Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

GRAYA greenlit for riverfront St Lucia apartment development, Silk

Real Estate Agents

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The former Real Estate Institute of Queensland (REIQ) business development manager Karen Woodworth has joined the national real estate network @realty.
Ms Woodworth will assume the role of @realty business development manager, taking the reins following the company’s recent expansion in to Tasmania and the Northern Territory.
@realty now has more than 600 agents nationwide.
Last year it sold more than $1.5 billion in real estate.
@realty director James Taylor says Ms Woodworth was with the REIQ for over 12 years.
“Karen is a fantastic talent with an in depth understanding of the industry, which will  help in recruiting more agents  to @realty,” he said.
“Her strong focus on client relations and results-driven approach to business will be instrumental in helping @realty to achieve its growth targets over the coming years.
“This year we have achieved the milestone of having agents listed in every state and territory throughout Australia, and we are hoping to follow this with an expansion to New Zealand in due course.
Ms Woodworth says while leaving the REIQ was not an easy thing to do, she was impressed by @realty’s growth and potential.
“@realty’s innovative business model is changing the real estate landscape for both agents and vendors,” she said.
“The agents benefit by retaining up to 93 per cent of commission, and the vendors gain access to more affordable, high performance marketing programs.”
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wdavis-8cCN98p7xp

Karen Woodworth joins @realty as business development manager

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Real estate agent Ray Fayad has joined Daniel Mourad as co-principal of the new Laing+Simmons Oatlands and Carlingford offices.
Mr Fayad, long-term principal of Laing+Simmons Parramatta and Granville offices in western Sydney, said the new office would enhance the service customer in the area locals affectionately refer to as Kingsdene.
“This is an area currently undergoing significant change. The predominance of single-level freestanding homes on large blocks is being complemented by newer, luxury homes that are breathing new life into the established area,” Mr Fayad said.
“The Oatlands, Carlingford, Dundas and North Rocks areas are a beautiful, convenient and spacious place to raise a family and as such, demand for homes in the area is strong and growing.
"We’re investing in the local community now because we want to be part of the growth to come,” he said.
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Ray Fayad joins new Laing+Simmons Oatlands and Carlingford

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David Steel, a former Cobden estate agent has been sentenced to three months’ jail after pleading guilty to almost 40 charges relating to mismanagement of his clients’ money, according to Consumer Affairs Victoria
David Alexander Scott Steel, 57, was convicted last month in Warrnambool County Court of 37 charges concerning trust account deficiencies and defalcations. These included fraudulently converting trust money in breach of the Estate Agents Act 1980.
It was reported on his charging that Mr Steel was the sole director of the company when more than $450,000 was found to be missing from the account of Realestate Property Pty Ltd.
Mr Steel also gave an undertaking to the court to be of good behaviour for two years.
Judge Michael O'Connell said Steel's business approach was "inept and cavalier," The Warranabool Standard reported.
The company, Realestate Property Pty Ltd (ACN: 114 758 217), trading as 'David Steel First National', was also convicted and fined $10,000.
Mr Steel and the company also pleaded guilty to a charge of failure to lodge bonds, in breach of the Residential Tenancies Act 1997.
Under Victorian laws, an estate agent has strict obligations to deposit clients’ money into a relevant trust account.
The Warrnambool lawyer Kiernan Celestina represented Mr Steel who moved to Vietnam and was travelling back to Australia to attend court.
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j.ballantyne1990-6AQqhLzZaK

Former Cobden estate agent David Steel pleads guilty to mismanagement of clients' money

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GUEST OBSERVATION
The real estate agents of the land will be toasting the departure of upstart disruptor Purplebricks who are packing up and going home to Britain. Crisis over. No more nasty TV commercials playing to a nations’ already healthy distrust of traditional agents.
But it’s not that simple. Real estate agents still rank 27 out of 30 professions in terms of respect and reputation – below politicians and just above car sellers.
Purplebricks lost because they were even worse. They correctly targeted the problem – agents who will do anything to get you to sell your house so they can clip the ticket with fat commissions. A system which inherently mis-aligns incentives between provider and customer. Have you noticed now is always a “great time to sell” regardless of whether the market is going up, down or sideways? Yes, because it’s always a great time for an agent to trouser a healthy commission. Hence why the profession is held in such low esteem by its customers.
Purplebricks was a “disruptor” to use the favourite word from my second home, Silicon Valley. And they correctly belled the cat on the problem with the status quo. But their problem is they replaced it with something worse. You paid them whether or not they successfully sold your house. Now a problem that plagues the industry at the best of times – agents “buying your business” by giving you an inflated idea of what your house will sell for – had no constraints to hold it back. At least a traditional agent has to do what the industry euphemistically calls “vendor management” – talking you back down to the price it will actually sell at or they won’t get paid on commission. Purplebricks didn’t even need to do that – if your property didn’t sell at the (inflated) price they told you it would, they were paid anyway. All care but no responsibility. Indeed, a total lack of responsibility.
Too little too late they changed and near doubled their fee to include a second half that only got paid if you sold. And then they too got in the business of “vendor management” – indeed they had competitions internally to see who could talk their clients down by the largest discount to the original asking price. It wasn’t a good look when that became public!
So, I expect we’ll see a series of triumphant “I told you so” pieces in the real estate industry press celebrating the departure of the young bull and triumph of the old ones.
My counsel, having seen this movie in countless other industries over the last 30 years? Don’t celebrate too hard folks, the voting public still has a huge problem with the real estate industry – its incentives and its ethics. Winter is still coming. Just not quite yet. Not that the current market slowdown hasn’t been hard enough for a commission driven industry.
Amazon was not the first online retailer. Google was not the first search engine. Tesla was not the first electric car. Change will come, but not, as always, without some false starts. No less an authority than MacQuarie Bank – who banks more than half the industry - have told them so at a major conference late last year. Data and digital disruption will come, margins will compress, customers will demand transparency. It’s only a question of when and how those realities come to pass.
And if it’s true in real estate sales, all the more so in the poor cousin of the industry – rental property management. The quiet achiever of the real estate industry has been treated as a cash cow by the sales agents who own the agencies for decades now. It’s the only thing that is keeping many agencies alive in the current downswing.
But the incentives here are also misaligned. If the agent tells an owner they will get an (inflated) rental price for their property in order to secure the business, who pays for the error? The owner – with an empty unlet property until they are also “managed” back to a realistic price. If the agent doesn’t stay on top of their brief and collect the rent from a recalcitrant tenant, who hurts from the error? Not the agent again – the owner.
The message from Purplebricks is clear – the status quo is not OK – the customers are not happy – and just because one “disruptor” with an even more mis-aligned business model than the old guard failed, do not assume winter isn’t coming. It will. The good agents know this and are working on how they can build a sustainable model that is aligned with the interests of their clients. Those who don’t adapt will die. I just can’t tell you when yet.
That’s why some more innovative new participants in the industry are starting to do things differently by genuinely putting owners first, offering guarantees that if agents don’t quickly find a new tenant or collect the rent on time, then the agent, not the owner bears the cost.
Evan Thornley is the co-founder, investor and executive chair of new style agency LongView. 
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Winter still coming for real estate agents despite Purplebricks departure

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After almost 11 years at BresicWhitney, Matthew Carvahlo has joined Ray White in the inner west.
Matthew Carvalho (pictured) has just joined Ray White Erskineville|Surry Hills &amp; Alexandria as an associate director.
The decision was made just before Christmas.
<a href="/news/nic-krasnostein-recruited-by-ray-white-double-bay-from-bresicwhitney">Nic Krasnostein</a>, one of the leading agents in Sydney’s east and inner-city precincts, quit BresicWhitney too over the break, recruited by Ray White Double Bay.
Krasnostein had been at BresicWhitney since January 2007, so just short of 12 years. 
Carvalho has the ambition of expanding their existing business to Glebe.
“I know the inner west like the back of my hand and my main areas of have always been Glebe, Pyrmont, Camperdown and Forest Lodge,” Mr Carvalho said.
“I have been friends with Ercan Ersan for many years and I have always clicked with he and Shaun Stoker.
"We are keen to grow our footprint onto the other side of Parramatta Road to cover the inner city fringe in yellow."
Ersan said Carvalho had joined their team to complete their "Golden Triangle”.
“We see Matthew as the missing link in our business. Shaun and I have a great hold on the Erskineville and Enmore area while Matthew services Glebe, Forest Lodge and Camperdown area so well. For us that’s the Golden Triangle,” they said.
Carvalho is the son of a veteran estate agent, Don.
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Ray White signs on Matthew Carvalho for inner west expansion

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Jane Schumann, who has worked in real estate since 1990, has quit Di Jones for Raine &amp; Horne Double Bay.
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Schumann was part of the team at Di Jones Real Estate Eastern Suburbs for the past 13 years.
She was credited as the firm’s number one agent in the east. She was the group's top auction lister in 2017.
She had sold 27 properties in the last 12 months, with an average sale price of $2.4 million and total sales valued at $26.5 million, according to her now disappeared Domain profile.
Jane worked with son Samuel Schumann and Jean-Michel Rudsdale on 19 of these sales.
The Di Jones group sold over 400 properties during 2018, with sales totalling $700 million.
While it was more transactions than achieved in 2017, the Di Jones chief Rob Ward acknowledged there had been a decline in the average sale price of 14 per cent due to falling sales prices and the expansion into new markets.
The merger with LJ Hooker Wahroonga <a href="/news/di-jones-expands-to-sydneys-north-shore">took place in early 2016</a>, with the combined offices having separately reaped sales worth $530 million during 2015.
The real estate industry pioneer <a href="/news/sydney-eastern-suburbs-real-estate-doyenne-di-jones-dies">Diane Jones</a> passed away in June surrounded by family, having sold out of the business in 2016, but then staying on as an ambassador.
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Jane Schumann's highest recorded recent sale price in 2018 was $7.6 million for 1/56-58 Wolseley Road, Point Piper, a 4-bedroom apartment sold by private treaty in January which was on the market for 110 days.
Last year saw her sale of a Potts Point penthouse for just under $9 million, after she had 450 groups through, to Gretel Packer.
Schumann described it earlier this year as her "most memorable sale."
Shortly after the auction, Jane Schumann told The Australian that she did not know who the buyer was actually, such was its intrigue.
It was offered by the Coppleson family, whose daughter Victoria was then a colleague at the estate agency.
For much of her time at the then Woollahra-based agency, she partnered Gary Sands in her Team Schumann Sands.
The Di Jones Woollahra staff were recently advised that they were set to be relocated to less prominent Paddington premises, a move which has been delayed slightly given asbestos being found in the ceiling of their new Glenmore Road premises.
Before Di Jones she was at The Bickmore Hutt Agency and Richardson &amp; Wrench. She was the national publicity manager for PolyGram Records before she entered real estate.
The other big name joining Raine and Horne Double Bay is Peter Starr, an agent for more than 27 years, who is moving from McGrath Edgecliff.
The recruitment coup was led by the company’s head of sales, Luke Hogan, who was McGrath eastern suburbs sales manager until earlier this year.
Both Schumann and Starr were reputedly offered sign on fees.
Directed by Ric Serrao and Martin Maskin, the Raine &amp; Horne office has been recognised for the past 14 consecutive years as Raine &amp; Horne’s best performing office in both number of sales and dollar value.
Raine &amp; Horne Double Bay has been the flagship office of the Raine &amp; Horne brand since it opened in 1968, the network’s first suburban office.
In 2012, Raine &amp; Horne Double Bay acquired Raine &amp; Horne Bondi Beach, which was established in 1979.
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Jane Schumann quits Di Jones for R&H Double Bay

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The Agency has gained a 40-year industry veteran and respected coach in Joe Abboud. 
He has been working as an agent for McGrath Estate Agents for the past decade in the Eastern Suburbs along with being a hands-on coach in the industry, providing one-on-one coaching for more than 20 agents a week.
His coaching dates back to the 1980s when he was appointed education officer for the REINSW’s Inner West division.
Thomas McGlynn, national director of sales, said Joe Abboud will be working with agents nationally, both within The Agency and across the industry, building unique programs tailored to individual agent’s needs.
His program starts with a minimum of seven hours spent with each agent followed by regular video conferencing meetings. Ongoing support is then provided by email and phone.
Abboud’s traditional real estate training relies heavily on process and looking at new technologies for connection.
His focus is on helping agents find a deeper connection with buyers and sellers by understanding how they are feeling and what they need to move on.
“In my opinion the market never changes only price.
"In what’s called a ‘boom’ market, there is limited stock, we are heading into a period where there will be a large selection of homes available, which is what buyers have been waiting for,” Abboud says.
"In today’s market there are many buyers who may have been active, and are now passive, what they need is an agent who will work closely with them, to help them find the home they love. It’s about matching qualified buyers with listings.” “I wanted to work with a brand that genuinely cares about its agents, this is The Agency mantra that has been proven since it launched,” Joe Abboud said.
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The Agency gains real estate veteran and coach Joe Abboud

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EXPERT OBSERVATION
The real estate industry is a rewarding and fulfilling industry to be a part of, whether you are an agent or a property manager, with real estate agents commonly working around the clock in order to get the highest possible return for a property.
Despite the hard work of many real estate agents, research indicates that there is a lingering negative perception of the industry, with only seven per cent of Australians rating the profession as either ‘high’ or ‘very high’ for ethics and honesty, the third lowest profession out of 30 surveyed.
Broadly speaking, the negative perception of the industry stems from a lack of trust between customers and agents, but there are steps that agents can take to improve the overall perception, and build trust with clients along the way.
Myth #1 Property managers do not care about the owner's property
Property managers are often perceived to only contact tenants or landlords when there is money needed, but a crucial role of the property manager is to ensure that a property is properly maintained.
This involves the management of all financial components involved, including rent and any additional expenditure that is needed for maintenance. From the owner’s perspective, expectations are that a property manager will look after their property and keep it in the best shape possible, but when repairs or upgrades are needed, owners can often be difficult to contact when money needs to be spent.
It can be a challenging job for property managers to act as the middleman to control the variables that are beyond their capacity, as there are regulations that agents must follow and comply to.
This is where regular communication with clients is a must; being confident in your knowledge and experience will filter through to a client feeling more comfortable that the property is safe in your hands. And when it comes to having conversations about additional expenditure, clients will trust that their money is being spent for their own benefit.
Myth #2 Real estate agents make a profit from the marketing fee for a property campaign 
Marketing should be considered part of the investment when selling or leasing a property, as any proposed marketing tool is for the sole benefit of the campaign, but one of the most common misconceptions is that real estate agents profit from the marketing. Every dollar used for marketing materials or tools is put towards promoting a property in order to gain more exposure and better results.
A common expectation is that an agent should cover the marketing costs, all whilst selling the property for the highest amount within a short period of time.
According to a recent survey undertaken by Pureprofile, over 90% of vendors have unrealistic price expectations. If this situation arises, it’s the property managers duty to inform and educate the client in order to set up realistic expectations from the get go. Myth #3 Real estate agents and property managers are dishonest
All real estate agents and property managers are legally bound to be honest and provide correct information without bias. An agent should never offer limited or incorrect information to clients with the expectation they would gain the business or deal.
The increase of online rating systems such as RateMyAgent and OpenAgent are instrumental in encouraging complete transparency, as any dishonesty or poor service will be exposed for all to see. These systems also provide real estate agencies with the opportunity to continuously improve their system and practices.
At the end of the day, each agency is responsible for its own agents and educating them on best practice. This not only includes legal requirements, but how to effectively build trust with clients, while managing expectations along the way.
Alain Warisadi is a Licensed Estate Agent and the General Manager at Xynergy Realty 
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The misconceptions of the real estate industry: Alain Warisadi

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A Sydney Northern Beaches real estate agent has been charged over an alleged theft during an open house last Saturday.
The alleged incident took place during an open home being conducted on Pacific Parade, Dee Why.
The home owner reported missing personal items following the open home to the Dee Why police station who began an investigation.
Following inquiries, officers executed a search warrant at a home in Kanimbla Crescent, Bilgola Plateau where a number of items were seized.
A 38 year old woman was arrested yesterday.
She was charged with six counts of dishonestly obtaining goods by deception involving bankcard spending, and one count of steal from dwelling.
She has been granted conditional bail and will appear in court on 21 November.
<img src="https://www.urban.com.au/images/2018/10/24/Real%20Estate%20Thief.JPG" alt="">
The police advisory did not identify if the open house was for sale or for rent.
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Real estate agent charged over open house theft in Dee Why

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Alexander Phillips of Phillps Pantzer Donnelley, located in Sydney's Eastern Suburbs, has been ranked the nation's top selling agent for the third consecutive year.
He sold 184 properties for a total value of $530 million with an average 20 days on market time. His previous annual tally was $432 million, reflecting a huge spurt in sales commission heading his way. Phillips, who leads what the local paper, The Wentworth Courier dubbed the "wonder" team, spent some this year on an <a href="/news/roche-family-member-sells-for-11-million-in-vaucluse">$11 million Vaucluse home.</a>
But Michael Clarke at Clarke and Humel, this year's runner up in the REB awards, narrowed the gap for the mantle which accepts self nominations from estate agents who wish to participate.
The total sales difference between the top two shrunk to just $27 million over the past year. The gap in the prior year when James Tostevin was second had been $105 million.
Clarke (pictured below), from Sydney's northern beaches, moved up two positions in REB's rankings securing the highest number properties sold in the top 10 in 2018 with 185 sales.
With 13 years of experience and three assistants, Clarke's 185 properties sales sold in around 18 days on the market for an average of $2.72 million.
It was up to a total of $503 million, up from $362 million in the prior year.
<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/2018/7/19/Clarke.jpg" alt="">
The ranking is determined by the calculation of several factors, the precise formula is not disclosed by the REB publishing group, Momentum Media who indicate the metrics used to generate the REB Top 100 Agents ranking include the number of properties sold, total dollar volume of properties sold and the average sale value. Each agent is ranked comparatively across these three metrics, with the combined comparative score used to determine the top-ranked agents in the country..
3. James Tostevin, who was second placed in the 2017 top 100, and the 2016 list, sat in third place this year. He was top placed in 2014 and 2015.
The former number 2 with 33 years of experience, the most of any agent in the top 10 this year, is based in Hawthorn at Marshall White where he secured 180 listings this year and sold 155 residential properties, higher than 146 and 139 respectively in the prior year.
His average sale price is 2.5 million.
Phillip's average sale price for 2018 was $2.88 million compared to $2.25 million in the prior year. Phillips comes with 16 years experience, and a reported three support staff. 
<img src="https://www.urban.com.au/images/2018/7/19/Rankings%20REB%202.JPG" alt="">
4. In fourth place in 2018, also of Marshall White, was Marcus Chiminello based in the Toorak region.
Chiminello secured and sold this year 115 listings and 105 sales, yielding the highest average sale price of $4.2 million.
His homes spent an average of 22 days on the market and sold for a total of $442 million up almost $50 million from last year.
5. Coming in fifth this year was Glen Coutinho, with 30 years of experience working at the Kew based RT Edgar Boroondara with just a single assistant.
The 159 dwellings he sold this year spent an average of 28 days on the market.
The total value of all the homes Coutinho sold was $340 million for an average of $2.14 million up from his average of $1.98 million last year, according to REB. He had sold $329 million in the year before.
6. Swapping places with Glen is Ric Serrao who held the fifth position last year but 6th in the recent year.
Working in North Bondi as an agent at Raine and Horne Double Bay, Serrao secured and sold more listings this year, 161 and 131 respectively compared to 128 and 122 in 2017.
The domiciles he sold spent an average of 25 days on the market and sold for roughly $2.13 million for a total of $280 million.
7. In seventh David Highland of Highland Property, which is based in Cronulla, with 21 years of experience and the highest average on market time of 38 days, he sold 119 dwellings and listed a further 123.
This financial year the average price of a home sold by David was $2.22 million
8. With a higher average property price of $2.89 million but fewer properties sold, 85, comes Timothy Foote of Belle Property in 8th place having jumped up 26 places from last year.
Based out of Mosman with 17 years of experience and the highest amount, 5, support staff his properties average 23 days on the market for a total of $246 million.
9. The 16 year agent Tim Heavyside working at Fletchers servicing the Eastern Melbourne suburbs jumped 11 places this year to 9th, with 148 properties listed and 143 sold for an average price of $1.65 million up $350,000 from last year.
His properties averaged 25 days on the market and sold for $236 million dollars. His year was marred by a court judgement last December involving underquoting. 
10. Rounding out the REB's top ten agents is Peter Chauncey, who with 15 years of experience and half the amount of assistants to his 9th place counterpart, secured 103 listings and sold 112 properties for a total of 2017 million.
The average price for these homes was $1.85 million after averaging merely 15 days on the market, the lowest of any in the top ten.
Honorable mentions that didn't make the elusive top ten include, Peter Chauncy of Strathfield Partners Real estate, placing 11th this year after a 10th place performance last year with one the highest amount of listings secured, at 353, and properties sold, at 299.
As well as Ercan Ersan, new to the top 100, landed in 16th place with 159 listings secured and an additional 147 properties sold.
Gregory Booker ranked 64th had the highest number of total sales and listings secured, with 349 total sales from 493 listings.
Gregory Booker is an agent for LJ Hooker based at Kallangur and the Murrumba Downs in Queensland.
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