A consolidated Whitehorse Road site previously approved for townhouses is being repositioned for apartment living, with new plans filed for a four-building residential scheme in Deepdene’s neighbourhood centre.

The proposal seeks to replace an earlier townhouse-led approval with a 76-apartment development across a 4,755 sqm site at <a href="https://www.apartments.com.au/new-apartments/18-30-whitehorse-road-blackburn-vic-3130">18–30 Whitehorse Road</a>.

Designed by <a href="https://www.apartments.com.au/architects/kerstin-thompson-architects">Kerstin Thompson Architects</a>, the project introduces a medium-density housing model comprising four separate buildings ranging from three to six storeys. The two central buildings reach six levels, while the outer buildings step down to three and four storeys, creating a graduated built form that responds to surrounding residential interfaces.

The development will deliver a mix of one-, two-, three- and four-bedroom apartments, positioning the project as a significant contributor to housing diversity in an area traditionally dominated by detached housing.

The planning report states the proposal “will deliver sustainable, high-amenity and high-quality housing in a location with excellent access to public transport, open space, services and amenities.”

<img alt="First Look: Plans lodged for four-building, 76-apartment ‘missing middle’ development in Deepdene" data-entity-type="file" data-entity-uuid="9e1596b8-58a0-4e89-9d5c-e1df90b1ab9f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/whitehourse%20da.png?VersionId=XIcpH2AFY3WjLXTiwouLLA7niYfdXPgK" />

The design adopts a pavilion-style arrangement set within a landscaped environment, described as “distinct built forms in a garden setting,” with an emphasis on separation between buildings and integration with the adjoining Anniversary Trail reserve. Communal open space, landscaped corridors, and pedestrian connections are central to the scheme, strengthening links between Whitehorse Road and the trail network to the west.

Sustainability performance is a key component, with the development targeting an average 8-star NatHERS rating. All apartments will achieve natural ventilation, with a significant proportion benefiting from cross-ventilation, reinforcing the project’s focus on liveability and environmental performance.

The proposal also incorporates ground-floor retail along Whitehorse Road, maintaining active street interface within the Commercial 1 Zone. Car parking is provided across basement levels, with a reduction sought in statutory visitor and retail parking requirements.

<img alt="First Look: Plans lodged for four-building, 76-apartment ‘missing middle’ development in Deepdene" data-entity-type="file" data-entity-uuid="eb9a3ad3-d2a0-49dc-b9d4-2e7f7dc9593e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site%20whitehorse.png?VersionId=eL_4rgAwLRN9T4kcClYe4isVyPD8FW7R" />

The project is being advanced under Victoria’s ‘Great Design Fast Track’ pathway, with eligibility confirmed and supporting advice received from both the Office of the Victorian Government Architect and Invest Victoria. This positions the development for streamlined assessment, reflecting its alignment with state housing and design objectives.

The site occupies a prominent position within the Deepdene Neighbourhood Centre, with a 56-metre frontage to Whitehorse Road and direct adjacency to the Anniversary Trail, a key pedestrian and cycling corridor. Tram services along Whitehorse Road connect the precinct to Box Hill and the CBD, while nearby parklands, including Deepdene Park and local sporting facilities, reinforce the area’s established amenity base.

The new plans mark a clear shift from the previously approved 25-townhouse scheme toward a higher-yield apartment outcome, aligning with broader policy directions encouraging ‘missing middle’ housing in established suburbs.

As noted in the planning report, the development “provides contextually appropriate infill housing… increasing the density and diversity of dwellings in Deepdene and Boroondara more broadly.”

Joel Robinson

Apartments planned for Deepdene's 'missing middle' on Whitehorse Road

<a href="https://www.apartments.com.au/developments/collingwood-vic-3066">Collingwood</a>’s northern edge continues to sharpen its reputation as one of Melbourne’s most compelling cultural precincts, where established creative institutions, leading hospitality, and independent fashion converge within a tightly held inner-city neighbourhood.

Set within this evolving pocket, <a href="https://www.apartments.com.au/new-apartments/derby-street-by-milieu-collingwood-4-derby-street-collingwood-vic-3066">Derby Street by Milieu</a> draws on a location that balances proximity to some of the inner north’s most influential destinations with the quieter, tree-lined character that defines the streets edging East Melbourne. Positioned just moments from both Smith and Gertrude Streets, the address sits on the periphery of Collingwood’s cultural core, offering immediate access without the intensity of its busiest frontages.&nbsp;

[smartcode_project:default project_id=145576 project_image_fid=355945]

Gertrude Street, in particular, anchors the area’s identity as a destination for Melbourne’s leading food, art and fashion. Within a short walk, venues such as Marion, Cutler &amp; Co, IDES and the Builders Arms Hotel define a tightly curated dining scene with enduring citywide appeal, complemented by a strong fashion and retail presence including Havn, Le Labo and a selection of independent boutiques.

Nearby, institutions such as the Australian Print Workshop and Collingwood Yards sustain a constant rhythm of exhibitions, performances and creative output, embedding art and culture into the everyday fabric of the neighbourhood.

Smith Street, running parallel, extends this offering with a broader mix of hospitality and nightlife, maintaining its status as one of Melbourne’s most active inner-urban strips.

Beyond these high-energy streets, the immediate surrounds shift in tone. Derby Street and its neighbouring blocks are defined by low-rise heritage terraces, mature trees and a settled residential character. Fitzroy Gardens and Carlton Gardens are both within walking distance, alongside the Royal Exhibition Building and Melbourne Museum, bringing together green space and cultural landmarks within minutes of home.

[smartcode_project:default project_id=145576 project_image_fid=355985]

Connectivity remains a key advantage. The CBD sits within easy reach, accessible by tram along Smith Street in around 20 minutes, while also remaining close enough to walk or cycle, supported by the inner north’s established bike network.&nbsp;

<a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a>’s long-standing connection to Collingwood underpins the project’s approach. With a portfolio that includes multiple nearby developments across Bedford, Peel and Napier Streets, the developer brings a sustained understanding of the area’s character and evolution. Derby Street continues this trajectory as a collaboration with award-winning Melbourne-based <a href="https://www.apartments.com.au/architects/studio-bright">Studio Bright</a>, marking the practice’s first multi-residential project in the inner north and reflecting a shared focus on design integrity and contextual response.&nbsp;

Balancing connection to the neighbourhood with a sense of seclusion and refuge, Derby Street by Milieu embodies a level of care and craft typically reserved for single residential projects. Comprising 22 residences across six storeys, with two to four-bedroom configurations priced from $1.15 million, the project is currently under construction with completion expected in late 2027.&nbsp;

[smartcode_project_cta:default project_id=145576]

Derby Street by Milieu, at the top end of Collingwood

A rare new apartment development in the Blue Mountains is the latest in a string of State Significant Development Applications submitted through the New South Wales Government's Housing Delivery Authority.

A total of 270 apartments are being proposed for the 1.16-hectare site at <a href="https://www.apartments.com.au/new-apartments/blue-mountains-alpine-retreat-142-150-narrow-neck-road-katoomba-nsw-2780">142–150 Narrow Neck Road in Katoomba</a>, a parcel of land adjoining the former Katoomba Golf Course. The site was acquired for $3.85 million in 2021 by private developer VDM Prime.

The apartments, comprising a mix of serviced apartments, affordable housing, and traditional build-to-sell product, will be spread across eight low-rise buildings, along with a separate building for a new restaurant, arranged around a green spine that leads to a central park.

<img alt="Katoomba" data-entity-type="file" data-entity-uuid="ee9a2072-f465-44f1-9076-80c9c8ecca02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-22%20at%209.20.21%E2%80%AFAM.png?VersionId=4bT0vQ7j_syl65wcrJmHGm3m5pTvwrY_" />

The Urban Design Report by Atlas Urban says the vision is to create a "contemporary mountain precinct that is responsive to its escarpment landscape, heritage character, and community context."

"The development responds to the current housing supply and affordability challenges identified under the NSW Housing Delivery Authority (HDA), providing a balanced mix of standard, affordable, and short-stay accommodation," the report noted.

"By introducing a variety of dwelling types and tenures, the proposal supports intergenerational living, local workforce retention, and greater housing choice within an area constrained by topography, heritage, and environmental protections."

Of the 270 units proposed, 52 will be serviced apartments. The remainder will comprise 54 studios, 121 one-bedroom units, 39 two-bedroom apartments, and four three- to four-bedroom residences.

<img alt="Katoomba" data-entity-type="file" data-entity-uuid="f704508d-1bdf-4170-955d-0256652402a7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-22%20at%209.56.49%E2%80%AFAM.png?VersionId=TzarHMO4gTOsblCqsbJQkvMqWj9nu2Au" />

The Design Report, by VDM Prime and appointed architect Antoniades Architects, noted that the design seeks to "provide a built form outcome that is highly considered, respectful and contextually fitting, whilst contributing positively to an evolving precinct."

"The site offers three frontages and the opportunity to provide a meaningful interface with the public domain environment. the design has a sympathetic response to streetscape and the green open space that surrounds the site."

The report states that the buildings are broken up to establish an appropriate bulk and scale, emphasised through height and setback strategies and defined through articulation that supports the transition of precinct granularity. It also notes that a central communal open space is established through the site to enhance the social dynamic and access to amenity, including natural ventilation and light to the apartments. The east and west frontages receive solar access during the morning and afternoon, whilst maximising views to the green open space.

The site adjoins the recently completed Yarrabee Katoomba development, comprising 24 duplexes that were completed last year and sold through McGrath Projects.

The relatively new Housing Delivery Authority pathway established by the NSW Government allows developers to submit State Significant Development Applications through a fast-tracked state process, effectively reducing reliance on local council approval pathways and aiming to accelerate housing delivery across New South Wales.

First look: Nearly 300 apartments pitched on former Katoomba golf course site

In Melbourne’s established inner east, the qualities that define a traditional house, width, height, and access to open ground, are increasingly difficult to replicate in new residential developments. Larger landholdings are scarce, and with them, the ability to create apartments that extend beyond compact, internalised layouts.&nbsp;

In <a href="https://www.apartments.com.au/developments/kew-vic-3101">Kew</a>, where the residential fabric is shaped by generous setbacks and mature tree canopies, that tension is especially visible.

<a href="https://www.apartments.com.au/developers/ricdanic-investments-pty-ltd">Ricdanic</a>&nbsp;is bringing forward a boutique collection of just 13 residences across two buildings at 9–11 Wimba Avenue, Kew. Comprising six homes at No.9 and seven at No.11, the project sits on a quiet, tree-lined street just off Cotham Road.&nbsp;

Each apartment has been planned with a level of independence more commonly associated with standalone dwellings, balancing privacy with the efficiencies of apartment living.

Architect Chris Idle, who has been practising for over two decades, says projects like this don’t come along often.

“There are very few opportunities to do these kinds of developments in leafy, established suburbs,” he explains. “To get this level of amenity, natural light, and architectural freedom in such a setting is extremely rare.”

[smartcode_project:default project_id=140755 project_image_fid=366267]

The internal planning begins with width. Living areas extend beyond five metres, allowing furniture, circulation, and glazing to sit comfortably within the same zone without compression. Ceiling heights shift from three metres through to five metres in select areas, changing the sense of scale as you move through the apartment. These proportions are paired with double-glazed windows and fully electric systems, balancing volume with performance, supported by a 7.2 NatHERS energy rating.&nbsp;

From the main living space, the apartments open directly outward. Large sliding doors connect to private gardens averaging 125 square metres, with some residences also incorporating balconies of around 60 square metres. Rather than acting as secondary outdoor zones, these areas sit flush with the internal floor level, extending the usable footprint of the home and allowing for multiple modes of use, whether for quiet daily routines or larger gatherings.&nbsp;

The landscape, led by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>, reinforces this relationship. Across the site, 23 different plant species have been introduced, including a mix of native and established varieties, arranged to maintain privacy while preserving sightlines and light access. Gardens are not treated as decorative buffers but as functional extensions of the apartments, shaped to accommodate movement, seating, and informal use over time.&nbsp;

[smartcode_project:default project_id=140755 project_image_fid=366265]

Architecturally, the project draws from Kew’s historic residential language. Handmade bricks by Krause define the exterior, grounding the buildings within the material palette of the suburb, while interior finishes, stone, timber flooring, and restrained detailing, continue this approach internally. Architect Chris Idle describes the intent as long-term rather than stylistic: “We wanted it to feel timeless.”&nbsp;

This emphasis on durability extends to how the buildings are accessed and secured. Entry is managed through keyless systems, with a double-gated basement incorporating number plate recognition for vehicle access. Each residence is paired with a private lock-up garage accommodating two to three cars, alongside storage, while all entry points are monitored continuously. These measures sit alongside EV readiness and fully electric infrastructure, aligning the project’s operational systems with its long-term design outlook.&nbsp;

The setting remains central to how the development is experienced. Located within walking distance of Kew Junction and close to established schools including Carey Grammar and Xavier College, the address benefits from existing infrastructure while maintaining a residential quietness that is increasingly difficult to find at this scale.&nbsp;

Construction is being delivered by <a href="https://www.apartments.com.au/builders/sinjen">Sinjen</a>, with a 10-year structural guarantee, with completion targeted for mid-2027.

[smartcode_project_cta:default project_id=140755]

Inside Wimba Ave, Kew’s garden-scale residences designed for space and permanence

High-end Sydney developer&nbsp;<a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a> has secured approval for one of its latest Mosman projects, one of the first developments approved by Mosman Council under the NSW Government’s Low and Mid-Rise Housing Policy.

The approval represents an important step in delivering well-considered housing next to established village locations on Sydney’s Lower North Shore, in line with the intent of the Low and Mid-Rise zoning framework. 
&nbsp; 
There are currently 13 other sites lodged within Mosman Council under the policy, with <a href="https://www.apartments.com.au/new-apartments/27-29-heydon-street-mosman-nsw-2088">Heydon Street</a> among the first to receive development consent. 
&nbsp; 
Abadeen Founder and Executive Chairman Justin Brown said the project reflects a considered and appropriate response to its planning context. 
&nbsp; 
“This approval demonstrates how carefully considered, design-led development can align with the objectives of the Low and Mid-Rise Housing Policy," Brown said.

"The scheme has been designed to respond sensitively to its village setting, with a built form, scale and level of amenity appropriate to its local context. The determination reflects a balanced and considered planning outcome, with Council recognising the capacity for this site to accommodate additional housing within a well-located and established precinct.”

<img alt="Abadeen secures first approval under low and mid-rise housing policy for Heydon Street, Mosman" data-entity-type="file" data-entity-uuid="92811ce3-02e8-44fc-996e-c61ae039bd3e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Heydon%20Street%20Aerial.jpg?VersionId=ZHJVuWQT64QcdrFJx963pFWFzTX7lI2I" />

The Heydon Street approval followed extensive consultation with Mosman Council, with Abadeen working closely with Council throughout the assessment process.

The approved scheme comprises 27 residences, with only four per floor, creating a low-density living environment. The building will include four half-floor penthouses designed to capture views across Middle Harbour, Sydney Harbour and the surrounding district.&nbsp;

The project is expected to appeal to downsizers and owner-occupiers seeking house-like proportions, privacy and local convenience. There will be north-facing Middle Harbour views from the second level upward. It is also just a flat 100-metre walk to Bridgepoint Shopping Centre, which will appeal to owner-occupiers and in particular downsizers.

Two-bedroom residences are expected to be priced from $1.99 million when sales launch later this year. 
&nbsp; 
Joe Tack, CEO at Abadeen, said the outcome reflects both the quality of the site and the broader need for well-located housing. 
&nbsp; 
“This is a highly considered site within a highly established local setting, offering elevated views and strong connectivity. The project has been designed to respond to that context, delivering a scale and quality of housing aligned with both the planning framework and evolving market demand.” 
&nbsp; 
“This approval is particularly significant in the context of Mosman, where new housing supply has historically been limited. While it represents the first approval of this scale in Mosman to be achieved in over 50 years, it is importantly located within a well-established residential location, in close proximity to the established commercial amenity of Spit Road and Mosman Village. It reflects strong confidence in Abadeen’s approach to design, delivery and community integration, while contributing to the delivery of much-needed housing in a highly constrained market.”

Abadeen has an established track record across Sydney’s Lower North Shore, with recent completions including KOYO in Crows Nest and ENSO in Neutral Bay.

In Mosman, Abadeen recently completed The Hampden, with Mosman Residences on the corner of Spit Road and Clifford Street scheduled for completion later this year. Construction has also commenced at Burran Residences, comprising three full-floor ultra-premium homes positioned just 50 metres from Balmoral Beach, with residences expected to achieve prices in excess of $20 million. Two further projects are also progressing through planning within the local government area.

Abadeen secures first approval under low and mid-rise housing policy for Heydon Street, Mosman apartment development

Commissions

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The Treasurer has given mortgage brokers respite on a plan to ban trailing commissions by 2020, opting instead for a 2022 review.
Mortgage Choice chief Susan Mitchell has welcomed the Government’s decision today to maintain trail commissions on new loans. In his statement today the Treasurer, Josh Frydenberg, said abolition of trail won’t proceed in 2020 because the government is concerned about the adverse effect on competition in mortgage lending market. 
He also conceded that abolishing trail would be “a free kick to the banks”. The government will review trailing commissions in three years’ time, as well as the feasibility of continuing upfront commission payments. 
The review will be conducted by the Council of Financial Regulators and the Australian Competition and Consumer Commission (ACCC). Treasurer Frydenberg acknowledged that mortgage brokers and small lenders are “absolutely critical in the mortgage lending market”. 
The Finance Brokers Association of Australia (FBAA) has cautiously welcomed a decision by the Federal Government to backflip on its commitment to abolish trail commissions, which was one of the recommendations of the Hayne report from the banking royal commission.
FBAA managing director Peter White said it was a step in the right direction.
“I applaud the announcement by treasurer Josh Frydenberg but it won’t end our efforts to see the correct polices in place to protect consumers from the greed of the big four banks.
“The Coalition’s announcement to keep trail commissions has been delivered in a pre-election environment so uncertainty remains about how exactly this will work after the election.”
Mr White said the announcement confirms how out of touch Commissioner Hayne is and calls into question the findings of the royal commission.
“Hayne simply didn’t get it but it’s now the case that both sides of politics are now very clear on the importance of mortgage brokers.
“Both the Coalition and Labor recognise that the recommendations of the royal commission would in fact hand power back to the big four banks, which is an absurd result,” White said.
“Australia’s 17,000 mortgage brokers will applaud the Government’s common sense decision to keep trail commissions," Mitchell said.
ASIC’s 2017 Review of Mortgage Broking Remuneration Report did not identify trail commissions as directly leading to poor consumer outcomes, nor recommend the removal of trail commissions. “The figures speak for themselves. The latest data shows that 59.1% of home loans originate through the mortgage broking channel, yet Australian Financial Complaints Authority (AFCA) data for the month of November 2018 revealed that of 6,522 complaints against financial service providers,  only 29 related to mortgage brokers. This is less than half of one percent of reported complaints.”
Mortgage Choice's residential settlement figures show that in the past two years the big four banks have lost 10% of market share to smaller lenders. 
AFG chief David Bailey welcomed the Government's "considered approach and urge the Labor Party to adopt this sensible policy heading into the election."
"It's important that our industry not be a political football heading into an election so that the 26,000 small businesses, their families and, importantly, their customers have certainty about the future of the sector," he said.
 
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j.ballantyne1990-6AQqhLzZaK

Mortgage brokers to keep getting trailing commissions until at least 2022 under Coalition 

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Purplebricks Australia chief executive Ryan Dinsdale has quit the struggling estate agency after just two-and-a-half years.
The departure was reportedly by "mutual agreement," Fairfax Media advised.
<div class="cq-article-content-paras section">
Dinsdale (below) said he was "incredibly proud" of leading the Purplebricks brand over the past two-and-a-half years.
"The business has successfully disrupted the real estate industry in Australia, with over 4000 homes sold and saving sellers more than $45 million in traditional fees," he said.
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<div class="cq-article-content-media section">"I felt the time was right to pursue another venture," he said.</div>
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<div class="cq-article-content-media section"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/20/dinsdale.jpg" alt=""></div>
Earlier this year Purplebricks appointed of Neil Tavender to the role of chief operating officer in its struggling Australian outpost.
It is understood Tavender will replace him as CEO.
Purplebricks have advised agents Dinsdale "will leave the business to pursue new opportunities" but would support a period of transition until next March at the latest.
Other recent departs include chief financial officer Brad Rom who quit earlier this month to join the community healthcare group, Mable. The departures comes after leaked documents showed that <a href="/news/low-commission-model-under-scrutiny-as-purplebricks-defectors-leak-internal-sales-documents">NSW agents were departing after struggling to get vendors to sign up</a> despite the low commission policy.
The constant staff shuffle, and extraordinary media mismanagement, came as Purplebricks' struggled with dreadful headlines generated by aggrieved former staff claiming the startup was like a "sweatshop."
The non-traditional estate agency market is virtually non-existent in Australia, but Ryan Dinsdale said: “We would look to replicate our UK market share success in Australia.”
Dinsdale has hoped to recruit “high quality Australian estate agents with local expertise who may feel disenfranchised or disillusioned”.
Dinsdale did not have an estate agency background, but held various marketing roles, including being marketing director for Virgin Money Australia. He joined the British hybrid agency from CommSec.
“We are changing the way Australians sell real estate, giving them the best experience through incredible service and saving them thousands of dollars along the way.
“Purplebricks has been a huge success in the UK and we believe it is exactly what the Australian public have been waiting for,” he suggested in his early days in the post.
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The vacant role of national sales manager has now been filled by Sean Green who brings 20 years industry experience, most recently with LJ Hooker in its corporate office. Prior to this, Mr Green was with Century 21 and Raine &amp; Horne.
Since October, Purplebricks Australia has hired an additional 55 new agents and expect agent numbers to grow further before the end of the year.
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Neil Tavender in as Purplebricks Australia chief executive Ryan Dinsdale departs low commisery estate agency

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Purplebricks is set to amend its offering in Australia so that half of the commission fees will be payable on sale, rather than all on signup.
Purplebricks Global COO Neil Tavender said the changes were a natural evolution of a business.
They have however raised their commission again, progressively from its initial flat cost of $4500.
Purplebricks has sold over 4,000 homes since its launch.
Kenny Bruce, its co-founder, toured Australia to speak with their listing agents.
“For customers, our new offering reduces exposure when a home isn’t sold whilst still offering a flat fee that side-steps large com
The new structures sees:
• An all-inclusive fee of $8,800 incl. GST when selling with Purplebricks. If the property goes to auction, an additional fee of $600 incl. GST is incurred by the customer.
• Only half of this fee is paid on listing ($4,400 incl. GST), although every customer can choose to defer this payment for six months or until settlement.
• The remainder of the fee is only payable when the home is sold following settlement.
• Access to a best-in-class marketing package that now includes ‘premiere’ listing on realestate.com.au, the cost of which would normally be paid by the seller and range between $1000 and $4000. This is coupled with professional photography, floor-plan, for sale board and other marketing and advertising as part of the overall package.
As part of the changes, Purplebricks agents will have the opportunity to more than double their income per listing, receiving an additional payment on the successful closure of the sale of the home.
“Our agents will continue to be highly motivated to achieve strong sale results and have the bandwidth to provide the highest level of service as we expand our footprint across the nation.”
“An entrepreneurial franchising model has always been at the heart of our business and is what has facilitated tremendous growth for Purplebricks across the globe." Tavender said.
Purplebricks Australia will honour terms and conditions in all existing contracts.
The offering will be in implemented from 1 October.
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Purplebricks evolves its offering in Australia so not all commission upfront 

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An explosive commission battle between two top Toorak estate agents has gone public despite the REIV's attempt to deal with the dispute between its members on a confidential basis.
The battle is over the $140,000 commission entitlement following the $14 million sale of a Toorak penthouse.
RT Edgar agent Oliver Booth has reportedly filed the complaint against Marshall White agent Marcus Chiminello.
They both claim to have introduced the same undisclosed buyer.
The “notification of complaint” was reported by the Sunday Herald Sun.
Chiminello says the buyer approached him.
“At the end of the day I’ve done nothing untoward," he told the paper.
"We were reappointed to sell the property and we facilitated a deal.”
Booth had taken a buyer through the property four times and secured an offer in writing of $14 million, including the furniture.
But Chiminello sold it to the same buyer just days later.
The vendor authority for an exclusive agreement had reportedly been with Booth who then encountered difficulty in contracting the vendor as the Chiminello sale approached.
The Orchard Piper development even had celebrity US agents the Altman Brothers lending their name to the property's marketing.
One source said the REIV would not be happy with the disputes between members leaking out as it seems the leading agents were working on just one percent commission.
The $14 million sale price reported by the Herald Sun varies with the press release advisory <a href="/news/washington-street-toorak-penthouse-sold-for-16-million-plus">which indicated it was $16 million plus</a>, albeit without any advisory of any property and furniture allocation.
"Marshall White agent Marcus Chiminello sold the penthouse of 29 Washington Street, Toorak last week in an off market sale for a price that was nearly double the previous record of $8.2 million," the national media was advised.
 
 
 
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jchancellor-FAypfDUnLy

Battle between estate agents Oliver Booth and Marcus Chiminello goes public over $140,000 Toorak penthouse commission

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Purplebricks has appointed of Neil Tavender to the role of chief operating officer in its struggling Australian outpost.
Tavender is a former sales director at UK-based listings portal Rightmove, before he worked as commercial property director at propertyfinder.com.
“Neil Tavender has been appointed to the new position of group COO of Purplebricks to support the growth of the business," a spokesperson said.
"Neil has a wealth of real estate knowledge, combined with many years of Australian board-level sales, marketing and digital experience."
Mr Tavender was granted share options worth approximately $2.5 million on his appointment.
His appointment followed the recent departure of New South Wales-based Brent May, its national sales director.
May had joined "well positioned to draw on his 25 years of real estate experience."
"There is no doubt in my mind that Purplebricks is the smart way to sell property," May had suggested when he was at the low commission agency.
Leaked documents obtained by the AFR earlier this year showed that <a href="/news/low-commission-model-under-scrutiny-as-purplebricks-defectors-leak-internal-sales-documents">NSW agents were struggling to get vendors to sign up</a> despite the low commission policy.
Industry leader Hayden Groves says Purplebricks <a href="/news/purplebricks-arent-offering-proper-agents-hayden-groves">aren't offering proper real estate agents.</a>
The staff shuffle comes as Purplebricks' struggles continue to capture dreadful headlines from aggrieved former staff.
Its numbers have dipped to 90 from its 105 high late last year with many agents quitting because they could not make a living. Jason van Straalen, a former agent at Purplebricks in Australia, is the latest to have claimed the hybrid model will not work in a declining market.
van Straalen has said that he quit after earning less than half of what he was told he would earn.
He has also accused Purplebricks of a bullying culture, as agents struggled to reach targets.
He says he worked 80-hour weeks and secured 67 listings in 13 months, but only managed to sell 20.
van Straalen talked to the Australian Financial Review, which ran the interview originally under the headline: “Inside the Purplebricks sweatshop: former agent accuses it of toxic culture”.
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He also suggested that share options promised after six months did not materialise.
The UK-based Property Industry EYE website has noted the Purplebricks Australian boss Ryan Dinsdale emailed his team alleging that the recent Financial Review story gave it no opportunity to respond.
It was something that EYE did although Purplebricks did not take them up on the invitation.
“You may have seen that the AFR have published another article today," Dinsdale says in his email.
"Despite having a right to respond to such content we were sadly not given any opportunity by the AFR and the article was printed without any balanced, factual comment from Purplebricks.
"We have asked the AFR what their agenda is and why we were not respectfully given the opportunity to respond to this one-sided story.
“In any event, what is clear to me is this article simply highlights that there are a small number of former agents who don’t share our values as a business.”
An earlier email, dated June, from Dinsdale referring to another Financial Review story told staff that selling more than 3,500 homes in Australia indicate the agents were "excelling – this tells us we have a long term future in this market and we are a popular proposition amongst sellers and agents."
“To suggest that traditional agent models are better suited to a slowing market shows a lack of understanding of how Purplebricks works,” Dinsdale added.
van Straalen has now set up his own fixed-fee agency JVS Real Estate.
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Purplebricks lashes out at negative Australia media reporting as unhappy agents keep departing 

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The Australian division of Purplebricks has reported an EBITDA loss of £11.8 million ($21.1 million), but with average revenue per listing instruction being up 22% to £3,170 it expects to reach monthly profitability within 12 months.
The group says it was seeing a "seachange" in consumer acceptance.
It has have now facilitated the sale and completion of over $2.1 bn of properties in Australia, $1.76bn of which was in the latest financial year.
There were 4544 listings in the financial year.
The loss was bigger than expected, but the group surprised with fewer agents, that they call local property experts.
"We now expect that Australia will reach monthly profitability within 12 months," the company chairman Paul Pindar advised.
The disruptor claims to have saved Australian's over $36 million in traditional agents commission all the time <a href="/news/low-commission-model-under-scrutiny-as-purplebricks-defectors-leak-internal-sales-documents">meeting critical headwinds</a> from within and long established rivals.
"Our business in Australia continues to grow, having only recently completed its first full year in the five key target states.   
"We believe we can create a strong, market leading, profitable business in Australia and will continue to invest in growing our market share," Pindar advised.
The disruptor reported its Australian revenues rose 285% to £13.5 million ($24.1 million) in the year to April.
"Whilst the markets in the UK and Australia have been and continue to be challenging for the industry, with overall transaction volume and sentiment down year on year, we have managed to gain market share, increase revenues and grow customer engagement in all three countries in which we operate," its chief executive Michael Bruce noted. 
"We have made the progress we expected in Australia during this financial year. 
"Revenue has increased by 285% year on year to £13.5m ($24m) and the average revenue run rate has increased by 137%.  
"Average revenue per instruction has increased by 22% to £3,170 ($5680).  
The number of agents sat at 90 although there was a change in strategy during the year to introduce sales associates with a view to increasing the productivity of the lead agents.
A total of 88 sales associates have been recruited.
"Whilst the Australian market overall is challenging for the industry there remains a big opportunity for Purplebricks to capitalise on the significant sea-change in consumer thinking, as they move away from high cost traditional estate agency to saving thousands of dollars and getting great service with Purplebricks. 
"We are investing more in advertising, technology and the advancement of our service in Australia to grow our market share," Bruce said.
Its establishment investment as at 30 April 2018 came to a total of £19.3m ($34.5m) invested by the group in Australia.
Adjusted operating costs increased from £3.9m to £6.7m (70.7%) as the scale of operations increased. 
The loss from operating activities includes the charge of £0.6m (2017: Nil) arising from grant of share options to incentivise and retain Australian employees and agents. 
Marketing costs increased from £3.8m to £11.4m as the business invested in growing market share. 
"This increase of 198.4% compares favourably to the increase in revenue," the accounts noted.
Last December the UK disruptor reported some $1.1 billion of residential real estate – around 2200 homes – had been sold in its first 14 months of operations in Australia.
Australian interim losses more than doubled to £5.1 million as the company ramped up its marketing budget.
The company disclosed as part of its latest interim results that revenue from its Australian business surged to £6.8 million ($11.9 million) for the six months ended October 31.
It was up from £400,000 in the prior corresponding period, when it had only been trading for two months.
Its full-year revenue was forecast to hit £12 million. Its first results were announced <a href="/news/purplebricks-reports-10-million-losses-in-australia">last June</a>.
It suggested the percentage market share in Australia as at last October was higher than UK after first anniversary.
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It had 105 local property experts across five states. 
"We are fast building a brand, with unprompted brand awareness reaching 10%, a level which it took the UK two years to reach. 
"Our aim is to replicate the success that Purplebricks is having in the UK," he advised.
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The five states were New South Wales, Victoria, <a href="/news/queensland-ranks-as-purplebricks-listing-heartland">Queensland</a>, South Australia and Western Australia.
As at last December Purplebricks charged a flat sales fee of £2,708 ($4,500AUD) everywhere other than New South Wales where it charged £3,309 ($5,500 AUD) which includes professional photography, marketing and advertising on platforms Domain.com.au and RealEstate.com.au, as well as the Purplebricks Australia website. 
Given the role of auctions in the Australian property market, Purplebricks offers an additional auction facility with a top-up fee, which includes an auctioneer and all viewings held by a local agent or their experienced viewing assistant.
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Purplebricks Australia sees profitability within next year

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Queensland is the hotspot for the low commission estate agency Purplebricks, according to internal documents.
Some 40 percent of early June's listings came from Queensland.
It represented 71 fresh listings.
There were 42 new listings in NSW and 36 in Victoria.
WA had 16 and SA had 11, giving a national tally of 176 fresh listings.
The tally covered the period from June 1 -18 this year.
The tally represented just 27 percent of the target listings.
Internal reports obtained by The Australian Financial Review also showed sales numbers totalled 125 out of a target of 423.
The newspaper noted more than half way through June, 23 out of 85 agents had yet to secure a single listing, while 15 agents had secured just one listing and 17 agents two listings.
The numbers indicate how tough it was for many agents to earn a living and why many are quitting the disruptor, according to the newspaper in its fifth hatchet job article on the low cost agency so far this month.
The newspaper initially lauded the disruptor in its initial post-launch coverage.
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Purplebricks Australia CEO Ryan Dinsdale sent an email to all staff last week telling them they should "not to be distracted by criticism from those that seek to undermine us".
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<div>"Instead, have courage and take pride in the fact that we are doing something special and building great businesses together," Mr Dinsdale said.</div>
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<div>It has also faced a <a href="/news/purplebricks-arent-offering-proper-agents-hayden-groves">sustained critical campaign</a> for real estate institute leaders who have claimed they didn't offer "proper estate agents" and <a href="/news/no-motivation-for-best-result-as-reinsw-slams-upfront-fee-disruptive-agencies">didn't seek top price results</a>.</div>
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<a href="/news/low-commission-model-under-scrutiny-as-purplebricks-defectors-leak-internal-sales-documents">The Purplebricks low commission model</a> is premised on Australian agents being expected to list 10 properties a month by converting 40 per cent of appraisals.</div>
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Queensland ranks as Purplebricks listing heartland

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The Purplebricks low commission model - where Australian agents are expected to list 10 properties a month by converting 40 per cent of appraisals - has faced yet another hostile expose in The Australian Financial Review.
It was the fourth article in the past week by the paper which once lauded the Purplebricks model, which has the slogan, Full service. No commission. One fair fee: The most convenient and transparent way to sell a house.
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Purplebricks has certainly faced a exodus of its agents for various reasons.
Its most high profile agency listing came last December with the Vaucluse offering by socialite Lizzie Buttrose through estate agent Dean Emerson who also had the House Rules listing in Rosebery.
Emerson, now at Coastline Realty, was a Puplebricks territory owner between January 2017 and April this year. His new agency profile says his net turnover in the last 18 months saw over 40 properties sold for in excess of $60 million.
The newspaper concluded it was getting harder for most Purplebricks' suburban agents to convince vendors to sign up, despite the commission savings.
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Internal sales documents obtained by The Australian Financial Review covering the first two weeks of June highlighted underperformance by its NSW agents.
The documents indicated that 27 NSW Purplebricks agents secured a combined 26 listings.
Their NSW agents were converting around 20 per cent of the 123 home appraisals they conducted over the fortnight.
The conversion rate was down from 28 per cent of appraisals converted during February, March and April.
Its top agent over the fortnight had converted four out 10 leads.
Among the 27 NSW agents, nine were struggling to secure a listing in early June.
Some six agents secured two or more listings.
Agents who earn $1000 per instruction – with the remaining near $5000 of the upfront fee going to Purplebricks – require a high volume of listings to make a living.
The paper reported the Purplebricks agents with a backlog of unsold listings were having their capacity to list more "turned off" by head office, preventing them from earning income.
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<div>
The company provides some financial assistance in these instances, but at the discretion of Purplebricks.
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<div>Today Purplebricks defended the model and its culture amid claims of "toxic work environment" after current and former agents told the AFR they had been "bullied, threatened and undermined."<a href="https://www.afr.com/real-estate/residential/26-listings-for-27-agents-purplebricks-agents-struggle-to-win-new-listings-20180621-h11nzt"> </a>
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"Purplebricks rejects the serious allegation of a bullying culture," a Purplebricks spokesperson said after former Purplebricks Newcastle agent Steven Bashford claimed anyone who achieved success "gets chopped back".
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<div>
"It's appalling how they treat agents. Their behaviour is bullying," he said.
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<div>Bashford claimed Purplebricks' head office would call his vendors to "draw out any complaints" against him. Purplebricks can claw back money from agents if a customer complained.</div>
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Former northern Sydney agent Richard Mirosevich, who sold 41 properties in seven months after a 100 per cent conversion rate of appraisals to listings, has claimed he was fired.
"I was getting great results then they sacked me without notice because I was getting too big.
"They took over my area and replaced me with three to four other people," he said.
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<div>
Purplebricks' spokesman rejected these allegations.
"We work in partnership with our agents and are committed to investing resources to support them in changing market conditions."
Last week, the Financial Review revealed 27 agents had left the company since March with overall numbers falling to 88 from the 105 reported late last year.
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</div>
<div>
Purplebricks Australia CEO Ryan Dinsdale sent an email to all staff last week telling them they should "not to be distracted by criticism from those that seek to undermine us".
</div>
<div>"Instead, have courage and take pride in the fact that we are doing something special and building great businesses together," Mr Dinsdale said.</div>
<div> </div>
<div>It has also faced a sustained critical campaign for real estate institute leaders who have claimed they didn't offer "proper estate agents" and didn't seek top price results.</div>
<div> </div>
<div>PRDnationwide released research claiming customers got a better result when they pay the full real estate commission rates.</div>
<div> </div>
<div>There was negative press when Purplebricks was fined $20,000 fine by the Queensland Office of Fair Trading over misleading customers about how it charges its fixed fees in agreements with clients.</div>
The newspaper claimed "broke" real estate agents were quitting the British based disrupter "in droves" as the fixed-fee agency's low-margin, high-turnover business struggles to achieve enough sales amid a slowing Australian housing market.
The Purplebricks territory owners (franchisees) and agents said the envisaged $100,000 to $180,000-a-year salaries had failed to materialise.
Internal sales figures show that 15 agents undertook a combined 768 home appraisals between February and April, securing 189 listings between them
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<div>
While two of these agents have 72 instructions between them, the remaining agents have won between zero and 18 new listings each over the three-month period.
"The concept is brilliant, but the business model is wrong for Australia," said former Purplebricks Newcastle agent Steve Bashford, who quit in May.
"There is a big difference between what they promised us and what we achieved."
Other current agents and franchisees, who asked not to be named, made similar observations.
</div>
<div>
"There's no money in it. The business model is flawed," said a current franchisee.
"I've sold 50 properties in 18 months and I'm broke," another nameless agent who recently quit told the AFR.
</div>
<div>Apart from the $1000 instruction fee, agents can earn additional fees if a customer arranges a Purplebricks home viewing or signs up for a mortgage with one of its partners.</div>
<div> </div>
<div>The Purplebricks are the only agents facing income challenges.</div>
<div> </div>
<div>The REI says the bottom 50 percent of agents nationally sell less than two properties to earn less than $30,000 annually.</div>
<div> </div>
<div>It is a far more competitive industry with NSW sales volume down 16 percent last year with agent numbers up by 20 percent.</div>
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<div>
Since launching in September 2016, Purplebricks has secured more than 5200 listings and sold more than 3600 homes. On selling 3,500 properties its suggested it had saved home sellers over $38 million in traditional commission.
</div>
<div> </div>
<div>It currently has 1500 properties for sale. Purplebricks recently raised its fees - raising the price in Victoria, for example, to $5999 from $4500. </div>
<div>
Its UK headquarters reported a £5.1 million loss from its heavily marketed Australian business for the six months to the end of October 2017. 
</div>
<div>
Purplebricks Australia CEO Ryan Dinsdale recently told the Financial Review more than 80 per cent of agents were earning a "good income".
"It's a new model in Australia with a new way of doing things so it won't suit everyone," Mr Dinsdale said.
"We are really pleased with how the business in Australia is going."
He confirmed franchisees and agents sometimes had to contribute to the cost of customer refunds because there was a "shared responsibility to provide exceptional service".
He also confirmed that Purplebricks had in "rare circumstances" stopped providing new appraisals to territory owners if they had a lot of unsold properties.
In an analyst piece in 2016 UBS's Mark Fielding and Heidi Richardson estimated that a UK Purplebricks agent needed to sell 12 times as many properties as a typical sales agent to achieve salary levels claimed by Purplebricks.
It has a $20 million Avoid Commissery marketing budget in Australia which has included a partnership with the renovation show House Rules on Channel Seven.  
</div>
<div>
<div>
Equities analysts at Jefferies, Anthony Codling and Sam Cullen raised concerns that the model rewards listings over sales.
Being listed in the UK, the AFR reports have generated huge interest from the UK property press with a Purplebricks spokesperson indicating the Australian agency had hired 18 agents in the last two months.
“The net number of agents in the field in Australia is unchanged from March, despite some churn.
“We are winning market share in a declining housing market.
“Our growth allows us to continue to recruit while many traditional operators are making substantial redundancies.”
The spokesperson also said that the Australian Purplebricks business was set to at least meet full-year expectations.
“Market expectations are for year-on-year revenue growth in Australia of 250 percent," the spokesperson advised.
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Low commission model under scrutiny as Purplebricks defectors leak internal sales documents 

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Lawyers acting for Victorian vendors have successfully argued in the County Court that an estate agent was not entitled to the commission payment because the Exclusive Sales Authority (ESA) form used "did not comply" with the Estate Agents Act.
In August 2017 the County Court of Victoria found that a Consumer Affairs approved rebate statement did not comply with the Act as it did not contain each and every word of the prescribed warning.  Last month, a year later, the Supreme Court of Victoria – Court of Appeal upheld the decision of the County Court of Victoria.
<div>
The case involved a Ray White St Albans agent who had unsuccessfully sued the vendors for a $385,000 commission payment following the $8.8 million sale in 2016 of a six-hectare industrial site at 382 Greens Road in Keysborough.
<div>
The ruling opens the possibility of claims by unhappy vendors against estate agents who used a non-compliant ESA form which were supplied by the Real Estate Institute of Victoria (REIV) where the commission has yet to be paid.
<div>
The industry body, which represents around 5000 estate agents in Victoria, sold the ESA forms as a legally binding vendor contract giving the agent the authority to sell a vendor's home and be paid commission and any other outgoings including marketing and advertising costs.
Two versions of the contract were available for agents to buy from the REIV. The longer version with the full wording of the rebate statement as stated in section 49A of the act, whereas the shorter version did not.
The REIV's ESA form included an altered statement on rebates that was approved by state's consumer watchdog, but it was different from the exact wording of the Estate Agents Act
The form, which was amended around six years ago, did not comply with section 49A of the Act.
The issue erupted last week on the Lexology website where lawyers at <a href="https://www.lexology.com/library/detail.aspx?g=cd8c102a-e9eb-4b79-8cf7-f787a5084ed9" target="_blank">Logie-Smith Lanyon</a> noted it was "now incumbent upon the Victorian Parliament to immediately provide a legislative solution to rectify an obvious administrative error in the Consumer Affairs forms."
They noted while a legislative solution had been mooted, it is yet to be put before the Victorian Parliament.
</div>
<div>
The REIV chief executive Gil King said in a statement provided to Fairfax Media that "upon being made aware of the issue late last year, the REIV took immediate steps to ensure all authorities were compliant."
"At this stage, the extent of the issue is not clear," Mr King noted. 
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It has emerged there is one case where Amy Sheggerud-Woods, a partner at Marsh &amp; Maher Lawyers, is acting for an estate agent in proceedings involving the agent's entitlement to commission.
"Not only will the Supreme Court decision have far-reaching consequences for real estate agents who have used the Exclusive Sales Authority forms, but also for vendors, for the REIV (which has supplied the forms to real estate agents), and perhaps for Consumer Affairs Victoria (which approved the short form rebate statement)," <a href="https://www.linkedin.com/pulse/real-estate-agents-commission-risk-victoria-amy-sheggerud-woods/" target="_blank">Ms Sheggerud-Woods wrote on LinkedIn last month.</a>
In the Keysborough case Augustin Pty Ltd (the Respondent) owned the property at 382 Greens Road, Keysborough and in signing an exclusive sale authority, engaged Advisory Services Pty Ltd (trading as Ray White St Albans) (Applicant) for the sale of the property.
The Respondent sold the property however the purchaser defaulted under the contract.
The Respondent then engaged another agency to assist in selling the property once more, which the applicant claimed was during the period of the exclusive sale authority.
A dispute arose and the applicant sued the respondent for commission on both sales, totalling $385,000.
Lawyers ML&amp; K Legal facebooked in early May that <a href="https://www.propertyobserver.com.au/http://classic.austlii.edu.au/cgi-bin/sinodisp/au/cases/vic/VSCA/2018/95?stem=0&amp;synonyms=0&amp;query=st%20albans" target="_blank">the judgement</a> was "a must read for real estate agents!"
The Ray White estate agency was represented by R Hay QC briefed by Alderuccio Solicitors while the property owner engaged I W Upjohn briefed by Webb Korfiatis.
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Commissions at risk after REIV estate agent commission form bungle 

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The publicly listed Perth-based real estate and financial services group, The Agency Group, formerly known as Ausnet, has dropped their underwriter for the proposed 550 million share issue which was to help buy a burgeoning Sydney based estate agency.
The company announced it had dropped the underwriter, CPS Capital Group, just seven weeks after their appointment which advised "the acquisition of Top Level was firmly on track."
The proposed raising of $10 million at 2 cents a share was to be used to assist the acquisition of Top Level Real Estate, trading under licence as the The Agency East Coast which is headed by Matt Lahood, and other McGrath rebels, Ben Collier, Shad Hassen and Stephen Chen.
The shares were trading at 1.6 cents today, as boss Paul Niardone indicated he hoped the termination allowed for "greater scope and additional capacity to raise additional funding."
Click here <a href="https://www.propertyobserver.com.au/images/2018/4/26/AgencyGroup1.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/26/AgencyGroup1.jpg" alt="">
Attempting to become a national group, The Agency which is headed by Paul Niardone, saw its shares initially close down by 12 per cent at 1.5 cents.
The Fairfax Media business gossip column, CBD published an unconfirmed suggestion The Agency principals "have had to stump up their own cash to keep the operation afloat."
The Perth-originated Ausnet leadership have long aspired to secure the east coasters, but been unable to pull it off.
The last official update had indicated the east coast Top Level with some 90 agents was achieving "exceptional results."
The shareholders were told the east coast team had 380 settled sales, for the 11 month period from April 2017. 
It had "achieved exceptional results with total sales of $695 million, total commissions of $10.2 million and 380 settlements for the year up to March 2018." 
Click here <a href="https://www.propertyobserver.com.au/images/2018/4/26/Agency_Comms.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/26/Agency_Comms.jpg" alt="">
The Agency Group utilised the shell company Namibian Copper, for its late 2016 ASX listing as Ausnet. The company raised $5.8 million as part of a backdoor listing and recapitalisation with shares initially trading at 3.3 cents on its 2016 listing. They shortly after hit 4 cents after the raising jointly underwritten by Patersons Securities and Transocean Securities and backed by retail finance broker Finsure Group, which took an initial 8 per cent stake in Ausnet. 
Click here <a href="https://www.propertyobserver.com.au/images/2018/4/26/AgencyWA.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/26/AgencyWA.jpg" alt="">
The group has expanded mostly in WA with the SLP group now incorporated into its results.
 Click here <a href="https://www.propertyobserver.com.au/images/2018/4/26/AgencyPerformance.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/26/AgencyPerformance.jpg" alt="">
The Agency opened the doors of its Bondi Beach office early last year, billed as a “disruptive and fast growing real estate sales and property management business.”
It represented an experimental break from the traditional franchise model - aiming to be a true one-stop shop offering selling agents, property management services, as well as mortgage-broking services, settlement agents and insurance brokers. The stockmarket has been told agents have been referring around 60% of all sales for financing broking.
But the big difference was in contrast to the traditional franchise agency model, The Agency offered lucrative commission splits for the agents.
Franchise agencies usually take a 50:50 split on all the agents’ sales commissions, rarely with more generous 60:40 splits in the agents’ favour.However, The Agency offered agents a starting split of 75:25 split in the agents’ favour, rising to 80:20 and 85:15 as and when higher targets were met.
Agents are also offered a buy-in on the property management income stream.
That split lured top-performing selling agents away from leading east coast franchise groups.
On the announcement of CPS agreeing to get The Agency's fundraising underway, Paul Niardone said CPS Capital Group had "a strong track record of fundraising success and to have them support our capital raising is a significant milestone in the advancement of this transaction.
“We recently undertook a roadshow to meet with, and present to, a range of Australian small cap funds, institutions, and received overwhelmingly positive feedback."
But is appears the group is struggling to get east coast credibility. Established in 1996, its aim has been to become the "most reliable and trusted real estate and financial services company in the Asia Pacific region."
Subject to successful completion of the proposed capital raising, CPS Capital Group was to receive 6% of the underwritten amount, plus 2,000,000 ordinary shares in the company.
(An earlier version of this article indicated the Agency had lost its underwriter. It actually terminated its underwriter.)
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