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

Joel Robinson

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

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

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

First look: Kokoda secures Richmond site for new apartment development

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

National apartment developer Abadeen has topped out its debut Gold Coast apartment project,&nbsp;<a href="https://www.apartments.com.au/new-apartments/villea-palm-beach-26-mawarra-street-palm-beach-qld-4221">Villea Palm Beach</a>.

Buyers will move into the $120 million development in early 2026, with builder Emicon now focusing its attention towards the fitout stage of the apartments.

<a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a>’s Executive Chairman and Founder, Justin Brown, said topping out at Villea represented an exciting step forward for the company’s national growth and the delivery of a benchmark coastal development.

“Villea Palm Beach represents everything Abadeen stands for — design-led living, premium quality, and the convenience we are bringing for residents to feel part of a perfect beachside community," Brown said.

"It is a particularly special project for us, being our first with spectacular ocean views, just metres from the water and with the addition of ground-floor retail. To reach the top floor is a proud moment, and I am incredibly proud of the Abadeen and Emicon teams for the way they are bringing this project to life for future residents.”

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Pierre Saab, Director of builder <a href="https://www.apartments.com.au/builders/emicon">Emicon</a>, said topping out was an exciting milestone and the team is now focused on interiors and detailing.

“This is a fantastic milestone to reach. With the final roof pour complete, we’ve moved into the fit-out stage where the detailing will truly bring Villea to life,"&nbsp;Saab said.

"Standing on the top floor, the team was struck by the stunning 180-degree views of the ocean and all that <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a> has to offer — a daily reminder of the exceptional lifestyle this project will deliver.”

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Nick Clydsdale, Director of SRQ, who is managing sales and marketing for Villea, said the milestone marks the next phase of the sales campaign.

“With construction now at its highest point, we are excited to kick start the next phase of the campaign off the back of strong sales momentum driven by the local market,"&nbsp;Clydsdale said.

"Villea is a prized offering in the popular suburb of Palm Beach— ideally suited to owner-occupiers and downsizers seeking a convenient and beautiful coastal lifestyle. At the same time, with forecasts pointing to further price growth across the Gold Coast in 2025, Villea offers investors the opportunity to enter early in the upswing cycle."

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&nbsp;

Designed by acclaimed architects <a href="https://www.apartments.com.au/architects/bda-architecture">BDA</a>, Villea comprises 69 two- and three-bedroom residences with light-filled layouts, premium finishes including timber flooring, Fisher &amp; Paykel appliances, and high-performance glazing to maximise comfort.

Many residences capture ocean views, while all benefiting from generous open plan designs and access to shared amenities like a&nbsp;pool, gym, barbecue facilities, and outdoor entertaining spaces, all just 400m from the beach.

A ground floor retail leasing campaign is also underway, with Abadeen set to handpick a curated mix of tenants to enhance the experience for both residents and the wider community.

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Abadeen tops out Villea Palm Beach

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has officially unveiled its vision for a landmark development in Little Bay.

The vertically integrated developer-builder is set to launch <a href="https://www.apartments.com.au/new-apartments/este-jennifer-street-little-bay-nsw-2036">ESTE</a>, a collection of low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis Architects</a>, comprising 94 apartments.

Targeted at local downsizers, upgraders, nature lovers, and golf enthusiasts, ESTE offers close proximity to Kamay-Botany Bay National Park, Little Bay Beach, and the renowned St Michael’s Golf Club — widely considered one of New South Wales’ top courses.

Many of the apartments, with interiors by Richard Stanisich, boast uninterrupted ocean views — a rare offering in Sydney.

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Residents will enjoy exclusive access to a private rooftop amenity level featuring a heated infinity pool, a fitness centre equipped with the latest TechnoGym technology, and a sauna.

Urban Property Group has taken a careful and considered approach to the design and planning stages, ensuring ESTE delivers an architecturally appropriate and sensitive addition to a suburb that rarely sees new development.

Plans were first submitted to Randwick City Council in late 2022, following concept approval from the NSW Government earlier that year.

Construction commenced in November 2024, with the project expected to top out in Q4 2025 and reach completion in Q3 2026.&nbsp;

Urban was one of the first developers in New South Wales to adopt the sought-after 10-year <a href="https://www.apartments.com.au/news/resilience-latent-defects-insurance">Latent Defects Insurance policy from Resilience Insurance</a>. The policy — that can only be taken out by developers or builders and not by individual apartment buyers — covers any structural or waterproofing defects for a full 10 years post-completion, providing buyers with the most comprehensive protection available when purchasing off the plan.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/what-is-latent-defects-insurance-and-is-it-bringing-confidence-to-the-off-the-plan-apartment-market">What is Latent Defects Insurance and is it bringing confidence to the off the plan apartment market?</a>

SRM Residential will be launching ESTE in the coming months.

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Urban Property Group unveils ESTE Little Bay apartments

Real Estate Fraud

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The founder of the estate agency Unique Estates, Nicolette Van Wijngaarden made 16 last-ditch unsuccessful attempts to secure funding to keep her business afloat, District Court documents have revealed.
The estate agent was jailed midweek for more than three years with a one-year-and-nine-months non-parole period, after pleading guilty to a $3.6 million trust fund fraud.
After the largest real estate fraud in NSW history, Judge Pickering noted that the court could not endorse stealing to ensure that the business did not fail.
Van Wijngaarden had told her pre-sentence hearing an unnamed Byron Bay billionaire had pulled out of his $4 million proposed bailout just days before its February 2018 collapse after speaking to his solicitor.
The documents reveal the billionaire to be Tom Misner, the international music producer.
Brad Garnham, Michael Guo and Michael Kollosche were also approached, without success. Even Prospa declined to offer finance.
It was solicitor Nicholas Eddy, acting for Collette Dinnigan, who prompted the NSW Fair Trading investigation after a deposit went missing following the sale of one of Dinnigan’s Milton farms.
This article first appeared in the Sunday Telegraph. 
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No white knight for jailed Unique Estates founder Nicolette van Wijngaarden

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The former property developer and model Simone Semmens has been jailed for 34 months after not paying GST or tax on three of her Melbourne properties.
She will be released after she serves 14 months. 
The former TV presenter failed to pay GST on a $7.8 million mansion at Caulfield North, a $7.5 million property at Portsea and a Toorak property said to be valued at more than $1 million.
In June Semmens <a href="/news/simone-semmens-faces-county-court-over-gst-withholding-allegations-after-prestige-melbourne-property-sales">denied she withheld the GST payments</a>.
During her sentencing, the judge said her fall from grace had been "dramatic."
“You remained stubborn and steadfast that you did not owe GST or tax at crucial times,” the judge said. 
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“The tragedy of your current situation, it needn’t have come to this,” he added, suggesting there were multiple times the issue could have been resolved before trial.
Semmens was found guilty of 10 charges of dishonestly withholding tax payments owed after a two-week trial in the Victorian County Court.
The Australian Taxation Office has said Semmens flipped 10 luxury properties, bringing in more than $20 million and a total profit of $4.4 million between 2005 to 2011.
<div class="_1FVA8dr2">Semmens was a beauty queen, including being crowned Miss Victoria Grocery Industry in the 1980s, and was also the one-time corporate spokeswoman for Telstra.</div>
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Simone Semmens jailed over $1.7 million property tax fraud

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Estate agent Nicolette van Wijngaarden told her pre-sentence hearing last Friday that an unnamed Byron Bay billionaire had pulled out of his proposed bailout of her boutique agency just days before its February 2018 collapse.
Van Wijngaarden has pleaded guilty to trust account fraud, with the Crown saying she misused $3.69 million of client funds from May 2016 to February 2018.
“I stupidly thought I could pay it back,” she told the court. She will be sentenced in Sydney’s Downing Centre District Court in late November, when she faces up to 10 years in jail.
Thinking the cash flow issues were short-term and seasonal, she claimed any lavish expenses, including the cars, flowers and travel were tied to the business.
“I’m completely devastated that I’m sitting here today, horrified that people have been let down,” she said.
Fashion designer Collette Dinnigan was one of van Wijngaarden’s clients who was caught up in the agency’s collapse, with the deposit on the sale of her South Coast property not in the trust fund when the NSW Fair Trading Department stepped in.
Van Wijngaarden told the court she only paid herself $12,000 in commissions in the nine years after founded Unique Estates in 2009.
She was entitled to commission from 94 of the company’s 115 sales over the following years, she told her barrister Frank Coyne.
He said van Wijngaarden had made every effort to address the shortfalls; forgoing commission – she estimates she kept only $12,000 commission over almost nine years – seeking bank loans and equity from investors.
When she could not fix the problem she reported herself to NSW Fair Trading and assisted the authorities. The court also heard the ordeal had ruined her marriage and any lavish expenses were tied to the business.
She told the court the billionaire had backed out of the $4 million bailout after speaking to his solicitor.
The global businessman, who had been a client of the estate agent and then a friend, had also been hesitant as he had been subject to his own issues with the ATO.
The estate agency had a $5 million turnover in its final year, the court was told.
Van Wijngaarden’s is the largest case of real estate trust fraud in NSW history, with victims including property sellers and rental property landlords — who have since received their entitlements from the NSW taxpayer-funded compensation fund.
Her trust account fraud - being an real estate agent - was not as serious breach of trust as that committed by lawyers and accountants, the court heard from her barrister.
</div>
Her barrister made a submission to his honour that it was not as "clear cut" as other frauds.
Coyle argued the case “was one of those rare occasions where greed was never the motivation.”
“Greed takes all forms,” Judge John Pickering responded quickly.
"A motivating factor was a continuation of her business … it wasn’t as if there was no benefit to her,” his honour said.
“It’s not the worst form of greed you see in some of these fraud matter but there is still an aspect of self-gratification to it all,” he said, noting there was a certain level of "ego" being the head of a boutique high-end real estate agency.
"It's a complex matter and I do agree it has some unusual features to it as she [Ms van Wijngaarden] isn't the classic single-minded fraudster," said Judge John Pickering in the Sydney district court.
"But when you sell or buy Sydney homes, an extraordinary amount of money is put in the trust of real estate agents and for most people never in their lives would they trust that much money to anyone ... so I wonder why a breach of trust by a solicitor is more serious than a breach of trust by a real estate agent?"
Judge Pickering noted the NSW taxpayers had to pay for the lost funds.
The prosecution noted that every dollar van Wijngaarden took from the trust funds was “a dollar she needn’t have considered spending from her own pocket”.
Ms van Wijngaarden's lawyer said she used trust deposits between 2016 and 2018 to "save" her cash-strapped business and had every intention of repaying the money by raising funds through investors.
Ms van Wijngaarden said she turned herself in, then assisted with investigations and tried to sell the business' assets, including a $1.2 million luxury holiday home rent roll, an act that should reduce her sentence, her lawyer said.
She alleged the administrators scuppered attempt to sell the rent roll, and the sales business, which she through had a $2 million value.
The Crown solicitor said Ms van Wijngaarden had turned herself in only to save herself from being sued by angry buyers whose deposits had disappeared.
She gave evidence that her actions were a desperate attempt not to let staff and clients down.
“I made the very stupid mistake of taking money from the trust but I genuinely felt I was going to be able to put that back,” she told the court. “It was out of pure desperation to not let anyone down,” she later said.
“Everything I’ve ever done I’ve done for other people,” she said.
After she turned to the trust fund in May 2016, she avoided having the business audited.
“When I first did it I knew it wasn’t the right thing to do, but I thought I’d be able to put it back,” she said.
But “it snowballed”.
The prosecution emphasised that the agent knew what was the right thing to do having seen her first business endeavour, a marketing company collapse after her main client failed to pay its account.
 
 
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Estate agent Nicolette van Wijngaarden explains her trust fund fraud

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A Maroubra real estate agent has been jailed for two years for fraud after admitting to stealing deposits from trust accounts.
Zacharis Gregory Imisides was sentenced earlier this month to two years imprisonment.
It will be served through an intensive correction order, which will see him perform 400 hours of community service work and participate in a rehabilitation psychology program.
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<div id="google_ads_iframe_/31694718/domain.com.au/news/nsw_3__container__">The 37-year-old estate agent was charged with eight counts of fraudulently converting money, totalling more than $425,000. </div>
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The offences occurred between May 2014 and December 2014 in Marourbra, Pagewood and Kingsford.
Zac Imisides was a real estate agent at Century 21.
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<div class="__domain_group_fe_co_wp_listing_recommendation_experiments___2_0_0" data-renderizr-id="fe-co-wp-listing-recommendation-experiments_1">Minister for Better Regulation Matt Kean said this was another example of a real estate agent “abusing their position and accessing money isn’t theirs”.</div>
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“Imisides made transfers after selling seven properties in 2014 but the trust account withdrawals had no connection to the sale of the properties, and he was not authorised to release the sales deposits prior to settlement,” said Mr Kean.
Imisides was disqualified in 2016 from holding a licence or certificate of registration for eight years.
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Maroubra estate agent intensive correctional order for two years

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A former Strathfield real estate agent who fraudulently used more than $380,000 of clients’ money held in trust has been sentenced to a 20-month Intensive Correction Order. 
Minister for Innovation and Better Regulation Matt Kean said 31-year-old Min Paul Pak was also ordered to pay more than $87,000 to the NSW Property Services Compensation Fund.
“This was a breach of trust from someone who was meant to be helping people through the biggest transaction of their life,” Kean said.
“Let it be a reminder: This government won’t put up with people who want to rip off consumers or small business. You will pay the price.” 
Kean said the former director of Haus Real Estate Pty Ltd was convicted in the Parramatta Local Court for misappropriating trust funds three times.
“On one occasion, after he helped in the sale of a house for more than $1 million, Pak authorised the transfer of withdrawals totalling more than $111,000 from a trust account to external accounts,” Kean said.
“Those withdrawals had no connection to the sale of the house and Pak had no authorisation to disburse the funds.
“Selling property is extremely stressful and owners don’t need the added burden of worrying that something dubious may happen to their money.”
Pak has been disqualified from being involved in the direction, management or conduct of a real estate agency for 10 years.
The Property, Stock and Business Agents Act requires agents to hold money in a trust account for the vendors until settlement of the property. Agents found to be using trust money for their personal use or the use of another person can be prosecuted and face penalties of up to 10 years imprisonment, even if the money is returned in full.
Pak has the right to lodge an appeal.
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Former Strathfield real estate agent in $380k fraud charge

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Former MasterChef contestant Dani Venn and her husband Chris Burgess had fears some $250,000 from the proceeds of their home sale had been lost, through their conveyancing which was utilising PEXA, Australia's new online property transfer system. 

Property Exchange Australia (PEXA) has come out and advised the PEXA system wasn't hacked. 

However the company, whose platform allows financial settlements to be completed electronically, has announced however that they have "begun work developing additional alerts and processes to further enhance security in the system."

The money was stolen from their conveyancer's PEXA account with a cyber criminal setting up a false user.

The conveyancer was transferring the funds to their bank account to complete the settlement for the new property, however the money was taken by a hacker who hacked into the conveyancer’s email account, pressing the ‘forgot password’ button, intercepting the email to create a new password, logging in and unbeknown to the conveyancer created a new user.

The hacker changed the bank details to their bank account. 

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PEXA initially claimed that they were not liable for a hacker compromising the workspace of a user’s account and that they have a two-step verification process.

The Venn's had just sold their Melbourne home, with a move to the Mornington Peninsula on the horizon.

Venn said it was always their dream to live near the sea.

They moved out of their old house on June 22 and a day later Venn posted to Facebook to say they had 12 days to come up with around $120,000 or lose $80,000 house deposit for their new home and more.

"We are living every family's worst nightmare", Venn told Fairfax Media which featured her plight on the front page of The Age.

Dani and the kids moved in with her mother, while Chris slept in a caravan. 

"We were told that our money had been stolen and redirected to a CBA account, the CBA were informed by PEXA and froze that money.

"We were told that the ‘funds had been frozen’ but the CBA would not put in writing that this was the case.

"We were made to believe our money was recoverable. It was not until the CBA made our conveyancer sign an indemnity form, wiping their hands of all responsibility, that they told us a few minutes before our new property was due to be settled on Wednesday that approx $107,000 was missing and was unrecoverable.

"We’ve never experienced anything like this feeling, total utter heartbreak and disgust in the system we have trusted in all our lives and a government that is supposed to protect us from ever being in a situation like this."

Venn started a GoFundMe page in an ambitious attempt to recoup $120,000 before they defaulted on their new purchase.

Titled Hacked out of home, the page raised over $15,000 in one day of posting.

Donations have slowed and the page has seen $16,981 given by 72 people.

<a href="https://www.2gb.com/masterchef-stars-dream-a-complete-nightmare-as-hackers-steal-thousands/" target="_blank">Tonight speaking with 2GB's Ross Greenwood</a>, Dani said PEXA had last Friday attempted to “blackmail” her and her husband into accepting a loan after she indicated she'd be taking the story to further media.

Since Dani’s story aired on A Current Affair, PEXA has agreed to pay her and her family the full amount that was stolen.

She told Greenwood it was a terrifying experience, adding that over the past week funds has been progressively recovered amounts including $59,000 this afternoon so that not as much was missing.

“You can’t ever describe it.

“It’s just this sick pit in your stomach, you feel angry and frustrated, disappointed in the system you’ve only put faith in your whole life.

“Most people have worked so hard to get a house deposit in the first place and you just feel your whole life savings ripped from underneath you through no fault of your own.

“What was worrying was that there was no alert to notify our conveyancer there was a new user on his system.”

Richard Smith, founder of specialist insurtech Edmund Cyber Insurance, said real estate agents underestimate the threat of cyber crime.

“The threat to real estate agents is the same as it is for larger businesses, but unfortunately, many of them under-estimate it”, Smith said.

“The concern is that criminals are now directly targeting real estate agents and there are a number of reasons why, including the perception that they are easier to attack, because their security policies are not robust or sophisticated.”

The big four banks, state governments and Macquarie Group are all shareholders in PEXA.

There had been plans for a $1.1 billion sharemarket listing but The Australian Data Room column has suggested the prospect of listing has faded. 

PEXA have said the hacking incident won't affect any mooted plans.

 

 

 

 

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Masterchef's Dani Venn gets funds back after accusing PEXA of blackmail after conveyancing scam

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Paul Wilsher, a Brisbane real estate agent has been disqualified from working in the industry for 10 years by the Brisbane Magistrates Court following an Office of Fair Trading (OFT) investigation.
Paul James Wilsher, director of Spot4Rent, was also fined $15,000 and ordered to pay court costs after he pleaded guilty to misappropriating trust money.
A conviction was recorded. He was ordered to pay the fine and court costs within three months, or will face imprisonment.
He ran the business for six years.
The court heard that between 1 January 2016 and 13 May 2016 Mr Wilsher transferred a total of $14,056.41 from Spot4Rent’s trust account to his personal account for personal expenses.
The OFT appointed receivers over the business in July 2016 and found an $18,375.41 shortfall in the trust account.
Affected consumers were repaid loses via a claim fund administered by the OFT, which Mr Wilsher will be pursued to reimburse.
The court further heard that Mr Wilsher knowingly failed to appoint an auditor and have his trust account properly audited for the financial period 1 October 2015 to 30 September 2016.
In sentencing, the court considered Mr Wilsher’s guilty plea, his personal circumstances and remorse, but said a strong message had to be sent to other real estate professionals.
Fair Trading Executive Director Brian Bauer said Mr Wilsher’s behaviour was disappointing and a stain on the real estate industry.
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Brisbane estate agent disqualified for decade after trust fund misappropriation

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An experienced real estate agent based out of East Melbourne has admitted to a $245,000 fraud, transferring trust money for personal use.
In the end $70,000 was outstanding.
Paul Pfeiffer, the sole director of Melbourne Deluxe Real Estate Pty Ltd, appeared before the Melbourne Magistrates Court on Wednesday, pleading guilty to nine charges, according to Domain news.
Pfeiffer, 46, used money held on behalf of his clients, pending settlement of houses in Balwyn and Camberwell, on eight occasions, the court heard.
The money was transferred into other accounts for his own use, without permission.
Earlier in May, Consumer Affairs Victoria said it had started criminal proceedings in the Magistrates’ Court of Victoria against Melbourne Deluxe Real Estate Pty Ltd  - trading as Melbourne Deluxe Property - and its director and officer in effective control, Paul Wayne Pfeiffer for alleged breaches of the Estate Agents Act 1980.  
“We are alleging that that in April and May 2016 the company misappropriated approximately $245,000 of trust money and fraudulently converted it for its own use, and Pfeiffer knowingly authorised or permitted the company to engage in this conduct,” it said.
Consumer Affairs investigators searched his Collins Street office after a complaint about non-payment of a deposit at settlement.
In a show-cause document tendered to the court, defending why his license should not be suspended, Pfeiffer said he had been going through stressful and life changing events, including the breakdown of his marriage and the loss of his driver’s licence.
But prosecutor Paul Stefanovic said there was blame shifting by Pfeiffer, who on one occasion said it was an “Australia Post issue”.
Stefanovic also read out to the court text messages sent by the agent to a vendor he owed money to.
The agent’s lawyer Zig Zayler said his client had “robbed Peter to pay Paul”, meaning he owed money to another client whose money he’d illegally accessed.
In the end some $70,000 was outstanding.
Zayler applied to have the case heard by a magistrate but the prosecution argued it should be heard in the County Court, which has stronger penalties.
Magistrate Simon Zebrowski referred it to the County Court in October.
"Every day thousands of people sell their houses and businesses and they go through these agents. It’s an enormous breach of trust when an agent does not conduct themselves in a way he or she should,” Magistrate Simon Zebrowski said.
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"Robbing Peter to pay Paul" - Melbourne real estate agent admits to $245,000 fraud

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NSW Fair Trading recently prosecuted a licensed real estate agent from the Northern Beaches for fraudulently accessing trust funds for his own use.
Daniel Nicholson was convicted of three offences under the Property Stock and Business Agents Act and sentenced to nine months imprisonment, to be served by way of an Intensive Correction Order. He was also ordered to pay over $92,000 in reparation costs to his victims.
Mr Nicholson was the sole director of Nicholson Property Group Pty Ltd, trading as Kings Northern Beaches.
NSW Fair Trading Commissioner, Rod Stowe, advised that trust account fraud is a serious offence and warns that Fair Trading will actively pursue any persons that fail to comply with trust account obligations. 
“For most people, real estate is the most significant investment they will ever make.
“Real estate agents should be trusted with considerable amounts of money and those who take advantage of this position will be held accountable,” said Mr Stowe.
Over a period of two years from 10 August 2012 to 14 August 2014, Mr Nicholson took over $92,000 from the Kings Northern Beaches Sales and Rental Trust Accounts.
During Fair Trading’s investigation, Mr Nicholson admitted to stealing the funds, which he used to support his gambling habit. 
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