The Victorian Government has secured the passage of the Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026, introducing a suite of reforms aimed at improving consumer protection and confidence in the apartment market.

Resilience Insurance, Australia’s leading Latent Defects Insurance (LDI) provider, has welcomed the move.

The LDI elements of the Bill passed with bipartisan support and now moves to the Legislative Council where debate and passage are expected later this month. It represents a significant milestone in the national shift toward stronger, longer-term protection for apartment buyers.&nbsp;

The reform would deliver practical benefits across the housing system. Apartment owners will have stronger protection if major defects emerge, developers and builders will have a clearer quality framework to work within, and the State will reduce the risk of serious building failures becoming a long-term financial and social burden for households, communities and government.&nbsp;

LDI helps support apartment delivery while providing stronger protection for buyers and encouraging better construction outcomes.&nbsp;

Resilience LDI provides apartment owners with 10 years of insurance-backed cover for major structural defects from completion, with direct claim access to the insurer. This means owners are not required to first pursue developers or builders through costly legal action before accessing protection.&nbsp;

Resilience Insurance has been operating in Australia since 2022 and has already insured hundreds of development projects covering many thousands of apartments across Australia.&nbsp;

At approximately 1.8 per cent of build cost, it is a cost-competitive alternative to the traditional two per cent Strata Bond, bond while delivering significantly broader and longer protection.&nbsp;

“The Victorian Lower House vote shows that reforms like this succeed when they are practical, evidence-based and supported by industry," says Corey Nugent, CEO of Resilience Insurance.

"Victoria is moving quickly on a reform that will make a real difference for apartment buyers, while supporting better building outcomes and greater confidence in apartment delivery.

“This is step one. We look forward to the Bill completing its passage through the Legislative Council and to working with government and industry to implement the framework effectively.”&nbsp;

Fast Facts: What is Resilience LDI?&nbsp;

<ul>
	<li>Resilience Latent Defects Insurance (LDI): Covers major structural defects for 10 years from completion.&nbsp;</li>
	<li>Consumer-first: Direct claim access, no need for lengthy legal action.&nbsp;</li>
	<li>Cost advantage: At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.&nbsp;</li>
	<li>Market leader: Resilience Insurance is the first approved LDI provider in NSW.</li>
</ul>

The Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026 has passed the Victorian Lower House, putting Victoria on track to become the first state to legislate an industry workable LDI framework as a formal alternative to the Strata Building bond. 

Joel Robinson

10-year Latent Defects Insurance for new apartment buyers set to land in Victoria

Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.

Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.

There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" />

Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.

"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."

The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;

The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;

Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a>

Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a> 
&nbsp;

Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.

The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.

Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.

The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.

<img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" />

A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.

Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.

New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.

GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.

First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.

The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.

Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.

[smartcode_project:default project_id=135876 project_image_fid=368853]

The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.

GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available.

Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.

[smartcode_project:default project_id=135876 project_image_fid=368851]

The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.

The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.

[smartcode_project:default project_id=135876 project_image_fid=368852]

For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.

GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.

"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.

"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."

[smartcode_project_cta:default project_id=135876]

GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.

The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.

&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.

The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.

<img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" />

A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.

The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.

"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.

The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.

Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."

The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.

<img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" />

The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.

S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.

Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.

John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.

First look: S&S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street

Industry News

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Two women from the world of property were recognised at yesterday's NAB Women's Agenda Leadership Awards.
Sharon Warburton is the executive director of Strategy and Finance, Brookfield Multiplex. She was named Mentor of the Year Awards for her role as a personal mentor to more than 50 young people, and founding online mentorship website <a href="https://www.steelheels.com.au/" target="_blank">Steel Heels</a>.
Anita Mitchell, Lend Lease's general manager of Sustainability-Barangaroo South was a finalist in the category of Emerging Leader in the Private Sector. In her role, she works towards making the development carbon neutral, water positive and zero waste.
For the full list of the winners, <a href="https://www.womensagenda.com.au/nab-womens-agenda-leadership-awards-2015#.VO_kEIWM54v" target="_blank">click here</a>. 
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jrichardson-uRX5hFdKfN

Anita Mitchell and Sharon Warburton recognised at NAB Women's Agenda Leadership Awards

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Savills Australia open its Sydney Chinatown office last week to coincide with the Chinese New Year celebrations.
Located in Dixon Street, the new Chinatown office will showcase a selection of Savills residential listings.
The NSW Premier Mike Baird popped by the celebrations that included the traditional lion dance and firecrackers, to bring good luck and fortune for the year ahead. 
<img src="/images/2015/02/25/chinatown-feb-25-three.jpg" alt="">
NSW Premier Mike Baird (second rear from the right) attends the opening of Savills' Chinatown office opening. Photo supplied.
Declaring the Savills Residential Projects office officially open was Paul McLean, Savills CEO, Australia and New Zealand who hoped the close identification with Chinatown would "make Savills not just an important business presence but a valued community one also.”
“With the growing demand for residential property, both from local and international buyers, we felt there was a need to establish a presence in Chinatown," Ged Rockliff, head of residential projects, Savills Australia said. 
“This also reflects our rapidly changing market and the need to not only focus on local buyers but to service the growing local Chinese community and the wider international market." 
Savills has over 600 offices throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.
The opening comes as the number of Significant Investor Visas granted by the federal government has had 89% of all approvals from China. Hong Kong is the next most popular source country, with 3.5% of visas granted.
Victoria has attracted most of the visas granted, followed by NSW.
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jchancellor-FAypfDUnLy

Savills open Sydney Chinatown office as SIV numbers rise

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Lend Lease has reported a 25.4% profit boost in its half year profit announcement.
Profit was up to $315.6 million, although the property group reported a 9.4% fall in revenue to $5.9 billion. 
Lend Lease has operations in Australia, United States, UK and Asia.
Chief executive Steve McCann advised Australian and UK residential markets had remained strong.
"We increased our residential pre-sold revenue by $2.2 billion, to $3.6 billion, and settlements rose 11% from the prior corresponding period," he said.
In Australia apartment pre-sales increased 195%, including sales for The Yards at Brisbane Showgrounds.
Click to open in new window:
<a href="/images/2015/02/23/ll-feb-23-one.jpg" target="_blank"><img src="/images/2015/02/23/ll-feb-23-one.jpg" alt=""></a>
Source: Lend Lease
The group has about 4000 apartments scheduled for delivery across Australia and the UK.
Strong residential trading conditions saw the property development business deliver profit of $132.6 million. 
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Lend Lease report strong residential sales

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Property group Mirvac's first-half operating profit rose by 15.5% to $230 million.
Its residential division holds $1.3 billion of exchanged pre-sales contracts with some 2,200 lots to be delivered in the full 2015 year.
The report noted adding dwelling activity and housing finance was up in all four major states and "monetary policy continues to be effective".
"Above historical average population growth in NSW and broad-based economic strength supports long pipeline of required dwellings in Sydney," chief executive Susan Lloyd-Hurwitz reported.
Around 73% of its nine new projects totalling 3,350 lots have been across Sydney.
It's residential projects scheduled until 2019 include::
NSW
<ul>
<li>Bondi</li>
<li>Gledswood Hills</li>
<li>Green Square</li>
<li>Googong</li>
<li>Harold Park</li>
<li>Marsden Park</li>
<li>Moorebank</li>
<li>New Brighton</li>
<li>Sydney Olympic Park</li>
<li>Waterloo</li>
</ul>
VIC
<ul>
<li>Cheltenham</li>
<li>Dallas Brook</li>
<li>Donnybook</li>
<li>Eastern Golf Club</li>
<li>Harcrest</li>
<li>Rockbank</li>
<li>Smith’s Lane</li>
<li>Yarra’s Edge</li>
</ul>
QLD
<ul>
<li>Art House</li>
<li>Darien Street</li>
<li>Gainsborough Greens</li>
<li>Waterfront </li>
</ul>
WA
<ul>
<li>Baldivis</li>
<li>Claremont</li>
<li>Meadow Springs</li>
<li>Osprey Waters</li>
<li>West Swan </li>
</ul>
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Mirvac's nine new projects have Sydney emphasis

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Property companies are pouring dollars into this week's Chinese New Year celebrations, particularly in Melbourne.
There, Lend Lease is contributing to Year of the Goat celebrations through Destinations Docklands. Lend Lease puts aside a segment of its budget every year for Destination Docklands, which is tasked to activate the area with community events.
At tomorrow's Victoria Harbour celebrations, there will also be entertainment events including a lion dances, fire crackers, street theatre and a dragon boat exhibition.
Lend Lease is responsible for the development of Docklands' Victoria Harbour precinct.
Central Equity is also sponsoring Chinese New Year festivities. Chinese buyers reportedly make up a large portion of the company's revenue stream. The property developer, which has a range of projects across the Melbourne CBD and inner city – including MelbourneOne and Australis – also has an international real estate agency arm, called MICM.
Central Equity is the principal partner for Destination Melbourne's CBD Chinese New Year celebrations.
No property companies are official sponsors of Sydney's celebrations, though some are hoping to cash in on the festivities. Real estate agency Savills is launching its Sydney Chinatown branch in Haymarket on 20 February, with the invitations (below) displaying a rather regal looking golden goat.
<img src="/images/2015/02/18/invite-feb-18-two.jpg" alt="">
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Property developers back Chinese New Year celebrations

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GUEST OBSERVATION
There is a debate in the world about the use­ful­ness, and alleged obscene amounts of money earned by some pro­fes­sions. We are aware of the fact that real estate agents are not the most trus­ted pro­fes­sions in Aus­tralia.
In 2011 Aus­tralia Reader’s Digest sur­veyed 1000 Reader’s. Here is where we ranked in:
38. Celebrit­ies 39. Sex work­ers 40. Journ­al­ists 41. Taxi drivers 42. Real estate agents 43. Car sales­men 44. Politi­cians 45. Tele-marketers
I can see why the pub­lic has ranked us this way and I’m going to make it my mis­sion to expose the truth and show how rich we really are.
Are real estate agent overpaid?
The truth is that the aver­age real estate agent only makes a mod­est income of $47,457 per anuum. See inde­pend­ent resource Pay­Scale below:
Click to open in new window:
<a href="/images/2015/02/16/jhai%20feb%2017%20one.png" target="_blank"><img src="/images/2015/02/16/jhai%20feb%2017%20one.png" alt=""></a>
There is dif­fer­ence between a real estate agent and a real estate agency which fuels the myth of indi­vidual real <a href="https://www.payscale.com/research/AU/Job=Real_Estate_Agent/Salary" target="_blank" title="Estate Agents earning big money for selling a home. Real Estate Agent Salary (Australia)">estate agents earn­ing big money for selling a home</a>. The indi­vidual agent would only earn a por­tion of the com­mis­sion for each sale with the bal­ance going to his / her agency.
It would be com­mon for an indi­vidual agent to earn on third of the com­mis­sion for the sale and the bal­ance going to the agency he/she is work­ing under.
How many hours real estate agents actu­ally put in?
Just like any self-employed per­son you will need a pas­sion for what you do, a crazy work ethic and have some of the same insec­ur­it­ies as us real estate agents (no work — no pay).
On a reg­u­lar basis many of us work 12 hour days, includ­ing Sundays. We some­times work with cli­ents for two years or more before mak­ing any money out of the rela­tion­ship and some we may still be help­ing three years down the track without hav­ing done any business.
Risk V Reward
How many trades people would do all the prep work and put everything in place to com­plete the job, hav­ing paid for everything needed to get the job to the start­ing line, only to have to wait per­haps weeks, months or years to real­ise any form of pay­ment, if at all? And what if, after all that work and out­lay, the whole thing goes pear-shaped and falls over due to some­thing that the real estate agent can’t control?
If a real estate agent clocked in and out each time they worked on a par­tic­u­lar prop­erty, kept a detailed list of asso­ci­ated expenses and then did the math from the final com­mis­sion paid over the time taken to earn it, the rate would work out to be close to the min­imum dollars per hour as defined by the powers that be, in the major­ity of cases.
I want you to ask your­self this: how many people would work with no retainer, no car allow­ance, and every week­end, some nights, sup­ply your own sta­tion­ery, busi­ness cards etc and you only get paid if you get the results.
Now that’s not to say that some sales don’t cal­cu­late differently
Those homes that are lis­ted and sold quickly after only a short rela­tion­ship are, obvi­ously, far more prof­it­able from that view­point. How­ever, they are the excep­tion, rather than the rule.
Most people take around six to 18 months to sell their home from the moment they get the idea and start check­ing into it until the day the house settles.
Article continues on the next page. Please click below.
<hr class="system-pagebreak">
So if you work it out, here is the mega com­mis­sion you think a real estate agent earns for a sale.
The com­mis­sion cut up
Let’s say an even $10,000 for the pur­pose of this exer­cise and we’ll use all the low­est com­mon vari­ables: $10,000 com­mis­sion for six months work (180 days).
Let’s say at three hours per day, three days per week (just for argu­ments sake) = 216 hours = $46.30 / hour (approx).
From that, you need to take the fran­chise fee (if applic­able) at 10% = $41.67 per hour. Then take out the cut that the agency you work for gets — for an aver­age agent, that’s 50% - $20.84 per hour maybe a refer­ral fee. A
t this stage we haven’t even taken the taxes, fuel, car, phone, train­ing and other over­heads out yet.
I don’t see many of us retir­ing to Hawaii any­time soon on those numbers.
The reason agents are paid so much is the risk, how many people would go to work 10–12 hours a day six or seven days and pos­sibly not get paid?
Ser­i­ously think about who would go to work do their job, be on call, get dragged away from their fam­ily and then at end pos­sibly not get paid.
The aver­age agent earns $60-$80k per year work­ing hours that most would have their uni­ons shut down a work­place if they would forced to do, let alone at the risk of not get­ting paid.
Some agents not worth the money
A real estate agent will earn in dir­ect pro­por­tion to the amount of work they put into their job. Yes, there are a large num­ber of agents who aren’t worth put­ting out if they were on fire; that’s why you need to inter­view a few before you decide who to work with.
The Good
Just like any­one that is good at their job they are in high demand.
<ul>
<li>They have meth­ods, know online/offline mar­ket­ing, sys­tems, and a track record of success.</li>
<li>You will see their mar­ket­ing and sign boards every­where on a reg­u­lar basis.</li>
</ul>
Yes, a lot of agents go for price reduc­tions as their only option to sell prop­erty — but not good agents, they know how to do the job prop­erly and they can;
a) Price the home cor­rectly in the first place with a clear proven strategy in mind and
b) Will find the real reason why the prop­erty isn’t selling (put all B.S. to the side); it’s not always because of the price.
I will agree, some agents have egos lar­ger than the known uni­verse; they need some inher­ent belief in their own abil­it­ies to be able to get up each day and be told to ‘rack off’ by the next 40 people they speak to and keep com­ing back for more.
The Aver­age
It’s the old 80/20 rule. 20% of the agents make 80% of the money. A good real estate agent will con­tinue to learn and hone their skills over their career: oth­ers will plod along, last­ing maybe a year in a job they were never suited to but were drawn to by the prom­ise of unlim­ited earn­ing capa­city, total work/life free­dom and other shiny con­cepts that can’t be delivered without massive effort and con­stant hard work.
This is why we have a massive influx of Gen Y’s enter­ing the industry but they are lucky if they make it past the 12 month mark. We also have one of the highest churn rates of new staff and broken dreams as an industry (there is always fresh meet for the grinder in the real estate industry).
<ul>
<li>These agents don’t have a clear plan, meth­ods, they have no idea about online/offline mar­ket­ing, lim­ited sys­tems, and struggle to show a track record of success.</li>
</ul>
<ul>
<li>You will not see their mar­ket­ing and sign boards on a reg­u­lar basis.</li>
</ul>
The bad
When you inter­view these agents they fold eas­ily when you quiz them about their nego­ti­ation abil­it­ies. They will resort quickly to com­mis­sion cut­ting to get your prop­erty listing.
There is an old say­ing “price is only an issue in the absence of value”.
Good agents spend a lot of time and money learn­ing nego­ti­ation so if an agent can­not nego­ti­ate his/her fee what will they do with the price of you home? Hhhmmm. I wonder.
These agents are best char­ac­ter­ised by;
<ul>
<li>No clear method of nego­ti­ation and resort to com­mis­sion cut­ting to sign you up.</li>
<li>Lazy and want to belt the price to below the land value.</li>
<li>Don’t bother with decent sig­nage, then for­get to advert­ise the open house and won­der why no one turns up but use the excuse to say “your price is too high”.</li>
<li>Use of par­tic­u­larly bad pho­to­graphy thus tar­geted by buyer agents on the hunt for easy/cheap deals.</li>
</ul>
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Real estate agents are worth it for most sellers
A good agent earns his/her fee. As for the top earners? Yes there are a few who earn $500,000 a year, just as there are salespeople in other fields that earn that sort of money. But for every $500,000 earner, I will show you another 500 salespeople who earn less than $60,000, par­tic­u­larly after deduct­ing their vehicle and phone costs. Suc­cess­ful people earn good money, unsuc­cess­ful people do not. That is how the free enter­prise sys­tem works, people!
As for people selling their own homes, remem­ber that the skill of a good real estate agent is to get the buyer up in price, nego­ti­ate the deal. The aver­age per­son does not have this skill and gets less for their home.
What some people must under­stand is that most people do not sell and buy a ter­rific amount of houses in their life­time. For the major­ity they may sell one or two. For the most part sellers are very emo­tional when selling and at times tem­por­ar­ily insane. There­fore you need an object­ive party hand­ling the negotiations.
The per­sonal sacrifices
The thing is, real estate agents can be as wealthy or as poor as any­one. But what people for­get is the amount of sac­ri­fice of per­sonal time and energy that goes into suc­cess­ful agents.
To those of you who say they don’t deserve what they earn, I chal­lenge you — agents make the choice to either work their guts out to make the most they can, or they can cruise by and do the bare minimum, therefore earn­ing the min­imum wage.
In today’s world where even the smal­lest com­mod­it­ies come with huge price tags, most people have to earn as much as they can to sup­port their fam­il­ies and life­styles, but oh boy does it come at a price. Leav­ing before 8am and get­ting home at 9pm, kids school events missed, week­ends full of open homes and nego­ti­ation, and that bloody phone that can never be turned off!
You say they’re always out at lunch?
Most likely it’s a meet­ing with a cli­ent, or a nego­ti­ation. Swan into work whenever they want? Well sure, they’re mostly out of the office on the road clos­ing deals, doing inspec­tions or vis­it­ing homes for apprais­als.
Real estate agents live and die by the work they do and abso­lutely deserve what they earn. They give up a lot to achieve suc­cess, going from abso­lutely noth­ing to a thriv­ing career based on their own hard work and tenacity.
Look­ing rich is all part of good real estate agent marketing
Would you trust your most valu­able asset with an unsuc­cess­ful look­ing real estate agent?
At this stage you may be ask­ing your­self how come real estate agents own expens­ive cars, watches, and offices? As you prob­ably have already real­ised agents are all about per­sonal promotion.
To even get an inter­view as an agent you have to already look the part (espe­cially for me as Gen Y with no exper­i­ence at the time). For me that meant I had to get a car loan and buy a late model car, nice suit, watch and cuff­links (all on credit card).
I know many real estate agents that don’t really care about what car they drive, but unfor­tu­nately we live in a mater­i­al­istic soci­ety. Sellers make judg­ments whether we like it on not on such things, either it be sub­con­sciously or consciously.
Because we look suc­cess­ful, people have pre­con­ceived notions that we are liv­ing it up but in real­ity it’s all good mar­ket­ing. 
Why do I need an agent when tech­no­logy helps me do it so easily?
You may still be think­ing if someone wants to buy a house they will, and the real estate agent him/herself will have abso­lutely noth­ing to do with that decision!
This is true to some extent but at what price?
If you think real estate agents are a dying breed and you think you can sell you own prop­erty for top dol­lar. I think you should, but just make sure;
<ul>
<li>you don’t hold back on the marketing,</li>
<li>have a sys­tem of nego­ti­ation to get the best offer,</li>
<li>flex­ible work hours for buyer meetings</li>
<li>and do your best not to get emotional.</li>
</ul>
Although there are many own­ers who have the abil­ity to sell their own homes, there are mil­lions of oth­ers who are pet­ri­fied at the very thought. Here is one example that I have seen a few times. The “Sale by Owner” vendor has had what he con­siders to be an excel­lent inspec­tion with Mr and Mrs Jones. They are mak­ing good buy­ing noises, or so he thinks. They say “We will get back to you”. Two days go by and not a word! What does the private seller do? Does he phone them? The thought crosses his mind that if he does that, he might risk appear­ing as an anxious seller! Does he even have their con­tact details? Does he start to doubt his assumed abil­ity to be able to spot a def­in­ite buy­ing sig­nal? Hmmm! Maybe this is not as easy as I thought!
A good agent doesn’t have to worry about these things. He is not embar­rassed to phone Mr and Mrs Jones. That is his job! A good agent is also a damn sight bet­ter in spot­ting buy­ing sig­nals than the aver­age home owner. If Mr and Mrs Jones had been mak­ing genu­ine buy­ing sig­nals the good agent would have had them back to his office nego­ti­at­ing and filling out an offer! That is the difference.
<a href="https://realestatesevenhillsnews.com.au/2013/03/3-key-emotions-around-selling-property-and-how-it-can-cost-you/" target="_blank" title="3 Key Emotions Around Selling Property And How It Can Cost You!">Sellers that get emo­tional dur­ing the selling and the nego­ti­ation pro­cess usu­ally make irre­vers­ible bad decisions</a> (unknow­ingly), that cost them more than an agent would have. I have seen it almost on a daily basis and I will admit I have made many of the bad decisions when I first star­ted. This is why good agents spend thou­sands of dol­lars on coach­ing and train­ing of selling sys­tems. This human ele­ment of selling a prop­erty is why real estate agents will always be needed, but the way we sell is con­stantly changing.
Sum­mary
Now you know about the good, the aver­age, and the just plane incom­pet­ent. But not all is lost. By now you should able to dis­cern between the agent types and pick a good one.
If you’re still in the “I don’t need an agent” boat, that’s fine so long as do your home­work, are well pre­pared and do your best to not get emo­tional. I’ve seen many own­ers leave money on the table and not even know.
Jhai Mitchell is the internet marketing real estate agent for <a href="https://www.elderstoongabbie.com.au/" target="_blank">Elders Toongabbie</a> and <a href="https://www.elderskingslangley.com.au/" target="_blank">Kings Langle</a> and maintains a blog, <a href="https://realestatesevenhillsnews.com.au/" target="_blank">Seven Hills Real Estate News</a>.
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JhaiMitchell-KTraswnPwa

We work hard for the money - real estate agents are not overpaid: Jhai Mitchell

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Gail Pemberton, the chairperson of Onthehouse Holdings, will resign as a director with effect from 27 February 2015, as upheaval continues at the property data company.
Its new board proposes to appoint Tony Scotton as chairman, who has stepped down from the role of interim CEO.
Chris Meehan, the current chief operating officer has been appointed as acting CEO, the search begining last October on the departure of Michael Fredericks.
A major new shareholder has recently emerged represented by Michael Dempsey, so further board changes are being made as part of the further renewal process.
Dempsey directly and indirectly controls 15,837,745 shares in OTH, representing 19.2% of issued capital.
Gail Pemberton will be joined by Brian Mitchell, nominee directors Gabriel Radzyminski and Glenn Poswell in exiting the board leaving Anthony Eisen to serve as an independent non- executive director.
Michael Dempsey will join the board along with Daniel Dempsey and Angus Johnson.
Big recent shareholder arrivals on the registry, Blue Lake Partners, Gannet Capital and Sandon Capital welcomed the appointment of the Dempseys and Brisbane property developer Angus Johnson.
Michael Dempsey founded and led Ezidebit Pty Ltd from a start up venture in Brisbane to become Australia’s leading payment processor. Ezidebit was sold to Global Payments Limited, a Nasdaq listed Fortune 1000 company for $305 million in 2014.
Onthehouse will release its first half results on 26 February 2015.
Based on unaudited management accounts, the operating results for the half year to 31 December 2014 are expected to be circa:
<ul>
<li>Revenue of $13 million (1HY14: $12.9 million);</li>
<li>Underlying EBITDA of $3.1 million (1HY14: $3.2 million);</li>
</ul>
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Onthehouse gets new chairperson after Gail Pemberton resigns

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ANZ today announced that Mark Whelan will succeed Philip Chronican as CEO Australia reporting to chief executive officer Mike Smith.
Chronican, who joined the bank in 2009, intends pursuing a non-executive career following a 32-year career in banking.
Whelan is currently managing director global commercial banking and has been a member of the ANZ Management Board since October 2014. 
Previously at ANZ, Whelan was managing director commercial Australia and was formerly managing director institutional APEA based in Hong Kong where he was responsible for institutional, commercial and private banking across Asia Pacific, Europe and America.
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Mark Whelan to replace Philip Chronican at ANZ

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Bernie Fraser, the chairman of the non-major bank, ME Bank has stepped down from his position after 15 years.
Fraser joined ME Bank in April 2000, when the the six year organisation was operating as a securitised mortgage provider. 
The former Governor of the Reserve Bank of Australia oversaw ME Bank’s acquisition of a full banking licence in 2001.
Fraser is being replaced by current director, Garry Weaven, as the chairman.
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Bernie Fraser departs ME Bank after 15 years

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Fairfax Media's Domain Group has announced its plan to roll out its estate agent equity participation model in New South Wales and Queensland.
Like the ones launched in Adelaide and Perth last year, local agents can have equity in a new online business in partnership with Domain. 
The Domain Group will collaborate with local agents to create a new industry-owned real estate business that will be 50% owned by Domain Group and 50% by real estate agents in each state or territory.
Expressions of interest have been sent to NSW and Queensland real estate agents today.
The industry-owned model was pioneered in Victoria by Antony Catalano, the Domain chief, who said the launch of the model was a game changer for the industry.
“It has been an enormous success in Victoria, bringing real competition to the market, helping keep a check on pricing and giving much better value to property advertisers,” he said.
“Our collaboration with agents has provided a richer insight into the key concerns of our vendors and consumers as well as market trends, which has allowed us to build the best products and best experiences in the market."
Antony Catalano said that, based on the take-up in the other states, he expected an enthusiastic response.
“The reality is that the industry has been calling for a genuine industry partner for years, but it is a very hard thing to do,” he said.
“The great strength of the new business model and today’s announcement is that it is the first time a substantial, expert and experienced national publisher has joined with the industry to create more competition and better products.
“We have been road testing the proposal and the response has been enthusiastic."
Earlier this year Melbourne’s leading agents and the founding shareholders of the Metro Media Publishing Holdings (MMPH) syndicate agreed to swap their equity in MMPH largely for equity in Fairfax. 
But agent ownership of MMPH subsidiaries, including the rapidly-growing property portal reviewproperty.com.au and The Weekly Review magazines in Melbourne and Geelong, remains.
MMP has more than 400 agent shareholders through its reviewproperty.com.au and The Weekly Review magazines.
Domain recently announced sponsorships that will promote its presence in SA and WA, taking AFL Adelaide Crows corporate sponsorship. 
<div class="story-hero">
<img src="https://www.afc.com.au/staticfile/AFL%20Tenant/AdelaideCrows/Images/EVEN0075_620x370_620X370.jpg" alt="EVEN0075_620x370_620X370.jpg" title="EVEN0075_620x370_620X370.jpg"> 
</div>
Domain has also signed a partnership that will see Patersons Stadium renamed as Domain Stadium under three-year naming rights sponsorship.
 
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