Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Joel Robinson

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

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The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

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.

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;

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.

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.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<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" />

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

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.

<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" />

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.<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" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

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;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

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

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You’ve done your research, your due diligence and you’ve found the property you want to buy. Now what? It’s time to submit an offer on the property. This can be a nerve wracking part of the process as you wait to see how much competition you face and just how much the vendor is likely to sell for. However, in most states and territories, it’s a relatively simple process.
If you’re interested in negotiation, you may want to read our guide: <a href="/expert-insights/how-to-negotiate-the-property-price-you-want">How to negotiate the property price you want</a>.
Offers can be as informal as a verbal price suggestion, or as formal as a signed contract with conditions and details attached. The approach is, largely, up to you. In Queensland, written offers are pushed for and are most common. Written offers must be presented to the seller unless it is below a pre-determined value and can be useful starting points for sellers and buyers. Similarly, they offer a degree of formality beyond a verbal agreement, which cannot be relied upon.
An expression of interest may see you required to pay an initial deposit, as this proves that your offer is serious. This doesn’t, however, ensure you have the property nor that it will even get taken down from being listed. The deposit will be refunded if you don’t enter a contract to buy the home.
When an offer is accepted, you need to be ready to sign the contract of sale and go through the buying process. Before this time there is the risk of being gazumped by another buyer - that is when the vendor accepts another offer even with a verbal agreement to buy the home.
Unconditional and conditional offers
Offers can be presented similarly to the below, which is an example of a conditional offer:
We would like to make a formal offer of $X to the vendor for the property [address]. This is subject to the following conditions.
[Legal review of the contract, property valuation, inspections, finance similar]
Potential time limit for the offer.
Unconditional offers can also be made that don’t provide the ability for you to leave the offer should termite damage or similar be found. These can be enticing for vendors, and you will be legally required to go through with the process. You may be more familiar with these a auction. Buyers are most likely to add conditions around inspections and their own financing.
You can offer multiple offers at any one time – perhaps one for a lower price unconditional, and one for a higher price requesting access.
Where to now? Here observer <a href="/expert-insights/investing/the-eight-steps-a-property-buyer-takes-after-an-offer-is-accepted">Cameron McEvoy explains the eight steps that every buyer takes after submitting an offer</a>.
Recommended step: Get a copy of the sale contract from the real estate agent prior to time and have it examined by your conveyancer.
RECOMMENDED READING:
<a href="/news/how-to-get-your-low-offer-accepted">How to get your low offer accepted</a>
<a href="/expert-insights/investing/be-cautious-when-making-your-first-offer-on-a-property-or-negotiations-could-end-before-they-begin">Caution you need to take when making an offer</a>
<a href="/expert-insights/buying/five-questions-to-ask-before-making-an-offer-on-property">Five questions to ask before making that offer</a>
</body></html>

jduke-EHk3XBmHkn

How to: Make an offer on a property

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Online real estate listing website realestate.com.au has revealed the top 10 suburbs in Australia for viewers per listing. According to the quarterly Top Sellers’ Markets report, New South Wales takes out four of the top 10 suburbs, with Victoria close behind with three of the most viewed suburbs.
The top spot this quarter goes to NSW’s Balgowlah, with the suburb’s sellers seeing more viewers per listing than anywhere else in the country. According to John Cunningham of Cunningham’s Property in Balgowlah, the result is unsurprising.
“There has been a significant increase in demand for property in the Balgowlah area in the last few months. Open homes in the suburb are attracting twice the number of interested parties compared to last year and the average days-on-market for property is currently down to 16 days,” said Cunningham.
“It has always been a convenient and desirable location. There is a good mix of houses and apartments which makes it popular with both investors and owner/occupiers. With cafés, restaurants and fresh food markets nearby, it certainly offers buyers great lifestyle opportunities.”
According to realestate.com.au’s General Manager of Sales and Operations Arthur Charlaftis, Top Sellers’ Markets list is indicative of increased buyer interest in the suburb.
“The Top Sellers’ Markets looks at supply and demand in each suburb and ranks the suburbs accordingly. A position in this list suggests that it could be a good time for property owners in these areas to consider selling as there are a high number of buyers looking for property in that suburb,” he said.
Eight suburbs have made the national list for the first time.
<ol>
<li>
<a href="/news">Balgowah</a>, NSW: According to RPData, the median house price for Balgowah is currently $1,220,000, with units going for a median price of $705,750. <a href="https://www.realestate.com.au/property-house-nsw-balgowlah-116447799" target="_blank">This two bedroom home</a> at 4 Kitchener Street (pictured below) is on the market with $900,000 plus expectations. <img src="/images/2014/03/31/balgowah%20march%2031.jpg" alt=""> 
</li>
<li>
<a href="/news">Albert Park</a>, VIC: The highly sought after inner city Melbourne suburb has a median house price of $1,542,000. The home of the The Block: Fans v Faves currently has a been enjoying an exceptional high and medium density market, with median unit sales price of $2,375,000 for February, according to RPData. 
</li>
<li>
<a href="/news">Norwood</a>, SA: One of two South Australian suburbs on the top 10 list, Norwood is located four kilometres from Adelaide's city centre. Its median house sales price in February was $960,000, with a median unit price of $640,000. The suburb is currently offering <a href="https://www.realestate.com.au/property-house-sa-norwood-116015207" target="_blank">this impressive bluestone villa </a>at 33 Edward Street (pictured below).  <img src="/images/2014/03/31/norwood%20march%2031%20one.jpg" alt=""> 
</li>
<li>
<a href="/news">Frenchs Forest</a>, NSW: This northern Sydney suburb has a median house price of $1,05,000, and a median unit price of $875,000. It is the first time the Northern Beaches suburb has made realestate.com.au's list. Vendors are accepting offers over $850,000 for <a href="https://www.realestate.com.au/property-house-nsw-frenchs+forest-116508867" target="_blank">this bright three bedder</a> (pictured below) at 7 Newell Place. <img src="/images/2014/03/31/frenchs%20forest%20march%2031.jpg" alt=""> 
</li>
<li>
<a href="/news">Cherrybrook</a>, NSW: One of only two suburbs to have made the list from the previous quarter, demand for properties in Cherrybrook has seen an increase in buyer demand, jumping from ninth place to fifth. Last month, the suburb had a median house price of $976,000 and a median unit price of $645,000. 
</li>
<li>
<a href="/news">Brighton</a>, SA: The beachside suburb of Brighton makes the list for the first time. It has one of the lower median housing prices of suburbs on the list, at $660,000. The median unit price for Brighton is $355,000. 
</li>
<li>
<a href="/news">Fitzroy North</a>, VIC: The inner-northern suburb has seen a steep price increase in the past decade, with a current median house price of $1,240,000. <a href="https://www.realestate.com.au/property-house-vic-fitzroy+north-116454363" target="_blank">This semi-detached home</a> (pictured below) at 526 Rae Street is currently going for $720,000-$790,000.  <img src="/images/2014/03/31/fitzroy%20north%20march%2031.jpg" alt=""> 
</li>
<li>
<a href="/news">Holland Park</a>, QLD: Holland Park is Queensland's only suburb  to make the list. Eight kilometres from the Brisbane CBD, a high proportion of residences in the suburb are wooden post war Queenslanders, like <a href="https://www.realestate.com.au/property-house-qld-holland+park-116439127" target="_blank">this renovated five bedroom home</a> (pictured below) on Arnold Street. The median house price in the suburb is $510,000, while the median unit price is $345,000. <img src="/images/2014/03/31/holland%20park%20march%2031.jpg" alt=""> 
</li>
<li>
<a href="/news">Ormond</a>, Vic: The south-eastern Melbourne suburb of Ormond had a median house price of $765,000 and a median unit price of $632,500. It is the first time that Ormond has appeared on realestate.com.au's list. 
</li>
<li>
<a href="/news">Engadine</a>, NSW: Southern Sydney's Engadine rounds out the top 10 list. Demand in the suburb has increased sharply since 2009, when the median house price for the suburb was $480,000. The median house price is now $744,996, while the median unit price is $523,000. Vendors are expecting offers over $769,000 for this<a href="https://www.realestate.com.au/property-house-nsw-engadine-116504635" target="_blank"> five bedroom, three bathroom home</a> (pictured below) at 135 Thurlgona Road.  <img src="/images/2014/03/31/engadine%20march%2031.jpg" alt=""> 
</li>
</ol>
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jrichardson-uRX5hFdKfN

The top 10 most viewed suburbs: realestate.com.au

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Anyone in who has searched though one of the online real estate websites recently, will understand the frustration experienced when price quotes are missing – and judging from Australia’s real estate obsession, it’s no meaningless amount. The REA group alone claim to get “8.8 million unique visitors each month”.
Putting a price on real estate, particularly with homes offered as private treaty, is not difficult.
Ideally, an assessment of the property is undertaken by the sales agent – one familiar with market sales in the immediate locality – and in conjunction with the vendor, a price is set that produces a happy balance between both vendor expectation and local comparable sales.
If interest is lagging in the two weeks following, the agent can negotiate with the vendor to reduce the range.
If sales enquiry is healthy – or an offer in excess of the range is achieved and subsequently rejected – the agent has the ability and ethical responsibility (in conjunction with their vendor) to change the quoted range to reflect the heightened level of interest.
For a proportion of agents acting within their “reasonable” duty of service, this still is the norm.
However, now it seems every second advertisement you click upon, whether auction or private treaty has “contact agent” or a similar term listed underneath the subheading “price”.
An enquiry then produces a roundabout of guessing games with somewhat wishy-washy lines totted out, such as “it’s too early to tell”.
In other words, the agent is indicating he has no idea where to place his price quote, because Joe Blogs buyer hasn’t yet walked through and in some occurrence of pure fiction, stopped to tell the agent exactly what he’s prepared to offer.
Whilst we all agree –in a free market - real estate can only be valued on what a willing buyer is prepared to pay; this is precisely why real estate agents appraise a property against recent comparable market sales in the first place.
When combined with good local knowledge, a market appraisal (not to be confused with a valuation,) will give the agent a very good indication of buyer demand – at least to the degree of being able to publish a negotiable price range that falls in line with vendor expectation at the outset.
I should pre-empt before going further that a proportion of agents I speak to will give me a realistic idea of vendor expectation upon enquiry – however, after years of complaints within the industry regarding those who still choose to lowball their ranges, or quote using a ‘plus’ price, (which in today’s terms, can mean anything from 5-30%) – there continues to be an overall lack of transparency within the sector, allowing a number of agencies (particularly when advertising for auction) to continue selling buyers “false hope” with no fear of reprimand.
To give an example, I recently attended an auction in the Balwyn High School zone.  The property was quoted at $700,000 plus, and later revised to $750,000 plus in the final week of the campaign.
A call to the agent indicated vendor expectation was “very reasonable,” they “hoped” to get over $800,000 I was told, but “who knows?” 
The comparable data told a different story.  A price in excess of $850,000 should have been expected.  This selling agent – (an expert in the area) – would have known this, and the auction merely confirmed it.
The opening bid was $800,000 - $50,000 above the price quote. 
The property did not reach its reserve until $900,000 - $150,000 above the price quote. 
With competition from seven bidders, it finally sold for $1,011,000 – but not before a neighbour I’d been casually chatting to, leaned across and revealed the ‘wish’ price, when she whispered: “I know the vendor, and she wants a million.”
It’s time we valued the ethical side of our sales industry with a little more seriousness than pricing an item on e-bay – with a “quote ‘em low, watch ‘em go” mantra.
The continual problem with different methods of quoting – or lack thereof – runs to the very base of mistrust most buyers have against the real estate industry as a whole - and it’s a brush that tars us all.
<blockquote>
It’s time vendors were required to take shared responsibility with the agency for their own paid advertising campaigns and ensured their reserves are published at the outset.
</blockquote>
Even in a buoyant market, recent data will give a good pinpoint of expectation for the agent to advise their vendor’s of an appropriate reserve at the outset – should market forces take over once the property has reached that reserve, so be it – it doesn’t change what should be a simple exercise.
It seems silly to point out the obvious, but no buyer likes to play guessing games when it comes to putting a price on an advertised listing – and neither should they have to.
Everyone understands real estate is a negotiated asset, however, the verbal game playing that now surrounds the sales industry is often laughable – ranging from “we don’t know yet” to “properties in the area are selling in the $400,000 and $500,000 range” – information a simple internet search could reveal.
When an enquiry is made regarding price, the one bit of information buyers require, is an accurate ‘ball park’ indication of vendor expectation. 
Whether it’s too high, or at a reasonable level for market demand doesn’t matter – the vendor is signing the contract and therefore interested buyers need evaluate if it falls in line with their own budget constraints.
As for an assessment of value - if we were operating in an ideal world, buyers would ignore price quotes altogether and do their own research to establish market value, prior to spending hundreds on a pest and building inspections or solicitor fees chasing an unobtainable dream. However, despite recent improvements, closely comparable sales data is not always readily available.  In Victoria, many are still listed with undisclosed prices.  
Computer-generated “estimates,” are just that - and more often than not, hopelessly inaccurate at providing the depth of information buyers require for effective negotiation.
Suburb reports are equally unhelpful, and while median data will give a clue of the dollars the majority market is spending, they are no help when evaluating individual property prices.
Using a buyer agent who has access to such information is all well and good – however, agents should not have a monopoly on data, and it’s reasonable to suggest buyers deserve a “hint” of vendor expectation by way of an accurate price quote before wasting time and money chasing a dream.
A handful of agencies dealing with the more volatile luxury end of the market, in which interest is discretionary, understandably choose to sell via ‘expressions of interest’. However, the decision to drop the quoted range all together, from a large percentage of real estate advertisements seems, in a good number of cases, to have been employed as “self-protection” from accusations of “underquoting” – a policy designed to protect the sales agent – and not one that’s necessarily in the best interests of their client.
Vendor expectation can often be inflated.  It’s made worst by the commission-based competition between real estate agents and their respective agencies – which can promote the need to “buy” a listing through selling false hope, or risk missing out to a competitor who promises they can achieve more.
Quoting low ‘legally’ is not difficult. In Victoria – which has fallen under more scrutiny that any other state - if the vendor does not disclose the reserve on the sales authority when assigning their listing to an agent, (which is the general practice and advised by most) the quote does not need to reflect vendor expectation.
Instead, an agent must provide a written estimate of market value, which if a range, should be no more than a 10%.  This range is theoretically based on comparable data, but finding near by results to establish a lower price is not difficult - should that be the intention.
For example, in the story I highlighted above – comparables on nearby streets outside the schools catchment area would have placed the listing closer to the quoted range.
Similar applies within the suburb - if you’re not familiar with the good and bad streets, which attract different levels of demand, the price differences can be stark.
Albeit only by quoting below the agents written estimate of market value on the authority is officially “underquoting”. Therefore, under current legislation, the written estimate does not necessarily need to reflect vendor expectation.
It may not be admitted as such, but when agents list a property it is common practice to encourage the vendor to withhold their reserve price. This enables a conservative estimate of value – as either a verbal or published quote range – to glean as much buyer enquiry as possible.
Once again I stress, that each agent has different ethics. I am talking generally across the industry – and unfortunately, there is enough evidence of the above practices to pollute an overall impression of the whole.
Furthermore, if one agent quotes low, and another in the same suburb quotes at a level more reflective of reality – guess which listing gathers the greatest enquiry? A catch- 22 for agents working to turn over business, in a very competitive commission based sector.
The only time an agent is required to adjust the range higher, is if a written offer in excess of the published figure is received. However, what typically happens in this scenario, is the number – (should there be one) – is removed altogether.
The above process of ‘quoting low,’ is sold to the vendor via an explanation of the “buyer pyramid” – it works a little like step quoting – get the lower priced bidders to build momentum during the auction, to fuel those bidding with healthier bank accounts to step in at the end.
In this scenario, during which emotions are strong, buyers tend to bid to win, rather than bid to buy. In a heated market, rational thinking is generally not employed, especially when competition is fierce and ‘fear of missing out’ ensues.
Without the lower budget bidders, auctions can pull up short lacking the usual frenzy that has - in our boom eras of growth - significantly contributed to pushing medians to unsustainable levels and exacerbating upward swings in the market cycle.
Furthermore, any gaping hole between the quote and reserve can be waved off with the excuse that the vendor ‘changed their mind’ – or ‘upped’ expectation.  Hence why it is so easy to get away with purposefully placing the price range below the level at which the vendor will sell – and when that quote is verbal, it’s arguably easier still.
To suggest that a property owner’s expectations fluctuate to such an extent so as to not be represented in the price quote is highly questionable. Having worked as a sales agent in previous years, I can categorically say there was never a time where I didn’t know my vendor’s approximate reserve well enough in advance of the auction, to place a reasonable quoted range on a listing from day one.
Furthermore, vendors are not without blame. Assuming the price quote is a estimate based on “recent comparable sales” and the vendor isn’t in the dark when it comes to the price quoted on his or her vendor-paid advertising, why would he or she agree to list the property and quote at a level they would not be willing to sell for in the first place?
In such instances, I would suggest this is a pretty good example of what should officially be termed “underquoting” – conservative at best, deceitful at worst.
There are many solutions to this puzzle, which would not be difficult to legislate. 
Some states have suggested banning quotes altogether – either verbal or otherwise - but this does not take us closer to an effective solution for buyers. Additionally, it makes it very hard for a good sales agent to interact with buyers to enable them to modify their vendor’s expectation as the campaign progresses.
With this in mind, I would suggest, it’s time vendors were required to take shared responsibility (with the agency) for their own paid advertising campaigns and ensured their reserves – or ranges in which they’re prepared to negotiate within – are published at the outset and provide an accurate indication of a price they are willing to consider.
If minds are changed, quotes should be changed, but leaving such a large question mark for buyers, who are increasingly frustrated at having their time, money, and energy wasted, is damaging for all concerned. 
Follow Catherine on <a href="https://twitter.com/CCASHMORE_BUYER" target="_blank">Twitter</a> or via her <a href="https://catherinecashmore.wordpress.com/" target="_blank">Blog</a>.
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catherinecashmore-6LXia3pPQj

Legally underquoting?  How agents get away with it  

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Yesterday the Australian Bureau of Statistics (ABS) released its quarterly demographic statistics for September 2013.  Unfortunately this data set has a significant reporting lag nevertheless it is still a valuable regular release.
<img class="aligncenter size-full wp-image-3045" src="https://blog.rpdata.com/wp-content/uploads/2014/03/Chart-1.jpg" alt="Chart 1" width="500" height="183">
Over the September 2013 quarter, the national population increased by 100,556 persons or by 0.4%.  Throughout the 12 months to September 2013, the national population has increased by 1.8% from 22.8 million persons to 23.2 million persons (405,446 new residents).
<img class="aligncenter size-full wp-image-3046" src="https://blog.rpdata.com/wp-content/uploads/2014/03/Chart-2.jpg" alt="Chart 2" width="500" height="184">
Looking at the components of national population growth, natural increase (or births minus deaths) was recorded at 164,428 persons over the past year and was 2.9% higher compared to September 2012. 
<blockquote>
While the rate of population growth is accelerating in New South Wales and Victoria it is slowing or stable across all other states. 
</blockquote>
In fact, the rate of natural increase is now at a record high level. 
The other component of population growth at a national level is net overseas migration.  Over the 12 months to September 2013, there were 241,018 net overseas migrants; the figure was 1.0% higher than over the previous year.  Although net overseas migration was higher over the year, it actually fell compared to June 2013.
<img class="aligncenter size-full wp-image-3047" src="https://blog.rpdata.com/wp-content/uploads/2014/03/Chart-3.jpg" alt="Chart 3" width="500" height="185">
Looking across the individual states, population growth over the 12 months to September 2013 was greatest in Victoria (110,537), New South Wales (108,067), Queensland (83,737) and Western Australia (76,346). 
These four states accounted for 93.4% of total population growth over the year.  Annual population growth for New South Wales was at its highest level since June 2009 (110,294), in Victoria growth was at its highest level since September 2009 while in Queensland and Western Australia population growth was lower than in June 2013 (88,598 and 81,327 respectively).
<img class="aligncenter size-full wp-image-3048" src="https://blog.rpdata.com/wp-content/uploads/2014/03/Chart-4.jpg" alt="Chart 4" width="500" height="186">
Looking at the rate of population growth over the year, it was fastest in Western Australia (3.1%), Victoria (2.0%) and Queensland and the Northern Territory (both 1.8%). 
At 1.5%, New South Wales’ rate of population growth was at its highest level since September 2009 and in Victoria population growth was at its highest level since December 2009.  While the rate of population growth is accelerating in New South Wales and Victoria it is slowing or stable across all other states. 
Most notably, the rate of population growth in Queensland is at its slowest pace since September 2011 and in Western Australia it is at its slowest pace since December 2011. 
The Australian Capital Territory has also been recording strong population growth recently however, the 1.6% growth over the past year is the slowest rate of growth since December 2006.
The data indicates that population growth is escalating into the two most populous states, New South Wales and Victoria, which, perhaps not so incidentally, are also showing the strongest housing market conditions. 
In each other state and territory the rate of population growth is generally waning. 
Overseas migration may have also peaked which is no surprise given that the mining investment peak may have already or is expected to shortly pass. 
We believe that population growth will remain at high levels on an historic basis however, it would not surprise us to see the rate of growth slow further over the coming quarters.
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ckusher-ujnxiKuFQs

ABS stats reveal population growth is escalating in NSW and Victoria

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Moderate growth in office stock take-ups from government related leases in Sydney and Melbourne and demand from smaller private tenants has not been enough to overcome slowing tenant demand, according to Knight Frank’s Annual Eastern Seaboard Suburban Office Report.
However, in spite of the understated performance in leasing markets, the report noted that east coast investment sales activity reached record levels over 2013, with $1.15 billion worth of sales greater than $10 million, a result that was up 62% from 2012 level and that exceeded the previous record in 2007 by 12%.
The report cites sluggish labour market as a primary factor in decelerated demand in the suburban office market. The east coast suburban vacancy rate for January was at 8.2%, up from 7.5% the year prior, said Knight Frank head of research and consulting, Matt Whitby.
 “The only market to buck the upward trend in vacancy rates over the past year was Brisbane (9.3% down from 10.2%), albeit this was solely driven by the improved performance and take up which occurred in the inner north eastern precinct, including suburbs such as Lutwyche, Nundah, Eagle Farm and Hamilton,” said Whitby.
“Over the past year, the suburban vacancy rate in Melbourne increased from 6.1% to 7.5%, whilst Sydney’s suburban vacancy reached 8.7%, up from 8.4% a year earlier.”
Frank Knight reports that supply levels have remained relatively benign, with gross office supply levels in all markets over 2012 and 2013 below the historical average. In 2012 the total east coast office supply was at 87,996 square metres, while in 2013 84,527 square metres were supplied.
“Development activity in the suburban market is expected to pick up in 2014, with just over 100,000 square metres expected to be completed, driven by larger developments in Melbourne and Sydney,” noted Whitby.
“These projects are underpinned by government/public sector entities such as the Australian Taxation Office (two buildings), South East Water, Australia Post and the CFA. The suburban markets are expected to remain largely pre-commitment led for the larger projects, attracting cost sensitive but location indifferent entities which seek modern, large floor plate accommodation. In addition, some smaller speculative construction in the office parks is expected to continue.”
Average east coast suburban office gross face rentals have recorded approximately 0.4% growth for A-grade assets over the past 12 months. Weighted average A-grade gross face rents are currently $403 per square metre, ranging on average from $441 per square metre in Brisbane to $396 per square metre in Melbourne.
<img src="/images/2014/03/28/kf-chart-two-march-28.jpg" alt="">
However, gross effective rents (rents averaged over the full term and taking into account incentives or rent-free periods) fell by 1.9%, as incentive levels over the year. Prime incentives were up over the year, according to Knight Frank, averaging 22%, from 20% a year ago on a weighted basis.
The eastern seaboard suburban market’s highest average face rentals were found in Brisbane’s inner north precinct, at $475 per square metre.
“Although the majority of sub-markets recorded flat to negative rental growth over the past 12 months, the exceptions were the relatively strong performing markets of the outer east in Melbourne along with the south and inner west in Sydney,” Whitby commented.
“Gross face rental growth was highest in the outer east precinct in Melbourne at 4.1% and the majority of which came from the lift in prime rents associated with the development of new generation projects built over the past two years.
“In Sydney, the south region, which recorded gross face rental growth of 2.4%, has been one of the better performing markets in terms of leasing activity as a result of relatively firm enquiry levels seeking creative style accommodation along with access to the improving amenities of the area. In the Sydney Inner West, face rental growth of 2.4% has been recorded on the back of the steady momentum in the Sydney Olympic Park and Rhodes markets, albeit the rise in A-grade incentive levels to 24% from 22% offset the growth on an effective basis.”
Of the suburban market’s performance in comparison to results from the CBD, Whitby noted that the suburban market continues to trail behind.
“The suburban market continues to lag the yield compression being experienced in the CBD and core markets. However an average 20 basis points of firming occurred over the past year, driven by Melbourne which recorded a 40 basis point compression in prime and 50 basis point of firming in secondary assets,” he said.
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Labour market headwinds see east coast suburban office vacancies up: Knight Frank

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Trends shaping the property market are a fascination for anyone looking to find the next area to see capital growth, or to predict where demand may lie.
Interestingly enough, it’s not the ‘ageing’ population that has demographer Mark McCrindle’s interest – but ‘downageing’.
This is a concept where people live the typical lives of those that would usually be younger and is what McCrindle says is the next cultural trend to shape the country, interstate migration and the property markets.
While McCrindle doesn’t necessarily mean that we’ll see those in their 50s turn to a lifestyle of two minute noodles and two minute relationships, he does suggest that we’ll see Australians retire later in their lives, working into their 70s, and moving into areas that have better employment opportunities. This may go some way to debunking the tree-change, sea-change culture that is the commonly expected next shift of the ageing population.
Presenting the trend to the Urban Development Institute’s National Congress in Brisbane, he announced that the property sector needs to rapidly change to react and accommodate to the downagers.
“Because we are, overall, living longer, we recognise the financial need to also work for more years and set ourselves up better from the start,” he said.
McCrindle’s own research, in conjunction with Australian Bureau of Statistics data, saw Australians working longer and also moving more frequently across the country.
“The states with the highest population growth rates WA, ACT and QLD (3.4%, 2.2% and 2.0% respectively) are also the states with the nation’s lowest unemployment rates 5.9%, 3.4% and 6.2%,” he said.
However, downageing is across market sectors and age groups.
“As a direct result of the downageing pattern, young Australians are less inclined to rush into employment or marriage, choosing instead to expand their tertiary education and save money whilst living at home with family members,” he said.
These delays in achieving ‘traditional’ milestones, such as starting a family or getting a job, is causing more mobility across communities, he said, noting this means that transient populations are more common.
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The new trend shaping Australia’s property market: Demographer

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The recent Australian Bureau of Statistics’ demographic information release has been picking up by the Housing Institute of Australia (HIA), who explained that it pointed to a strong and ongoing demand for housing.
With Australia’s population ticking upwards, by 100,000 people in the September quarter of 2013, cites HIA economist Geordan Murray, the new total is 23.24 million. “The result provides annual growth of a relatively strong 1.8 per cent,” said Murray.
In the year lead up to September, the birth minus death rate, also referred to as the natural population increase, increased the population by more than 164,000 people, to the tune of 2.9% growth and a 0.7% overall annual population growth addition.
“We have a situation where the importance of migration in securing the nation's future economic prosperity is widely, and appropriately, acknowledged. It is vital that the implications of stronger population growth for housing demand are reflected in a clear and strategic focus on housing supply policy from all levels of government,” he continued.
Net overseas migration also increased by 1% in the year to September 2013.
Population growth and the relationship with housing is a keenly discussed factor in Australia’s future. Observer <a href="/expert-insights/investing/long-term-population-growth-forecast-makes-australia-a-sensible-investment">Pete Wargent recently pointed to this aspect as the reason why Australian property is attractive to invest in</a>.
“It's often said that where a population does not grow then GDP growth may likely stall, in part because Australia, like many developed nations, has an ageing population,” he explains of the dynamic.
Criticism has also been levelled at government bodies in the past for not planning ahead for population growth, and the <a href="/expert-insights/investing/our-politicians-are-ignoring-the-realities-of-population-growth">HIA’s comments have been cited by Robert Simeon in regards to this</a> back in December
The Urban Development Institute of Australia is <a href="/news/better-planning-critical-for-projected-population-growth-udia">suggesting more land releases and a closer look at policy</a>.
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Demographic statistics from the ABS point to housing demand: HIA

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GUEST OBSERVATION
Prime Minister Tony Abbott’s planned repeal of 9,500 redundant regulations and 1,000 Acts of Parliament could loosen dangerously close ties between politicians and developers. While such ties are problematic in many parts of Australia, the recent investigation of the Obeid family by NSW’s Independent Commission Against Corruption has brought this issue to the forefront.
Research that I undertook when I was leading a 2011 bid for a Cooperative Research Centre in Heritage demonstrates that the nexus between politicians and developers in Australia has become perilously close. Over the last decade, red tape involved in the heritage approvals process has resulted in a dramatic increase in direct ministerial approvals for developments.
In New South Wales, for example, the use of ministerial <a href="https://majorprojects.planning.nsw.gov.au/index.pl?action=search&amp;page_id=&amp;search=&amp;authority_id=&amp;search_site_type_id=&amp;reference_table=&amp;status_id=&amp;decider=&amp;from_date=15%2F2%2F2011&amp;to_date=3%2F3%2F2011&amp;x=68&amp;y=17" target="_blank">approvals for major projects or infrastructure</a> rocketed from a total of nine during 2001-2005 to 457 in 2010. Forty-three were approved in the two weeks prior to the state government going into caretaker mode.
Red tape is needed to reduce risk and to ensure transparent and equitable processes. However, too much red tape stifles investment. Moreover, frustrated developers seek greater use of ministerial “call in” powers to circumvent slow approvals.
<blockquote>
There is an economic need for a streamlined information system that reduces the approvals delay and provides certainty for developers.
</blockquote>
Australia’s current heritage approvals process is fragmented across jurisdictions, between agencies and between Indigenous and non-Indigenous heritage. This has produced mountains of uncoordinated, non-standardised data. This data is inaccessible, often redundant and usually incomplete.
Decision-making power is dispersed across numerous agencies. Decisions depend on the interpretation and knowledge of individuals rather than on a solid evidence base. We need integrated data-sets that make it possible to determine what is common from what is rare or unique. Common approaches to data collection, storage and use should produce consistent decision-making.
The escalation of ministerial approvals for major developments in NSW emerged in 2005. The Environmental Planning &amp; Assessment Act 1979 was <a href="https://www.planning.nsw.gov.au/en-us/developmentproposals/developmentassessmentsystems/part3aassessmentsystem.aspx" target="_blank">amended to include Part 3A</a> for major projects of state and regional significance. Part 3A determined that the only planning approval required was that of the NSW planning minister. Each project had a spend in excess of $50 million.
With Part 3A, both concept and project approval from the minister had statutory force. Part 3A projects circumvented local council approval and both state heritage acts. These projects did not need approvals under either the Heritage Act, 1977 or the National Parks and Wildlife Act, 1974. Moreover, Part 3A projects were protected from emergency protection orders and third party legal challenges under state environmental or planning statutes.
While the aim of Part 3A was to provide up-front certainty for long-term or complex projects, this provision was abused. When the Liberal government came to power in NSW Part 3A was replaced by two separate assessment frameworks. One is for state significant development. The other is for state significant infrastructure. Importantly, the new system constrains the “call-in” powers of the Minister.
It was anticipated that the number of applications designated as state significant would drop by half. Nevertheless, the level of ministerial approvals for major development projects is still way beyond what it was a decade ago.
Throughout Australia fast-tracking major projects through ministerial approval has become a viable alternative to following due process. Occasional exemptions have become routine and the nexus between politicians and developers has grown murkier.
A sustainable alternative to relying on ministerial approvals for large developments is to lessen delays in heritage approvals. Reducing red tape is one part of this.
Developers need access to sound information. A standardised, integrated and coordinated information system would support sound decision-making. A comprehensive database would make it possible to assess if a cultural heritage place is unique, or one of thousands. Such a system would make it possible to classify and rank heritage assets. It would provide an evidence base for determining what can go and what needs protection.
Uncertainty over heritage approvals is costing investment and jobs throughout Australia. In the resource sector, for example, <a href="https://www.fraserinstitute.org/research-news/display.aspx?id=20902" target="_blank">The Fraser Institute’s annual Global Survey of Mining Companies</a> consistently identifies uncertainty over the protection of wilderness, parks and archaeological sites as a strong deterrent to investment across Australia.
There is an economic need for a streamlined information system that reduces the approvals delay and provides certainty for developers. Such certainty needs to be based on good, irrefutable data. In addition, decision-making should be informed by community values in order to pre-empt conflict and provide long-term confidence.
Australia’s cultural heritage is recognised globally as unique. It includes the world’s oldest continuous cultural traditions, some of the first evidence for modern human behaviours and rich rock art complexes. In addition, it includes the histories of more than 200 migrant groups.
This important heritage needs to be protected. However, we need to grow Australia’s economy and we can’t keep everything. Decisions have to be made about what we pass on to the next generation as heritage and what we let go. These decisions need to be transparent, fair and consistent.
Reliance on ministerial approvals raises concerns about transparency and challenges the integrity of the system. It is possible that the current corruption cases in NSW are only the tip of the iceberg.
Claire Smith is professor of archaeology at <a href="https://www.flinders.edu.au/" target="_blank">Flinders University</a>.<img src="https://counter.theconversation.edu.au/content/24638/count.gif" alt="The Conversation" width="1" height="1" style="line-height: 1.3em;">
Claire has received research and community project funding from a number of mining companies, including BHP-Billiton and Rio Tinto.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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jake-cSmGT7VXVf

Tackle fast-tracking of approvals to close nexus between politicians and developers

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The flattening number of properties sold under the hammer, which has dropped to one in four from one in three, and the weaker average number of bidders at each auction, which has fallen from the mid twos to the high ones, are signs the market is easing.
But we are not saying that it is going backwards. The market has been taking off for the last 18 months since October 2012, and this may be the first signs of a leveling of the altitude.
Last month we had clearance rates in the 70s – but now it is in the 60s.  It is still moving forward, its just that the angle of the ascent is not as steep in March as it was in early February.
It’s also still possible that the market may simply be in a slight lull before it begins another rise, exactly like the upwards staircase (rise, level, rise, level) we saw last year and towards the end of the previous year.
At the three auctions I bid at on Saturday, there were two bidders (Hampton), four bidders (Brighton East) and four bidders (Malvern East). All three were bought under the hammer having sailed comfortably past their quotes and then their reserves.
Next week is another Super Saturday, with nearly 200 $1 million plus auctions scheduled across Melbourne. So, by 6pm next Saturday we should have a definitive answer on whether we’re seeing a real change in the market direction as we go into Easter.
Negotiation council
But the action is not all auction-based right now. While by the end of last week we had cleared the decks a little and were down to only four ongoing negotiations, a week later we were back up to eleven ongoing negotiations that were being discussed and picked apart at our twice weekly negotiation councils.
A number of clients have asked us what is a negotiation council and what happens at them.
All the better selling agencies have them. They are like match committees or, for the sportingly challenged, like board meetings. We have them twice a week – Tuesdays and Fridays – and we discuss any of our active negotiations, including private sales, expressions of interest, auctions, and off-markets. As I said, we had 11 such discussions on Friday.
The meetings can be formal or informal. Eight to 10 of us sit around a space, and each negotiation is presented and workshopped. We look at what the client wants, the current state of play, the outside forces, the agents involved and their track record and so on, and then we simulate different plays and look at possible outcomes just as a coach would draw up on their chalkboard.
Even though I have bid at more than 1,000 auctions and negotiated hundreds of private sales, EOIs and off-markets, I find these meetings most valuable. Someone almost always has something to improve the plan, and even if they don’t, that fact gives me greater strength going forward that we’re going about things the right way.
A negotiation council is the standard procedure at any good agency, on any deal. This is why you rarely, if ever, get a standard or quick reply to an offer. Over the years the making and receiving of offers has become a very sophisticated process. Every time a milestone is hit by a buyer, e.g. an offer or a significant increase in an offer, it is taken back to their client and also taken back to their negotiation council.
Once the negotiation council has discussed the deal and agreed on a strategy, a smaller negotiation team is given clear parameters of how and when to operate. Deals are done once the result is firstly approved by the client and then secondly if it falls within the agreed negotiation council process parameters. That way a bigger organisation can operate relatively quickly and nimbly to meet the characteristics of a fast moving deal, while still having the benefit of everybody’s input.
Tug of War
I am still surprised when an otherwise very sophisticated businessman tells me proudly that they are launching a full-on assault on what they consider to be a measly agent to secure their dream property. They just don’t know what sort of a self-inflicted ambush they are walking into.
You may be chock-full of adrenaline and overloaded with other types of negotiation experience, but if you are dealing with a successful agency on a good home, you are not in man-to-man combat, you are in a tug of war – and the sides aren’t even.
On one side, pulling furiously in the quicksand, is you.
On the other side, on a relatively firm footing, is a team of two, three or more – in some cases backed up by a number of others feeding them info and plays and scripts and research.
Take a look in the footy coach’s box next time you watch the footy on the telly – that is what you are likely to be up against when you are engaged in an expression of interest, pre-auction offer, boardroom auction, lengthy private sale or off-market.
Good luck!
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maljames-vHwm28JUAa

Negotiation council: Planning for success

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Shimmering like a beacon, the Gold Coast market has, for many, become a bellwether regarding the health of the Queensland residential market.
So, how is its shimmer?
Some facts first:
<ul>
<li>550,000 permanent residents</li>
<li>Sixth largest urban area in Australia</li>
<li>Growing by 11,000 new residents per annum</li>
<li>For every five people on the coast today, there will be eight within 25 years</li>
<li>One in three properties are rented</li>
<li>Three out of five rental households hold no children</li>
<li>59% of owner-resident households also hold no children</li>
<li>Yet three-quarters of all dwellings have three or more bedrooms</li>
<li>A quarter of residents rent from family or friends</li>
<li>Need to build 5,000 new dwellings each year</li>
<li>Just 2,500 approved last year</li>
<li>Past oversupply now absorbed</li>
<li>Median lot size is now 455 square metres</li>
<li>New detached housing development controlled by a limited few</li>
<li>Very little new housing supplied via small infill builds</li>
<li>310,000 locally employed</li>
<li>New jobs are being created – 5,500 last year</li>
<li>Unemployment is 5.7% but was 7.4% in 2011 and 9.5% in 2001</li>
<li>Average family household income is $77,500</li>
<li>6.2 income to detached house price ratio; 4.1 for attached dwellings and 4.5 for apartments</li>
<li>33% rental income spent to rent a house; 26% for attached dwellings and 28% for apartments</li>
<li>Gross rental yields for houses 4.4%; 5.2% for attached dwellings and 5.1% for apartments</li>
<li>18,000 residential sales this financial year</li>
<li>Our forecast is for 22,000 sales during fiscal 2015</li>
<li>56% moved within last five years</li>
<li>18% from interstate and 16% from overseas</li>
<li>1,200 vacant properties for rent</li>
<li>Vacancy rate is 1.4%, but rising</li>
<li>10,000 resales on market and falling</li>
<li>Rents rose between $10 and $20 – depending on product type – during 2013</li>
<li>$230,000 current median land price</li>
<li>$510,000 detached house</li>
<li>
$375,000 attached dwelling 
</li>
</ul>
But enough showing off.
Some comments
The Gold Coast has just entered a recovery – enquiry is increasing; so, too, is building activity and sales; return of price growth plus improving rents.  In short, a more equal market.
This recovery is likely to be weaker than past ones.  Employment growth, whilst occurring – which is a nice change for the Gold Coast – remains weak and housing affordability relatively low.
Low affordability is forcing many renters and owner-residents to accept more compact housing and within this, dwellings of smaller size i.e. with fewer bedrooms.
We anticipate the strongest residential demand for two and tight three-bedroom stock on the Gold Coast in coming years/decade.  Therefore investors should consider buying compact housing over more traditional detached product.
As for timing – and all things being equal – the Gold Coast should remain in the recovery phase of the cycle this calendar year; entering an upswing in the middle of next year and peaking in mid-2017.
Our work shows that almost all of the price and rental growth that takes place over the full property cycle takes place during its recovery and upswing.
So if you are looking at the Gold Coast as a place to buy a residential investment property, then this year is the time to do something.  Some really good bargains are available.
But investors, in the main, need to limit their expenditure to under $450,000 for resale or second-hand stock and under $550,000 for newly built or off the plan investment stock.
Our forecasts are for attached dwellings – on average – to rise by up to 8% on the Gold Coast over the next 12 to 15 months.  Less price growth is expected for traditional houses and vacant allotments.
At last, the Gold Coast, finally, has got a bit of a shine!
Visit Michael's <a href="https://www.matusik.com.au/" target="_blank">website</a>, read <a href="https://www.matusikmissive.com.au/" target="_blank" rel="nofollow">his blog</a>, follow him on <a href="https://www.facebook.com/ThinkMatusik?fref=ts" target="_blank" rel="nofollow">Facebook</a> and <a href="https://www.twitter.com/michaelmatusik" target="_blank" rel="nofollow">Twitter</a>, or connect via <a href="https://www.linkedin.com/in/michaelmatusik" rel="nofollow">LinkedIn</a>.<a href="https://www.matusik.com.au/" target="_blank" rel="nofollow"> </a>
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