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

Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

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

BANKSII sales launch in booming East Brisbane apartment market

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

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

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

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

First look: Kokoda secures Richmond site for new apartment development

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

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

Reserve Price

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A home that hit the headlines earlier this year when it sold under the hammer but actually didn't sell, has now sold four months on.
The hammer fell on a run down Redfern home when builders Sean Piper and Martin Allen outbid everyone to land the property for $1.36 million at its July auction.
After the price passed $1.35 million, Cooley Auctions auctioneer Jake Moore had indicated the reserve had been reached. It hadn't. He slammed the gavel down and shouted "sold" at $1.36 million.
But then the perplexed listing agent Cheryle Lanthois from Carrington Real Estate belatedly intervened. The house apparently had not been “sold” at all.
<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/2017/12/13/boronia2.jpg" alt="">
“I’m sorry, I’ve made a mistake. The written reserve was $1.4 million — I had it as $1.3 million. Come inside and we’ll negotiate with the vendor,” Moore told the top bidders.
“We’re not negotiating — that’s it,” Piper said, the Sunday Telegraph noted.
Mr Moore: “I sold it under the written reserve — it’s my fault. It’s not the owner’s fault, it’s not Cheryl’s fault, it’s my fault.”
Lanthois confirmed that the vendor wasn’t selling at $1.36 million, but holding out for $1.4 million.
Discussions went on after the Boronia Street auction, with the eventual line from Carrington Real Estate agent Cheryle Lanthois saying the property had passed in because the reserve hadn't been met.
Piper and Allen understandably weren't best pleased and didn't want to go as far as the $1.4 million reserve.
After all the toing and froing, the home went on to sell late last month through different against BresicWhitney for $1.34 million, marginally less that the price the hammer fell at.
The Boronia Street home was a run-down three-bedroom terrace with peeling paint, squeaky floorboards, mouldy walls and outdoor dunny. 
 
 
 
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Hammered as Redfern derelict terrace sells for less

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The RBA board member John Edwards, a former chief economist for HSBC and adviser to former prime minister Paul Keating, has not been given a second five year term.
He will be replaced early by Professor Ian Harper, who recently headed the government's competition policy review.
It is unusual that board members are given a second term.
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jchancellor-FAypfDUnLy

Ian Harper to replace John Edwards on RBA board

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A McCrae beach box fetched a local record of $239,000 at weekend auction.
It was bought by a racehorse owner who was track side at Derby Day.
The 20 square metre <a href="https://www.realestateview.com.au/Real-Estate/boatshed-28-rosebud-foreshore-mccrae/Property-Details-buy-residential-9584706" target="_blank">bathing box 28 on the McCrae beach foreshore</a> sold at about $40,000 over reserve. 
<div>
<div><img src="https://resources2.news.com.au/images/2015/10/31/1227589/252002-c957b2d0-7f7c-11e5-a5c8-de3ffc01720c.jpg" alt="A Melbourne racing identity snapped up the sought after property." width="650" height="366"></div>
Selling agent Craig Bennie of Ray White Rosebud said four bidders competed for the offering which was last offered around four decades ago.
The agent said the last beach box he had sold on McCrae beach fetched $75,000 five years ago. Others had been listed at $100,000 plus last summer.
Box 28 was among the 600 offerings scheduled to go under the hammer over the weekend, making it the biggest pre-Melbourne Cup weekend ever, according to the REIV.
</div>
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McCrae beach box fetches $239,000

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GUEST OBSERVATION
On Saturday, I witnessed two auctions that were marketed in two different ways and which resulted in very different outcomes.
The first property was advertised with a fairly typical auction marketing campaign which included the usual underquoting. The price guide that was provided throughout the marketing campaign was $1,050,000. At auction the bidding ran out of steam short of the reserve. The agent came and told me he needed more money to get it on the market as the reserve was $1.25 million. I said, "best of luck as you won't be getting that out of me".  
Frustrated the agent went inside to talk to the vendor again before coming back outside to tell me that he had convinced the vendor to reduce the reserve to $1,225,000.  He then told the auctioneer and it was called on the market at $1,225,000. No further bids were made and it sold for $25,000 under the vendor’s reserve to us.  
Anyone who did detailed research and looked at the comparables would know that the property was worth $1,250,000 to $1,275,000 but the underquoting attracted people with a budget closer to the guide of $1.05 million rather than those with a budget of $1.25 million or more. More than likely many of those people with a budget around the $1.25 million mark were attending auctions that had price guides around that point but reserves and values that were maybe closer to the $1.45 million mark?   
The fact is my clients loved the property so much that they gave me a budget of $1,330,000 to spend if needed to secure the property. Yes we purchased the property $105,000 below what my clients were prepared to pay for it which they are very happy about. However they are even happier we purchased it for $50,000 below what the comparables indicated the property was worth up to. 
In comparison at the second property auction I attended the vendor had decided to be transparent with the market. Whether he decided to do this of his own accord or read about my petition to make it mandatory to publish reserves and decided to take the idea on board, I don’t know.  What I do know is that he was transparent with buyers and attracted bidders who could actually afford the price he wanted for the property. He set and published his reserve at $570,000 and <a href="/expert-insights/buying/a-7-5-premium-above-disclosed-reserve-at-bexley-auction-experiment">the property sold for $613,000, some $43,000 over the reserve</a>.
The buyer was ushered into the house to sign the contract and so I spoke to the under bidder. I asked her if the publishing of the reserve price influenced her decision to bid on the property.  She said she would not have even attended the auction if the reserve price had not been disclosed as she was ‘fed up’ with attending auctions that had reserves set well over the price guide provided by agents.
The bottom line here is that transparency won the day.
Let’s hope it catches on for not only all the vendors’ sake but for all the buyers who keep wasting money and time attending auctions every week where the reserve is set in excess of the guide when in fact they should be one in the same.  
If you think my idea of publishing reserves prior to auction is a good move then simply <a href="https://www.change.org/en-AU/petitions/the-honourable-matthew-mason-cox-mlc-nsw-government-make-it-compulsory-to-advertise-auction-reserve-prices-to-stamp-out-underquoting-and-dummy-bidding" target="_blank">sign my petition</a> which is calling on the NSW state government to make it mandatory for all property auctions to have the reserve price advertised seven days ahead of a scheduled auction. 
Feel free to make your comments as to why you signed the petition in the comments box.
Patrick Bright is the founder of Sydney-based buyer’s agency <a href="https://%20www.epspropertysearch.com.au/" target="_blank" rel="nofollow">EPS Property Search</a>.
Patrick is the author of four best-selling real estate books known as “The Insider’s Guide to Buying Real Estate Series”.
<a href="https://www.change.org/en-AU/petitions/the-honourable-matthew-mason-cox-mlc-nsw-government-make-it-compulsory-to-advertise-auction-reserve-prices-to-stamp-out-underquoting-and-dummy-bidding" target="_blank">Visit change.org to sign the petition</a> calling on the NSW state government to make it mandatory for all property auctions.
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pbright-aNtgvRfvJN

No more excuses: Publishing the reserve price prior to auction works

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A Bexley vendor and their estate agent have publicised their reserve price ahead of its 19 July auction.
The unusual tactic has already garnered a boost for its marketing with a feature in yesterday's Daily Telegraph, and featured on a Channel 10 news report by Daniel Sutton.
Their web marketing doesn't actually give the reserve price, so presumably inspectees of 15A St Georges Road have been advised of it when they turn up or ring the agent.
The LJ Hooker listing agent confirmed to Property Observer that there was no marketing of the reserve price as he needed to engage possible buyers in a conversation which might not happen if the reserve price was publicly available.
Which highlights the concern of disclosed reserves in the lead up to any auction. 
<a href="https://www.realestate.com.au/property-house-nsw-bexley-117327823" target="_blank">There is a $570,000 disclosed reserve price for the two bedroom, two bathroom property</a> which traded at $400,000 in 2004.
My view is that disclosed reserves are worthy for run of the mill property, but likely to work against any vendor with a property tapping emotional purchase aspirations.
I am a bigger supporter of price guidance, as long as vendors and buyers are being told the same figure.
The last survey reported by Property Observer on the gap between real estate agent price guides and actual auction results in Sydney sat at 12%, according to an August 2013 survey by Intelligent Property Services.
In 2012 there was an 9% variation and in 2011 an 8% variation.
Head of research at Intelligent Property Services, Joe Kotevich, suggested the surge came more as a result of buyer demand than any deliberate lowballing by agents.  
Intelligent Property Services obtains the price guides after the first week of showing the property, allowing time adjustment of expectations. The auctions are monitored following inquiry from its buyers agent department.
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Bexley pre-auction reserve disclosure the one swallow before spring

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Discussing the issue of the potential price guidance ban in Queensland, the Real Estate Institute of New South Wales president Malcolm Gunning expressed his support for a recent petition for agents to publish reserve prices a week out from auction.
The <a href="/expert-insights/buying/louis-christopher-and-patrick-bright-say-media-outlets-are-ignoring-underquoting-petition">petition, from EPS Property Search's Patrick Bright</a>, looks to increase transparency by requiring real estate agents to publish the reserve prices to the public.
Gunning told Property Observer that he doesn't support the banning of price guides in Queensland, believing that they're "trying to exonerate the responsibility of under or over quoting". Just today, Property Observer reported that the Real Estate Buyers Association of Australia believe that <a href="/expert-insights/buying/coercion-will-be-rife-under-new-queensland-price-guide-laws-rebaa">coercion will be rife if the changes go through</a>.
With Brisbane labelled one of the upcoming investment hotspots, he also expressed concern for buyers in New South Wales and other states and territories who would be heading to the south-east Queensland suburbs for purchasing, unaware of what prices could be attained, where a local might be more familiar.
"In NSW, the institute uspports the agent giving an indication. Agents are dumb when they [underquote]and have no confidence in their ability," said Gunning.
In fact, he pointed to education being the real issue for New South Wales instances of underquoting.
"We think the problem is that in New South Wales the level of entry into real estate is the lowest in Australia and we think that [when agents underquote it is] reflective of agents not being confident in themselves."
He noted that in the last 18 months it has been difficult for agents, particularly those with little confidence in appraising a property, to provide an accurate price guide, with buyers getting desperate to purchase and chasing the properties beyond market expectations.
However, he said, the agent should be able to give a purchaser an indication of the vendors expectation, and perhaps mention the level of competition. If a buyer wants to compete at auction with other bidders, then this is their decision, however they should not be competing with a reserve price set higher than expectation.
Gunning expressed his support of John McGrath, who has been actively against removing the price guidance.
Despite the opposition, however, it might go through.
"The REIQ are supporting it, and they’re a strong organisation, so I think the government might pass it," he said.
He also told Property Observer that he has recently spoken with the Office of Fair Trading who have said that underquoting is not as high on their agenda as looking to knock out dodgy Registered Training Organisations.
"There are a lot of training organisations offering sub-standard training, we’re trying to lift the standard of the industry. We’re getting people coming in with just a week of training," he said.
He noted that the better agents who do not fall into underquoting tend to be those with higher levels of education.
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REINSW's Malcolm Gunning supports early publishing of reserve prices

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Underquoting is a hugely tricky topic for many in property, with the “quote [or price] it low, watch it go” mantra said to be the modus operandi of many in the real estate selling business, especially when it comes to auction sales.
Recently, <a href="/news/online-petition-for-mandatory-reserve-price-publishing-launched">EPS Property Search’s Patrick Bright began a petition against underquoting</a>, and encouraging the consideration of early publishing of the reserve price for properties heading to auction. Property Observer covered this petition upon its launch, and <a href="/news/should-auction-reserve-prices-be-published">discussed it with him prior to its inception</a>.
<blockquote>
SQM Research’s Louis Christopher has also expressed his dislike of the practice of underquoting and is vocally backing Bright’s petition.
</blockquote>
Property Observer recently attended an auction in Sydney where there was around a $200,000 discrepancy between reserve price and the price guide provided by the real estate agent. The property sold at auction just above the reserve, and we have clear reason to believe that the vendors would never have considered an offer around the price guide provided. Certainly, there may have been buyers that were unable to afford this price and that may have spent money on inspections and conveyancing to prepare for the auction, let alone time. As a buyer's agent, Bright says that this is all too common and that he sees underquoting at the majority of auctions he attends.
SQM Research’s Louis Christopher has also expressed his dislike of the practice of underquoting and is vocally backing Bright’s petition.
"I am personally sick to death of underquoting in real estate.  It wastes time, money and breaks people’s hearts once they know they have been deceived. Ultimately it is damaging to the property sector and all those who participate in it,” said Christopher in his recent newsletter.
"One thing Patrick and I share in common is that we have a very strong belief in property market transparency and ensuring people don’t get ripped off in property transactions. Recently, Patrick has gone so far as to get a petition going to make it compulsory to advertise auction reserve prices to stamp out underquoting and dummy bidding,” he said, noting he 100% agrees with the objective, urging others to <a href="https://www.change.org/petitions/the-honourable-stuart-ayres-mp-nsw-government-make-it-compulsory-to-advertise-auction-reserve-prices-to-stamp-out-underquoting-and-dummy-bidding%20%20" target="_blank">sign the petition</a>.
However, Christopher also expressed his dislike at media ignoring the petition.
"Sadly, I can tell you now there are some dark forces out there who don’t want to see this happen. Indeed, Patrick has recently told me of some media outlets who won’t give this petition coverage, even after promises they would! No doubt they are worried they may lose advertising dollars due to these dark forces,” he wrote.
He said he had a message for those outlets: "Please show a bit of spine on this issue and give it the coverage it deserves.”
He told Property Observer that despite the pain some interests may feel in the short term, price transparency will create overall benefits across the market, and it should be given a run and prominence.
Recently, mainstream media outlets went gangbusters writing about Queensland’s potential change to ban price guides from auctions – something<a href="/news/qld/dark-ages-descending-on-queensland-as-auction-price-guide-ban-defies-common-sense-john-mcgrath"> Property Observer also wrote about</a> – and he noted that it is startling to see the contrast between some experts’ exposure and others.
"[Underquoting] does come out in a rising market,” Christopher explained. “Markets can move quickly, but what Patrick has put forward is that the reserve price isn’t provided until a week out.”
Discussing the Queensland potential price guide ban, he noted that he sat on the fence, saying there were many pros and cons. However, he noted that no guide is better than a phoney guide.
<blockquote>
"They’re big businesses protecting their bottom line, and it’s completely their right to do that,” Bright said.
</blockquote>
While neither would disclose which media outlets said they would cover the petition and since changed their minds, Property Observer notes that online there have been stories from Australian Property Investor magazine. Patrick Bright confirmed that API had been in support of sharing news of the petition.
Bright said that he doesn’t want to criticise individuals as he is sure there are powers above them calling the shots.
"They’re big businesses protecting their bottom line, and it’s completely their right to do that,” he said.
He also said that he is getting a lot of support when he personally speaks to sales agents, but finds that many are concerned of ridicule from their peers if they support the petition.
Disclosure: Jennifer Duke has signed the petition for reserve prices to be published, as well as <a href="/news/qld/letter-from-the-editor-more-information-not-less-please-queensland">a petition opposing the Queensland price guide ban</a>.
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