Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

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;

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.
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[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

Perth

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Finishmyhome.com.au, an unregistered home renovation company, and directors Paul Edward Ovens and Allesandro Giuseppe Iovene, were successfully prosecuted by the Building Commissioner over registration and contractual offences. They were ordered to pay $41,200 of fines and costs.
The proceedings were finalised in the Perth Magistrates Court earlier this month. Both directors plead guilty to five charges about renovating a Roleystone property between May and August 2011 and a Maylands home between September 2012 and April 2013. The work totalled $296,000.
They did not have the necessary registration or home indemnity insurance.
Building Commissioner Peter Gow said that the actions were plain irresponsible.
“For instance, the absence of home indemnity insurance puts the consumer at significant risk of financial loss if the builder cannot complete the building work or meet a valid claim for faulty or unsatisfactory building work because of death, disappearance or insolvency,” he said.
“Consumers should protect themselves by checking their building service provider holds the required registration or licence before engaging them to carry out work.”
Investors can check the licensing of their builder <a href="https://www.commerce.wa.gov.au/buildingcommission" target="_blank">via an online database</a>.
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Unregistered Perth home renovation company and directors ordered to pay $41,200

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Private treaty time on market blew out in Brisbane and Perth, according to the latest July figures from Australian Property Monitors.
It was an unusually volatile month.
Only Adelaide and the Gold Coast avoided the deterioration in time on market, but just by a one day improvement.
<img src="/images/2014/07/30/apm-chart-onejuly-30.gif" alt="">
Source: APM Domain Group.
Canberra was the only capital where vendor's discounting improved during July. The Gold Coast also achieved its low discounting status at 6.6%, a level that hasn't been seen for many years.
All other localities required consistent or higher discounting by vendors to secure their sale. 
<img src="/images/2014/07/30/apm-chart-two-july-30.gif" alt="">
Source: APM Domain Group.
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jchancellor-FAypfDUnLy

Brisbane and Perth days on market blowout: APM

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In just 10 days, a six storey $22 million apartment building has been built in Perth, bringing cost savings of up to 12% and 50% less building waste through Perth’s first modular housing project.
Bringing 77 homes to the market, Housing Minister Bill Marmion said that it was also 30% more energy efficient, and expressed the potential for it to reduce the cost of housing.
“The one-and two-bedroom apartments - each weighing 22 tonnes and measuring 16 metres by 4.5 metres - are factory fabricated, meaning the apartment complex can go up in just 10 days,” Marmion said.
“The whole project will take 12 months to complete, from sod-turning to market.  Already there has been keen buyer interest in these apartments and I firmly believe this project gives us a glimpse into the future of quality, affordable housing.”
Per day, 15 apartments can be constructed. These apartments are from 50 to 77 square metres, with purchase prices from $335,000.
This is now the Stella Village project near Cockburn Central station as part of the Affordable Housing Strategy 2010-2020: Opening Doors to Affordable Housing project.
It appears this may be rolled out for higher density and urban infill projects.
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10 days, six storeys, 77 homes: Perth’s first modular housing project

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Vacancy rates in Perth’s CBD office market are expected to remain above 10% for the next four years at a minimum, according to BIS Shrapnel.
The  Perth Commercial Property Prospects 2014 to 2024 report found that even when an optimistic scenario was tested for Perth, modelling the impact of high levels of minerals production on office demand, the vacancy rate will increase to around 15% by June 2015. It was then expected to decline to 12% by 2018.
Currently, the vacancy rate sits at 10% to 13%.
BIS Shrapnel’s senior project manager and report author Lee Walker said that the forecasts suggest that engineering construction is to fall by a third over the next four years, and the drop in resources investment – a key driver for office space – will leave the absorption of this commercial stock very weak.
“The real problem on the demand side is that the downturn in resources investment has only just begun. It is the investment phase of the cycle, and particularly growth in investment, that underpins employment within office buildings and which drove the record levels of net absorption of office space in Perth in recent years” said Walker.
There are also a significant number of new completions in the pipeline, with 164,000 square metres of new completions currently under construction set to enter the market by December 2015.
“Even though around 65% of this new office space is pre-committed, we are worried about the volume of un-committed space, as well as the back-fill space that will be created as tenants relocate. All this space will need to be absorbed and we don’t believe there will be enough demand,” Walker said.
If this situation was to be turned around, an “exceptionally strong growth stimulus from export growth” would be needed to generate enough office demand to complete the additional space built in the next 18 months. Walker warned that he does not foresee this occurring.
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Perth office market needs “exceptionally strong growth stimulus”: BIS Shrapnel

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Perth’s construction of apartments and its surrounds has recently increased significantly, says RE/MAX WA managing director Geoff Baldwin.
However, he says that beliefs there is an oversupply coming are overstating the problem and are unlikely to come true.
“The property development industry is now much more regulated and sophisticated than it has been in past cycles and this has come about through hard lessons learned, not only by the developers themselves, but by the lenders that finance these projects,” said Baldwin.
“Prior to the global financial crisis lenders were much more liberal in their financing of prospective developments however today it is almost impossible to achieve financing without the developer having substantial equity in the project and certainly not before a majority of the apartments are sold off the plan on unconditional contracts.”
He notes that without 60% or 80% unconditional presales, the developments will not begin construction, and so, unlike in the past, developments that do not have the associated demand will not come to fruition.
He also noted that with most developments, they are sold out completely prior to construction leaving no flood of new stock to the market.
“It also must be taken into account the massive shift towards high density, low maintenance, secure living that is seeing an increasing number of people move away from the suburbs and into an apartment closer to the city.”
{module Do you believe an apartment oversupply is coming to Perth?}
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Is Perth’s oversupply of apartments “overstated”?

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About one out of every four households in Western Australia is a rental property, representing approximately 200,000 dwellings.
The proportion of renters has been reasonably steady at around 28% of all households for over a decade, although there is a change occurring in the mix of private and public housing tenants with the proportion of private sector tenants growing.
Most rental properties are located in the inner suburbs. For example, over 75% of all metropolitan rental properties are located within a 15 kilometre radius of the CBD.
Suburbs with the highest concentration include <a href="/news">East Perth</a>, <a href="/news">Karawara</a>, <a href="/news">West Perth</a>, <a href="/news">Northbridge</a>, <a href="/news">Highgate</a>, <a href="/news">Bentley</a>, <a href="/news">Glendalough</a> and <a href="/news">Victoria Park</a>. Rental properties can account for up to 70% of all dwellings in these areas.
Surprisingly, most tenants live in houses and not flats or units. Census result continue to show that up to 60% of tenants live in traditional houses, although it’s true that around half of all strata dwellings exist as rental properties.
In WA the most common age group for renters is between 20 and 34. Typically, these are people in transition to home ownership. Not surprisingly then, the most common home ownership and buying age group is around 34 to 44.
Most tenants prefer a short lease, with the more common lease being six months. Tenants clearly like the flexibility of a short lease, however more than half of all such leases are renewed for a further six months when the initial lease expires.
The median rent for accommodation in Perth is now $450 per week if you include units, apartments, villas and houses in the equation. Houses alone are generally higher with a median of around $460 per week.
Darwin remains the most expensive capital with houses renting for around $650 per week, while Canberra and Sydney are similar to Perth at around $450. Adelaide is the cheapest at $330 per week.
The average rent for three bedroom homes across all eight capitals is around $405 per week. Seen in this context, Perth is about 15% above the overall Australian rental average for a house.
However, rents in Perth have been slowly coming down since 2013 with the median weekly rent dropping $25 from $475 around this time last year.
This is due to a slow-down in population growth but also from large numbers of renters having taken advantage of very low interest rates to buy a home of their own, enabling them to leave the rental system.
This in turn freed up more properties for rent and is a key reason why Perth’s current vacancy rate is now a third higher than average, sitting at 4% or 5,600 properties.
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dairey-MVZf5ZguQC

A look at Perth’s rental market

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Two Perth real estate agencies have seen Consumer Protection given supervision orders by the State Administrative Tribunal (SAT) due to their misuse of trust accounts. 
Supervision orders require the company to carry on the duties for the agencies, before winding them up.
The two agencies were also said to be unable to operate within the Real Estate and Business Agents Act.
Kurt James Wallace, who traded as Scope Investment Services, was restrained from operating under an SAT approved application on 18 June 2014. A supervisor was ordered to be appointed to administer the financial affairs for Scope Investment Services.
Rent money should have been deposited into a trust account, but was instead put into the general agency account. This was not corrected and had been found in a Consumer Protection investigation. Wallace also failed to renew his triennial certificate in April 2014.
The second real estate agency that Consumer Protection took action against was Spirit Realty Pty Ltd that had been trading as Professionals Perth. The application was approved on 8 May 2014.
Numerous breaches of the Real Estate and Business Agents Act were found during an examination of the trust accounts. After the investigation began, they went into voluntary liquidation – said to be a significant reason behind the order that they could no longer conduct their business in accordance with the Act.
Commissioner for Consumer Protection, Anne Driscoll, conceded the actions are extreme, but said they are justified when client’s money has been misused.
“Bond and rental payments are not the property of the agent, that’s why they are held in trust on behalf of the agency’s clients. Failing to properly administer these funds is a serious offence with serious consequences under the law,” Driscoll said.
“There are strict rules governing the handling of client’s money and all licensed real estate agents need to be well aware of their legal obligations and adhere strictly to the law.
“Anyone who has any evidence of the misuse of trust money by agents is urged to contact us immediately so an investigation can be carried out and appropriate action can be taken.”
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Extreme action against trust fund misuse justified: Consumer Protection

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Spanish fashion retailer Zara has announced that they will open their first Perth store, which will be their 10th Australian outlet.
The new store will be in AMP Capital’s Garden City Shopping Centre and comes as UK’s Topshop is reportedly looking to open a store in the West Australian capital.
Garden City is in Booragoon, and the Property Council of Australia notes that it has ranked at the top of the list for speciality sales per square metre in the state for over a decade.
The centre is to undergo a $750 million redevelopment and expansion, with the state government recently removing caps on shopping centre expansions.
The mall will be 120,000 square metres, and would become the largest shopping centre development approved across Western Australia. If approval goes to plan, construction is slated for a 2016 commencement date.
However, the Zara store could be in as early as next month.
Zara’s first stores included Sydney’s Pitt Street Mall and Melbourne’s Bourke Street Mall.
However, this isn’t the first time the Spanish brand has eyed Western Australia’s opportunities, with <a href="/news/zara-heading-to-perth-with-topshop-likely-to-follow">plans back in 2013 to open a $5 million Murray Street Mall store</a>. Council documents saw plans for a new two-storey building and one-storey addition to an existing retail building at the mall to house Zara.
These plans are still underway.
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Zara’s 10th Australian store to open in Perth, as WA plans take off

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Perth is not actually a mine site, and it’s time to shift the thinking of “Asian investors and prospective immigrants” who overlook the capital as a result, according to RE/MAX WA managing director Geoff Baldwin.
Baldwin said that because of the continual talk of Perth being a mining and resources centre, rather than a beautiful evolving city, it seems some are taking it literally.
“In recent talks with an expert Asian immigration advisor about how Perth is seen in the eyes of many in China we were informed that many Chinese picture Perth itself as the centre of actual mining and associated industries and that this is a barrier to investment and immigration,” Baldwin said.
“Because we live here we assume that people in other countries know that it is only the headquarters of mining companies that are located in Perth itself and not the actual operations of those companies, but unfortunately that is often not the actual perception.”
He said that where Melbourne and Sydney are accepted automatically as large convention cities worthy of investment, “we have found that it is not until the prospective overseas buyer does some research or arrives and sees our city for themselves that they recognise it is not a mine site”.
“In recent years Perth has been widely promoted as the mining and resource capital of Australia however we must consider that it is easy for this to be interpreted literally and for it to give a completely opposite picture to the reality,” he said.
“Actual knowledge of Perth is scant in many Asian countries so it is important that it is promoted more widely and with more detail about it’s beauty, scope and lifestyle if we are going to compete with the more accepted eastern states capitals.”
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Asian investors getting the wrong idea about Perth: RE/MAX WA

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Houses in Perth sold for a median price of $544,500 in the quarter to May, according to RP Data-Rismark.<a href="https://myrpdata.com" target="_blank"> </a>
Quarterly house prices dipped 0.8% from the month before.
Property Observer looks at recent sales in Perth to see what $544,500 will get you.
<ol>
<li>
<a href="https://www.realestate.com.au/property-house-wa-yanchep-116276255" target="_blank">39 LONGFIN VISTA, YANCHEP</a> <img src="/images/2014/06/23/a.jpg" alt=""> This house was sold through Ray White Sun City for $545,000. All four bedrooms come with built in or walk in robes. The home was built by Scott Park in the outer Perth suburb of <a href="/news">Yanchep</a>’s Lagoon Estate development. Sharing the 659 square metre block is a self-contained brick granny flat. Price: $545,000 Bedrooms: Four Drive to CBD: One hour 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-victoria+park-115057519" target="_blank">51 Sunbury Road, Victoria Park</a> <img src="/images/2014/06/23/b.jpg" alt="">
A three bedroom home on a 300 metre strata block sold for $539,000 through Terry McBratney and Associates <a href="/news">Victoria Park</a>, who advertised the home as “in need of a renovation”. The vendors made a loss on the home, which they purchased for $680,000 in 2008.
Price: $539,000
Bedrooms: Three
Drive to CBD: 14 minutes
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-greenwood-116679915" target="_blank">19 Damson Way, Greenwood</a>
<img src="/images/2014/06/23/c.jpg" alt="">
Sold through Force Real Estate Duncraig, this home secured $542,000 earlier this month. The three bedroom, one bathroom solid brick and tile house at <a href="/news">Greenwood</a> was built in 1975, and is set on a block with a backyard, double carport and shed. The vendors purchased the house for $315,000 in 2005.
Price: $542,000
Bedrooms: Three
Drive to CBD: 35 minutes
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-morley-116475643" target="_blank">17 Telstar Drive, Morley</a> <img src="/images/2014/06/23/d.jpg" alt="">
Another three bedroom, one bathroom house sold around city’s median price this month, with this <a href="/news">Morley </a>home securing $545,000. The house, sold through Sammut Rosh &amp; Associates is set on a 739 square metre block, with potential to develop on the substantial rear portion of the plot. The vendors more than tripled the $171,000 purchase price with this sale. They bought the home in 2002.
Price: $545,000
Bedrooms: Three
Drive to CBD: 29 minutes
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-success-114820315" target="_blank">3 Mariposa Gardens, Success</a>
<img src="/images/2014/06/23/e.jpg" alt="">
This three bedroom, two bathroom <a href="/news">Success </a>home was sold through De Freitas and Ryan Cockburn for $535,000. Prior to sale the house was rented out for $500 per week, giving the property a yield of 4.86%. In seven years, the vendors managed to secure more than double their purchase price – they bought the home for $219,000 in 2007.
Price: $535,000
Bedrooms: Three
Drive to CBD: 35 minutes
</li>
</ol>
To see what Perth's median asking rent will get you, click below.
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 Asking rents have softened across Perth since reaching highs in April last year, according to <a href="https://sqmresearch.com.au/graph_median_rent_weeks.php?region=wa%3A%3APerth&amp;type=c&amp;t=1" target="_blank" style="line-height: 1.3em;">SQM Research</a>. 
The asking rent for a three bedroom house in the West Australian capital has dropped 7.4% in the last 12 months, though rents are up 6.8% on a three year basis. The median asking rent for a three bedroom house in the city is now $504.10 per week.
These three bedroom houses are all available to rent at around $500 per week:
<ol>
<li>
<a href="https://www.realestate.com.au/property-house-wa-mullaloo-405313114" target="_blank">12 Angle Place, Mullaloo</a> <img src="/images/2014/06/23/f.jpg" alt=""> This home in <a href="/news">Mullaloo</a> is available to rent through Primus Realty for $500 per week. Purchase price: $614,000 Yield: 4.22% 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-southern+river-413349739" target="_blank">69 Elkhorn Avenue, Southern River</a> <img src="/images/2014/06/23/g.jpg" alt=""> Located in the south eastern suburb of <a href="/news">Southern River</a>, this house is available to rent through Primus Realty for $500 per week. Purchase price: $232,000 Yield: 11.2%
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-manning-413313923" target="_blank">4A Welwyn Avenue, Manning</a>
<img src="/images/2014/06/23/h.jpg" alt="">
This house, 11 minutes drive from the CBD, is available to rent later this month for $500 per week, through Access Property Management South Perth.
Purchase price: $555,000
Yield: 4.68%.
</li>
</ol>
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