ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

<section data-element_type="section" data-id="b086848">
Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
</section>

<section data-element_type="section" data-id="534a164">
Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

<img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" />

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
</section>

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.

In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.

“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.

"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

[smartcode_project:default project_id=108747 project_image_fid=193023]

Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.

Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.

[smartcode_project:default project_id=108747 project_image_fid=284864]

Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.

Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.

"This is paramount in the current market," Pezet says.

Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.

[smartcode_project:default project_id=108747 project_image_fid=190743]

One of the biggest drawcards to Lagoon has been the size of the apartments.

"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.

"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

Lagoon is set to complete construction in mid-2026.

[smartcode_project_cta:default project_id=108747]

Lagoon Main Beach approaches sell-out as local buyers drive $75m in sales

Property Management

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A recent industry survey conducted by the Real Estate Institute of Queensland (REIQ) reveals that Property Managers across Queensland’s real estate industry have performed more than double the amount of ‘heavy lifting’ when it comes to rent negotiations between landlords and rental tenants.
This is outside of the Palaszczuk Government’s Residential Tenancies and Rooming Accommodation (COVID-19 Emergency Response) Regulation 2020.
REIQ CEO Antonia Mercorella says industry data like this is vital to help understand the essential nature of the real estate sector during unique circumstances such as the COVID-19 pandemic and its role in supporting the broader Queensland economy.
“This member survey aimed to identify a whole-of-industry snapshot in regards to the important role and to what scale our sector played in negotiating temporary reduced rents on behalf of more than 14,000 rental tenants with their landlords,” explains Ms. Mercorella. “Real estate professionals manage close to 600,000 Queensland households through property management services. The demand for more effective recognition of our industry during any future crisis of this nature is now more apparent, with property managers overseeing more than a double caseload of temporary rent reduction requests from tenants suddenly faced with the inability to fulfil their rent obligations.”
With over 1,200 REIQ property management member agencies surveyed throughout Queensland, the results show that only 6.05% of residential rental tenants qualified as “COVID-19 impacted” under the State Government’s COVID-19 Emergency Response Regulation. This represents approximately 3,950 renters from a State total in excess of 577,000 residential tenancies (Census, 2016). A tenancy is generally deemed to be “COVID-19 impacted” if a tenant is impacted by COVID-19 in certain ways and in addition, the tenant has suffered a loss of income of 25% or more, or the rent payable is 30% or more of a person’s income. A majority of negotiations achieved a satisfactory outcome regarding temporary rent reductions, with fewer than 800 referred to the Residential Tenancies Authority for further conciliation.
Furthermore, Property Managers proactively negotiated an additional 14% of temporary rent reduction requests beyond the COVID-19 Emergency Response Regulation, representing over 10,800 residential tenancies. That’s more than double the amount of qualified lease renegotiations recognised as ‘COVID-19 impacted.’ The bulk of these temporary rent reduction reviews took place across Brisbane (37.2%), Gold Coast (14.88%), Sunshine Coast (12.09%) and Cairns (6.51%) with the majority of tenants requiring a rent reduction of up to $100 per week (69.3%). A further 23.72% of rental tenants have required a temporary rent reduction of up to $200; 5.12% a reduction of up to $300; and, 1.86% a reduction of over $300 which represents just over 200 tenants.
“By the time the Prime Minister’s proposed protective measures for residential tenancies via a six-month moratorium on evictions reached the Palaszczuk Government, a highly-coordinated industry campaign for more fair and balanced protections for both tenants and landlords ensued,” says Ms. Mercorella. “However, the REIQ recognised that many rental tenants and landlords simply couldn’t wait. Large scale job losses were already in motion, with the entertainment, events, food and beverage, and tourism industries virtually grinding to a halt overnight. As a result, we were quick to work proactively with Property Managers across our member agencies to achieve an immediate framework of resources for tenants and property owners in significant financial distress to come together to negotiate temporary rent reductions in order reach an amicable outcome for both parties.
“The role our industry’s Property Managers have played throughout this pandemic is truly exemplary,” adds Ms. Mercorella.
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j.ballantyne1990-6AQqhLzZaK

Only 6% of renters qualified as "COVID-19 impacted": REIQ

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Australian proptech startup :Different has announced it raised $3.5 million in its latest funding round to continue its national expansion.
The fund raising coincides with the company’s launch into Brisbane today.
:Different is a full-service property management startup where property owners pay a fixed fee of $100 per month instead of a percentage based on the rental price of the property.
The appeal of :Different is their tech base which automates the everyday tasks of a property manager.
:Different’s owner app provides 24/7 access to documents like lease agreements, statements, and maintenance requests, while the tenant app helps streamline requests and fast track communications. 
Over the last 12 months, :Different’s customer base has grown five folds with more than $700 million worth of properties now under management across New South Wales and Victoria, while its team has quadrupled to 32.
The latest funding round supports :Different’s ambitions to expand into new markets, further enhance its tech platform and continue to build its team of expert property managers, said Mina Radhakrishnan, Co-Founder at :Different.    
"We’ve already had huge success since launching in Sydney and Melbourne, and we’re thrilled to offer the same great offering to Queenslanders," Radhakrishnan said.
"We have big growth ambitions for :Different. This latest funding round will help us continue to rebuild property management in Australia and beyond." 
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Australian property management startup raises $3.5 million, expands to Brisbane

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Ayre Real Estate has announced that Torch Property Management has joined the brand under a strategic collaboration, with the Torch business rebranding to Ayre Real Estate.
The combined business will feature two office locations; the existing Ayre Real Estate office located at the Sheraton on the Park, 161 Elizabeth Street, Sydney, and Torch’s shopfront at 9 Argyle Place, Millers Point.
Ayre Real Estate founder Adrian Wilson says the combined power of our 68 plus years of prestige property experience, coupled with the benefit of two offices in key locations and our advanced marketing strategies, was a significant competitive advantage.
The partnership will service a portfolio of over $400,000,000 in assets with over 200 luxury rentals under management.
Launching a portfolio of prestige apartment sales, the first on the market is a penthouse apartment; 731/8 Point Street Pyrmont, for auction on 21st August with a price guide of $5.3 million.
It has a one bedroom apartment in Observatory Tower 2406/168 Kent Street Sydney, listed for sale at $1,575,000.
Craig Donohue, a CBD Agent previously at McGrath joins the leadership team as a Director, alongside Kate Sommervelle, Director and Licensee of Millers Point office, and Adrian Wilson, Founder and Director of Ayre Real Estate.
In addition, Georgia Peters, one of Sydney’s most experienced property managers, also joins the team as Senior Property Manager.
The team at Torch seek premium prices for luxury rentals regularly leasing properties between $2000–$5000 per week, up to $25,000 per week.
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Torch Property Management joins forces with Ayre Real Estate

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The John Singleton Group has invested in technology start-up Property Realm’s real estate trust accounting software, Concierge.
Concierge, which looks set to shake up the property management sector in Australia, combines artificial intelligence (AI) with voice recognition.
The technology utilises platforms such as Google Assistant, Google Home, Google Mini, SMS, standard email systems and Facebook Messenger to provide tenants with full access to their tenancy details.
Tenants can access all the information they need in a self-service environment at any time 24/7.
Paul Anderson, Executive Chairman of Bonython, the arm of the John Signleton Group investing in the product, described Concierge as “the future of communications between tenant, landlord and property manager, but ultimately it will become the platform for any interaction with customers who want self-service 24/7 when it suits them given the system’s flexibility and adaptability to any situation.”
Mr Anderson added, “We are also proud to support a technology conceived, tested, and delivered from the Central Coast of NSW, and yet again showcases the regions ability to create fantastic business opportunities.” he added.
Property Realm has invested heavily in this new technology that integrates voice recognition through Google with a real estate agent’s trust account, according to Patrick Hill, CEO of Realm Property, the developer of Concierge.
He said, “we have combined this integration with AI so that tenants can communicate directly with a real estate agent’s trust account."
“Through this technology, tenants can ask about when their rent is due, the timing of next inspection, or they can even pay their rent using Google Pay.”
In Australia, the average rent roll is 280-320 properties, with some of the more significant property managers overseeing as many as 11,000 managements. On average across Australia, tenants make 3.4 calls to their property manager per month. Realm estimates that 80-90% of these calls can be answered by Concierge using technology already owned and used by the tenant.
Property Realm is in discussions with a number of residential real estate networks regarding Australia-wide rollouts for Concierge.
They are also partnering with major trust account management software providers such as Rockend, Property Tree, and Property Me.
An existing client of Property Realm, Brett Hunter, Director of Raine &amp; Horne Terrigal, says Concierge enables property managers to secure quality tenants and give them more access to their information.
“Our landlords enjoy Concierge because it not only helps them secure quality, long-term tenants but helps educate tenants about their rights and provides access to their payment information.”
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John Singleton Group investing in Concierge, AI property management

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Unilodge has launched a specialised build-to-rent property management arm as the asset class continues to expand.
Essence Communities will provide property management services to investors and developers.
Build-to-rent projects are becoming an increasingly prominent part of the Australian property sector, following the success of similar dwellings in countries such as the US and UK. 
Executive Chairman of UniLodge, Peter Bates, said there is growing demand in the rental market for greater choice and long-term accommodation security.
“We know many Australians are finding it increasingly difficult to purchase property and we are seeing an attitudinal shift with many now seeking high-quality community offerings and the security that comes with longer lease terms,” said Bates.  
“While multi-family developments can address the demand for longer-term accommodation options, the success of the build-to-rent model is contingent on the provision of high-quality amenities and services, with more than one third saying they’d pay a higher rent for attractive community offerings and services.  
“Across our portfolio of more than 70 student accommodation and serviced apartments, we’ve seen how essential security and high-quality community offerings are to creating environments that occupants call home, which in turn delivers high-occupancy rates. 
“Our market-leading technology, bespoke services and understanding of unique community requirements, are key elements of our success and will translate to thriving build-to-rent projects through Essence Communities.”
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UniLodge launch specialised build-to-rent property management arm

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GUEST OBSERVATION
People’s quality of life, their health and their comfort can suffer when living in poor-quality housing. It can also impose high ongoing costs of maintenance, repairs, heating and cooling. And these problems are more likely to affect low-income households, as <a href="http://www.shelternsw.org.au/uploads/1/2/1/3/121320015/poor_quality_housing_report_2019.pdf" target="_blank">our report</a> for Shelter NSW shows. In it, we review the evidence on housing quality problems and consider ways to resolve these, especially for low-income households.
There is extensive evidence of the impacts of poor-quality housing on <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/27712557" target="_blank">physical health</a>, <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1257572/" target="_blank">mental wellbeing</a> and <a href="https://www.propertyobserver.com.au/https://www.ncbi.nlm.nih.gov/pubmed/10942447" target="_blank">comfort</a>. For example, poor design and maintenance can lead to the <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1398-9995.1998.tb03859.x" target="_blank">build-up of mould</a>.
These negative impacts vary by income groups and tenure. From the recently completed <a href="https://dataverse.ada.edu.au/dataset.xhtml?persistentId=doi:10.26193/RDMRD3" target="_blank">Australian Housing Conditions Dataset</a> we know, for example, that renters on very low incomes (the bottom fifth of households for gross income, about $20,000 a year) are most likely to have unmet repair needs. They also have a harder time staying comfortable during winter and summer, as the table below shows.
<a href="https://images.theconversation.com/files/276912/original/file-20190529-181266-12d6trt.PNG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/276912/original/file-20190529-181266-12d6trt.PNG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
<a class="source" href="https://dataverse.ada.edu.au/dataset.xhtml?persistentId=doi:10.26193/RDMRD3" target="_blank">Source: Australian Housing Conditions Dataset</a>, Author provided
What are the reasons for poor-quality housing?
There are several underlying reasons for substandard housing.
Properties may enter the rental market after years in owner-occupation with no formal checks on their state of repair.
Another problem is some private renters do not assert – <a href="https://rentingfair.org.au/need-to-know" target="_blank">or feel unable to assert</a> – their legal right to habitable premises in a reasonable state of repair and upkeep. This is often because of the insecurity of their leases and lack of affordable alternative housing.
Another issue is “split incentives” – landlords decline to upgrade properties because they would not receive any benefit themselves.
There are also problems in public housing. Disinvestment by governments has both reduced the supply of housing and caused a <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/148" target="_blank">backlog of maintenance for much of the remaining stock of dwellings</a>.
Housing quality is covered by myriad regulatory regimes. Lately, governments have been focused on questions of <a href="https://ncc.abcb.gov.au/" target="_blank">how best to regulate construction of new buildings</a>. Less attention is given to the ongoing use of existing buildings.
Recent state and national reviews have highlighted problems in the certification of building design and construction, and in the public agencies that oversee the certifiers. Some state governments have begun to respond. The New South Wales government, for instance, is moving to consolidate the regulation of construction practitioners under a new <a href="/news/nsw-government-to-appoint-building-commissioner-following-industry-reform-report">building commissioner</a>.
We spoke to a range of housing sector stakeholders and the theme from the recent reviews that most struck a chord was inadequate policy governance. There was no comprehensive overview or oversight of the issues of housing quality. As a result, some important issues escape policymakers’ attention.
Many stakeholders indicated that the current focus on problems in new buildings is an example of this. Although that’s plainly an issue in need of attention, other problems in existing buildings and more fundamental solutions are being overlooked – such as increasing social and affordable housing supply.
So what are the solutions?
<ul>
<li>Empowering tenants and regulators</li>
</ul>
One way in which the quality of existing housing is regulated is through tenancy laws. This will become more important as rental housing becomes an <a href="https://www.tandfonline.com/doi/full/10.1080/02673037.2017.1301400" target="_blank">increasingly common option, particularly for the long term</a>.
Recently, some state governments have amended tenancy laws to specify <a href="https://www.cbos.tas.gov.au/topics/housing/renting/beginning-tenancy/minimum-standards" target="_blank">“minimum standards” for rental housing</a>. Our research participants supported these moves, but said security of tenure also had to be improved to protect renters when they assert their rights. The onus of legal enforcement could also be shifted from tenants to regulators.
<ul>
<li>Mandating improvements to overcome the split incentive problem</li>
</ul>
The <a href="https://www.propertyobserver.com.au/https://apo.org.au/node/178481" target="_blank">split incentive problem for housing quality</a> means some landlords are reluctant to pay for upgrades – such as insulation or other energy-efficient features – where tenants are the beneficiaries. As a result, renters, especially those on low incomes, are likely to be <a href="https://www.propertyobserver.com.au/https://www.ahuri.edu.au/research/final-reports/159" target="_blank">living in housing of lower standards or quality</a>.
A potential solution is for governments to take the minimum standards approach and legislate energy efficiency and other improvements as mandatory. This is <a href="https://www.gov.uk/government/publications/the-private-rented-property-minimum-standard-landlord-guidance-documents" target="_blank">already commonplace overseas</a>.
One of our workshop participants observed that “energy poverty” was another way of framing the policy issue that had proved compelling in overseas jurisdictions. While this framing had not had the same impact in Australia, <a href="https://www.acoss.org.au/wp-content/uploads/2018/04/EEC-Survey-online-FINAL-.pdf" target="_blank">this may be changing</a>.
<ul>
<li>Improving transparency of housing standards</li>
</ul>
Social housing providers have a role in leading by example. Increased investment in social housing could contribute to improved quality across the housing system.
To this end, social housing landlords – particularly state and territory public housing authorities – need to be more accountable to tenants and the general public. Transparent reporting on property conditions, maintenance and tenant satisfaction, led by the social housing sector, can and should be rolled out as standard practice across the sector.
To do this, however, <a href="https://theconversation.com/australia-needs-to-reboot-affordable-housing-funding-not-scrap-it-72861" target="_blank">enough funding must be provided</a> to reverse <a href="https://www.theguardian.com/australia-news/2019/may/17/national-obscenity-australias-story-of-housing-boom-and-homelessness" target="_blank">decades-long underfunding</a> in the sector.
Collectively, these options can deliver more equitable housing outcomes, not only to low-income households but to all. The challenge lies in having the political and industry will to act on them.
Edgar Liu, Senior Research Fellow at City Futures Research Centre, UNSW
Chris Martin, Research Fellow, City Futures Research Centre, UNSW
Hazel Easthope, Associate Professor, City Futures Research Centre, UNSW
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/chilly-house-mouldy-rooms-heres-how-to-improve-low-income-renters-access-to-decent-housing-116749" target="_blank">original article</a>.
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Chilly house? Mouldy rooms? Here’s how to improve low-income renters’ access to decent housing

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The ASX-listed real estate agency McGrath has commenced an expansionary push into rent rolls to underpin its desired recovery in the current downturn.
Its chief executive Geoff Lucas said the company had acquired two rent rolls. McGrath last reported almost 7,500 properties under management.
It has been reported that they were being bought "under market value."
Lucas indicated many agencies were trying to offload rent rolls as they focused their attention on securing sales during the downturn.
"Increasingly we are seeing real estate business owners seeking to return to a role of real estate sales agent without the attendant issues of running a business in a difficult environment," he said at the meeting.
"As a result an increasing number of rent rolls with sales businesses attached are beginning to come to market."
Lucas reportedly said McGrath had purchased the latest two new small rent rolls at below market valuation, although he declined to comment on the price paid or the number of extra rental agreements secured.
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"With currently $16 million in cash and one of Australia’s largest rent rolls that would typically be valued at between $45 and $55 million and zero debt, we’re well placed to make prudent and strategic acquisitions," he said.
Trading at 31 cents, the company market capitalisation is $54 million.
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Fund manager shareholder East 72's representative Andrew Brown challenged the rent roll acquisitions, according to The Australian Financial Review.
"The performance [of the rent roll] is pretty disappointing ... the average return has gone down as well. Why are we acquiring more? What is the competitive advantage in managing rent rolls?"
New chairman Peter Lewis admitted the year was not "stellar" in sales or property management but said both those businesses were now stabilised.
It was time to achieve economies of scale, Lewis said.
Mr Lucas attributed the weakness of its rent roll previously to the falling number of agents over the years, which crimped referrals from landlords and the natural attrition of agreement expiration, both of which were no longer posing problems.
In McGrath's 2015 listing prospectus, the rent roll held by company-owned agencies made up 11 per cent of pre-tax and interest profits (EBITDA), while sales commissions from company-owned agencies were 71 per cent of the firm's profits.
In 2012 McGrath had 5500 rent roll properties.
Industry estate agents collect about five per cent of rents as their fee for managing properties, which is typically the licensee's most stable source of income.
Critics of the McGrath prospectus indicated the true value of a real estate agency was in the rent roll, not sales listings nor office fixtures or fittings. 
At the time of the float the value of rent rolls reflected ratios from $3.00 to $4.00 on a dollar income per annum, having jumped from $2.75 over the prior two years. 
There are variations as rent rolls in Queensland are more likely $2.20 to $2.80.
John McGrath, the founder of the company, told the meeting he was back helping with the listing of homes.
He has especially sought to assist agents struggling to get prestige listings from the eastern suburbs office.
He remains engaged with agent training too.
"My mandate now is to grow the marketing areas of the business, that's where I add the most value," he said.
"It wasn't always that way but I am enjoying it again ... I am starting to enjoy the feel of the business again."
McGrath told Friday's annual general meeting the worst of the housing downturn had passed.
McGrath said that prices would fall only a few percentage points further, 2 to 3 per cent.
The company endured a horror year in which it fell to a $63 million loss.
“Despite the fact that it’s been annus horribilis for us, no doubt, we are seeing a light at the end of the tunnel,” he said.
McGrath, who has been through five cycles in his 35-year career, said the market was one year into a correction period that would run for about two years.
“I think we’re getting towards the bottom of the market,” he said.
“It may get a little bit worse before it gets better but I think that most of the price correction has been seen already … you might see 2-3 per cent more in Sydney come off,” he said.
 
 
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Rent roll expansion to underpin McGrath's desired recovery amid downturn 

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The McGrath share price is going to be 32 cents in a year's time, reflecting no change from its current lows, according to Bell Potter, the stockbroker who helped float the estate agency at $2.10 in late 2015.
The forecast came after McGrath updated the ASX on the deteriorating property market conditions.
McGrath provided a trading update that highlighted a number of factors which are negatively impacting the operating performance of the company.
Click here <a href="https://www.propertyobserver.com.au/images/2018/10/24/mcgrath1.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/24/mcgrath1.jpg" alt="">
McGrath did not provide any guidance for FY19 but did say it expects a much better result in 2HFY19 and “at least a breakeven position on an EBITDA basis” for the full year.
Bell Potter accordingly downgraded its FY19 EBITDA forecast from $5.1 million – which was consistent with underlying FY18 EBITDA – to a modest loss of $0.5 million which is below the company’s general guidance of at least a breakeven result.
It also downgraded its FY20 and FY21 EBITDA forecasts by 58% and 44% but continue to forecast positive EBITDA in both these periods and some improvement in market conditions.
"Our downgraded EBITDA forecasts mean we now expect a net loss in FY20 and a modest net profit in FY21," the stockbroker advised.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/24/Mcgrath3.jpg" alt="">
"The net result is a 16% decrease in our PT to $0.32 which is close to the current share price and so we maintain the HOLD recommendation.
"We note our PT is now modestly lower than the $0.33 valuation we apply to the annuity businesses but we do not see this valuation as the key driver of the share price as we do not expect these businesses to be sold."
The broker advised shareholders it "no longer forecasts a resumption of dividends in FY20 given we now forecast a net loss in the period".
Click here <a href="https://www.propertyobserver.com.au/images/2018/10/24/McGrath2.jpg" target="_blank">to enlarge.</a>
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Its determination of the price target for McGrath was base on its core DCF (discounted cash flow) and the valuation of the annuity businesses.
"McGrath has two annuity businesses – property management and mortgage broking – which generate recurring revenue and so a relatively reliable or dependable valuation can be applied to each.
"We value both businesses at b/w $55 - 60m which equates to b/w $0.33 - 0.36 per share and so provides some valuation support for the share price."
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jchancellor-FAypfDUnLy

McGrath share price supported by property management and mortgage commissions: Bell Potter

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The Professionals Real Estate Group have had a restructure in the ways its services its 225-plus members, according to the new chief executive officer.
The management of Professionals Real Estate Group was previously split between separate divisions across Australia.
But the restructure leaves the group with one core board of directors and management team.
Recently appointed CEO David Crombie (pictured above) said the restructure would help the group focus on key areas.
"The unification of the group is the result of many years of hard work by all directors of the states to create a single powerful force in the national market,'' said Mr Crombie. 
Professionals Real Estate Group, which was founded by six independent real estate agents in 1976
With more than 225 agencies, it is among the top 10 largest real estate networks in the country.
Mr Crombie, who will split his time between Professionals offices throughout Australia, said a key priority for the group was to ensure that it continued to provide "local" service to its members.
"We will continue to have team members based in each state but those team members and the members in each state will have access to a greater level of resources and support under the new structure and technology that will be implemented."
Professionals Chairman Carl Petersen said his membership for over 35 years had been "highly rewarding both financially and in terms of business growth development.”
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Professionals Real Estate Group restructure under new CEO

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ASX-Listed Buymyplace.com.au (BMP) has purchased an end-to-end DIY property management company for $2 million.
Pleased.Property (Pleased) was founded 18 mponths ago by Jeremy Goff, alongside Gerard Holland and Domenic Saporito of GADA Technology.
It offers optional live video condition inspections for long-distance property management.
“Pleased enables owners and renters to carry out every possible interaction, communication and transaction for their rental property on a single secure platform,” said Goff
“Our best-in-class technology platform will further enhance BMP’s core value proposition, allowing customers greater choice and control over their property investments.
“This transaction is a win-win solution for all parties involved.”
Colin Keating, CEO of BMP, said the success of BMP to date proves that the real estate sector is ripe for disruption.
“Rental transactions are a relatively untapped opportunity for our business, but one where we can immediately begin to capture greater revenue from our existing customer base, expand our market and offer our customers greater choice and control across the spectrum of property transactions
“This acquisition is a key pillar in our buy, rent and sell strategy.”
 
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