Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

Joel Robinson

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
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Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

Auctions

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There were two sales at $10 million or so in Bronte over the weekend.
The first was media scion <a href="/expert-insights/buying/lachlan-and-sarah-murdoch-secure-pre-auction-bronte-trophy-house-sale">Lachlan Murduch's trophy home sale</a> on Friday afternoon.
Then on Saturday afternoon 1,421 square metre Bronte site with two 1960s freestanding cottages sold for $10 million post-auction.
The block has sweeping 180 degree headland to headland views across Bronte Beach.
There was a $10 million vendor bid, but sold after to a Bronte family who will build a home on the St Thomas Street location. 
It was marketed by the Richard Wills estate agency as an "<a href="https://www.realestate.com.au/property-house-nsw-bronte-116098355" target="_blank">ideal private family compound</a>".
{qtube vid:=djtR7lICXOo}
Richard Wills told Property Observer the land was purchased in the 1950's and his late father, who was a builder and his brother, built the houses in 1960.
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jchancellor-FAypfDUnLy

Bronte's other $10 million weekend sale

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Businessman Gary March, the former Richmond Football Club president, has yet to sell his 1915 Middle Park, Melbourne home, Fairhaven.
<a href="https://www.realestate.com.au/property-house-vic-middle+park-117008023" target="_blank">It was bought by Gary March</a> and wife, Bev for $1.3 million in 2001.
It was listed through Cayzer Real Estate for auction last weekend with $3.6 million plus hopes.
Gary March was the the founder and former director of Concept Sports International, now known as Beyond Sportswear Limited.
Elsewhere in Middle Park there was a $5.7 million vendor bid at another auction last weekend when the Ward family offered their restored 1897 home (pictured below). No further price guidance has been issued since the auction.
<img src="/images/2014/06/27/middle%20park%20june%2027%20two.jpg" alt="">
The 272 Beaconsfield Parade home last traded at $680,000 in 1993. The 1897 home was built for one of Melbourne's early rope manufacturers.
The heritage home has soaring 3.8 metre ceilings, open fireplaces and lead light detailing.
"Distinguished amongst some of Melbourne's finest foreshore real estate, this grand Victorian's rich originality, superbly refurbished modern spaces and sweeping bay and CBD skyline views present a unique opportunity to not only enjoy superlative five bedroom accommodation, but unbridled access to a premier seaside lifestyle merely moments from the CBD," the <a href="https://www.domain.com.au/public/Propertydetails.aspx?adid=2011210386" target="_blank">Greg Hocking Holdsworth marketing</a> said. 
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Gary March seeking $3.6 million plus in Middle Park

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Last year Melbourne saw 30.5% of sales by auction compared to 21.1% for the previous year.
The proportion of sales by auction tends to follow the market; rising when prices and demand increases and falling in soft markets.
Early indications this year are showing that new records are likely to be set. At the end of the March quarter, 30.6% of sales were by auction compared to 21% last year, and the previous high of 20.8% in 2010.
Due to a lack of auctions in January and a slow start to February, the proportion of sales by auction always rises as the year goes on.  The same will be the case this year, especially in light <a href="/expert-insights/buying/melbourne-auction-market-setting-records">of the records reached in May</a>.
This means we are likely to see a significant shift in selling methods towards auctions this year. This would be unprecedented because price growth and clearance rates are lower than in other years when this occurred.
The data points towards a shift in auctions as a selling method by Melbourne real estate agents, and one that vendors are clearly agreeing with.
This may be due to research which shows that even if you fail to find a buyer at the auction, there is a high likelihood you will within four weeks. The data shows that within four weeks of the auction, the proportion of homes sold rises to around 80% as sellers negotiate with buyers after the conclusion of the auction. This shows that the concentrated marketing and ‘sale date’ associated with an auction campaign helps ensure a timely sale.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/Proportion-of-sales-by-auction-in-Melbourne.jpg" rel="wp-prettyPhoto[g3410]"><img class="aligncenter size-large wp-image-3411" src="https://blog.rpdata.com/wp-content/uploads/2014/06/Proportion-of-sales-by-auction-in-Melbourne-580x522.jpg" alt="Proportion of sales by auction in Melbourne" width="580" height="522"></a>
Source: RP Data.
There are 728 auctions scheduled this week in Melbourne compared to 719 for the same time last year. The highest number of auctions are expected in the northern suburbs of Melbourne this week with 14 scheduled in <a href="/news">Preston</a> and 13 in neighbouring <a href="/news">Reservoir</a>.
The Melbourne auction market appears to be improving with the clearance rate being close to 70% last fortnight. That is compared to the clearance rate of 67.6% this year from 18,657 auctions whilst last year the comparative number was 68.45% from 14,226 auctions.
The average time on market for houses sold at private sale tightened from 35 to 34 days. Vendor discounting softened slightly over the week, to -5.6%, compared to -5.5% over the previous week.
Key data
<ul>
<li>Clearance rate week ending 29 June: 69.1%</li>
<li>Melbourne auctions expected week ending 29 June: 728</li>
<li>Melbourne private sales time on market week ending 22 June: 34 days (houses)</li>
<li>Melbourne vendor discounting market week ending 22 June: -5.6% (houses)</li>
<li>Listings being prepared for market are 1.8% higher in month ending 22 June (seasonally adjusted)</li>
</ul>
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rlarocca-zWhvjay44N

Three out of 10 properties sold by auction: RP Data's Melbourne weekend auction preview

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Peter Bond, the chief executive of gas company Linc Energy, withdrew the Redfern post office premises from its scheduled auction last night.
The Business Review Weekly rich lister <a href="/news/nsw/redfern-proving-magnetic-for-coal-executives">bought it in mid-2011</a> when <a href="/expert-insights/investing/linc-energys-peter-bond-lists-redfern-post-office-premises">the former post office commercial premises</a> at <a href="https://www.propertyobserver.com.au/new-south-wales/redfern-proving-magnetic-for-coal-execs/2011062250564" target="_blank">113-119 Redfern Street were sold by spruiker Max Markson</a> for $2,125,000.
The building, which has a clock tower and bell, last sold through agents Paul Ephron and Ben Forsyth. Markson had bought it from Sorin Dascalu &amp; Associates in 2006 for $1.9 million.
The former Redfern Post Office, in Redfern, NSW, was built in 1882. It has a two-storey Victorian Italianate building plus a dominant four-and-half-storey corner clock tower. The post office included a telegraph office, parlour, drawing room, three bedrooms, kitchen, a servant’s room, bathroom, scullery, washhouse, fuel shed and two stall stables.
In 1880, £3000 was provided for the erection of the Redfern post office, and then the Public Works added a clock tower for an estimated extra £700.
The building has 480 square metres of internal space on its 330-square-metre Redfern Street block. 
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-redfern-nsw-2016/227755" target="_blank">It was listed</a> through McGrath agents James Dack and Chris Chung.
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No sale for Linc's Peter Bond Redfern post office offering

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Agent step quoting is a contentious part of our industry: It’s how selling agents nudge buyers up the staircase towards a price their clients are hoping for.
Done badly it can make buyers feel cheated and manipulated and invite accusations of under-quoting. Done well it’s a legitimate haggling process agents use to get a buyer and a seller to meet at a price point they’re both comfortable with.
We usually only hear of step quoting when it’s done badly as it highlights the low-skilled, unethical agents almost immediately. When highly skilled agents use step quoting successfully it goes unnoticed except through careful examination at a later date. Yet within the inner-east and bayside million-dollar-plus markets it is a particularly common practiced black or noble art depending on your point of view.
How does it work? Well at the top of the stairs in step quoting you have a seller, a mum or dad just like you and they think their home is worth $4 million. At the bottom of the stairs in step quoting is you, the buyer and you think the home is worth early three’s, but your dream price is $2.95 million – you don’t want to admit to a 3 in front of it at this stage.
Both you and the seller are interested in the transaction because the seller feels it’s time to move on and you hoping it’s time to move in.
You’ve seen the home in an ad and you’ve rolled up to the first open for inspection. The selling agent at the door says $3.2 million plus when you ask the “how much” question, while not in any way looking interested under your recently purchased “anti-agent” dark sunglasses.
“Mmmmm, $3.2 million – a bit more than the $2.95 million” you thought it was worth and maybe you will have to concede it’s going to have a 3 in front of it. You’ve moved a step to step two – not that painful.
But hold on, wasn’t that $3.2 million quote underquoting by the agent? Hasn’t the agent committed an offence by quoting at this stage a price much lower than they said the property may sell for?
Let’s press rewind for a minute.
OK Mal, how can the owner realistically think the home is worth $4 million? Trust me, this for many is not a dream figure, this is a cast in stone, almost religious belief and it comes from one of four sources: the agent told her, her mate told her, another agent told her or the tea-leaves told her – but she believes right now her home is worth $4 million when quite possibly in this falling market the home is considered low $3 millions by most serious buyers and even the agent currently trying to sell the home.
How come? Time lag and the well-known leap of faith valuing technique. Ten weeks ago the owner met with a number of agents – some competent, some not so competent and some downright rascals, and the average of what the seller was told seemed to be $3,400,000 to on a really good day $3.7 million. One rascal agent did say $4.3 million, but the two other competent agents said mid-$3 millions. With each of the two “mid $3m’s quote” competent agents the seller asked “do you think I can get more, could I get $4 million” Each agent, who still wanted to get the job replied “it’s possible but unlikely”. Luckily for the seller one of the competent agents was engaged, even though he was not the highest in value estimate.
That was 10 weeks ago, this is now.
The vendor, who is now getting more emotional, is convinced more than ever that the news of the world doesn’t apply to her – when in fact it does and her $4 million was always $3.7 million on a good day – yet the market has dropped 10% in 10 weeks and her home is now worth $3.4 million – on a good day with plenty of bidders. The selling agent doesn’t know yet if the home will have plenty of bidders as this is the first open for inspection and so being professional and with an obligation to the seller’s interest first and foremost they are quoting $3.2 million plus. You tell me – is he dealing morally, legally or ethically?
The first open actually went pretty well and the selling agent put seven names onto their list. As one of my favourite agents and master of the step quote once explained, there are three lists: the door list (everybody who goes through is on that), then there is the engaged list and finally there is the buyers list.
But that’s another story, back to the steps and step quoting. It’s week two and you notice in the papers the home is quoted at $3.4 million plus. “Mmmm,” you think, “they must have interest”. Well, they may and quite possibly they may not. Think about it – the $3.4 million-plus quote would have gone in before the first open to meet printing deadlines, the new quote is not a response to the first open for inspection(OFI) but part of a well-planned step quoting process.
Article continues on next page. Please click below.
<hr class="system-pagebreak">
You are back at the second OFI and you ask about the quote – of course in a manner behind your “anti-agent” dark sunglasses so as the agent knows you’re not interested.
A reply comes either “that was a printing mistake” (one of my favourites if the campaign hasn’t leaped out of the blocks in the first week) or “yes, we’ve had a lot or interest and so we put the quote up”.
At this point a number of things have happened – you the buyer have made it onto the second list – the engaged list – as you are a “repeat inspector”. Second time round you really like this home and you, the buyer, have now gone to Step 4 begrudgingly. Step 1 was your dream price $2.95 million and you blew past Step 2 ($3 million) and Step 3 ($3.2 million) and your teetering around Step 4 ($3.4 million).
Meanwhile back at the ranch the selling agent is also doing all he can to pull the vendor back down from the top step of $4 million – talking about clearance rates, and falling prices and global recessions. The vendor won’t budge. “You said I could get $4 million,” she says.
Week 3 and you are back at another open for inspection – you are now being considered a serious prospect. But the price has gone up again: “We have had some interest at around $3.7 million. How do you feel about that? “ the agent asks you.
Actually you feel sick, but behind your special “anti-agent” sunglasses you trot out, “Mmmm,  guess that puts me out” You think $3.7 million, OMG. What – I’m not paying over $3.6 million”, and so welcome you’ve arrived at Step 5 in the step quoting process.
The agent has deliberately not asked the vendor for a reserve as he is aware of what she “may” want and also aware of the law. Meanwhile the agent is pummelling the seller with reports of how the serious buyers have either fainted or been abusive when they hinted at a price of $3.5 to $3.6 million.
So come auction day; you the buyer are at Step 5 with a lean and our vendor is at Step 7 with a lean.
The home is naturally passed in and the selling agent runs up and down the stairs until a result either happens or the vendor sticks to her guns, and the home is listed for private sale the following week.
So, has the agent acted unethically or illegally?
He would have if he had told the seller that she could get “$4 million, no worries, I promise, maybe even $5 million”, and then once he had “bought the job” given the buyers a quote of $3 million at every open for inspection and never made any effort to work (explain to) the buyer or the seller along the steps.
Such agents are unethical and lazy and unfortunately they are too plentiful in supply through deliberate training or poor supervision.
But are agents who work to bring the buyer up to maximise the vendor’s price, and the vendor down towards what the market will pay, which ultimately achieves what the vendor wants (a sale), doing their job ethically and professionally? In these cases it’s a fine line, but if you are a buyer that moves up the steps and you have been informed along the way then well, are these quality agents not just doing their job very well?
Why you as a buyer may need some professional help? In this market what happens if you are the only buyer on the engaged and buyers list since the first quote of $3.2 million plus?
You mightn’t like being run up the step quoting stair, but that’s how the property market works, and the highly skilled selling agent’s job is to get the best price for his or her client, who, by the way, is not you.
Mal James is principal of<a href="https://www.jamesbuyeradvocates.com.au/" target="_blank" title="James Buyer Advocates"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
This article was first published on Property Observer in September 2011.
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maljames-vHwm28JUAa

Here's how the auction process really works: A buyer's guide to step quoting

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A preliminary weighted average clearance rate of 66.6% was recorded this week across capital cities compared to 65.5% last week and 66% this time last year.
A medium term review of the national auction market shows stable performance after a period of appreciation in 2013 and the previous two years when the clearance rate was at comparatively soft levels of 44.7% in 2011 and 54.1% in 2012.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Capital-city.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3393" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Capital-city-580x430.jpg" alt="RP Data - national auction comments" width="580" height="430"></a>
In the Sydney market a preliminary clearance rate of 71.9% was recorded compared to 69.3% last week. The stability present nationally is especially the case in Sydney where the clearance rate has shown little variance over the last three months with high of 76.1% and low of 67.3%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Sydney.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3394" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Sydney-580x384.jpg" alt="RP Data: Auction comments, Sydney" width="580" height="384"></a>
In Melbourne there was a preliminary clearance rate of 69.1% recorded compared to 69.2% last week. Last week was the best result in three months and it has been matched this week as volumes remain strong.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Melbourne1.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3395" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Melbourne1-580x384.jpg" alt="RP Data: Auction comments, Melbourne" width="580" height="384"></a>
In Brisbane a preliminary clearance rate of 38.1% was recorded compared to 43.5% last week.
Adelaide recorded a clearance rate of 58.8% compared to 52.3% last week.
In Canberra a clearance rate of 65.4% was recorded and in Perth there was a clearance rate of 30%.
In Tasmania four homes sold from nine auctions.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Brisbane.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3396" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Brisbane-580x384.jpg" alt="RP Data: Auction comment, Brisbane" width="580" height="384"></a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Adelaide.jpg" rel="wp-prettyPhoto[g3392]"><img class="aligncenter size-large wp-image-3397" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140622-Adelaide-580x383.jpg" alt="RP Data: Auction comments, Adelaide" width="580" height="383"></a>
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Auction market stable across capital cities: RP Data's national auction wrap

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A Georgian-inspired Toorak mansion on a 1,178 square metre block sold for $6.01 million was the weekend's highest sale in Victoria.
It was listed through Tim Derham and Jock Langley of Abercromby’s Real Estate, inconjuction with Australian Professionals Property Service, with three bidders competing at the auction. 
The initial price guidance was given as $4.5 million plus. The opening bid was $4.8 million, with the formal on the market announcement made at $5.25 million.
It offered the potential for multi-unit development subject to council approval sitting within City of Stonnington’s draft general residential zone, which allows for medium density development of up to three stories.
The five bedroom home sat at the rear of a L-shaped block at <a href="https://www.realestateview.com.au/Real-Estate/42-washington-street-toorak/Property-Details-buy-residential-7161159" target="_blank">42 Washington Street, Toorak</a> which last sold in 1976 at $212,000.
Melbourne recorded a preliminary clearance rate of 72% according to the REIV.
THE TOP 5 HOUSES
42 Washington Street, Toorak $6,010,000 
2. 13 Oxford Street, Malvern $4,225,000 
3. 9 Brynmawr Road, Camberwell $2,815,000 
4. 15 Raven Street, Kew $2,810,000 
5. 57 Athelstan Road, Camberwell $2,350,000 
CHEAPEST 5 HOUSES 
1. 127 Eighth Avenue, Rosebud $241,000 
2. 46 Booth Crescent, Dandenong North $310,000 
3. 32 Bellbird Avenue, Launching Place $310,000 
4. 5 Parkstone View, Craigieburn $340,000 
5. 17 Millstream Pass, Craigieburn $345,000 
Source: REIV
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Toorak home with medium density potential fetches $6.01 million

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Furniture maker Nicholas Dattner did not sell his redundant 1862 Collingwood kiln warehouse apartment at its weekend auction.
It was passed in at $1.35 million.
It was fitted out in 1999, with copper fronted kitchen benches after it was bought for $280,000. 
The three bedroom 16/26 Wellington Street apartment had been tipped to fetched $1.35 million to $1.45 million at its<a href="https://www.realestate.com.au/property-apartment-vic-collingwood-115320547" target="_blank"> hockingstuart auction</a>.
Dattner thought about selling in 2007 but wanted $1.7 million for the apartment which was part of the sprawling former Carlton United Breweries operation that stretched from Victoria Parade to Gipps Street.
The brewery stopped work in the early 1990s.
Dattner long maintained a property at Chewton, near Castlemaine, then buying 60 hectares nearby, at Harcourt where he built an ultra-modern place inspired by Frank Lloyd Wright.
It has been leased for the past six years given his move to the Castlemaine district.
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Nicholas Dattner's Collingwood warehouse passed in

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The most expensive sales of the week have been gathered by <a href="https://www.myrpdata.com/" target="_blank">RP Data</a>.
Sydney homes dominated the top end of the market this week, with seven of the top 10 sales taking place in the New South Wales capital.
Two Victorian homes made the top 10, which all sold for $2 million or more. One Queensland home made the list.
While RP Data's top spot goes to 227a Gannons Road in Sydney's Caringbah, which sold for $3,160,000, it looks like it may have been pipped to the post by another $3 million plus home, <a href="https://www.realestate.com.au/property-house-nsw-roseville-117032687" target="_blank">58 Bancroft Avenue, Roseville</a> in New South Wales, pictured below.
<img src="/images/2014/06/17/11.jpg" alt="">
The five bedroom house at Bancroft Avenue beat Gannons Road by $200,000, selling for $3,360,000 on Saturday through mcconnell bourn Lindfield.
The home had undergone a $200,000 renovation prior to the sale. 
RP Data's top 10 sales for the week to June 15:
<ol>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-caringbah-116781467" target="_blank">227a Gannons Road, Caringbah, NSW</a> <img src="/images/2014/06/17/1.jpg" alt=""> This four bedroom, four bathroom, house sold for $3,160,000 through Highland Property Agents Cronulla (pictured above and in feature image). The waterfront home has views over Dolans Bay and a jetty, pontoon, boatshed and two boat ramps. The home has been discounted a number of times – it was first listed by the vendors in 2008 for $3,850,000, then again in 2013 $3,500,000. When the property went back on the market this year, the price was revised down again to $3,250,000. The vendors purchased the property in 2003 for $1,430,000. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-riverview-116970307" target="_blank">25 Coonah Parade, Riverview, NSW</a>  <img src="/images/2014/06/17/2.jpg" alt=""> The second highest sale of the week was secured by another waterfront Sydney home. This four bedroom, three bedroom house sold for $2,960,000 through LJ Hooker Lane Cove. The vendors purchased the property for $2,265,000 in 2010. 
</li>
<li>
<a href="https://%20http:/www.realestate.com.au/property-house-nsw-strathfield-116604891" target="_blank">25 South Street, Strathfield, NSW</a>
<img src="/images/2014/06/17/3.jpg" alt=""> A six bedroom Georgian house sold before auction for $2,900,000 earlier this week through Richardson &amp; Wrench Strathfield. Set on a 1,208 square metre block, the property has expansive tropical gardens and lawns. The sellers bought the home almost 20 years ago, for $535,000 in 1993. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-balwyn-116933183" target="_blank">7 Knutsford Street, </a><a href="https://www.realestate.com.au/property-house-vic-balwyn-116933183" target="_blank">Balwyn, VIC</a> <img src="/images/2014/06/17/4.jpg" alt=""> The top Victorian sale of the week was secured in the eastern suburb of Balwyn. This home sold for $2,840,000 through RT Edgar Boroondara. The vendors purchased the four bedroom house for $2,200,000 in 2002. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-kew-117024387" target="_blank">16 Raven Street, Kew, VIC</a>
<img src="/images/2014/06/17/5.jpg" alt=""> The other Melbourne home to make the top 10 for the week was a 1920s era four bedroom home in Kew. The home within walking distance of the Yarra River was sold for $2,410,000 through Kay &amp; Burton Hawthorn. It was purchased by the sellers for $701,000 in 1999. 
</li>
<li>
<a href="https://www.realestate.com.au/property-terrace-nsw-elizabeth+bay-116962327" target="_blank">51 Roslyn Street, </a><a href="https://www.realestate.com.au/property-terrace-nsw-elizabeth+bay-116962327" target="_blank">Elizabeth Bay, NSW</a> <img src="/images/2014/06/17/6.jpg" alt=""> A three bedroom, three bathroom terrace home sold in Elizabeth Bay sold for $2,340,000 this week. Selling through Richardson &amp; Wrench Elizabeth Bay and Potts Point, the renovated home was on the market for 23 days. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-sans+souci-117008347" target="_blank">34 Riverside Drive, Sans Souci, NSW</a>
<img src="/images/2014/06/17/7.jpg" alt=""> This beachside property sold for $2,310,000 through Raine &amp; Horne Sans Souci. The double brick four bedroom home is just across the road from the beach. It was sold at auction after being listed on the market for 19 days. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-greenwich-116854099" target="_blank">4 Hinkler Street, Greenwich, NSW</a>
<img src="/images/2014/06/17/8.jpg" alt=""> The four bedroom, four bathroom house near Lane Cove Bushland Park sold for $2,180,000 through Harbourline Real Estate. The vendors attempted to sell the house in 2011, listing it for 535 days with price expectations over $1.78 million before taking it off the market in March 2013. This year they had considerably better luck, with the home selling before auction. They purchased the home for $330,000 in 1988, and have advertised the property to renters for $1,300 per week. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-clovelly-117043807" target="_blank">13 Beach Street, Clovelly, NSW</a>
<img src="/images/2014/06/17/9.jpg" alt=""> This single storey brick home in Clovelly was sold through Raine &amp; Horne Bondi Junction for $2,013,000. The three bedroom house was purchased by the vendors eight years ago for $1,205,000.</li>
<li>
<a href="https://www.realestate.com.au/property-house-qld-minyama-116215119" target="_blank">8 Myoora Court, Minyama, QLD</a>
<img src="/images/2014/06/17/10.jpg" alt=""> The only Queensland home in the top 10 secured $2,000,000 for the vendors. It was sold through Elite Lifestyle Properties. The four bedroom, three bathroom luxury contemporary home with waterfront views has two kitchens and a pool.  </li>
</ol>
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jrichardson-uRX5hFdKfN

The top 10 sales of the week: RP Data

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A preliminary weighted average clearance rate of 66.6% was recorded this week across capital cities compared to 60.6% last week and 63.3% this time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Capital-city.jpg" target="_blank"><img class="aligncenter size-large wp-image-3366" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Capital-city-580x426.jpg" alt="RP Data national auction comments - Capital cities" width="580" height="426"></a>
Sydney has returned a result consistent with its performance over the year and Melbourne has seen a strong week with another 1,000 plus weekend and a clearance rate above trend.
In the Sydney market a preliminary clearance rate of 71.7% was recorded compared to 67.3% last week.
<img class="aligncenter size-large wp-image-3367" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Sydney-580x381.jpg" alt="RP Data national auction comments - Sydney" width="580" height="381">
In Melbourne there was a preliminary clearance rate of 69.6% recorded compared to 62.4% last week. The traditional winter slowdown is more akin to the spring market in some recent years.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Melbourne.jpg" target="_blank"><img class="aligncenter size-large wp-image-3368" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Melbourne-580x384.jpg" alt="RP Data auction comments - Melbourne" width="580" height="384"></a>
In Brisbane a preliminary clearance rate of 44.7% was recorded compared to 37.3% last week.
Adelaide recorded a clearance rate of 50% compared to 59.4% last week.
In Canberra a clearance rate of 42.9% was recorded and in Perth there was a clearance rate of 25%.
In Tasmania three homes sold from 14 auctions.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Brisbane.jpg" target="_blank"><img class="aligncenter size-large wp-image-3369" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Brisbane-580x381.jpg" alt="RP Data auction comments - Brisbane" width="580" height="381"> </a>
<a href="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Adelaide.jpg" target="_blank"><img class="aligncenter size-large wp-image-3370" src="https://blog.rpdata.com/wp-content/uploads/2014/06/20140615-Adelaide-580x387.jpg" alt="RP Data auction comments - Adelaide" width="580" height="387"></a>
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