For the first time, prospective off the plan apartment buyers in Sydney's <a href="https://www.apartments.com.au/developments/homebush-nsw-2140">Homebush</a> can purchase with the confidence of a 10-year defect protection for their new apartment building.

<a href="https://www.apartments.com.au/new-apartments/bridge-road-residences-homebush-3-5-bridge-road-homebush-nsw-2140">Bridge Road Residences</a>, the latest development by <a href="https://www.apartments.com.au/developers/ventus-group">Ventus Group</a>, is the first new apartment complex in the area to offer the highly sought-after 10-year Latent Defects Insurance, provided by Resilience Insurance.

This policy, which applies to all 80 apartments in the new building on Bridge Road, covers homeowners against&nbsp;structural or design defects defects that may arise within the first 10 years after the building's completion. It can only be taken out by the developer or builder of the new development, and not by individual apartment owners.

Half of the apartments in the building have already been quickly snapped up. Buyers have been attracted by the insurance policy, along with the guarantee of a quality build, thanks to the insurance's Technical Inspection Service. This service involves third-party experts visiting the construction site at least once a month to ensure the building is being properly constructed, making defects highly unlikely.

[smartcode_project:default project_id=6989 project_image_fid=2132]

Located on Bridge Road, the development offers a mix of apartment configurations, from studios to three-bedroom apartments.

Apartments have been designed&nbsp;by MX Architects with liveability in mind, featuring open-plan layouts, engineered timber floors, wool-blend carpet in bedrooms, and either ducted or split-system air conditioning depending on configuration.&nbsp;

Many apartments also include north-facing aspects or oversized balconies, enhancing natural light and outdoor usability.

The development includes landscaped communal gardens with a central lawn, shaded seating, and barbecue areas. A rooftop terrace offers views across the city and Sydney Olympic Park. These amenities are designed to provide outdoor spaces for both relaxation and socialising, without increasing maintenance burden.

[smartcode_project:default project_id=6989 project_image_fid=2135]

Bridge Road Residences is less than 10 minutes’ walk from Homebush Station and close to major road links including the M4 and M8.&nbsp;

Residents will have immediate access to Rochester Street’s cafes, grocers, and restaurants, as well as retail and dining hubs at North Strathfield’s Bakehouse Quarter, Strathfield Plaza, and DFO Homebush.&nbsp;

The area is also well-served by schools and tertiary institutions, including Homebush Public School and the University of Sydney.

Construction is being led by <a href="https://www.apartments.com.au/builders/one-way-dc">One Way Development &amp; Construction</a>. They are expecting to complete the build in Q3 2026.

[smartcode_project_cta:default project_id=6989]

Joel Robinson

Bridge Road Residences brings 10-year defects guarantee to Homebush

<a href="https://www.apartments.com.au/developers/romano-property-group">Romano Property Group</a> has appointed AG Construct to deliver their boutique new Fitzroy apartment development, Napier 235.

Half of the apartment in the architecturally-striking block of 14 have already been snapped up.

Located just 150 metres from Brunswick Street, <a href="https://www.apartments.com.au/new-apartments/napier-235-235-napier-street-fitzroy-vic-3065">Napier 235</a> will bring a mix of two and three-bedroom residences to the tightly held inner-city neighbourhood, including a full-floor penthouse and one townhouse.

[smartcode_project:default project_id=144904 project_image_fid=3217]

Designed by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> with landscaping by <a href="https://www.apartments.com.au/landscape-architect/florian-wild">Florian Wild</a>, Napier 235 presents a sculptural, low-rise form that aligns with Fitzroy’s heritage character while introducing contemporary detailing.&nbsp;

Residences are all north-facing and feature large private terraces, with living areas that connect to the outdoors via floor-to-ceiling sliding glass.

Inside, kitchens are anchored by 3.5-metre stone island benches and include walk-in pantries, Miele and Gaggenau appliances, and built-in bars with wine fridges in most apartments.&nbsp;

Customisable floor plans allow buyers to tailor internal layouts to suit their needs.

[smartcode_project:default project_id=144904 project_image_fid=3220]

Sustainability has been prioritised from the outset. Napier 235 ranks in the top five per cent of Victorian developments under current planning policy benchmarks, reflecting efficient energy use and environmentally responsible design.

Napier 235 places residents within walking distance of <a href="https://www.apartments.com.au/developments/fitzroy-vic-3065">Fitzroy</a>’s food and retail precincts, including Marion, Morning Market, and Bentwood Café. Fitzroy Gardens, Carlton Gardens, and tram connections to the CBD are also nearby. Despite its proximity to major amenity, the development sits within a quieter residential pocket.

Pricing for two-bedroom apartments at Napier 235 starts at $1,225,000.

[smartcode_project_cta:default project_id=144904]

Construction to commence at Napier 235 in Fitzroy as Romano appoints builder

A rare new development in Surry Hills is aiming to replace a cluster of underutilised commercial buildings with a contemporary eight mixed-use building just 300 metres from Central Station.&nbsp;

The $27.5 million project is being led by ISL Property Investments Management and will include 35 apartments, some earmarked for affordable housing, alongside street-level retail and basement parking.

The development spans multiple lots between <a href="https://www.apartments.com.au/new-apartments/98-106-kippax-street-surry-hills-nsw-2010">Kippax, Sophia, and Waterloo Streets</a> and will involve substantial demolition of the existing structures on the 780 sqm site.

According to the Urban Design Report prepared by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO</a>, the design has been shaped to reflect the area’s gritty industrial past while contributing to its evolving identity as a high-density urban hub.

“The proposed development is designed to integrate sensitively and intelligently with its immediate surroundings and evolving urban context,” DKO stated. “It mediates between the existing built environment and the area’s future trajectory, ensuring a thoughtful transition”.

<img alt="First look: I.S.L. Property Investments plans eight-storey mixed-use apartments in Surry Hills" data-entity-type="file" data-entity-uuid="db880273-57af-4167-9601-f05fd7b39124" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Surry%20Hills%20isl.png?VersionId=f3Ix9jP4eJ44H69zUcgot_zxBr4rW6gJ" />

The project includes 35 one, two, three-bedroom apartments across the upper levels, with 15 per cent of the total floor area allocated to affordable housing.&nbsp;The dwelling mix is designed to cater to a range of household types, with layouts strategically oriented to maximise solar access and cross ventilation, DKO notes.

Architecturally, the building is anchored by a podium that reinforces the streetscape while referencing the area’s industrial brick fabric. Above this, a lighter tower form is chamfered to reduce visual bulk and improve solar access to the public domain.&nbsp;

“The tower mass is elevated above the podium, visibly distinct yet firmly anchored at the bookend corner of Kippax and Waterloo Streets,” DKO wrote.

The development is also aiming high on sustainability. Features include rooftop photovoltaics, water-efficient landscaping with local species, and a commitment to all-electric infrastructure.&nbsp;

<img alt="First look: I.S.L. Property Investments plans eight-storey mixed-use apartments in Surry Hills" data-entity-type="file" data-entity-uuid="8e1b99eb-6945-48b6-8222-647efe549803" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site_0.png?VersionId=fUWGEn1sGpIMuzQ6KJ5zGQxQTjUoe9gz" />

The project is lodged under the Housing SEPP and seeks approval from the City of Sydney. There have been very few new apartment developments in Surry Hills in recent years. Some of the most notable has been redevelopments of former commercial buildings, as opposed to demolishing buildings.

That's the plan for national developer Time &amp; Place, which has recently submitted their State Significant Development Application for Marlborough House, the redevelopment of the original&nbsp;David Jones department store warehouse and factory building&nbsp;on Marlborough Street. The development will have around 150 warehouse-style apartments.

First look: Rare new apartment project pitched for Sydney's Surry Hills

Award-winning Canberra developer Art Group is approaching the final stages of construction on its newest residential development, Calypso, located on the city-fringe boulevard of Northbourne Avenue in Dickson.

Now 90 per cent complete and tracking toward a 2025 move-in date, <a href="https://www.apartments.com.au/new-apartments/calypso-dickson-330-northbourne-avenue-dickson-act-2602">Calypso</a> will deliver 207 one-, two-, three-bedroom apartments designed for the owner-occupier.

The project has been described as a “vibrant oasis” within the growing Northbourne precinct, with design and amenity focused on enhancing both liveability and connectivity.

[smartcode_project:default project_id=134842 project_image_fid=1205]

<a href="https://www.apartments.com.au/developers/art-group">Art Group</a> has positioned Calypso to meet the growing preference for flexible, lifestyle-oriented urban living. All apartments feature floor-to-ceiling windows, generous internal layouts, and purpose-designed spaces such as study nooks or dedicated home offices in larger configurations.

One-bedroom layouts are designed with oversized bedrooms and dual-access bathrooms for added convenience, while two-bedroom apartments include additional study rooms and expansive kitchens.&nbsp;

The three-bedroom residences further elevate functionality with walk-in pantries, freestanding laundries, and panoramic mountain views from corner apartments.

[smartcode_project:default project_id=134842 project_image_fid=1203]

Beyond private residences, Calypso incorporates a range of shared amenities tailored to modern hybrid work and wellness lifestyles. These include dedicated coworking spaces, a gym with cardio and strength equipment, rooftop gardens, communal EV charging, and landscaped outdoor entertaining areas.

Technology integration is a key feature, with fibre-to-the-unit internet offering speeds up to 1,000 Mbps, instant-access Wi-Fi in shared zones, and an embedded network providing streamlined utilities.&nbsp;

The development also includes energy-efficient inclusions and central staircases designed to promote active living.

[smartcode_project:default project_id=134842 project_image_fid=912]

Situated on Northbourne Avenue, Calypso benefits from immediate access to light rail, placing residents within easy reach of the Canberra CBD.&nbsp;

The development is also walking distance to the <a href="https://www.apartments.com.au/developments/dickson-act-2602">Dickson</a> retail precinct and close to several key education institutions, including the Australian National University, University of Canberra, and Dickson College, as well as&nbsp;North Ainslie Primary School, Lyneham High, and Blue Gum Early Learning Centre.

With demand for inner-north apartments continuing to outpace supply, Calypso’s nearing completion places it among a select few large-scale projects delivering new stock to the area within the next 12 months.

With an exclusive final developer release, and $0 stamp duty available in the ACT, there has never been a better time to look at this unique development.

[smartcode_project_cta:default project_id=134842]

Art Group’s Calypso in Dickson approaches completion

Headland Parade is one of the most premium and tightly held streets in Barrack Point in the Shellharbour region south of Sydney.

Local developer&nbsp;Allowrie snapped up an opportunity to develop four custom-designed townhomes on the exclusive strip, which they recently completed the luxury homes to the design by&nbsp;<a href="https://www.apartments.com.au/architects/ingenuity-home-designs">Ingenuity Home Designs</a>.

[smartcode_project:default project_id=150639 project_image_fid=3556]

From the street, the development at <a href="https://www.apartments.com.au/buildings/12-headland-parade-barrack-point-12-headland-parade-barrack-point-nsw-2528">12 Headland Parade</a>&nbsp;features gabled rooflines, muted coastal palette and landscaped frontages that reflect the enduring character of the area.

Inside, the attention to detail continues across open-plan layouts that flow into private alfresco spaces, with select residences enjoying their own inground concrete swimming pool.

The interiors are defined by their use of thoughtful materials and functional sophistication. 40mm 0% silica stone quartz benchtops, brushed brass tapware, and curved v-groove bathroom cabinetry are paired with Polytec kitchen joinery and Lappato-finished terrazzo tiles to create spaces that feel both premium and relaxed.&nbsp;

[smartcode_project:default project_id=150639 project_image_fid=3550]

Comfort underfoot is achieved through hybrid European oak flooring and extra heavy-duty loop pile carpets in the bedrooms, while ducted reverse-cycle air-conditioning ensures seasonal adaptability.

Each residence includes a garage with epoxy flake flooring, landscaped outdoor areas, and integrated energy-efficient inclusions like 5kW solar photovoltaic systems. These elements reinforce the project’s focus on longevity and liveability, making the homes equally suited to growing families and downsizers alike.

[smartcode_project:default project_id=150639 project_image_fid=3558]

Located 160 metres from Little Lake and 400 metres from Warilla Beach, the address sits within walking distance of the Shellharbour Village café strip, Shellharbour North Beach, and the coastal cycleway.&nbsp;

The Shell Cove Marina precinct is a five-minute drive, and Stockland Shellharbour provides broader retail and medical services nearby. Recreational spaces include Dawes Park, Killalea State Park, and Bass Point.

The four townhomes are move-in ready, and start from $1.25 million.

[smartcode_project_cta:default project_id=150639]

Staff Reporter

12 Headland Parade delivers rare new-build coastal homes to Barrack Point

Marketing

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Given the impact of technology on our everyday life it’s not surprising that any list of the world’s top brands is tech dominated.
If you own a smartphone you might well interact with one of these brands as the first and last thing you do every day, as you check the time or check your emails. As you might already have guessed currently the world’s number one brand is Apple, followed by Microsoft, Google, Coca Cola and IBM, it’s the tech brands that dominate the top 50 brands.
Ikea is the highest ranked brand that could be related to homemaking, however the value of a successful brand is an important part of property marketing. One reason is that as more of us continue to live in cities we are also looking to secure our identity, and where we live is central to this. The branding of suburbs, apartment buildings, housing estates, different states and right on to brand Australia, all of these tie into the essence of our marketing and as a marketing tool and part of the sales path, this topic deserves a lot attention.
House Names to Brand Australia
Perhaps the most common property related brand would be the name given to individual houses, this has been a long tradition in many countries including Australia. While house names might have originally helped the postman deliver the mail, they are a popular part of our residential history.
It does appear, and perhaps not surprisingly, that Australian house names are often associated with the sea, or at least an association with being near to or having a view of water. Some of the more obvious examples include Driftwood, Bay Cottage, Lakeview, Seaview, Waterfront and Seacrest, and at least a few of these have been recycled as names and brands for apartment blocks. I am sure we have all at least seen more than one Seaview or Waterfront apartment project name!
House names and terrace row names are really living history and add interest and colour to many an inner-city suburb across Australia. Then as far as real estate is concerned we have brand Australia itself.
Brand Australia has some both familiar, and some lofty aspirations and these include core values like: friendly people, an attractive natural environment, resources, quality lifestyle, sunny, confident, creative, outward looking and talented, grand and impressive!
In a very matter-of-fact but interesting way, many of these same values are the very attributes that attract offshore buyers to our country and our local property market. Such brand values are almost priceless but they do underscore beyond the dollars and bricks and mortar why we are such a popular market with offshore buyers.
Creating Brand Value
Brands aim to create a personality, brand awareness and it’s an ongoing and complex task. I am not an expert, here my aim is to acknowledge how important brands are in project marketing. For the actual success of projects, in the eyes and mind-set of buyers, for developers and for the marketing agents, we all benefit and can I suggest need strong brands, and this also extends to personal brands. In today’s world a personal brand is no longer something just for a handful of personalities.
I think it’s useful if we tick off some of the key ways any brand is created and sustained. Firstly there is a need to create energy around the process and the wide participation of all team members. Creativity is not something you can buy in a bottle or a neat package, that’s why team involvement in particular with a major project is a good idea. While there has to be a lead taken, to avoid an endless round of likes and dislikes, involving the project team never does any harm and is usually positive.
There are also some well-regarded measures for how the success of a brand is measured and this includes longevity, a brand that is easy to remember, is unique, keeps things fresh, reflects passion and must have consistency.
For buyers there might also be another test. If you happen to live in a block of 100 or 200 apartments you want the brand to be well regarded, in particular that’s important when it comes time to sell.
I Can’t Imagine Living Anywhere Else!
If every buyer we have dealt with was happy to say these words, then in every respect we have doubtless created a building or a new estate with a great brand.
When thinking about a residential project brand, one aim is to create and build the project’s reputation, to humanise the brand and encourage a strong word of mouth connection.
While there are graphic and design considerations, the appeal of a brand should also aim to reinforce key aspects of a project’s lifestyle. Inspiration can come from how potential residents might interact with the environment, for example by having a morning ritual or relaxing at or near home.
The creation of a strong brand that reflects all of the key aspects of a project can have considerable appeal and will also aid social media and can directly help create more web traffic. For larger, longer-term projects this sort of brand awareness has big up-side advantages.
There is also strong synergy between individual project brands and the brand qualities of the developer because the two are intertwined. Strong brand values for any developer will pay off handsomely as they help sustain off-the-plan sales, where the buyer’s trust in the end product is important.
Buyers, the future residents of a building or an estate are not only attracted by brands that represent the height of fashion, the core idea is to create ownership of the project in the most positive light. The brand can also then galvanise and give focus to all aspects of the project.
Gentrification A Good Example
Looking for a good example we need to look no further than how clever branding has been used to re-cast the gentrification of many former industrial areas on the fringe of many of our capital cities.
In areas like Sydney’s south-east entire groups of suburbs have been ‘re-branded’ with a great mix of residential, commercial and social infrastructure and innovative building design to create very desirable areas. The combination of facilities has been important in building the brand in these areas, and new shops, cafes and even supermarkets with extended trading have all played their part. This process of gentrification is perhaps one of the best examples I could use to show the power of brands in our field.
Peter Chittenden is managing director for residential of Colliers International. He can be contacted <a href="https://www.projectagenda.com.au/" target="_blank">here</a>.
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pchittenden-eLqUUC8TWW

The role of brands in marketing projects: Peter Chittenden

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I was invited to speak at a recent property event in Singapore. I was booked and ready to go – and then pulled out when it became clear it wasn’t a research-based seminar for investors but an event designed to flog Brisbane off the plan units to Asian buyers in an oversupplied market. 
The event organisers wanted to censor my presentation, eliminating any information deemed unfavourable to the selling objective – particularly the vacancy rate figures.
Vacancy rate data is unflattering for central Brisbane – and is set to get considerably worse, given the high level of new supply in the construction pipeline. The Brisbane inner-city unit market is one of the locations I warn about in my No Go Zones report.
Marketing companies who are earning big money selling inner-city Brisbane units to unsuspecting foreign investors have been putting a politician’s spin on the situation – with some even claiming the city isn’t building enough apartments.
A research paper published by Matusik Property Insights puts those claims into perspective. It confirms that Brisbane’s inner-city areas already have high vacancies and the city is making matters worse by building too many new rental properties.
According to the Matusik report, the highest vacancies are all in the inner-city and near-city suburbs, headed by 6% in upmarket Ascot/Hamilton and 4.6% in the CBD/Spring Hill precinct.
The lowest vacancy rates in the Brisbane City Council region, between 1.5% and 2%, are all in the outer reaches of the municipality.
Overall, says Matusik, the Brisbane LGA has about 155,000 rental properties, of which an estimated 4,600 are vacant. This makes the city's overall vacancy rate about 3%, up from 2.5% a year ago. 
“The vacancy rate is rising and Brisbane is already adding more new rental properties than is required,” the report says. “This trend is likely to accelerate as more new rental dwellings are built across the city.”
The number of Brisbane rental properties has increased by 3,725 over the past 12 months. The current rate of rental supply in Brisbane is growing at twice the rate than is needed. Two thirds of this new rental supply is apartments and a further 30% is in townhouses. 
“Apartments now dominate the rental market in Brisbane, with a 45% market share. Houses come in second with 38%, followed by townhouses with 11%.”
The average vacancy rate across inner Brisbane is 3.6%, compared to 3.1% in the middle-ring suburbs and 2.4% in the outer suburbs. 
“Typically, a rental market is tight (rents rising) if the vacancy rate is under 2%,” the report says. “Between 2% and 3% represents a balanced market and over 3% suggests oversupply. 
“An increasing number of locations in Brisbane, typically the inner-city postcodes, already have rental vacancy rates over 3%. And new rental supply, especially new apartments, is snowballing across Brisbane. 
“Brisbane is unlikely to see much in the way of generic rental growth for some time to come.”
Brisbane is not alone. The No Go Zones report also warns about the inner-city apartment markets in Melbourne, Perth and Darwin, while noting that the Gold Coast is hurtling towards another boom-bust scenario.
TERRY RYDER is the founder of <a href="https://www.hotspotting.com.au/">hotspotting.com.au</a>. You can <a href="mailto:%20&lt;script%20type='text/javascript'&gt;%20/n%20&lt;/script&gt;&lt;script%20type='text/javascript'&gt;%20%20&lt;/script&gt;This%20email%20address%20is%20being%20protected%20from%20spambots.%20You%20need%20JavaScript%20enabled%20to%20view%20it.%20&lt;script%20type='text/javascript'&gt;%20%20&lt;/script&gt;">email him</a> or follow him on <a href="https://twitter.com/hotspotting">Twitter</a>.
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terryryder-YECXbqmri2

Brisbane inner-city vacancy rate to get considerably worse: Terry Ryder

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Want to list your business online for free and get user reviews as well?
Log on to Wealthify.com.au. The site allows financial services providers to create a free listing for their business. Consumers can then search these listings for brokers and advisers as well as read or post reviews.
Darren Moffatt, founder of Seniors First mortgage brokerage and online marketing agency WebBuzz, is the site’s creator, reports Australian Broker. 
“The listings on the site are indexed by Google and because we use our digital marketing expertise to promote the site, it is becoming highly visible on the search engine. For example, if a consumer searches for a mortgage broker in the Blue Mountains they will find one of our listings,” he told Australian Broker.
“In addition to that, consumers can use the site to leave reviews – and reviews are really, really powerful in the online space. If a broker creates their own listing and sends an email out to their clients to leave a review on the site, what they will find is that the listings that have reviews will appear much higher in the Google results.”
Users can also upgrade to Wealthify premium options starting at $49 a month. 
In addition, the site has a marketing hub where brokers and advisers can purchase search engine optimisation packages and social media management packages through the online shop.  
Moffatt said the idea behind Wealthify was to help financial services providers with their online footprint. 
“The overriding thing was we wanted a place for brokers to promote their business and get marketing help online. Equally, we wanted an opportunity and a place for consumers to come and find brokers or financial service providers and be able to have a say about any good operators they might find.”
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prateek24-ezbwHMbNAk

Wealthify.com.au allows brokers to list and market their business for free, mostly

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<div>Contrary to some industry guru claims, offline marketing is far from dead, Riti Verma the founder and president of the US based <a href="https://www.rankmyagent.com/" target="_blank">RankMyAgent</a> suggests.</div>
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"Although the search to buy and sell real estate has largely moved online, reaching out to potential clients in the real world creates a sense of trust and connection that simply can’t be duplicated digitally," she recently blogged.
Even mailings and postcards were great for getting agent brand in front of homeowners.
"One reason is that most people deal with a lot less physical mail — even direct mail — than they do emails and online advertisements.'
"There’s no denying the fact that the internet is the most powerful marketing mechanism today. 
"It makes it easier for real estate agents to get in touch with a wider market of prospective clients than anything else we’ve ever known." 
She suggested all good estate agents must have social media platforms such as Facebook, LinkedIn and Twitter to assist in connecting with target markets for listing purposes.
She said two out of three sellers, before choosing a real estate professional to work with, research potential agents extensively online first. 
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jchancellor-FAypfDUnLy

New and old world marketing remains key to agent success

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Savills Australia is marketing two showrooms occupied by national retailer, The Good Guys at Fountain Gate Super Centre in Melbourne’s outer east. 
The property is expected to fetch more than $7.25 million when offers close June 17.
The property at 48-50 Victor Crescent, Narre Warren, comprises showrooms 12 &amp; 13, totaling 2350 square metres.
Savills Australia industrial director Chris Jones says the property offers a secure income stream with a long established tenant of 15 years .
It comes with a ten year lease to Sheedy-Muirs Pty Ltd (The Good Guys) at a current net income of $561,605 per annum
"The property is part of a well-established showroom precinct including Snooze, Amart Sports Barbecues Galore, Ray’s Outdoors and Spotlight, which is located directly adjacent to a Bunnings Warehouse and the Fountain Gate Shopping Centre, the Monash Freeway, and Narre Warren-Cranbourne Road.
"The key driver for the co-location of such a plethora of national brand retailers has been the surrounding residential catchment in the City of Casey, one of Victoria’s fastest growing municipalities,’’ Mr Jones said.
Chris Jones said showroom properties had been popular with investors this year including the recent sales of a showroom in Epping which sold for circa $6 million on a 6.5% yield and a showroom at 1085-1087 Western Highway, Ravenhall which sold for $5.25 million on a 6.9% yield. 
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Savills selling Good Guys, Fountain Gate

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I was recently tagged on an article that did the rounds on LinkedIn. The article proposed the notion that professionals in the financial sector are fearful of being ostracised by developers. More to the point, John Collett of the Sydney Morning Herald wrotes “The brokers fear that they will be ostracised by developers if they go public…”.
Perhaps I’m totally misunderstanding the writer’s point and the genesis of the brokers’ fears. Have I missed something altogether? Let’s discuss.
I don’t disregard what Collett writes and I’m glad to accept that there is one more voice crying foul-play when it comes to overinflated commissions and the financial sector being induced to participate. I am however, bemused that none of Collett’s interviewees or article subjects, shed any light into the simple truth that selling real estate without a license is against the law.
If the single and only notion is that “the brokers fear that they will be ostracised by developers if they go public” then I believe the financial sector has totally missed the required need to be a “licensed real estate agent” to sell real estate.
For over 4-5 years I have been writing about the need to have Real Estate Commissions disclosed by one form or another. I have tracked over the last decade how “Marketing Fees” have moved from 4% to an alarming 10% value off the sale price of a property in the new construction sector. The average or typical real estate agent’s commission on a sale is 2%. In an overly heated market, these fees are added to the end values of the properties, which in turn only add more fuel to the property bubble.
Hopefully, we will soon hear the voice of the consumer crying foul-play, as the properties that were marketed by the financial sector and brought through SMSF property investment schemes, lose value.
We already have hints of such concerns, as new properties in mining-town sub divisions which were notoriously preferred by these schemes are now losing value due to high vacancy.
Soon enough and on the agenda, will be high rise apartments in capital cities and in particular projects that are still under construction. Presently there are properties being sold for $360,000, with "marketing fees" reflecting 10% or in real terms $35,000.
Huge losses incurred by the investors may be the trigger or the catalyst for the regulators to take more assertive action. These are actions that will hinder the sale of property by spruikers and marketing companies that don’t hold real estate licenses.
Nonetheless, it won’t stop most. However, if commissions were disclosed the consumer stands a better chance at discerning what is good value or not. Don't you think?
How this is allowed to happen and why is this so prevalent is no real secret. As to the how? It all comes down to one word. Replace the word “commission” with “marketing” and the fee payable need not be disclosed and anyone can sell real estate.
As to the why; the exaggerated fees are readily passed on to “property marketers and spruikers” mainly involved in the financial sector, all because they have an immense amount of influence over the purchaser. The spruikers assist with the decision making and place high recommendations on the development/project. This in turn allows the developer to inflate the price of the property to make room for the 8-10 percent commissions, sorry I meant “marketing fees”.
Again, please enlighten me, why brokers should fear developers? They get a commission under their job description as pointed out by Jan Kirstein and that is mortgage brokering. However, even Kirstein only refers to “something going wrong” as the main reason and conflict of interest, should things go pear shaped. Again, there is no mention of the need for a license. Leave the sale of real estate and reasonable commissions to the licensed real estate agents, is my suggestion.
At this point I ask, where are the Real Estate Institutes on this topic? I first raised this very issue and the need for agents to be protected against spruikers tainting the industry, over 4-5 years ago.
The financial industry was encroaching in our territory even before the “property boom” hit town. And before it was fashionable to set up SMSF schemes to buy property. Or better still, before they learned to by-pass the real estate agent and go direct to the source, the developers.
The further demise of the real estate industry and in this arena where simple regulations can also protect the consumer, is not due to lack of education on the part of the agents. We know very well not to make any reference to any financial gain, assertions about return on investment and capital gains. But, it seems clear that the financial sector are not well versed on who can sell real estate, legally that is.
One of the key rules I share with my friends and family, when it comes to being offered property by spruikers, accountants or mortgage brokers is; if they refer you to new property, then it’s just not worth the risk. If they in turn, refer you to a buyer’s-agent to help you find something other than new or off-the-plan, it would make more sense. However never avoid doing your own research. Nor underestimate, the power of simply calling a local agent in the area to ask what comparable properties are selling for and they don't need to be new.
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