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

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

Joel Robinson

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

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

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

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

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

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

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

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

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

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

Purplebricks

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Century 21 has announced a partnership with Seven West Media.
Century 21, which is set to rebrand with a more modern logo, will take over from the besieged <a href="/expert-insights/buying/secret-house-rules-rosebery-auction">PurpleBricks</a> in selling the homes on Channel 7's House Rules.
Jamie Durie, the celebrity gardener, joins the show as a new judge in 2019.
Their agency team will also feature on The Morning Show providing insights into the property market.
Charles Tarbey, chairman and owner of Century 21 Australasia, said it was important that the agency's new branding and message was promoted.
He said he was hoping to "generate buzz" around the new branding and to deliver our offices an advantage in the market," Tarbey said.
Century 21, which operates in 78 countries, <a href="https://www.underconsideration.com/brandnew/archives/new_logo_and_identity_for_century_21.php" target="_blank">unveiled a new logo last year</a>.
The Century 21 brand expanded to establish the Australian-owned arm in 1988.
Tarbey is also overseeing the emergence of the Better Homes and Gardens name as a real estate agency.
They are set to enter the Australian and New Zealand real estate markets after a master franchise agreement was completed between the Realogy Holdings Corporation and CT Investment Holdings Pty Ltd, the latter chaired and owned by Tarbey.
 
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jrobinson-rf4aSBido9

Century 21 takes over House Rules sponsorship from Purplebricks

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Purplebricks shares fell almost 13 percent on Thursday after the company reported its interim results in London overnight.
The Australian operating loss of A$10.2 million in the first half includes one-off costs in connection with the recent restructuring and re-positioning of the business. Some further one-off restructuring costs are also expected in the second half of the year, although it is now expected that second half losses will be below those reported in the first half.
Purplebricks said it had “experienced some challenges in Australia" that had "stunted growth."
Its investment in Australia to date was put at £28 million, almost $A50 million.
It was September 2016 when it officially launched in Queensland and Victoria. In January 2017 it launched in NSW, followed in March and April in Perth and Adelaide respectively.
It reported its Australian operations had experienced "a tough period driven by external and internal factors which stunted growth."
Despite this its revenue growth was 40 percent.
In October there was a 38 percent growth in new instructions compared with September in Australia.
"While reporting strong growth in Australia, the underlying performance was held back by market conditions and some operational issues, which we have taken steps to correct with changes to the team, customer proposition and business model," it told shareholders.
Overall first-half losses have more than doubled at the international online estate agent.
The UK operations of the company are profitable, but globally losses continue to mount, more than doubling from a year ago.
It noted that its international business now makes up 31% of Group revenue,
Purplebricks made a pre-tax loss of £27.3m in the six months to 31 October, up from £11.4m in the equivalent period last year. The company is listed on the AIM junior stock market.
The company said they anticipate profitability <a href="/news/purplebricks-australia-sees-profitability-within-next-year">within the next year.</a>
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/14/Purple5.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/2018/12/14/Purple5.jpg" alt="">
The real estate agency said international group revenue was up 75% to £70.1 million, compared to £40.1 million reported a year previously.
UK revenue increased 39% to £48.3 million, with UK ancillary revenue up 25% in the six months to 31 October.
The tough conditions in the UK market are already claiming casualties, with Purplebricks rivals Emoov and Tepilo going into administration earlier this month.
Michael Bruce, Group CEO, commented Purplebricks would "emerge stronger from the ongoing industry shakeout." 
“Purplebricks has led industry change and through our strategy of relentless innovation will continue to do so.”
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/14/Purple6.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/2018/12/14/Purple6.jpg" alt="">
The company reported it makes an average of £1,209 in revenue for each instruction it receives from a UK home seller.
A spokesman said that against this figure are admin costs of 18.5 per cent of revenue, and marketing costs of 28 per cent. So for an average £1,209 coming in from a UK instruction at least £562 of costs would be incurred on average.
The online real estate agent was founded back in 2012. It debuted on the junior AIM market of the London Stock Exchange back in December of 2017.
The firm turned its first ever profit in December 2016, with earnings of £300,000 in the six months to October end.
Since then, Purplebricks has gone on to expand its operations to the U.S and Australia.
Shares in the company are currently trading -10.67% as of 13:06 PM (GMT).
The fall in Purplebricks’ share price has been of the order of 60 percent this year.
Purplebricks changed its business model in Australia its first overseas market, when raising fees and making half the figure payable only on completion of a sale which was a departure from its UK model, where vendors pay whether or not a house sells.
Shareholders were told the underlying Australian results "testify to the challenges in the first few months of the period but are too early to show the benefits of the recent changes in the customer offering and reward for LPEs."
"One such change has been the removal of the salaried position of Local Sales Assistants.
"Combined with other changes the number of monthly instructions required to reach breakeven has been substantially reduced."
Bruce said a similar change in the UK was “not on the agenda”.
Earlier this year Purplebricks said they were unhappy with the <a href="/news/purplebricks-lashes-out-at-negative-australia-media-reporting-as-unhappy-agents-keep-departing">negative reporting in the Australian media</a> leading to agents leaving. 
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jchancellor-FAypfDUnLy

Purplebricks Australian operations admit "some challenges" stunted its growth

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Purplebricks Australia chief executive Ryan Dinsdale has quit the struggling estate agency after just two-and-a-half years.
The departure was reportedly by "mutual agreement," Fairfax Media advised.
<div class="cq-article-content-paras section">
Dinsdale (below) said he was "incredibly proud" of leading the Purplebricks brand over the past two-and-a-half years.
"The business has successfully disrupted the real estate industry in Australia, with over 4000 homes sold and saving sellers more than $45 million in traditional fees," he said.
</div>
<div class="cq-article-content-media section">"I felt the time was right to pursue another venture," he said.</div>
<div class="cq-article-content-media section"> </div>
<div class="cq-article-content-media section"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/20/dinsdale.jpg" alt=""></div>
Earlier this year Purplebricks appointed of Neil Tavender to the role of chief operating officer in its struggling Australian outpost.
It is understood Tavender will replace him as CEO.
Purplebricks have advised agents Dinsdale "will leave the business to pursue new opportunities" but would support a period of transition until next March at the latest.
Other recent departs include chief financial officer Brad Rom who quit earlier this month to join the community healthcare group, Mable. The departures comes after leaked documents showed that <a href="/news/low-commission-model-under-scrutiny-as-purplebricks-defectors-leak-internal-sales-documents">NSW agents were departing after struggling to get vendors to sign up</a> despite the low commission policy.
The constant staff shuffle, and extraordinary media mismanagement, came as Purplebricks' struggled with dreadful headlines generated by aggrieved former staff claiming the startup was like a "sweatshop."
The non-traditional estate agency market is virtually non-existent in Australia, but Ryan Dinsdale said: “We would look to replicate our UK market share success in Australia.”
Dinsdale has hoped to recruit “high quality Australian estate agents with local expertise who may feel disenfranchised or disillusioned”.
Dinsdale did not have an estate agency background, but held various marketing roles, including being marketing director for Virgin Money Australia. He joined the British hybrid agency from CommSec.
“We are changing the way Australians sell real estate, giving them the best experience through incredible service and saving them thousands of dollars along the way.
“Purplebricks has been a huge success in the UK and we believe it is exactly what the Australian public have been waiting for,” he suggested in his early days in the post.
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
The vacant role of national sales manager has now been filled by Sean Green who brings 20 years industry experience, most recently with LJ Hooker in its corporate office. Prior to this, Mr Green was with Century 21 and Raine &amp; Horne.
Since October, Purplebricks Australia has hired an additional 55 new agents and expect agent numbers to grow further before the end of the year.
</div>
</div>
</div>
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j.ballantyne1990-6AQqhLzZaK

Neil Tavender in as Purplebricks Australia chief executive Ryan Dinsdale departs low commisery estate agency

<html><body><div class="cq-article-content-paras section">
Revelations by the AFR that Purplebricks agents pushed clients into cutting their asking prices to win a prize from the low commission estate agency are being referred to the NSW Office of Fair Trading by the REINSW.
Its agents had clients cut their asking prices by as much as 20 per cent to potentially win a $5000 cash prize offered by its co-founder Kenny Bruce.
The Real Estate Institute of NSW president Leanne Pilkington said the vendor discounting competition left her "horrified and speechless". 
"Estate agents are paid to act in their clients' best interests by law. How can this be in their best interests?" said Ms Pilkington.
"This is an awesome opportunity to get our customers homes realigned with the market place and make sure we get the job done for them," said the Puplebricks email to agents.
The email advised agents with stock that had been on the market for more than 30 days "needed to realign pricing the most".
The company, founded by brothers Michael and Kenny Bruce, initially threatened to go to court to get an injunction to prevent publication of the newpaper's story about its "NSW Raffle", but has since defended its practices as "entirely normal".
More than 100 NSW Purplebricks vendors cut their asking prices. A seller in Panania agreed to cut their asking price from $1.2 million to $1 million. A Condell Park vendor cut their price from $1.4 million to $1.2 million.
Among the requirements of the NSW Property, Stock and Business Agents Act 2002 (the Act) and the Property, Stock and Business Agents Regulation 2014 (the Regulation) is that an agent "must act in the client's best interests always, unless it would be contrary to the Act, the Regulation or otherwise unlawful to do so".
<div class="cq-article-content-paras section">
However the heightened perception that Purplebricks's fixed-fee model is not working in Australia assisted in its UK share price tumbling to an 18-month low of £2.226
They peaked at £5.145 in August last year.
However Anthony Codling from broker Jefferies International pinpointed last week's decision by Purplebricks to halve the immediately payable upfront commission fee and the rest on settlement as a major catalyst for its share dip.
It also came as major UK estate agency Connells shut down its own hybrid agency Hatched because it was not "economically viable".
</div>
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Purplebricks defends reduced asking price competition as working in vendors' interest

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

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

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

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

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

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Purple Bricks and agency groups like them are not “proper agents” as their television ads claim, industry leader Hayden Groves has claimed. 
"They are not properly negotiating the sale on behalf of the seller, taking on the risks nor managing the sale through to settlement because there’s no incentive for them to do so," he blogged this week.
"They’re not using ACCC approved contract documents either and if you want to use your own settlement agent, you’re forced to pay extra.
"That’s just weird," the Freemantle-based agent suggested on a blog which appeared on the REIA-funded website, the Real Conversation.
It renewed the campaign by the Deputy President of the Real Estate Institute of Australia who had previously attacked “pseudo agent” models.
Groves pointed out that “proper agents” are incentivised through the payment of a commission at settlement which ensures they work for their client from beginning to end to procure the best result possible.
"That is our responsibility by law."
Appropriately, an agent that fails to complete their task doesn’t get paid, he said.
"Comparatively, Purple Bricks charge no commissions but incentivises their agents to list your property for about $5,000 (including advertising), then effectively you’re on your own unless you pay for “extras”. 
The REIWA governing council re-elected Hayden Groves as the Perth institute’s president last October.
Groves claims WA Purple Bricks agents are not employees of the parent company and therefore must hold their own agent license.
He suggested of the 90 registered Purple Bricks participants in WA, "only three hold a license (sic) that enables them to act on a behalf of a seller; with the remainder (if not employees) breaking State laws." 
He pointed out Purple Bricks has fallen fowl of the Office of Fair Trading (OFT) in Queensland for alleged breaches of the Australian Consumer Law and Property Occupations Act (Qld 2004). 
Queensland’s regulator claim consumers were misled by Purple Bricks about additional services offered by them, despite the agency advertising ‘low, fixed fees’ for their services when selling property.
"Purple Bricks also failed to fulfill some of it's regulatory obligations around properly accounting for funds held in trust and some other technicalities that “proper agents” need to comply with."
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