There’s a quiet patch of <a href="https://www.apartments.com.au/developments/hawthorn-vic-3122">Hawthorn</a>, between the bustle of Glenferrie Road and the curve of the Yarra, that rarely sees change, and even more rarely, new apartments. But that’s exactly where <a href="https://www.apartments.com.au/developers/pomeroy-pacific-quattro-corp">PQD</a> is planting Kooyongkoot: a deliberate, 18-residence answer to the question of what downsizers actually want.

“This is something this pocket of Hawthorn has never seen before,” says Fil Gacesa, head of sales at PQD. “<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a> will deliver just 18 large-scale apartments in the heart of Hawthorn. It is the true definition of resort-style living.”

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/59D7VxzltmM?si=1iCzRD7FRneKryfv" title="YouTube video player" width="560"></iframe>

That scale is central to the story. It’s what allows for two dedicated lift cores, short corridors, and a generous lightcourt that draws natural ventilation and sunlight into every residence. It’s also what makes room for the sort of amenity usually confined to high-density towers: a fully equipped wellness centre with infrared and traditional saunas, yoga and pilates studio, cold therapy shower, and treatment room. There’s a golf simulator, car and dog wash stations, and extensive storage too, not bolted on, but baked in from the start.

But more than the checklist, it’s the design intent that carries weight. “This project has been many years in the making,” says Mark Pomeroy, Director of PQD. “Not just in planning, but in listening, to what our buyers and the local community are looking for”.

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That listening shows up in the materials, oak floors, natural stone, V-ZUG appliances, and in how space is handled. Penthouses feature private rooftop terraces with pools. Terraces and garden residences embrace outdoor connection. Inside, the layouts skew large and open, geared for hosting, not just housing.

Architecturally, <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>’s approach is grounded. There’s no reaching for spectacle here. Instead, the building offers a sculptural calm, anchored by landscaping from Eckersley Garden Architecture.&nbsp;

“We wanted to create spaces that feel expansive, serene, and meaningfully connected to daily life,” said founding partner Chris Stribley elsewhere.

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That sentiment, calm, connection, echoes in the location itself. Kooyongkoot sits just a short stroll from Central Gardens, Fairview Park, and the Rivoli Cinema. Tram lines and schools are close, but the street is tucked, quiet, and leaf-lined.&nbsp;

“Residents of Kooyongkoot will be a short stroll from Fairview Park, Central Gardens, and the Glenferrie Road retail strip," Gacesa notes, "but you're also cocooned in this peaceful pocket behind extensive landscaping by Eckersley Garden Architecture.”

Kooyongkoot is set for completion in late 2026.

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Staff Writer

The project that said no to compromise: Inside Kooyongkoot, Hawthorn

When long-time Ivanhoe locals Graeme and Catherine, decided it was time to downsize, they weren’t necessarily in a rush.&nbsp;

Like many in their stage of life, they had started thinking about apartment living, but anticipated making the shift in two to three years.

That timeline changed when they visited <a href="https://www.urban.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe">Candela</a>, a new boutique development by <a href="https://www.urban.com.au/developers/salter-brothers">Salter Brothers</a>. The project ticked all the boxes they were looking for: location, quality design, and long-term lifestyle benefits, which prompted them to bring their decision forward.

“It was the right place at the right time,” they said. “We knew immediately it ticked all the boxes, and we didn’t want to wait.”

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Their decision to downsize was driven by a combination of practical needs and lifestyle considerations. Their existing home, while much loved, had become increasingly difficult to maintain. It spanned multiple levels, included extensive front and back gardens, and was starting to show the wear that comes with age.&nbsp;

They were looking for a more manageable lifestyle, one with less upkeep and more freedom. A brand-new apartment with no maintenance requirements and the ability to simply “lock up and leave” gave them peace of mind and a greater sense of control over their future.

Financially, the purchase made sense as well. The available stamp duty savings, strong price-to-value offering, and timing of the settlement suited their plans, making the transition smoother and more cost-effective. The apartment's design and inclusions further supported their choice.

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The layout was both functional and flexible: three bedrooms, a butler’s pantry, a separate laundry, and a large open-plan living area. It gave them the freedom to host a family, accommodate guests, or set up a home office. The expansive balcony and elevated views added to the appeal, providing a sense of openness and connection to the outdoors.

“It just had a really good flow,” Catherine noted, something they found lacking in many other apartments they’d considered, particularly in the established market.

Candela’s boutique scale was another deciding factor. With a smaller number of residences and a top-floor penthouse position, the couple felt the development offered the privacy and space they were looking for, without feeling isolated.

“We liked that it wasn’t a huge development. It felt well-balanced, modern but still with a sense of community, not overwhelming,” they said.

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Equally important was the ability to remain in Ivanhoe, a suburb they know well and have deep roots in. After 46 years in the area, proximity to local parks, shops, and familiar faces mattered just as much as the apartment itself.

“We didn’t want to give up the community we’ve known for decades. Candela allowed us to upgrade our lifestyle while staying in the place we call home.”

With a Walk Score of 90, the village location supports a convenient, connected lifestyle. <a href="https://www.apartments.com.au/developments/ivanhoe-vic-3079">Ivanhoe</a> Station is just a eight-minute walk away, and the neighbourhood offers access to parks, cafes, restaurants, and schools along Upper Heidelberg Road, all within easy reach.

Beyond the apartment, the couple also saw value in the broader vision for Candela, one that integrates residential living with public spaces and local amenities.&nbsp;

The development introduces 58 new apartments as well as a mix of commercial and social spaces that integrate contemporary architecture with the suburb’s existing character.&nbsp;

At ground level, residents will find a charming café and a lifestyle wellness centre, perfect for unwinding and rejuvenating. Meanwhile, the rooftop garden offers a stunning vantage point for residents to enjoy breathtaking sunsets, host gatherings, or enjoy barbecues with family and friends. It's not just a place to live; it's a vibrant community where every moment is an opportunity to connect and create lasting memories.

[smartcode_project_cta:default project_id=342]

Why Ivanhoe locals are choosing to downsize to Candela

Mark and Roy Makari are expanding their presence in Sydney’s South West with a second major proposal for Leppington, this time envisioning a 900-dwelling mixed-use development just 850 metres from their previously lodged tower trio on Fifth Avenue.

Project management and construction management firm Creative Vision filed the plans for the&nbsp;multi-building project at <a href="https://www.apartments.com.au/new-apartments/230-rickard-road-leppington-nsw-2179">230 Rickard Road, Leppington</a>. The proposal seeks to establish a new focal point for the precinct through a high-density, transit-oriented development supported by diverse land uses.

According to the Scoping Report prepared for the Department of Planning, the scheme includes around 900 apartments across multiple towers, including 135 dwellings designated for affordable housing. A mix of market and subsidised apartments will be supported by ground-level activation through retail and office space, a childcare centre, and a hotel, forming a comprehensive urban precinct.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="34797362-f3dc-4d84-8235-2657fc5f3bde" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Plan.png?VersionId=Uzckrz9tUpDQl5lX1_WMhjnv16bsr8wG" />

The Design Report by <a href="https://www.apartments.com.au/architects/studiosc-0">Studio SC</a> notes that the project “intends to deliver a high-quality, high-density built form that supports the vision for the Leppington Town Centre, integrating mixed-use outcomes and public domain upgrades.” The development is expected to be delivered in stages, although a precise timeline is yet to be confirmed.

The project will be assessed through a future State Significant Development Application, with the Scoping Report indicating the team will seek design excellence via a competitive process or through an expert design review panel. Early massing diagrams suggest a series of mid- to high-rise buildings framing a central landscaped spine, with emphasis on pedestrian permeability and public space.

The planning documentation flags a strong sustainability agenda, stating that the development will “respond to the urban heat island effect, incorporate water sensitive urban design, and prioritise active transport”.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="369d7b54-1279-4cde-88ec-dcb215594414" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Podium_1.png?VersionId=QArL7B2kkLt63vl5xvL0FNV_ardAlez4" />

The proposal follows in the footsteps of the Makaris’ nearby Fifth Avenue site, where they’ve submitted plans for three towers comprising nearly 500 apartments, with 10 per cent dedicated to affordable housing. That project features commercial podiums, a childcare centre, and a new public park that would occupy more than a third of the site.

Both developments are situated within walking distance of Leppington Train Station and fall under strategic precinct plans promoting higher density housing. The town centre is undergoing substantial transformation, driven by state government planning reforms aimed at fast-tracking housing delivery.

Together, the two projects represent a combined ambition of nearly 1,400 new homes across just under two kilometres of central Leppington.

First look: 900-home mixed-use precinct planned for Leppington

Leading Australian integrated property development group, <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a>, has released the signature penthouses crowning its landmark AURA by Aqualand precinct at 168 Walker Street in North Sydney, unveiling Il Magnate and La Divina as the largest and most luxurious penthouses in the suburb.

With prices anticipated to commence from $15 million, and each accompanied by a new Porsche Carrera 911 valued at over $500K, the residences mark the culmination of <a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA by Aqualand</a>’s decade-long journey and the beginning of its final sales chapter. 
&nbsp; 
Their release follows more than $850 million in record-breaking residential sales and the building’s completion and occupation.

[smartcode_project:default project_id=30959 project_image_fid=358868]

The Richards Stanisich-designed 284 sqm Il Magnate and 224 sqm La Divina penthouses, collectively known as The Icons of AURA, are conceived as grand luxury homes rather than apartments, with expansive proportions, elevated materiality and curated identities that reflect their status as one-off residences.&nbsp;

Il Magnate features a grande master suite, complete with substantial walk-in dressing area and ensuite, three other bedrooms, second ensuite and another bathroom, powder room, open plan kitchen, scullery, substantial dining area and generous living room divided by a feature fireplace, and a multifunction wintergarden, which is ideal for a study and adjoining office breakout space. &nbsp;

Meanwhile, the La Divina residence offers the same amenities, sans the powder room, on a slightly smaller alternate floor plan configuration.

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Each occupies half of AURA by Aqualand’s topmost 28th level, comes with four secure car spaces and pairs sweeping Sydney Harbour panoramas with large-scale living spaces, refined detailing and a level of craftsmanship and amenity rarely offered in the North Shore market.&nbsp;

Penthouse residents will also receive Etymon’s ‘Black Key’ private concierge and lifestyle management service, an invitation only offering providing the ultimate in bespoke personalisation, including a range of everyday discrete services, from dinner party management, grocery deliveries, pet feeding or plants watered, dinners, snacks and coffee deliveries, event ticket sourcing, right up to organising travel visas and international airfares. Rarely seen in Australian properties, the service provides residents the benefits of living in a world-class luxury hotel-style home, akin to The Ritz, or the Waldorf Astoria.

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<a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>’s Director, Kirsten Stanisich, said the studio set out to craft residences that feel profoundly considered, contemporary and deeply connected to their setting.

“From the outset, we approached these penthouses with the sensibility of a grand Parisian residence - generous in scale, elegant in proportion and designed to feel more like a handcrafted home than an apartment," Stanisich said.

“Their elevated position and sweeping harbour outlook informed every decision, creating a rare connection between urban sophistication and natural calm. We shaped each space with expressive materiality, sculptural forms and bespoke detailing that invite touch and interaction.&nbsp;

“The result is a pair of residences defined by volume, light and an inherent softness - refined, flexible and deeply personal. These penthouses are unlike anything else in North Sydney, offering a sanctuary of true luxury framed by some of the city’s most remarkable views.”

For Aqualand’s Head of Sales &amp; Marketing, Alex Adams, the collaboration with Porsche underscores the shared ethos behind the residences.

“Aqualand’s collaboration with Porsche underpins both brand’s sharing an obsession with craftsmanship, design excellence, and enduring value," Adams said.

“Our penthouses are created for those who appreciate the finer details and expect the extraordinary at every touchpoint. Including a Porsche simply extends that experience beyond the residence - it’s a continuation of the lifestyle our buyers already live.”&nbsp;

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Aqualand’s Managing Director, Jin Lin, said the penthouses represent both the pinnacle of AURA by Aqualand and an important design benchmark for the company’s future pipeline.&nbsp;

“These stunning penthouses reflect the purest expression of Aqualand’s design ambition," Lin said.

“The unparalleled design intent makes them not only the glistening crown of AURA by Aqualand, but the crown of North Sydney itself. They’re essentially a thank you gift to a burgeoning community that deserves this level of quality and architectural consideration.&nbsp;

“We’re leveraging the unrivalled standard set here as the foundation for what comes next, including our upcoming Anderson Street, Chatswood; 15 Blue Street, North Sydney and Central Barangaroo projects. Purchasers of these penthouses will essentially be living inside the blueprint of Aqualand’s future.

“These landmark residences demonstrate how far North Sydney has evolved and the strength of demand for highly curated, bespoke luxury homes. They’re more than penthouses, they’re legacy residences.&nbsp;

“With AURA by Aqualand now a thriving new precinct with residents well and truly settled, and our in-house world-class lifestyle amenity activated, Il Magnate and La Divina represent a once-in-a-lifetime opportunity to secure an extraordinary piece of North Sydney’s future.”

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Joel Robinson

Aqualand launches North Sydney penthouses with free Porsche Carrera 911

<a href="https://www.apartments.com.au/developments/bokarina-qld-4575">Bokarina</a> Beach has quietly evolved into one of the Sunshine Coast’s most complete coastal lifestyle precincts, defined not just by proximity to the ocean, but by how residential living, local retail and everyday amenity are stitched together.&nbsp;

Gardner Vaughan Group’s <a href="https://www.apartments.com.au/new-apartments/bask-bokarina-38-bokarina-boulevard-bokarina-qld-4575">Bask Bokarina</a> now represents the final residential chapter in that transformation.

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Over recent years, the Bokarina Beach precinct has taken shape as a walkable, community-oriented neighbourhood, anchored by beachfront access, Lake Kawana to the west, and a growing mix of cafés, specialty retail and public open space.&nbsp;

With Zinc Bokarina already delivered next door by <a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> (GVG), Bask is the last opportunity to buy a brand new apartment within the precinct, effectively rounding out a fully formed coastal village.

GVG has positioned Bask to strengthen that lifestyle framework. Ten ground-floor retail spaces are planned beneath the residences, extending Bokarina Boulevard’s existing activity and reinforcing the area’s everyday convenience, from casual dining and coffee to local services, within a short walk of the beach.

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The residential component comprises 135 apartments across two buildings, Mydas and Caretta, with a clear shift toward larger three- and four-bedroom layouts and penthouses. That mix reflects a maturing buyer profile in Bokarina, where demand is increasingly led by owner-occupiers and active downsizers seeking space, permanence, and connection to place rather than short-term coastal accommodation.

Design and amenity have followed the same logic. Residents will have access to a heated plunge pool, gym, private dining room with a full kitchen, landscaped communal gardens with barbecues and a firepit, and a shared herb and vegetable garden, facilities intended to support daily use rather than resort-style turnover. Pet-friendly features, including a dog wash bay, acknowledge both buyer expectations and the area’s dog-friendly beach, located around 250 metres from the site.

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“Bokarina has become one of the Sunshine Coast’s most desirable beachside communities, and Bask represents the very last chance to buy new in this location,” GVG Director Sam Gardner said.&nbsp;

“Our focus has been to create spacious, functional apartments that meet the needs of locals who want to downsize without compromise, as well as those seeking a full-time coastal retreat.”

Positioned between the Pacific Ocean and Lake Kawana, Bask apartments have been oriented to capture outlooks toward the water or the Glass House Mountains, reinforcing the project’s connection to its natural surroundings. With parks, beachfront paths, hospitals, retail and public transport already in place, Bask arrives at a point where the broader precinct is no longer emerging, but established.

Construction is expected to complete in Q3 this year, with apartments ready to move into this Spring.

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Bask to complete Bokarina’s Sunshine Coast lifestyle precinct as final apartments are released

Property Contracts

Purchasing an off the plan property is a very different prospect compared to buying an established property.

Everything about the process is different. For starters, the property isn't even built when you agree to purchase.

Given the added complexity of purchasing an off the plan apartment, the contracts drawn up between developer are also more complex.

We've wrapped up the top seven things to look at when reviewing an off the plan contract.*

<h1>1. &nbsp;What is an off the plan contract?</h1>

An off the plan contract is a contract between a buyer and developer for the purchase of a property that has not yet been built. The contract sets out the terms and conditions of the sale, including the price, deposit amount, settlement date, and any special conditions that apply.

<h1>2. &nbsp;Why is off the plan property popular?</h1>

Off the plan property is popular because it offers buyers the opportunity to purchase a property at today's prices but settle at a later date when the property is completed. This can be advantageous for buyers as it allows them to lock in a price before construction costs increase.

<h1>3. &nbsp;What should I look for in an off-the-plan contract?</h1>

When reviewing an off-the-plan contract, there are several things that you should look for:

- The price: Make sure that you're happy with the price that has been agreed upon and that it is in line with similar properties in the area. 
 
- The deposit amount: Check that you're comfortable with the deposit amount and that it is refundable under certain conditions (e.g., if construction doesn't commence within a certain timeframe). 
 
- The settlement date: Ensure that you're aware of when settlement will take place and whether there are any conditions attached to this (e.g., construction must be completed by a certain date). 
 
- The cooling-off period: Make sure you understand your cooling-off rights and how long you have to change your mind after signing the contract.&nbsp;

<h1>4. What happens if I change my mind after signing an off–the–plan contract? &nbsp;</h1>

If you have signed an unconditional contract, generally speaking, you cannot change your mind about buying the property without incurring some sort of penalty e.g., losing your deposit. 
 
However, if your contract contains a waiver clause or sunset clause , then these may give you some flexibility in changing your mind without being penalised.

<h1>5. What is a waiver clause?</h1>

A waiver clause essentially states that if certain conditions aren’t met by a given date (usually completion of construction), then you as the buyer are released from your contractual obligations. 
 
For example, if construction isn’t completed within two years from when contracts were exchanged, then buyers may be able to walk away from their purchase without losing their deposit . &nbsp;

<h1>6. What is a sunset clause?</h1>

A sunset clause works in a similar way to a waiver clause in that it releases buyers from their contractual obligation if certain conditions aren’t met; however, as opposed to being linked to completion of construction, a sunset clause is usually linked to obtaining development approval from council. 
 
So, if council approval isn’t granted within 12 months from when contracts were exchanged, then buyers may be released from their purchase obligation. &nbsp;

<h1>7. Will I still need to pay stamp duty on an off the plan property?</h1>

In most cases, yes – even though settlement hasn’t taken place yet , stamp duty will still need to be paid at the time of exchange. 
 
However, there are some jurisdictions where payment of stamp duty may be deferred until settlement takes place e.g., Victoria and Queensland.&nbsp;

*Disclaimer - this should not constitute legal advice and you should always speak to a lawyer when executing property contracts.

Given the added complexity of purchasing an off the plan apartment, the contracts drawn up between developer and purchaser differ greatly also compared to buying an established property.

The top seven things to look for when reviewing an off the plan property contract

It&#39;s often written about in the media when talking about off the plan property - but what actually is a sunset clause?

Essentially, a&nbsp;sunset clause is a condition included in some contracts of sale&nbsp;to protect the buyer and seller. It effectively puts a time limit on the contract&rsquo;s validity.

Use of the sunset clause is open to the buyer or the seller, and either party can choose to invoke the clause if the expiry date has passed. If settlement has not taken place by the end date included in the contract, both parties are legally entitled to walk away and the buyer would receive their deposit back in full.

While sunset clauses may exist to offer security and protection for buyers when purchasing off-the-plan, they don&rsquo;t always pan out this way and can sometimes be manipulated, which is why being aware whether it is in your contract of purchase is crucial.

Buyers can get their money back should construction timelines blow out further than what was forecasted by the developer as per the contract.

However, while not frequent, but a much publicised practice, is developers pulling apartments back from buyers if they go over the agreed upon construction timeline. The allowance of this has seen developers drag their feet in the construction phase, so they can take the apartments back and re-sell them at a higher price than initially sold if the market has grown during construction.

That then unfortunately&nbsp;leaves the buyer without a leg to stand on. They will get their deposit back that they initially paid, and begin the hunt again, in a market where prices are potentially, 10, 20, or even 30 per cent higher than what they thought they were buying in to years earlier.

<h2>The breakdown</h2>

A sunset clause is generally used in one of two situations in off-the-plan developments.

Firstly, it is routinely included in off-the-plan property exchanges. In this context, the clause stipulates the date by which the developer must finish the project and that if it is not finished by the proposed date, the buyer is legally&nbsp;entitled to walk away from the contract and receive their deposit back in full.

Most of the time however, developments are finished well in advance of the outlined date, as developers often exaggerate the required timeframe to allow for delays.

Another time a sunset clause is often used is when a buyer makes a purchase conditional on the sale of their current home. The sunset clause is normally included here to protect the vendor, if the buyer fails to sell their current home within the timeframe outlined. In this context, a sunset clause protects the seller by offering them a way back onto the market, should the buyer take too long.

There are, however, cases where invoking the clause may be more difficult for one party than the other.

Legislation has been passed in some states to make it more onerous for building developers to invoke the sunset clause. In October 2015, the New South Wales Government legislated that a developer would require written consent from either the buyer or the Supreme Court if they wished to terminate the contract if the project was delayed. These changes have been made due to instances of some developers stalling projects when property prices skyrocket, backing out of contracts to then put the development back on the market at a higher price. The Victorian Government followed suit in 2018, preventing developers from using sunset clauses to intentionally delay building projects with the aim of exploiting buyers.

It is possible for two parties to come to a mutual agreement to extend the terms of a sunset clause.

<h2>Urban&#39;s advice</h2>

Be fully aware if there is a sunset clause in your contract. This should be discussed with your solicitor when signing the contract, and be aware of the construction date agreed upon in the contract.

As with all off the plan apartment development purchases, check the developers track record. It will be well covered if the developers has previously evoked a sunset clause and left previous buyers without their apartments.

While often as a buyer you will deal with the agent in charge of the sales, don&#39;t be afraid to call the developer if that puts your mind at east. They should have a website for the development with contact details.

At Urban we attempt to track every developer across Australia, and keep their track record on our site so buyers can see whether they have delivered previous projects.

Essentially, a sunset clause is a condition included in some contracts of sale to protect the buyer and seller. It effectively puts a time limit on the contract’s validity


alisonwarters@gmail.com

What is a sunset clause in off-the-plan developments?

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McGrath is among a growing number of real estate agents using FLK IT OVER that enables Residential Tenancy Agreements to be signed on the phone and in a world first can now speak to you through smart speakers Google Home or google assistant.
“Since its launch earlier this year FLK IT OVER has been used to sign 5,500 property leases with over 400 property managers now using the technology,” said its Founder Andrew Colagiuri.  
FLK IT OVER is a digital platform enabling tenants to sign leases via their smartphone. The agent sends tenants a link via SMS then FLK IT OVER takes the tenant through the lease conditions, requiring tenant approval at various stages and a signature at the end on the screen of their phone.
“This technology, first available in NSW, has just launched in Queensland and is now compatible with Google Home so tenants can ask google when their lease ends, when rent is due and who the emergency plumber is without getting off the couch,” said Mr Colagiuri.
“You can also let google know you want to talk to your property manager and an email will be sent requesting them to call – gone are the frustrating days of the tenant having to chasing their agent.”
Mr Colagiuri said, “it’s even helping the environment, so far FLK IT OVER has saved 35 trees (275,000 sheets of paper) reducing costs for agents and freed up their time to concentrate on other work instead of chasing lease signatures.”  
FLK IT OVER was recently awarded best new Utility Product at the digital and technology AMY awards ahead of Qantas, Lendi, Unicef and Alexia.  
Rob Fearnley, Head of Property Management at McGrath said his company is embracing the innovative technology. 
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j.ballantyne1990-6AQqhLzZaK

FLK IT OVER the world's first talking digital tenancy lease agreement

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The Victorian government has stepped in to protect real estate agent commission payments after agents were using non-compliant contracts sold by the Real Estate Institute of Victoria (REIV) that had been approved by Consumer Affairs Victoria.
The faulty contracts were Exclusive Sales Agreement (ESA), legally binding documents that give an agent the right to sell a vendor's home and be paid for their services. 
The Victorian government said it would amend the Estate Agents Act 1980 to "protect agent commissions after contracts with incomplete rebate statements were used".
Amendments will be introduced into the Victorian Parliament after <a href="http://www.afr.com/real-estate/residential/vic/estate-agents-commissions-under-threat-after-real-estate-institute-of-victoria-blunder-20180511-h0zyb6">a Ray White St Albans agent was ruled ineligible for commission</a> on a land sale because the County Court ruled the ESA form was non-compliant.
In April, Victoria's Court of Appeal upheld the initial 2017 County Court ruling that denied the Ray White agent his commission.
There has been another case yet to be heard where a vendor, Marika Sutherland, seeks a ruling preventing agents Globe Real Estate from collecting an $82,000 commission on the 2017 sale of her Beaumaris home.
Despite speculation of a likely flood of claims against both the REIV and CAV, the situation has not escalated but no agent who used these forms will be penalised because of an error in the paperwork, said Minister for Consumer Affairs Marlene Kairouz.
"We're fixing this problem, giving agents who acted in good faith reassurance their commissions will be protected by law," she added.
The changes would not apply to disputes over commissions already dealt with by the court.
The property law expert Robert Hay, QC, warned there was no legal defence for those agents who are challenged over commissions.
"As it stands, there's not much they can do. There could be lots of innocent agents, who could be disgorged of their commissions,'' he told Fairfax Media.
Lawyers acting for Sutherland will seek $138,500 – the 10% deposit paid on the $1,385,000 sale of her home at 37 Oak Street, Beaumaris, in February 2017 – from Globe Real Estate, plus interest and legal costs.
The deposit, of which $81,616 is due to be paid out in commission, remains held in the trust account of Globe Real Estate's lawyers Marsh &amp; Maher following a dispute over payment. The property settled in April last year.
In August, Sutherland's solicitor Bill Gioutlou filed a motion in the Supreme Court seeking a declaration that the ESA form used by Globe Real Estate did not comply with section 49A of the Estate Agents Act of 1980 and because of this, Globe Real Estate is "not entitled to retain any commission or money ... in respect of the sale of the property". 
Bentleigh-based Globe Real Estate, which is owned by Yufang "Kiki" Jiang, opposes the motion.
In October last year, Globe Real Estate joined the REIV as a third party to the proceedings alleging the REIV was ultimately responsible for any non-compliance.
This would entitle Globe Real Estate to claim from the REIV relief, including any costs, losses or damages that arise out of the legal proceedings.
It is understood the REIV, which in its filed defence denies any negligence in providing the ESA form and notes it was approved by Consumer Affairs Victoria, lobbied the state government to retrospectively amend real estate laws.
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Victorian government steps in to protect agent commissions from non-compliant contracts

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GUEST OBSERVER
The Financial Services Royal Commission has exposed the pressure selling tactics used by the banks. They draw on simple psychological rules to target vulnerabilities among some of their most loyal customers.
One example is the high-pressure selling of add-on insurance for customers when they sign up to a credit card. The Commonwealth Bank of Australia (CBA) acknowledged that upwards of A$13 million of refunds are likely to be paid to consumers who had been pressured into buying these add-on products.
Another witness at the commission, Irene Savidis, relayed what happened when she tried to cancel this insurance: "they just kind of kept pushing it on me saying, you know, “It’s good for you, it will help you.” I just felt pressured or kind of like, you know, no matter what I said, it was the opposite. So I couldn’t – I felt like I couldn’t cancel it."
These techniques are well established in psychological research as ways to manipulate behaviour. In this single example, we can see how the representative of the CBA used trust, repetition (the more something is repeated, the more we are likely to believe that it is true), authority (the salesperson is perceived to be an expert), and scarcity (act now, or you will miss out). All of these factors are part of the marketers’ bag of tricks.
As much as trust can be useful under certain circumstances, at times it can be dangerous. When we are faced with choices or decisions where we don’t feel confident, we have a tendency to give over our decision making to somebody who we believe has those skills and authority and trust them to do the right thing by us.
How we make decisions under situations of stress
As we can see in the examples from the commission, many of these financial decisions are being made by consumers under already significant financial and psychological stress. We also know that under these conditions none of us make the best decisions.
In psychology, we know that people don’t always think through their decision making in a rational and linear way when placed under situations of stress. This becomes more pronounced when – counter intuitively – people are provided with lots of information related to a topic that they don’t have the ability to fully understand, either because it is complex and confusing, or even simply because it is in an area that they don’t have any experience in.
It’s in these situations that they rely on peripheral information to make their choices – things like colours, previous experience with similar situations, even the aesthetic layout of the information, or the way the person giving them the information is dressed.
When we feel we have less resources, we perform worse on tasks requiring high-level cognitive control, like important decision making. Logical reasoning, the kind that should occur when signing up to a loan, extending our credit, or committing to any major financial agreement, is relatively inefficient in these situations.
Responding to pressure selling techniques
So, how do we respond to the types of techniques that we have seen and any others that might be exposed by the commission over the next 12 months?
We need to accept that our decision making is flawed and not judge ourselves, or others, harshly, when they seem to make irrational decisions, or behave in a way that is counter-intuitive. We need to accept that people are complicated, and will make a decision that conforms to their emotional state of mind, at that point in time.
That said, there are some things people can do to avoid some of these manipulative tactics. One thing is to do your best to slow down when it comes to decision-making. If you do want to buy something, that’s fine, but do it outside the heat of the sales process.
Speak to someone you trust about your plans. Recognise that your emotional brain may already have convinced your rational brain that you are making a good decision, so you need to check in with someone who isn’t emotionally engaged in the decision.
And if the person offering something like add-on insurance creates a sense of scarcity, then identify the feeling, and assume you can walk away. A classic technique of traditional sales is to say something along the lines of, “I can only offer you this now”, but the best response is always to take your time. If they are offering you this today, they are more than likely to offer it to you tomorrow.
One thing that has emerged from the royal commission is the somewhat obvious fact that banks are businesses. Indeed, people should not be fooled into thinking that banks are anything other than profit-driven organisations. Banks know exactly what they are doing when it comes to the use of manipulative techniques to get customers to buy their products.
<img src="https://counter.theconversation.com/content/93424/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">The hope is that this royal commission will be able uncover and act upon some of the practices verging on illegal, while highlighting some of the more unpleasant and unethical practices that have been occurring.
Paul Harrison, Director, Centre for Employee and Consumer Wellbeing; Senior Lecturer, Deakin Business School, Deakin University
Chiara Piancatelli, Visiting Research Associate, Deakin University
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/why-dont-we-read-the-fine-print-because-banks-know-the-pressure-points-to-push-93424" target="_blank">original article</a>.
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Why don't we read the fine print? Because banks know the pressure points to push

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GUEST OBSERVER
The Urban Development Institute of Australia (UDIA) NSW urges the state government to conduct an independent review into the reported misuse of sunset clauses in off-the-plan property contracts to understand how widespread the issue is.
The state government needs to establish how many incidences there have been of developers purposely rescinding contracts after the sunset clause to sell properties at a higher price, and who these operators are. As far as I am aware, such behaviour is not common practice. 
Our view is if this is happening, and it’s rare that it does happen, then it needs to be stopped because people act in good faith they expect the counter party to act in good faith, and we have to resolve this issue
It is crucial that the government does not base its policy responses on anecdotal reports. 
We need an independent review into the problem before making any policy changes to understand the extent of the problem. 
Any reform to the Conveyancing Act 1919 would need to consider implications to housing supply as it could impact on the ability to raise development finance. 
The government’s proposal to allow only purchasers the option to rescind contracts during the sunset clause could have a negative impact on a project investor’s ability to secure finance to build homes because of the increased risk. 
The market is also rising now, but if and when it dips, purchasers should not have the option to rescind a contract simply because a dwelling is worth much less than it was when they entered into it. 
Any new legislation must be measured and balanced, and before any changes, it’s vital the government establishes the scope of the issue.
It is also important that reputable developers who deliver a project beyond the sunset clause because of reasons beyond their control – such as delays getting applications through councils or financing issues – do not get penalised. 
The Urban Development Institute of Australia NSW is the state’s leading property industry body. It advocates for better planning; timely and affordable housing, and the building of vibrant communities to increase local job opportunities.  
Stephen Albin is chief executive of UDIA NSW and can be contacted <a href="https://www.udia.com.au" target="_blank">here</a>.
 
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