A mix of Gold Coast locals, fly-in, fly-out purchasers from Sydney and Melbourne, and Brisbane-based families has driven early sales success at Broadbeach's newest apartment tower, Lumara.

The 26-level project, a joint venture between builder-developer 5Point Projects and Bourke Projects, comprises just 37 luxury residences and is attracting a buyer profile that is looking for exclusivity, above the most amenity-rich suburb on the Gold Coast.

[smartcode_project:default project_id=150454 project_image_fid=364156]

Jamie Bourke, Director of Bourke Projects, says every buyer secured so far intends to use Lumara as a lock-up-and-leave residence, combining holiday use with the ability to work remotely when required.

“The size of the apartments, both half- and full-floor options, and the different zones within the floorplans, lends itself perfectly to dedicated home office setups and multi-generational family holidays,” Bourke says.

That flexibility has become a key drawcard for affluent buyers seeking a second residence on the Gold Coast without sacrificing the ability to conduct business away from their primary home base.

The absence of holiday letting within the building has also resonated strongly with purchasers.

“This type of buyer doesn't need to generate holiday rental income,” Bourke says. “They're paying for exclusivity, privacy and certainty around who their neighbours are.”

[smartcode_project:default project_id=150454 project_image_fid=366491]

The strong demand comes amid broader shifts in the high-end apartment market following the Federal Budget announcements in May.

“We were already seeing strong enquiry from high-net-worth buyers, but that has only accelerated since the policy changes,” Bourke says.

“A lot of those buyers are looking to place more capital into premium lifestyle assets rather than investment-grade stock that has been targeted by the Federal Government.”

[smartcode_project:default project_id=150454 project_image_fid=366486]

Designed by Cottee Parker, Lumara adopts a slender, sculpted form with an emphasis on natural materials suited to its beachfront setting. The architectural approach draws on coastal influences, with a palette of stone, timber and concrete selected for durability and the ability to weather over time.

Apartments are limited to three and four-bedroom configurations, with a maximum of two residences per floor through the mid-levels and a selection of full-floor and dual-level homes in the upper levels. All apartments are oriented to the north to maximise natural light, cross-ventilation and views across the ocean, city skyline and hinterland.

A two-level amenity offering is positioned high within the building on levels 20 and 21, conceived as a sky wellness retreat. Facilities include a magnesium pool, spa, sauna and steam rooms, alongside more social spaces such as a private dining room, resident lounge, workspaces and outdoor barbecue areas integrated with landscaped greenery.

The uppermost levels are reserved for larger-format residences, including several full-floor homes and a dual-level penthouse with its own private wellness features and recreational spaces.

&nbsp;

To give buyers confidence, 5Point and Bourke commenced construction ahead of the apartments launching to the market, a sure-fire way to prove they mean business, and the building will be delivered. They are targeting a 2028 completion date.

[smartcode_project_cta:default project_id=150454]

Joel Robinson

Locals, interstate holiday makers, drive early sales at Lumara, Broadbeach's newest luxury apartment tower

Often when it comes to purchasing property, the biggest barrier to entry is the deposit. Buyers of established homes typically aim for a 20 per cent deposit to avoid the added cost of Lenders Mortgage Insurance, while most property transactions require around a 10 per cent deposit when contracts are exchanged.

The off-the-plan market works differently, with buyers typically paying a deposit during construction and settling the balance upon completion. As completion approaches at <a href="https://www.apartments.com.au/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy-vic-3065">Fabbrica Fitzroy</a>, developer <a href="https://www.apartments.com.au/developers/pace-development-group">Pace</a> is making it easier for buyers to secure a residence through a deposit-matching incentive. Purchasers need only contribute a five per cent deposit*, with Pace matching the remaining five per cent.

The offer comes as Pace unveils a completed display apartment and townhouse, now available for inspection by appointment ahead of the project's Spring completion.

[smartcode_project:default project_id=139552 project_image_fid=371009]

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> and landscaping by <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a>, Fabbrica draws on Fitzroy’s industrial and manufacturing history, incorporating references to the former Argyle Shirt Factory and Life Savers Confectionery Company that once occupied the site.

The development comprises 85 residences, spanning low-maintenance apartments through to larger-format townhouses with private street access and double lock-up garages, a relatively uncommon offering in Fitzroy’s higher-density apartment market.

Pace says the project has been designed to appeal to buyers seeking inner-city convenience without sacrificing space, flexibility, or amenity.

[smartcode_project:default project_id=139552 project_image_fid=371016]

Inside the residences, Winwood Mckenzie has focused on adaptable layouts and integrated detailing, with features including custom joinery, and concealed storage solutions. The material palette leans into warm, tactile finishes intended to complement the building’s industrial architectural language.

Fabbrica’s rooftop amenity is a key part of the project offering. Spanning around 800 sqm, the communal rooftop includes a private dining room, communal kitchen, lounge spaces, work-from-home zones, and outdoor dining areas overlooking the Melbourne CBD skyline.

[smartcode_project:default project_id=139552 project_image_fid=371017]

Landscape architecture studio Acre has introduced a layered rooftop garden designed to soften the urban setting while creating a more communal environment for residents.

The Fitzroy location also positions residents within walking distance of Brunswick Street, Smith Street, parks, cafés, galleries, and public transport, while remaining only minutes from Melbourne’s CBD. The project has an enviable Walk Score of 96.

[smartcode_project:default project_id=139552 project_image_fid=371025]

Pace, which is also delivering the project as builder, has developed more than 100 projects across Melbourne over the past three decades. The vertically integrated approach has become increasingly common among developers seeking greater control over construction delivery amid broader market pressures affecting the apartment sector.

The strikingly contemporary Gore Street development is now around 70 per cent complete, with purchasers expected to move into their new homes in Spring 2026. A limited number of residences remain available under the current deposit match offer.

*Conditions apply in relation to the deposit match offer.

[smartcode_project_cta:default project_id=139552]

Pace offers five per cent deposit match at Fabbrica Fitzroy ahead of Spring completion

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

Why Hyecorp continues to back Sydney's Lower North Shore apartment market

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

[smartcode_project:default project_id=135094 project_image_fid=356540]

Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

[smartcode_project:default project_id=150787 project_image_fid=366230]

While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[smartcode_project:default project_id=143932 project_image_fid=367515]

The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

[smartcode_project:default project_id=150017 project_image_fid=370960]

ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

SEQ apartment demand outpacing affordable supply as construction timelines stretch: RPM

Camberwell Junction has long been the epicentre of amenity in Melbourne’s Boroondara region.

For nearly a century, it has drawn both locals and visitors, anchored by the Camberwell Sunday Market, which first operated in 1929 and quickly became a fixture of the suburb’s identity. Over time, the Junction evolved into one of Melbourne’s most established retail and lifestyle precincts, now comprising more than 400 stores and over 300 commercial businesses.

Despite that depth of amenity, one thing has remained notably limited: the supply of new apartments.

In a suburb defined by its heritage streetscapes and tightly held residential stock, new development opportunities have been scarce, particularly within the core of the Junction itself. That lack of supply has left a gap in the market for larger, design-led apartments suited to downsizers and owner-occupiers wanting to remain in the area.

Boutique developer Above Zero identified that gap when it secured a prime site on Burke Road, in the heart of Camberwell Junction.

[smartcode_project:default project_id=4896 project_image_fid=368543]

The site has a long planning history. Various proposals have been put forward over more than a decade, many of which were knocked back by the City of Boroondara, with initial applications dating back to 2015. Above Zero acquired the site in 2022 and returned with a revised scheme, refining both the building’s height and its ground-level interface to better align with Council expectations.

That process has culminated in approval for Camberwell House.

The Cera Stribley-designed development will deliver 57 residences on a 1,950 sqm site within the Camberwell Activity Centre, placing it directly within one of Melbourne’s most established retail and transport hubs.

It is expected to be one of the only new apartment developments to launch in the Junction in recent years, reinforcing the rarity of new supply in the precinct. Currently, there are just a handful of projects on the market in Camberwell, underscoring the significance of a development of this scale and positioning.

[smartcode_project:default project_id=4896 project_image_fid=368544]

Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

[smartcode_project:default project_id=4896 project_image_fid=368588]

Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

<section data-scroll-anchor="false" data-testid="conversation-turn-150" data-turn="assistant" data-turn-id="request-WEB:55d7c6ac-8e6d-4881-ad49-0ed9bf66d1cc-74" dir="auto">
Jellis Craig Projects Director Stephen Bowtell is handling sales for the project and says Camberwell House offers a rare entry point into one of Melbourne’s most tightly held markets.

“Buyers are recognising that Camberwell House offers something they simply haven’t seen before in Boroondara,”&nbsp;Bowtell&nbsp;says.

“It combines a level of resident amenity and service typically associated with Melbourne’s premium inner-city developments, while being positioned right in the heart of Camberwell Junction.

“The response to the concierge offering has been particularly strong. Buyers appreciate not only the convenience, but also the sense of security and peace of mind that comes from having a dedicated presence in the building every day.

“When you combine that with the wellness facilities, the exceptional arrival experience, and panoramic views across both the CBD skyline and the Dandenong Ranges, it creates a lifestyle proposition that is genuinely unique within the local market.”
</section>

[smartcode_project_cta:default project_id=4896]

Above Zero launches Camberwell House in undersupplied Camberwell Junction precinct

Real Estate Sales

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The NSW Government has launched an online portal for estate agents to tender for NSW Government contracts.
The new scheme is designed to make the procurement process simpler and to create a pool of service-ready real estate agents.
Brett Newman CEO of Property NSW said agents appointed to the scheme will have the opportunity to work with Property NSW on the sale of a range of under-utilised and surplus government-owned assets.
“The new scheme boasts a number of improvements including the ability for real estate agents to apply to join at any time and the option for agents to apply for specific regions, levels and types of work which best suit their expertise,” he said..
“Importantly, the new scheme supports small and medium enterprises by allowing agents to update their profile as their sales experience grows, increasing their eligibility to deliver larger and more complex projects.
“The NSW Government is committed to efficiency and digital innovation, this scheme meets the expectations of businesses operating in the digital age, and will lead to greater efficiency.”
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jonathanchancellor-7SQnKwU6yx

NSW Government launches online tendering scheme for estate agents

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Ray White chairman Brian White has reported record June sales. Australasia's biggest property group, Ray White recorded total sales of $4.3 billion in June 2017.  
"We just had our biggest June ever, it was 20 percent above June last year and its our third highest of any month on record."
June 2016 sales were noted as at $3.6 billion which given the Federal election was seven percent lower than June 2015.
"The property market has been remarkable across the world and Australia is no exception, but one of the things that can occur when there are expressions of concern or expressions of doubt is that people start thinking of getting back in," <a href="https://www.raywhite.com/blog/white-paper/white-paper-june-2017/" target="_blank">Mr White said</a>.
June's strong results suggested any talk of the property market easing appeared to be premature.
"For a month that can often disappoint, this June was a special one.
"Our June result was underpinned by particularly strong activity in New South Wales – which recorded $1.3 billion in sales revenue –  and Victoria which produced $606 million this month.  
"The Lower North Shore team headed up by Geoff Smith and Richard Harding wrote $120 million in their first month of trading at Ray White – which is certainly a debut to remember!" Mr White said.
The Queensland result of $776 million was well up on last year, evidencing of a firm trading market.
Ray White's May was the second strongest month ever for the Ray White Group.  
The group has actually now recorded four personal bests in the financial year with November, March, May and June sales.
The May sales revenue came in at $4.4 billion, compared to $3.74 billion in April.
The figure was the second highest ever month for the group, after March came in at $4.6 billion.
In the year to May, Ray White had finalised a total of $40.9 billion, which includes all residential and commercial sales in Australia and New Zealand, plus Indonesia and Rural.
 
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j.ballantyne1990-6AQqhLzZaK

Ray White secures record June sales

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PRDnationwide has released research claiming customers got a better result when they pay the full real estate commission rates.
The PRDnationwide research compared the median sales prices achieved by Purplebricks and online DIY sites like buyMyPlace.com.au and forsalebyowner.au against those achieved by traditional agents in Sydney, Melbourne and Brisbane dating back to 2014.
On average PRDnationwide found that Sydney traditional agents achieved 19.7 percent higher house prices and 3.8 percent higher unit prices,
It found Brisbane traditional agents achieved 8.3 percent higher house prices and 4.2 percent higher unit prices.
Melbourne traditional agents achieved 10 percent higher house and unit prices.
"Overall traditional real estate is achieving higher median prices than disruptors," claimed Diaswati Mardiasmo, national research manager at PRDnationwide.
"Based on this data, it's appropriate to coin the term 'when you pay peanuts - you get monkeys'.
"Although vendors might be paying higher commissions it would appear they are getting much better results under the traditional model and the accountability that it creates," she told The Australian Financial Review.
Ryan Dinsdale, Purplebricks Australia CEO, dismissed the research carried out by its competitors.
"The opinion of our customers is what we focus on as a business. We launched Purplebricks because up until now, Australians haven't had a choice in how they sell their home and we saw a growing demand for a fairer, more transparent offering," Mr Dinsdale told the Australian Financial Review.
"Since we launched in September 2016, we have saved our customers over $5 million in fees and our experts have achieved sales prices our customers are clearly delighted with as they have rated their Purplebricks experience 9.4/10 'Excellent' on independent review site Trustpilot.com.au."
Purplebricks, which does not have real estate offices but does use estate agents, charges a flat fee of $4500-$5500 including marketing and advertising costs. It also provides customers with 24/7 access to their own listing via an online platform that also allows them to engage with potential buyers.
They've recently been attacked by the First National CEO, however Property Observer did notice a recent success in Melbourne when a studio apartment sold for $187,500, the most affordable across the city that weekend.
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Traditional agents secure higher prices than the disruptors

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GUEST OBSERVER
I grew up working in the family business in the hospitality industry.
At 12 years old I would work during the school holidays picking up glasses, and then as I got older, I was given more responsibility. I really had to work my way up the ranks; I went from picking up glasses to working in the cellar, then behind the bar, as a bar manager and finally into management where I looked after a number of hotels. 
I made the change from hospitality to real estate after I was in a nasty incident outside one of the hotels I was managing. I was escorting one of my clients to the train station as he was worried he would be attacked by a group of young men, sure enough, they turned up carrying weapons. It was a pretty close call; I was nearly stabbed.
At the same time, all of this happened, my wife and I were looking to move homes. We contacted a number of agents and detailed our requests like number of bedrooms, bathrooms, location, etc. I was amazed at the response. Of the agents that did get back to me, only one showed us anything that resembled what we were asking for.
I think that is a problem with our industry; some agents get caught up pushing the stock they have rather than listening to what the client is telling you. It was then I thought I could do this better.
It wasn't until I was 31 that I got into real estate. I started at LJ Hooker Double Bay as an agent; I convinced the owner to give me a job by telling him that if he wasn’t happy with me within the first six months, he wouldn't have to fire me, I'd walk out.
For three years I door knocked, and letterbox dropped every day. I was persistent and kept going until every person in the area had seen my face.
Our industry is a tough one to start out in. Building trust with clients without a proven track record is hard. You can't rely on family friends; you've got to prove yourself first.
I began selling $150,000-$200,000 one bedroom semis in Dover Heights. I'll never forget those days; it was a lot of hard work, long hours and dedication.
I was one of the oldest rookies working in the patch; most of the agents in the area had 10-15 years more experience than me. They didn't notice me; I wasn't a threat, I was nothing to them for a long time.
The most memorable sale I've ever done also happens to be the most pivotal of my career. About seven years into my real estate career I sold the Coogee Bay Hotel for $14 million. Having years of hotel experience under my belt, I had a distinct advantage over other agents who had tried to sell the property before me.
We sold the property to an investor from Vanuatu and negotiations went for 48 hours straight.
That sale received huge media coverage and cemented me as a key player in the multi-million dollar sector. The calls started coming in, and I haven't looked back since then.
Playing in the high end of the market is all about dealing with personalities and emotions and listening to what they want, which is very similar to selling real estate at any property price. Over the years I've intuitively learnt to read personalities and determine the best way to deal with that person by their character.
I've met and worked with some fascinating people. However, Kerry Packer has been the most intimidating.
I've always been driven by ambition and a desire to provide a certain lifestyle for myself and my family. I grew up with three brothers; the youngest went on to run a very successful business, the other is an ex-wallaby player and the eldest was a great athlete; competition was a huge part of our childhood.
My father was an unbelievable salesperson, he did his business deals with a handshake and that was a binding agreement in his eyes. I watched him for many years and was always in awe with how he acted in business.
When I was 16, he sat my brothers and me down and said to us I'm lending you my name, never dirty it. He told us that our word was our bond and we should always uphold it. I'll never forget that, and his words have shaped me as a businessman and as a person.
Success is important to everyone; I think we are all striving for success. For me getting to number one was the greatest challenge for me, I don't like running second. I started out as a 35-year-old rookie agent and wanted to build something that made me proud. Now LJ Hooker Double Bay is one of the country's leading real estate offices working in the $10 million-plus sector. We strive every day to stay at the top of our game because no one wakes up wanting to be number two.
Now I want to pass on my 30 plus years of real estate experience to an intern.
Just like me, they could be a 31-year old rookie wanting a career change or they could be fresh out of school and raring to start their career with a bang.
If this could be you visit <a href="https://www.milliondollarintern.com.au" target="_blank">milliondollarintern.com.au</a> and post a 60-second video of yourself selling something, anything. Just show your personality.
The successful candidate will win a <a href="/news/interns-sought-in-job-offering-with-lj-hookers-bill-malouf">three-month, paid position</a>. 
Over 100 people have registered their interest so far with 7 video entries submitted. Two more weeks of the competition remain.
 
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jchancellor-FAypfDUnLy

From pubs to penthouses; Bill Malouf’s climb to the top

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GUEST OBSERVER
It is regrettable that an unfortunate minority was giving the industry a ‘bad name’ and misleading consumers by purporting to be buyer’s agents.
I warned home buyers and investors not to be lured by slick advertising promising deals that were too good to be true.
We always get concerned whenever we see mention of anyone advertising ‘free buyer’s agent services’.
Red flags instantly start waving when words like “the seller pays the fee not the buyer” and “we will find your perfect investment property for free” appear on websites.
Ultimately property advisors will act for whoever is paying their fee.
Calling yourself an independent “buyer’s agent” while selling property is simply dressing up the wolf in sheep’s clothing.
True buyer’s agents have a fiduciary duty by law to act in the best interests of their clients and this is legislated in each individual state’s real estate law.
Buyer’s agents are licensed professionals who specialise in searching, locating, evaluating and negotiating the purchase of property on behalf of buyers. They do not sell real estate. They are engaged independently and paid for by the buyer to act on their behalf.
REBAA is Australia’s largest independent alliance of buyer’s agents who act on behalf of buyers in property transactions.
The association’s accredited buyer’s agent logo is synonymous with professionalism and best practice and its members are committed to stringent ethical standards.
Each REBAA accredited agency must also carry professional indemnity insurance. REBAA accredited agencies across Australia display their accredited agency logos on their websites to help buyers clearly identify bonafide buyer’s agents.
As a buyer you always need to ask if there is a vested interest in anything. Why are they wanting to act for you for free?
Usually it’s because they want to buy developer stock or take their fee from the vendor – hardly exclusive or independent advice.
Essentially, these “free buyers agents” are selling agents in disguise.
They have a huge financial incentive to help you buy that property and that’s not necessarily in the investor’s best interest.
Consumers should carefully check the credentials of any buyer’s agent and confirm they are firstly licensed and ask questions about their experience, time in industry, research methods, and how they are paid.
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For a list of accredited agencies in your local area <a href="https://www.rebaa.com.au" target="_blank">click here</a>. 
Rich Harvey is REBAA president and can be contacted <a href="https://www.rebaa.com.au" target="_blank">here</a>.
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Buyer beware 'free' buyer's agents: Rich Harvey

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From 1 July 2016 Australian residents selling real estate with a market value of $2 million or more will need to apply for a clearance certificate from the Australian Taxation Office (ATO) to ensure amounts are not withheld from the sale proceeds.
Where a valid clearance certificate is not provided by settlement, the purchaser is required to withhold 10 percent of the purchase price and pay this to the ATO.
Background
In May 2013 the government announced that it would introduce a 10% non-final withholding tax on payments made to foreign residents who dispose of certain taxable Australian property with a market value above a specified threshold. The new legislation for this measure became law in February 2016.
The types of taxable Australian property this applies to include vacant land, buildings, residential and commercial property, leaseholds and strata title schemes.
What this means for purchasers
Where a foreign resident disposes of Australian real property with a market value of $2 million or above, the purchaser will be required to withhold 10 percent of the purchase price* and pay it to the Australian Taxation Office (ATO) unless the seller provides you with a variation. Australian residents will need to provide a clearance certificate otherwise a withhold of 10 percent of the purchase price will apply.
What this means for sellers
Australian resident vendors who dispose of Australian real property with a market value of $2 million or above will need to apply for a clearance certificate from the ATO to ensure amounts are not withheld from their sale proceeds.
All transactions involving real property with a market value of $2 million or above will need the vendor and purchaser to consider if a clearance certificate is required.
If a purchase price negotiated between a purchaser and vendor is on an ‘arm’s length basis’, then the purchase price may be used as a proxy for market value.
* Note: The legislation specifies that the 10 percent withholding is on the ‘first element of the cost base’. However, as purchase price is understood by vendors and purchasers, and in many instances will be equal to the ‘first element of the cost base’, we have used the term purchase price for simplicity.
When will this apply?
The new withholding regime will apply to contracts entered into on or after 1 July 2016 for the sale of property with a market value of $2 million or above.
What if there are multiple purchasers?
The market value of all purchasers’ interests in the transaction must be aggregated in examining whether the $2 million market value threshold has been reached. If the aggregated purchase price is $2 million or above, each purchaser must withhold in proportion to their percentage of the total purchase price.
What if there are multiple vendors?
If there are multiple vendors disposing of the property, it is the total market value of the property that determines whether withholding is required by the purchaser.
That is, if the market value is $2 million or above then the purchaser must withhold 10% of this (remembering that the purchase price may be able to be used as a proxy for market value).
If the purchaser has not been provided with a clearance certificate or a notice of variation from any of the vendors, the purchaser must withhold 10% of the purchase price.
The amount of withholding will be in proportion to each vendor’s interest in the property, with the total withholding equal to 10% of the property’s market value.
If any of the vendors provide a clearance certificate or a notice of variation then the amount withheld by the purchaser on that vendor’s proportional interest in the property must reflect this. The purchaser must consider each vendor’s circumstances separately in determining the amount to withhold from each vendor.
Clearance certificates
All real property transactions with a market value of $2 million or above will need the vendor and purchaser to consider if a clearance certificate is required.
Where a clearance certificate is provided, the purchaser is not required to withhold an amount from the purchase price.
Vendors need to provide a clearance certificate to the purchaser on or before the settlement of the transaction.
A clearance certificate must be valid at the time it is provided to the purchaser.
Clearance certificates are valid for 12 months, and can be used by the same vendor for the sale of multiple properties while valid.
Who can obtain a clearance certificate?
Only a vendor who is an Australian resident* can be granted a clearance certificate by the ATO.
* Note: Residency status for tax purposes is not the same as that for immigration purposes, or for the Foreign Investment Review Board (FIRB). If you are unsure, seek professional advice.
What if the vendor does not provide a clearance certificate?
If the vendor fails to provide the clearance certificate by settlement, the purchaser is required to withhold 10% of the purchase price and pay this to the ATO.
This means Australian resident vendors of real property with a market value of $2 million or above must apply for a clearance certificate to ensure no funds are withheld from their sale proceeds.
When can an Australian resident vendor obtain a clearance certificate?
An Australian resident vendor may apply to the ATO for a clearance certificate at any time when considering the disposal of real property. This can be before the property is listed for sale.
How can an Australian resident vendor obtain a clearance certificate?
To obtain a clearance certificate, a vendor who is an Australian resident (or their representative) must complete an online ‘Clearance certificate application for Australian residents’ form. This form will be available on ato.gov.au/FRCGW from 27 June 2016.
A PDF version of the clearance certificate application will be available for contracts that are to be signed and settled within the first two weeks of July 2016. Otherwise, vendors should be encouraged to wait and use the online form from 27 June 2016.
If the vendor is automatically assessed as an Australian resident, a clearance certificate will be issued electronically within days of the application being submitted.
If there are data irregularities or exceptions, some manual processing may be required and the clearance certificate will be provided within 14–28 days.
Higher risk and unusual cases may require greater manual intervention and could take longer to process.
Variation applications
Where the vendor is not entitled to a clearance certificate, but believes a withholding of 10% is inappropriate, they can apply to the ATO for a variation. Reasons for a variation could include:
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<li>a foreign resident not making a capital gain on the transaction (for example, because they will make a capital loss or a CGT rollover applies)</li>
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<li>a foreign resident not otherwise having an income tax liability (for example, because of carried-forward capital losses or tax losses)</li>
</ul>
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<li>a scenario where there are multiple vendors, only one of which is a foreign resident.</li>
</ul>
A variation application can be made using the ‘Variation application for foreign residents and other parties’ form. This form will be available on ato.gov.au/FRCGW from 27 June 2016.
A PDF version of the variation application will be available for contracts that are to be signed and settled within the first two weeks of July 2016. Otherwise, vendors should be encouraged to wait and use the online form from 27 June 2016.
In the majority of cases (where the ATO has all the required information and the application is successful), the notice of variation will be provided within 28 days.
The notice of variation should be shown to the purchaser before settlement to ensure the reduced withholding rate applies.
Does the withholding need to be provided prior to settlement?
No. The withholding does not need to be provided until settlement, and it is provided by the purchaser out of the purchase price, not in addition to the purchase price.
Is the transfer of ownership affected?
No, the withholding does not affect the transfer of ownership between the vendor and the purchaser.
In some cases the vendor may wish to postpone settlement if they have not yet obtained a clearance certificate or notice of variation, to avoid the purchaser withholding 10% of the purchase price and paying it to the ATO. In this scenario, the terms of the contract will apply as normal with respect to delays at settlement.
What do I need to consider when selling a property?
Where you are engaged by a vendor you need to know what the purchase price will be to determine whether this measure applies. If the purchase price is below $2 million, and it has been negotiated on an arm’s length basis, then no action is required.
If the purchase price is $2 million or above and the vendor is an Australian resident vendor, you should let them know they will need to obtain a clearance certificate from the ATO to avoid 10 percent of the purchase price being withheld at settlement.
If you are unsure about the purchase price because the property is going to auction, you should let the Australian resident vendor know they will need a clearance certificate if the purchase price reaches $2 million.
If the purchase price is $2 million or above and the vendor is a foreign resident, you should let them know that 10% of the purchase price will be withheld at settlement by the purchaser and provided to the ATO. You should advise them they may be able to vary the amount that is withheld at settlement in certain circumstances, and direct them to the Variation application for foreign residents and other parties form.
You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
What if there is a short settlement period?
The same rules apply irrespective of the length of the settlement period. However, if there is a short settlement period you should advise the vendor they will need to obtain a clearance certificate or notice of variation (as appropriate) as soon as possible if they wish to avoid 10 percent of the purchase price being withheld at settlement.
More information
The Australian Institute of Conveyancers was extensively involved in the consultation process for this measure. As such, the ATO is not aware of any inconsistency with the terms of each state’s Conveyancing Act.
This fact sheet contains general information. More detailed information about foreign resident capital gains withholding payments is available <a href="https://www.ato.gov.au/general/capital-gains-tax/in-detail/calculating-a-capital-gain-or-loss/foreign-resident-capital-gains-withholding/" target="_blank">here</a>. 
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