demand for premium apartments in tightly held coastal locations.&nbsp;<br />
&nbsp;&nbsp; &nbsp;<br />
“Esprit has attracted buyers seeking a combination of quality design, considered amenity and a location that is becoming increasingly difficult to replicate,” said Gedoun.</p>

<p>“We identified some years ago that Rainbow Bay is a unique market where supply of luxury residences is limited, and we see the settlements in Esprit further underpinning this thinking - that for both owner-occupiers and investors.”&nbsp;</p>

<p>[smartcode_project:default project_id=102921 project_image_fid=172174]</p>

<p>A key feature of the development is ‘Club Esprit’, a 1,000sqm residents-only rooftop level combining wellness and recreation, believed to be a first for the Gold Coast, and which is fast becoming a signature of the S&amp;S brand.</p>

<p>Positioned to capture views across Snapper Rocks, Rainbow Bay and the Tweed River, the rooftop includes a 25-metre lap pool, gym, yoga lawn, sauna and steam facilities, ice bath, private dining spaces, outdoor cinema and landscaped areas for residents.&nbsp;</p>

<p><a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> Director Jayde Pezet, who led the sales campaign for Esprit and S&amp;S’s Flow and Awaken apartments, said the project’s performance reflects both the strength of the product and the depth of demand for premium apartments on the southern Gold Coast.&nbsp;</p>

<p>“In some cases, we’ve seen values double since launch, which is a clear reflection of how tightly held Rainbow Bay has become and the level of demand for well-executed projects in this market,” said Pezet.&nbsp;</p>

<p>“Buyers recognised early what S&amp;S Projects was delivering here, and that conviction has been rewarded as the project has progressed towards completion.”&nbsp;</p>

<p>[smartcode_project:default project_id=102921 project_image_fid=214819]</p>

<p>Esprit offers a mix of two- three and four-bedroom apartments and sits within walking distance of the beachfront, cafés and local amenities, reinforcing its appeal as both a lifestyle and investment destination.</p>

<p>The project is the third completed by S&amp;S Projects in Rainbow Bay, following Flow Residences and Awaken Residences, which together have contributed to the suburb’s emergence as one of the Gold Coast’s most sought-after coastal pockets. &nbsp;</p>

<p>S&amp;S Projects is continuing its investment in the area with Radia, a $215 million development currently under construction.&nbsp;</p>

<p>[smartcode_project:default project_id=102921 project_image_fid=172175]</p>

<p>Gedoun said the completion of Esprit signals continued confidence in the southern Gold Coast market.&nbsp;</p>

<p>“We’ve seen strong interest in well-located, high-quality apartments, particularly in areas where future development opportunities are limited."</p>

<p>“That’s been a key factor in the performance of Esprit and the broader Rainbow Bay market”.</p>

<p>[smartcode_project_cta:default project_id=102921]</p>


Owners move in as Esprit completes at Rainbow Bay

<p>Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.</p>

<p>They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;</p>

<p>Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.</p>

<p>They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.</p>

<p>Even in the low seasons of May and June, occupancy levels reach around 40 per cent.</p>

<p><img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" /></p>

<p>Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor</p>

<p>Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.</p>

<p><img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" /></p>

<p>Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" /></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span><span><span><span><span><span>​</span></span></span></span></span></span></p>

<p>The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;</p>

<p>Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.</p>

<p>With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;</p>

<p>Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.</p>


Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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<p>The Longhurst Group, has made its first purchase, buying the Edgecliff Centre, in Sydney's eastern suburbs for $138.75 million.</p>
<p>Longhurst, which is backed by local investors, is headed by former Mirvac executive, Paolo Razza.</p>
<p>The 1970s Edgecliff Centre consists of retail space plus a six-story office building, with a total floor area of 10,845 sq m. </p>
<p>The sale on the current income reflects a yield of 3.72 per cent. </p>
<p>It was sold by Hong Kong-based vendor, Lee Tai Enterprises. The adjoining East Point is owned by the Pollack family.</p>
<p>Longhurst has a further $500 million to invest.</p>
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jonathanchancellor-7SQnKwU6yx

Edgecliff Centre sold at $138 million to Longhurst Group

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<p>As expected SQM Research's figures showed vacancy rates declining in August in every capital city, and rents jumping in the big cities. </p>
<p>Hobart's vacancy rate fell to just 0.5 percent, while both Sydney (1.7 percent) and Melbourne tightened (1.9 percent) despite talk of an oversupply.</p>
<p>Asking rents for units were up by +4.5 percent in Melbourne and +4.0 percent over the year to August, suggesting that "landlords are in control of the market" according to SQM. </p>
<p>Vacancy rates also declined in August in Brisbane, Adelaide, Perth, Darwin, and Canberra. </p>
<p><a href="/images/2016/09/23/SQM1.jpg" target="_blank">Click to enlarge</a></p>
<div id="x_post-body-4621751620857808479" class="x_post-body x_entry-content">
<div class="x_separator"><img src="/images/2016/09/23/SQM1.jpg" alt=""></div>
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<div>Smoothing the data on a 4mMA basis shows that Canberra's market has also tightened substantially, with asking rents soaring by +12 percent. </div>
<div> </div>
<div>The smoothed figures show that Darwin is on the mend, but Perth still has a 5 percent vacancy rate to chew through before rents can rise again. </div>
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<div><a href="/images/2016/09/23/SQM2.jpg" target="_blank">Click to enlarge</a></div>
<div> <img src="/images/2016/09/23/SQM2.jpg" alt="">
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<br>According to Louis Christopher of SQM Research:<br><br><div><em>"Sydney is likely to remain a landlords' market, as the city's growing population creates demand for new stock".</em></div>
<div> </div>
<div>Only in one sub-region of Sydney has SQM recorded an increase in advertised vacancies. </div>
<div> </div>
<div>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
</div>
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pwargent-M4siyDbqQY

Vacancy rates drop everywhere, big city rents jump

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<p>If online listings are any guide, the rental market in Sydney has been tightening lately, with fewer rentals being advertised across a high number of suburbs.</p>
<p>According to the REINSW inner Sydney vacancy rates were unchanged in August at 1.9 per cent, but middle ring Sydney tightened by 0.3 per cent to 1.6 percent, while outer Sydney's vacancy rate of 1.7 per cent was the lowest since November 2015.</p>
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<br><div>Smoothing the figures on a 4mMA basis to nip out a bit of the noise shows that Sydney vacancy rates have been fairly flat over the past year in the middle and outer ring, but are some way tighter in the inner suburbs.</div>
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<div>The vacancy rate in Newcastle has sneaked back up to 3 percent.</div>
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<div>The Tenants' Union (TU) Rent Tracker found that Sydney unit rents moved 5 percent higher over the past year, while house rents were 3 percent higher. </div>
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<br><div>Rents have moved sharply higher in Randwick and Woollahra over the past year according to the TU, but regional areas have been found to be "much more stable".</div>
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<div>The TU believes that the CPI measures understate Sydney's rental price growth. Their long run data also shows Sydney rents rising much faster than inflation.</div>
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<div class="x_separator"><span>According to the TU over the last 20 years new rents have generally increased at an average of around 8 per cent across Sydney and 5 per cent across the rest of New South Wales.</span></div>
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<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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Sydney vacancy rates tighten again

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<p>The Reserve Bank (RBA) released the minutes of its September board meeting earlier this week. At the meeting, the last for Governor Glenn Stevens, the RBA board decided to keep official interest rates on hold at 1.5 percent.</p>
<p>The minutes included quite a lot of commentary around the housing market which follows.</p>
<p>‘Conditions in established housing markets had generally eased over 2016. Growth in housing prices had declined at the national level and across most capital cities over the past year, although there remained considerable variation by location. Housing prices had been declining in year-ended terms in Perth for some time. In the rental market, inflation had remained around historical lows and had also eased across most capital cities, most notably in Perth, where rents had continued to decline. The aggregate rental vacancy rate had drifted higher and was close to its long-run average.’</p>
<p>‘Other indicators for the housing market had also generally pointed to weaker conditions than a year earlier. In the established housing market, the number of auctions had declined and remained lower than a year earlier, even though auction clearance rates had increased of late (particularly in Sydney). In the private treaty market – where, nationally, over 80 per cent of transactions occur – turnover had also declined since the previous year and the average number of days that a property was on the market had been on an upward trend. Members noted that sales of new properties were included in the turnover data, but that there might be measurement problems related to the long lag between purchasing and settling new properties bought off the plan, which could lead to revisions. Finally, in recent months the value of housing loan approvals had been broadly steady and housing credit growth had been lower than a year earlier, consistent with the earlier tightening in lending standards and low turnover.’</p>
<p>While the commentary is accurate, the recent strength in auction clearance rates, ongoing growth in home values, a rebound in dwelling approvals and lack of new stock entering the market for sale will likely pique the RBA’s attention.</p>
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<p>There were 2,062 capital city auctions over the week ending September 11 with CoreLogic collecting results for 1,882 of these auctions or just over 91% of all auctions. The final clearance rate was recorded at 75.4 percent, down from 77.1 percent across 1,899 auctions the previous week. Last week in Melbourne, there were 974 auctions compared to 830 auctions the previous week.</p>
<p>Last week’s auction clearance rate was recorded at 78.3% which was marginally lower than the 79.3% the previous week. In Sydney, the auction clearance rate was recorded at 80.6% last week which was virtually on par with the 80.7 percent recorded over the previous week.</p>
<p>Sydney recorded a similar number of auctions last week (758) compared to the previous week (747). Auction clearance rates were also lower over the week in most of the other capital cities. In Melbourne, auction clearance rates have now been above 75 percent for 5 consecutive weeks and they have been above that level in Sydney for 7 weeks.</p>
<p><strong>Number of homes for sale</strong></p>
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<p>Over the past 28 days, there were 43,999 newly advertised properties for sale nationally which was -1.7% lower than a year ago and 230,683 total listings which was -1.5% lower than a year ago.</p>
<p>Newly advertised listings were also lower over the year across the combined capital cities (-3.6%) however, total listings were noticeably higher (+4.1%). The only capital cities in which new listings were higher over the year were: Brisbane (+2.0%), Perth (+16.3%) and Canberra (+14.4%).</p>
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<p>In terms of total stock available for sale, the only capital cities in which there were fewer listings than a year ago were: Sydney (-2.4 percent), Hobart (-26.6 percent) and Canberra (-5.1 percent). Nationally, the number of newly advertised properties for sale is at its highest level in 15 weeks and total listings are at their highest level in 9 weeks.</p>
<p>A lack of new stock available for sale in Sydney in particular appears to be creating market urgency and has driven a rebound in home value growth along with surging auction clearance rates.</p>
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NSW September stock down 15 percent on last year: CoreLogic

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<p>A potential oversupply, and settlement risks around on off-the-plan apartment purchases has not deterred the number of dwellings approved for construction across Australia’s capital cities according to CoreLogic research.</p>
<p>A review by CoreLogic research analyst Cameron Kusher based on data to July 2016, shows there were 17,380 capital city dwelling approvals; the highest number of approvals since October 2015 and the third highest monthly number of capital city dwelling approvals on record. Mr Kusher said, “Despite a recent slowdown in capital city dwelling approvals there was a substantial rebound in July 2016.”</p>
<p>Looking at the split between houses and units over the month, there were 6,482 houses and 10,898 units approved for construction across the combined capital cities. There have now been more units approved for construction than houses across the combined capital cities for 22 consecutive months. Over the 12 months to July 2016, 57.9% of all capital city dwelling approvals were for units.</p>
<p>Over the past year, there have been 76,356 capital city houses and 104,835 capital city units approved for construction. In each of: Sydney, Melbourne, Brisbane and Canberra there have been more units than houses approved for construction over the past year.</p>
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<p>Sydney - there were 54,667 dwelling approvals over the past year which is 7.3 percent higher than the previous year. This figure comprised of 16,360 house approvals (+3.2 percent yoy) and 38,307 unit approvals (+9.1 percent yoy).</p>
<p>Melbourne – over the year to July 2016 there were 57,428 dwellings 4,000 approvals which was -0.2 percent lower over the year. 25,880 of these approvals were for houses and 31,548 were units, with the year-on-year 3,000 changes recorded at +11.2 percent and -7.9 percent respectively.</p>
<p>Brisbane – The 30,901 dwelling approvals over the past year consisted of 11,210 houses and 19,691 units. Overall approvals are 4.0 percent higher over the year with house approvals -1.4 percent lower and unit approvals 7.4 percent higher.</p>
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<p>Adelaide – there were 6,119 houses and 3,899 units approved over the past year resulting in 10,018 total approvals. Over the past year, dwelling approvals are 10.9 percent higher with house approvals up 9.3 percent and unit approvals 13.5 percent higher.</p>
<p>Perth – the number of annual dwellings approvals fell by -24.3 percent over the year to 20,963. Over the year, the 14,202 house approvals were -26.7 percent fewer than the previous year and the 6,761 unit approvals were -18.6 percent less than a year ago.</p>
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<p>Hobart – there were only 989 new dwellings approved for construction over the year, 799 of which were houses and 190 units. House approvals were -22.7 percent lower year-on-year and unit approvals were down -10.8 percent.</p>
<p>Darwin – there were 1,304 dwelling approvals over the past year which was -12.7% lower year-on-year. Over the year, the 657 house approvals was -22.8 percent lower than the previous year and the 647 unit approvals were 0.6 percent higher than the previous year.</p>
<p>Canberra – there were 1,129 houses and 3,792 units approved for construction over the past 12 months. There were -8.1 percent fewer house approvals than over the previous year while unit approvals were 24.7 percent higher over the year.</p>
<p>While policy makers and analysts voice concerns about the level of housing construction currently underway, particularly for units, Mr Kusher said we’re seeing approvals in capital cities remain unquestionably strong. “It will be interesting to see just how many of these approvals immediately progress to commencement and ultimately through to a completion given tighter lending conditions imposed on both developers and purchasers for off-the-plan units.”</p>
<p>“The data also reiterates why purchasers of off-the-plan units in major capital city housing markets should be very selective with regard to the types of units they purchase.”</p>
<p>“Importantly, oversupply concerns are most visible across specific and well defined geographic areas and product types,” Mr Kusher said.</p>
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Capital city dwelling approvals rebounding: CoreLogic

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<p>A Coles-anchored shopping centre at Narromine, near Dubbo in central New South Wales, has recently been snapped up by a private investor for $4.18 million.</p>
<p>The deal illustrates the appeal of performing neighbourhood-style shopping centres in regional locations with investors looking to reap gains from retail. </p>
<p>Kierath’s Shopping Square at 76 Dandaloo Street features a 2,141 sqm Coles Supermarket on a long-term lease as well as a Liquorland, six specialty tenancies and an ATM.</p>
<p>The fully-leased property sits on a 5,143 sqm site in the commercial hub of Narromine, a 20-minute drive from Dubbo. </p>
<p>The sale was through Sentinel Property Group, which acquired the shopping centre in 2015 as part of three regional NSW shopping centres in Bathurst, Narromine and Wellington purchased in one line from Charter Hall Retail REIT.</p>
<p>Sentinel managing director Warren Ebert said neighbourhood-style shopping centres in regional locations such as Narromine have been a focus of the company’s growth strategy in recent years.</p>
<p>“We identified this asset class at a time when it was unloved by others but it is now very much back in favour and attracting increased attention from investors,” he said.</p>
<p>“Half of our responsibility to our investors is to buy at the right time, and the other half is to sell at the right time. Given the market demand that is now chasing this style of shopping centre, we felt it was the opportune time to divest our Narromine asset for the benefit of our investors.”</p>
<p>The Narromine shopping centre was an asset of the open-ended pooled Sentinel Countrywide Retail Trust, which also owns shopping centres in Broken Hill, Dubbo, Bathust and Wellington in NSW and Atherton, Townsville and Emerald (x2) in QLD. Sentinel also owns retail assets throughout Australia through both pooled and stand-alone Trusts.</p>
<p> The Narromine sale was Sentinel’s eighth sold property in the last two years. .</p>
<p>Established in 2010, Sentinel (<a href="https://www.sentinelpg.com.au/">www.sentinelpg.com.a</a>u.) is among Australia’s top unlisted commercial property fund managers, with a portfolio of 43 retail, industrial, office, land, tourism and agribusiness assets valued at more than $1 billion.</p>
<p>It has occupied the No. 1 spot on the PCA/IPD (Property Council of Australia/Investment Property Databank) Non-Core Property Fund Index 42 of the last 49 months.</p>
<p>The index, introduced in October 2011, is backed by the global equity indexes of Morgan Stanley Capital International (MSCI) and is based on total fund performance.</p>
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prateek24-ezbwHMbNAk

Fund manager Sentinel divests from shopping centre in central NSW for $4.18 million

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<p>Fairly in line with market forecasts dwelling prices rose by +2.0 percent in the June 2016 quarter according to the ABS with Sydney (+2.8 percent),  Melbourne (+2.7 percent), and Brisbane (+1.1 percent).</p>
<p>Of the smaller capitals, Canberra also showed a solid increase of +2.2 percent. </p>
<p>The ABS indexes run back to September 2003 with the median house price (+98 percent) and attached dwelling price (+93 percent) having increased since that time. </p>
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<div align="justify">This latest move takes the total value of residential dwellings to beyond $6 trillion, an increase of +$1.6 trillion or +36 per cent since June 2012.</div>
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<div align="justify">The market is now accelerating in the third quarter according to Alan Oster, Chief Economist of National Australia Bank (you see what I did there?).</div>
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<div align="justify">Auction clearance rates have again approached record highs again in Sydney, and Oster predicts a substantial +4 percent gain in the harbour city for Q3, as well as +3.5 percent for Melbourne. </div>
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<div align="justify">Large capital cities lead</div>
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<div align="justify">House prices rose by +3.2 percent in Sydney in the June quarter, with attached dwelling prices showing a much steadier trajectory (both up and down) through the course of this cycle in rising by a further +2.0 percent. </div>
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<div align="justify">After six months of house price declines Sydney's all dwellings index hit a fresh all-time high, being +83.7 percent higher than in December 2008.</div>
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<div align="justify">Brisbane notched up its sixteenth consecutive quarterly gain with prices rising by +1.1 percent.</div>
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<div align="justify">Since Q3 2012 prices in Brisbane have recorded a studious recovery to rise by +18 percent, while Adelaide (+13 percent) and Hobart (+13 percent) have followed a similar, if slightly more subdued, trajectory. </div>
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<div align="justify">In the resources capitals prices have declined since the beginning of 2015 (click charts to expand).</div>
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<div align="justify"><strong><span style="text-decoration: underline;">State versus state</span></strong></div>
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<div align="justify">At the state level over the year to June the mean price has continued to rise in New South Wales (+$35,400), Victoria (+$31,100), Queensland (+$10,100), and South Australia (+$16,800). </div>
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<div align="justify">On the other hand the median price in Western Australia has retraced by $37,300 with a notable collapse having taken place up in the Pilbara, and there was also a decline in the Northern Territory mean price of $20,500. </div>
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<div align="justify">The total value of dwelling stock has increased significantly over the past four years in New South Wales (+$819 billion), Victoria ($+453 billion), and Queensland (+$169 billion).</div>
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<div><strong><span style="text-decoration: underline;">Supply response</span></strong></div>
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<div align="justify">Finally, the total number of residential dwellings increased by +46,900 in Victoria and +40,600 in New South Wales over the 2016 financial year. </div>
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<div align="justify">There are now more than 9.7 million dwellings in Australia.</div>
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<div align="justify">Over the past four years Victoria (+7.9 percent) has been far more successful at increasing the total size of its dwelling stock than New South Wales (+4.9 percent). </div>
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<div align="justify">From a lower base the uplift has been considerably more pronounced in the Northern Territory (+10.4 percent) and the ACT (+10.4 percent).</div>
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<div align="justify"><strong><span style="text-decoration: underline;">The wrap</span></strong></div>
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<div align="justify">Overall, there were solid price gains in Q2 which generally matched market expectations.</div>
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<div align="justify">The ABS figures are retrospective, so market participants will be watching the market closely to see whether recent gains are sustained.</div>
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<div align="justify">In the 2015 calendar year in part due to cooling macroprudential regulatory measures the Sydney auction market softened considerably in the lead up to Christmas, before limping over the line. </div>
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<div align="justify">There are still a dozen weekends to go yet this year. </div>
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<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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Capital city prices rose in Q2: Pete Wargent

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<p>Unlawful and unethical marketing strategies, which are at the heart of a large percentage of auction campaigns, will be the demise for many vendors.</p>
<p>A failure for vendors and a bigger failure for the real estate industry. </p>
<p>No price guide. Is it the new under-quoting?</p>
<p><strong>Ignorance or blatant disregard?</strong></p>
<p>To begin, when agents seemingly don't understand nor can confidently form an opinion about property prices, they should seriously get out of the industry and go back to selling cars.</p>
<p>Pushing vendors for an auction campaign and all because agents fail to understand the dynamics of real estate and appraising property is not the method to achieve the best outcomes. Confusion and misdirection does not lead to clarity.</p>
<p>In my many dealings with local agents, I have found that many agents not onl do not understand how to appraise property, they also don’t understand property marketing 101. Both are essential in the process to achieve the best result for vendors.</p>
<p>For many, the quickest and easiest method is to “take the property to auction.” Real estate agents see this as the fail-safe method. The good old, “I can’t be blamed for the low price – its market forces…” excuse.</p>
<p>In my opinion, achieving the best outcomes for the vendor is not about; speed of sale nor how easy it would be for the agent to manage the sale.</p>
<p>The above therefore translates to being a major issue for vendors. My reasoning will be summed up in this article, and under the following four points. </p>
<p><strong>Why so many agents push for auction campaigns</strong></p>
<p>1)     When many agents push for “auction campaigns.” What do they really want to achieve?</p>
<p>a.     Tie-up the vendor and have them commit to accept a price on the day. All due to the vendor’s large expenditure in their auction marketing campaign.</p>
<p>b.     They don’t want to work for the vendor for long and rightfully earn the commission.</p>
<p>c.     There is a belief that when a property is auctioned off; the market dictates the best price on the day. This, in turn, forces the vendor to accept anything on the day. Even if it is below what buyers were willing to pay. See tweets by @REshortsell</p>
<p>2)     Agents have in the past, purposely and will continue to under-quote the property to draw a crowd. To the <strong>vendor</strong> this appears as;</p>
<p>a.     A good turnout. Therefore, whatever the final bid is, determines the so called value of the property on the day.</p>
<p>3)     Agents have purposely under-quoted to draw a crowd, and to the <strong>buyer</strong> this appears as;</p>
<p>a.     A need to bid and bid emotionally, due to an overwhelming fear of missing out on the property. Thus creating, the control needed for the agent to show the vendor the bidder’s participation; to give the illusion of success.</p>
<p>4)     Agents want a quick turnaround and a quick commission fix.</p>
<p>a. Auction campaigns run for four weeks and the agents are guaranteed a commission at the end with great certainty. This is all due to the pressure placed on the vendor, as noted above. Pressure also added by the large marketing fees paid to run the auction campaign.</p>
<p><strong>Now to the nut-and-bolts: Why this article? Why today?</strong></p>
<p>I attended an recent auction in Parramatta. This auction was one promoted by a local, prominent and brand-name agency. What I was witness to will make Fair Trading NSW take special notice.</p>
<p>I will detail the conversations and the agent’s arrogance below. One may also note, his ignorance or even deliberate arrogance in regards to the auction process.</p>
<p><strong>Conversation with the listing agent: words to the effect;</strong></p>
<p>Me: Do you mind telling me the price-guide?</p>
<p>Agent: I can’t disclose the price-guide because the vendor won’t allow me to.</p>
<p>Me: If you can’t disclose the guide, then what is your opinion of value of the property?</p>
<p>Agent: I can’t say as there are no comparable sales in the area. [Keep in mind; this is advertised as two bedroom penthouse unit in Parramatta with a large balcony]</p>
<p>Me: Really, no comparable sales?  Couldn’t you base it on square meters, location and perhaps aesthetic value?</p>
<p>Agent: No! There are no comparable sales and I don’t know what it would sell for. [I heard something similar with respect to well documented auctions at Millers Point…]</p>
<p>Me: In the agency agreement; you must have given the vendor a price-guide, right?</p>
<p>Agent: Yes, we have to [by law].</p>
<p>Me: So, you must, as an agent, be able to form an opinion of the value of the property; I’m not going to hold you to it.</p>
<p>Agent: I don’t have to disclose what I gave to the vendor to you. And besides, there are no comparable sales. If you wanted a price-guide, you should have called me before the auction.</p>
<p>Me: I did call you twice; you told me the new legislation doesn’t allow real estate agents to give price-guides. Why is that?</p>
<p>Agent: It’s against the law and Fair Trading NSW guide lines tells us not to give guides.</p>
<p>Me: Is that so… But you gave the vendor a guide right? Can you show me the agency agreement, or tell me what you wrote on it?</p>
<p>Agent: No, I don’t have to show it to you.</p>
<p>The agent turns away and focuses on other potential, interested and registered bidders.</p>
<p>Buyer: Will the building next to this one, block out the view, when it is completed?</p>
<p>Agent: No it is against the law to block out the views, that’s why they are building it in two sections.</p>
<p>I smiled and shook my head as I walked away in total disbelief of the conversation I just had and the one I overheard. A conversation not dissimilar to the one’s where agents “spruikers” tell investors that they have insurance cover for 7 years, in high-rise apartment blocks. And pigs fly…</p>
<p><strong>The outcome:</strong></p>
<p>There was a crowd of approximately 26 people. The opening bid was $850,000. Subsequently, the property was passed in at $860,000 with only one bidder; whom strangely bid against himself.  </p>
<p>Overhearing the agent’s discussions with both the vendor’s representative and bidder at the time; we found out:</p>
<p>1)     The reserve had been set at $950,000 by the vendor and on the day.</p>
<p>2)     The agent's sale expectations was closer to the $1,000,000 + due to other sales.</p>
<p>3)     The agent also miraculously, appeared to know (had a revelation one might say) what other similar units in the area were being sold for.</p>
<p>Surprise, surprise. It appears the agent did give the vendor an estimated value of the property. One that was a lot higher than what it was passed in at.</p>
<p>For now we are noticing more and more; agents like this one, hide behind their misinterpretation of the FT NSW guide lines and what the guide lines were purposed for.</p>
<p>Furthermore, when more and more buyers are educated to counter the foolish, unethical and illegal tactics used by agents in their auction campaigns; buyers gain the advantage. Agents in turn, place their vendors at a high risk of losing $10’s if not $100’s of thousands of dollars.</p>
<p>Foolishly, both the agent and auctioneer, further allowed the property to be passed in at a low price. A price lower than the reserve. No vendor-bid was given, to help in maintaining a better chance of achieving the desired result, when the sale reverts to a private-treaty sale.</p>
<p>Why did they get a low offer in the first instance? This was all because the agent wanted to draw a crowd. No <strong>price-guide</strong> is the new <strong>under-quoting</strong>.</p>
<p>Well, in this auction, the “dumb and dumber” tactics backfired and more will continue to fail like this auction campaign.  Perhaps it’s time vendors made agents more accountable, particularly when they are charged high marketing fees.</p>
<p>Nonetheless, the losers in all this and like many other auctions, are the vendors. The vendor placed his trust in a professional that would guide them on the best method of sale.</p>
<p>The agent failed to both: to provide the best service to the client and present an ethical marketing campaign to engage the consumers (the buyers). Buyers want transparency, not the smoke and mirrors approach adopted by foolish agents.</p>
<p>Not quoting a price guide and going to auction with so many other comparable properties on the market, was a recipe for failure.</p>
<p>The campaign failed: it did however, draw a very large crowd but a crowd that was not willing to play the agent’s game. They could see right through the unethical conduct of the agent.</p>
<p>In this case, I am familiar with the vendors. I know for a fact they would not be bullied by the agent into accepting a lower than anticipated [quoted] price.</p>
<p><strong>Reasons for marketing property by an auction campaign</strong></p>
<p>The main principles for taking property for auction resound so clearly, as I write this article and sip down to the end of my coffee.</p>
<p>1)     Uniqueness (truly no comparable sales).</p>
<p>2)     Motivation:</p>
<p>a.     Forced sale by court order.</p>
<p>b.     Quick and urgent sale for personal reasons.</p>
<p>c.     Time constraint.</p>
<p>3)     Development potential: building or land.</p>
<p>4)     An unfinished project even.</p>
<p>Now there are many more, however, the above is a good beginner’s guide. For the same reasons above, there are also alternate methods of sale and ones that can achieve a better outcome. This is a better outcome in relation to both the price and the way the sales process is handled.</p>
<p>George Rousos: Real estate trainer, course developer and compliance coach at Industry Training Consultants, shares an alternate approach to a public auctions.<strong> </strong></p>
<p><strong>My tip for real estate agents</strong></p>
<p>If in total doubt and a value can’t be determined to be within the guide lines set out by FT NSW; call a licensed valuer. A licensed valuer can assist agents that have issues with forming a realistic price-guide.</p>
<p>Transparency is what buyers are looking for. If some agents believe they can fool buyers; think again. Buyers more than ever, are equipped with tools to help determine price values. In some areas, buyers are also contracting the services of “buyers advocates” to assist them.</p>
<p>However, it must be said that some agents just don’t believe they need, nor want professional help. Some simply feel they are above the law and protected by their real estate office-brand. Some simply run on an overdose of “auction and how to crunch the vendor” seminars.</p>
<p><em><span>EDWIN ALMEIDA</span> is licensee in charge of <a href="https://www.just-think.com.au/" target="_blank">Just Think Real Estate</a>.<a href="https://www.just-thin.com.au/"><br></a></em></p>
<p><em>He is also the creator of <a href="https://www.youtube.com/user/JustThinkProperty" target="_blank">Oz Real Estate.TV</a> and a presenter for <a href="https://propertyinvestingvault.com/" target="_blank">propertyinvestingvault.com</a>.</em></p>
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ealmedia-arK4DBYLjS

No price guide is the new underquoting: Edwin Almeida

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<p>Investment firm Sentinel Property Group has divested from another shopping centre with the sale of a Coles-anchored centre at Wellington in central New South Wales for $3.6 million.</p>
<p>The Wellington sale follows on the heels of Sentinel’s sale of the Narromine centre in July for $4.18 million and the Jimboomba centre in south east Queensland for $27.48 million.</p>
<p>Brisbane-based Sentinel purchased the Wellington shopping centre in May 2015 as part of three regional NSW shopping centres in Bathurst, Narromine and Wellington purchased in one line from Charter Hall Retail REIT.</p>
<p>The fully-leased property at 128-140 Percy Street in Wellington, nearly 50 km south of Dubbo, is anchored by a 2,217 sqm Coles Supermarket and an ATM.</p>
<p>Sentinel managing director Warren Ebert said the company has been capitalising on the rising market demand for neighbourhood-style shopping centres in regional locations.</p>
<p>“Well-located shopping centres in strategic regional hubs and anchored by major supermarket chains are emerging as one of the most highly sought-after of all retail asset classes,” Ebert said.</p>
<p>“There is currently limited availability of this style of property, which is intensifying demand from a wide range of buyers. Fortunately, we have plenty of stock as we were buying when others were not and this presents the opportunity to deliver strong capital growth returns to our investors.”</p>
<p>The Wellington shopping centre was an asset of the open-ended pooled Sentinel Countrywide Retail Trust, which also owns shopping centres in Dubbo, Bathust and Broken Hill in NSW and Atherton, Townsville and Emerald (x2) in QLD. </p>
<p>Investors in the Trust receive net returns of 9.50% per annum, paid from rental income, as well as capital growth returns on divestment, said the media release.</p>
<p>The sale of the Wellington shopping centre was negotiated by Darren Beehag of Burgess Rawson and brings to 10 the number of properties sold across the entire Sentinel portfolio, from the 51 the company has purchased since it was established in 2010.</p>
<p>Sentinel has a national portfolio of 41 retail, industrial, office, land, tourism infrastructure and agribusiness assets exceeding $1 billion. </p>
<p>Sentinel Property Group has sold off the Jimboomba Junction Shopping Centre in Queensland’s Logan City for $27.48 million in an off-market deal, continuing with its recent divestment of assets.</p>
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Sentinel divests from Coles-anchored shopping centre in NSW's Wellington for $3.6 million

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<p>The need to “dig deep” isn’t just something footy players seek to do in the final quarter of a game – it’s an important mindset for property investors.</p>
<p>Among the many problems on the property playing field is the constant reporting of generalised data. A single figure can describe the entire market in a city of millions.</p>
<p>Unless consumers are willing to delve a little deeper, they will miss the myriad different stories lurking beneath the veneer of that single growth figure.</p>
<p>Some of those stories are strong growth scenarios that investors might want to know about. Equally there are danger signals alerting the switched-on practitioner to traps they should avoid.</p>
<p>There are dozens of examples in the latest quarterly edition of Market Monitor published by the Real Estate Institute of Queensland, with a particular focus on Brisbane and the Gold Coast, two places that are attracting plenty of attention from investors nationwide.</p>
<p>The annual growth in the median house price for the Brisbane City LGA is a moderate 5 percent. I’ve heard talking head TV personalities quote numbers like that and tell people that not much is happening in that market and investors should look elsewhere.</p>
<p>The dig-deeper philosophy would alert the more alert to places that are doing significantly better than the average. Brisbane City is a very big municipality, way bigger than equivalent LGAs in Sydney and Melbourne, and covers a large chunk of metropolitan Brisbane. </p>
<p>There are around 130 suburbs in the Brisbane City LGA and that 5 percent annual growth figure does a thoroughly inadequate job of describing the state of play in its various markets.</p>
<p>Within that sprawling municipality Banyo, Carina Heights, Robertson, Wilston, Yeerongpilly and Seven Hills all have something in common – they’ve recorded growth above 15 percent in their median house prices in 12 months (although the 23-25 percent growth for Robertson and Yeerongpilly may be misleading because of small sales samples). </p>
<p>Others with double-digit annual growth include Bulimba, Calamvale, Carindale, Clayfield, Coorparoo, Everton Park, Graceville, Greenslopes, Grange, Hemmant, Highgate Hill, Holland Park West, Inala, Jindalee, Lutwyche, Macgregor, Mackenzie, Manly, Mansfield, New Farm, Norman Park, Sunnybank Hills, Wishart and Wooloowin. </p>
<p>They cover widespread price ranges, from Inala (median $350,000) to New Farm ($1.5 million).</p>
<p>There are numerous positive growth stories there that investors might want to know about - but are unlikely to discover if their idea of research is skimming the daily newspaper. </p>
<p>There are some well-hidden negative news items as well. Some of the leadership in the REIQ are in denial about Brisbane’s inner-city apartment over-supply. If you read the executive summary, this is what you would find: “The unit market in the Brisbane CBD has continued to face the question of oversupply and so far the data does not support that verdict.”</p>
<p>But the small print data in the report portrays a quite different picture.</p>
<p>The vacancy rate for inner-city apartments is close to 4 percent (and figures from other sources suggest it is considerably higher). It will rise when new high-rise projects are completed.</p>
<p>While Brisbane City’s median house price is up 5 percent in annual terms, there is no change is the median unit price. And several individual inner-city markets have recorded a decline in the past year, including the CBD (down 1.5 percent), East Brisbane (down 4.1 percent), Bowen Hills (down 7.8 percent), New Farm (down 3.8 percent), West End (down 1.6 percent) and Fortitude Valley (down 5.9 percent).</p>
<p>Median prices can be unreliable and misleading, especially for unit markets, but there’s a fairly distinct pattern there.</p>
<p>An analysis of the Brisbane unit market by Urbis indicates that sales levels have fallen for three consecutive quarters and sale prices have been “steadily decreasing” since the end of last year.</p>
<p>Few of these inner-city apartment markets have recorded any rental growth in the past 12 months and several have delivered falling rents. In the Brisbane CBD the median unit rent has dropped from $600 per week to $570, while New Farm/Teneriffe is down from $510 to $500 and Kangaroo Point has dropped from $495 to $475.</p>
<p>The median rents for the Fortitude Valley and South Brisbane precincts are unchanged.</p>
<p>There are similarly divergent stories to be discovered within the many different markets collectively known as the Gold Coast.</p>
<p>Market Monitor says the median house price is up 6.7 percent in 12 months, but there are plenty of suburbs with growth above 10%. A small number – including Broadbeach Waters, Hope Island and Reedy Creek – are credited with growth in the 16-20 percent range, while the most expensive housing market on the Gold Coast, Mermaid Beach, has allegedly increased 30 percent in 12 months.</p>
<p>The single generalised figure for the Gold Coast apartment market portrays a 3.3 percent rise in the median price, but numerous individual markets have done much better. Hope Island median unit price is apparently up 20 percent in 12 months.</p>
<p>But the big beachside high-rise precincts continue to struggle. Surfers Paradise has recorded a small annual rise in its median price, but it remains 4% lower than five years ago. The Mermaid Beach median unit price is down 1.4 percent in 12 months and 4.1 percent lower than five years ago. Broadbeach is up marginally in 12 months but 13 percent lower than in 2011.</p>
<p>Against that trend, both Main Beach and Southport have recorded meaningful annual rises in their median unit prices and are a little ahead of the price levels of five years ago.</p>
<p>The contrasting situations seen in different sub-markets entail an important lesson for property investors. Ignore the shallow one-figure-for-each-city nonsense published by mainstream media and dig deeper to find the information you need to know to buy wisely and safely.</p>
<p> </p>
<p><em>Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a></em></p>
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