Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Residential Sales

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With the end of the school holidays, Melbourne’s clearance rate sat at 77 percent, above 70 percent for the second consecutive time in five weeks, according to CoreLogic's preliminary result.
The busiest sub-region in Melbourne this week was the Inner sub-region with 103 auctions being held.
With a clearance rate of 76 percent from 450 offerings, Sydney sat above 75 percent for the third week in a row.
The Inner West recorded the highest preliminary rate of 91 percent across 35 reported auctions followed on by the City and Inner South sub-region at 88 percent.
The number of auctions held across the capitals has remained fairly steady this week, with 1,378 auctions held, compared to 1,399, but lower than the same time last year, when 1,827 auctions were held. 
It was the last weekend of the Sydney school holidays.
CoreLogic researched the influence of the mid-year June-July school holidays on the level of activity to conclude, based on the four years between 2012 to 2015, that Melbourne was more influenced than Sydney.
Melbourne auction volumes for the first weekend of the school holidays triggered on average a 12 percent decline on the previous week.
The clearance rate performance over the three weeks of school holidays, compared to the three weeks leading up to school holidays was typically not that different. 
"In Sydney, we don’t see the same trends that are seen in Melbourne, the school holidays don’t seem to have the same impact that they do in Melbourne and this isn’t too surprising as Melbourne is often influenced more when public holidays are held," the CoreLogic spokesperson advised.
The latest national clearance rate held above 70% across the combined capitals for the second week running, up from 70 percent to 71 percent.
It is the second time in 15 weeks where the combined capital city clearance rate surpassed 70 per cent, with the results being driven by Sydney and Melbourne, with all other capital city regions recording a preliminary clearance rate under 65 percent.
There were 117 Brisbane auctions with a clearance rate of 46 percent.
There were 61 auctions held in Adelaide with a 52 percent. CoreLogic has captured 16 auction results for Perth, with a preliminary clearance rate of 31 percent.
A total of 29 auctions were held in Canberra this week with a preliminary clearance rate of 64 percent.
The highest auction sale across the nation at auction was in Strathfield, for the second consecutive weekend.
It was a five bedroom at <a href="https://www.realestate.com.au/property-house-nsw-strathfield-122923002" target="_blank">35 Rickard Road</a> (above) which fetched $3.76 million.
The newly built home was built after the 627 sqm block cost $1.55 million in 2014.
There had been $3.3 million to $3.5 million price guidance.
Melbourne's top sale was a development site at Chatswood for $2.6 million. The <a href="https://www.realestate.com.au/property-house-vic-chadstone-122927478" target="_blank">7 Churchill Avenue</a> offering (below) was 1800 sqm with permission for six townhouses.
 <img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.37.20%20AM.png" alt="">
The dearest house sale across Melbourne was at Glen Waverley when a newly built five bedroom at <a href="https://www.realestate.com.au/property-house-vic-glen+waverley-122480470%20" target="_blank">30 Tobias Avenue</a> sold at $2,215,000 (below).
<img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.39.24%20AM.png" alt="">
The weekend's cheapest auction sale was at Thomastown when <a href="https://www.realestate.com.au/property-unit-vic-thomastown-122941870" target="_blank">1/17 Caroline Street</a> fetched $235,000 (below).
<img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.41.25%20AM.png" alt="">
The two bedroom, 60 sqm 1970s villa, 17kms north of Melbourne, had last sold at $100,000 in 2001. It was a $265 a week rental.
The biggest reported sale of the past week was at Surfers Paradise. It was the home of the entrepreneurial, former Rolls-Royce car dealer David Baird and his wife, Marion through Ray White agents Sam Guo and Julia Kuo.
The trophy home, Summer House, credited as the Gold Coast's biggest residence, fetched a reported $11 million, according to the Gold Coast Bulletin.
It was a six bedroom, six bathroom <a href="https://www.raywhite.com/qld/surfers-paradise/1468826/?lang=en" target="_blank">mansion on 2318 sqm on Cronin Island </a>with three kitchens, a gymnasium, numerous spas and saunas, a 25 metre, four-lane lap pool and a 10 car basement garage.
Designed by Main Beach architects Mobb Thompson and Payne, the home was built 26 years ago for the president of Daikyo Shoji Yokoyama - the Japanese company behind the QT.
<img src="/images/2016/07/18/Screen%20Shot%202016-07-18%20at%208.42.41%20AM.png" alt="">
The video game designer Masafumi Miyamoto paid $6,553,136 in 1997 - a Gold Coast record which stood for eight years.
He sold it to the Bairds for $8 million in 2004 despite having $13 million hopes.
It was rented by Hollywood stars Sarah Michelle Gellar and Freddie Prinze Jr when they were making Scooby-Doo. 
The Gold Coast Bulletin reported it was bought by Celine Guan, wife of Junxiong Yang, owner of the Links Golf Course at Hope Island Resort.
It was the third highest sale on the Coast this year behind 159 Hedges Avenue which sold for $13.25 million and the $11 million sale of 107 Albatross Avenue. 
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jchancellor-FAypfDUnLy

Sydney and Melbourne auction markets further strengthen in 2016 mid-winter 

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GUEST OBSERVER
Financial or economic risk is one of the greatest risks that exclusive buyers’ agents are faced with. They are dealing with a consumer who is arguably making the most significant financial decision of their lives. 
One of the most important roles of an exclusive buyers’ agent is to secure and negotiate a property for their client at the best price and on the best possible terms. In order to do this, one requires many of the skills similar to that required and expected of a qualified property valuer. 
Given this is the case, and a valuer requires something in the order of many years training at a minimum Diploma level, it seems at odds that the current market appraisal component of property services industry training curriculum is covered off in a class room environment over the space of a few days and without any practical application at all. 
A perfect case in point of the lack of skill in this area is evidenced by the recent changes made in NSW to address underquoting practices. 
1.2 Are there other issues that should be considered in assessing training standards? If so what are they? 
It is not just the present day but also the future state of the real estate and buyers’ agent industry that should be considered when assessing training standards. 
Raising the bar to enter and remain in the property services industry should not be seen as a negative proposition or short-term inconvenience. In the long term, higher training standards will serve the industry well by creating a more skilled, ethical and well-rounded property services professional. 
Consumers will ultimately benefit from the end result, which will confirm excellent service practice rather than theoretical knowledge as the key differentiator between property services professionals. 
In addition, lessons should be learned from other similar professional services industries such as financial planning and mortgage broking and the challenges they have faced and dealt with over the last few years. In particular, conflicts of interest have featured as a major challenge and brought some of the practices of those industries into question. 
1.3 What do you think should be the minimum educational standard for each category and why?
In regards to the entry level Certificate of Registration requirement it is considered that this should be accompanied by a more robust curriculum that also incorporates an experiential component such as an ‘on the job ‘supervisory element.
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This could be a set number of hours prescribed per week/month/annum where work must be supervised by an appropriately qualified superior or peer. This approach would place an onus on a licensee to endorse (or otherwise) and develop an employee so that they become suitably qualified and build up their technical skills and experience over time. After training in the core curriculum and having the required number of supervised hours, only then could someone be eligible to apply for a real estate buyers’ agent licence. 
In regards to the current licensing component, we believe buyers’ agent training should encompass the same number of the current modules that a full real estate licence entails, rather than the limited modules required at present. Understanding both sides of the real estate transaction is considered useful, even if not practiced, and thus the training should reflect this. 
2.1 Although it is clearly possible to enter the property services industry without any experience, how often does this occur? 
REBAA currently have three levels of membership for buyers’ agents: Full (minimum 24 months experience), Provisional (12-24 months experience) and Learner (new to industry and less than 12 months experience) with the majority of members being full members (91%). This is a reflection of REBAA membership only, however there are several buyers agencies being set up by principals and directors in NSW with little or no field experience in real estate, valuation or similar fields. Though currently legal, we believe this to be a concern for consumers and clearly needs to change. 
2.2 What are the practical consequences of the absence of a time based requirement to enter the property services industry? 
In summary, the consequences of having no time-based requirement to enter the property services industry include: 
<ul>
<li>
A lower quality and calibre of buyers’ agent entering and representing the property services industry. 
</li>
<li>
Higher risk of mistakes and poor behaviours emerging through professional negligence and misconduct. 
</li>
<li>
Misunderstanding the role and perception of an exclusive buyers’ agent and what they do, compared with someone who may operate within a real estate sales office as a buyers assistant and call themselves a buyers’ agent 
</li>
<li>Poor consumer perception of the buyers’ agent and property services industry overall.</li>
</ul>
People without a property background or actual experience entering the property services industry pose a real risk to those they represent. We have heard of cases of mortgage brokers or fanatical property investors setting up shop as so-called “property experts” and not conducting adequate due diligence on the properties they recommend to clients.</div>
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The key risks coming from a lack of time based experience may include: 
<ul>
<li>
Over-paying on property 
</li>
<li>
Selecting poor investment grade property or locations 
</li>
<li>
Coercing clients to buy inappropriate properties 
</li>
<li>
Not listening / understanding client needs (especially home buyer clients) 
</li>
<li>
Inappropriate auction tactics or behaviour 
</li>
<li>Tarnish the reputation of buyers agents.</li>
</ul>
2.3 What does time based experience achieve?
Time based experience provides a learning-by-doing approach. This provides real life examples and scenarios where skills can be developed and practised, within a supervisory situation under a licensed professional, rather than relying on theory alone. Field experience is vital to build up knowledge, develop skills and learn from more experienced buyers’ agents.
The benefits of time-based experience include:
<ul>
<li>Exposure to industry best practice</li>
<li>More experienced buyers’ agent (property services) professionals</li>
<li>Greater chance of a better calibre, more experienced and professional buyer’s agent industry developing.</li>
<li>Consistency in quality and professionalism available to consumers</li>
<li>An industry where service and practical knowledge is the key differentiator for consumers when engaging a buyers’ agent.</li>
</ul>
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<div class="column">3.1 What needs do the current CPD requirements meet?</div>
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 The current time commitment of CPD requirements in NSW seems generally fair.</div>
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 In terms of content range and accessibility however, they do seem to specifically cater to real estate sales professionals rather than more specialist streams of the property services industry such as buyers’ agents.</div>
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 Under the current system, without relevant content for all property services professionals, the existing continuing professional development model risks being treated as a box ticking exercise rather than something that encourages professionals to learn and genuinely advance their skills within their relevant fields.</div>
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 3.2 What are benefits of CPD and what are the costs to business?
 
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The general benefits of CPD where course content is relevant, accessible and is delivered effectively include: 
<ul>
<li>
Future investment in the industry 
</li>
</ul>
More experienced property services professionals who can mentor future members
In terms of the costs to business of CPD these can include:
<ul>
<li>down time where staff are unavailable whilst attending training</li>
<li>lack of return on investment (companies may pay for staff who then leave)</li>
<li>the actual economic cost (if paid for on behalf of staff)</li>
</ul>
If CPD courses were more relevant for buyers’ agents it is considered that the costs to business would be more readily accepted, recognised and embraced.
3.3 What are the problems or issues with the existing CPD regime in NSW?
REBAA has identified the following problems with the existing CDP regime in NSW:
Limited CPD courses or training with content relevant to professionals practicing as exclusive buyers’ agents.
<ul>
<li>There is an inherent assumption that all property services professionals start or stem from being a real estate sales professional</li>
<li>Lack of acceptance of non-property services industry delivered training as suitably meeting CPD requirements (e.g. improving general business skills, negotiation skills) which would arguably be better delivered by external providers outside of the property industry</li>
<li>Limited policing leads to complacency so an online system where property service professionals must log CPD attendance could be linked to renewal of licence. This is similar to a model that is adopted in New Zealand where a real estate licence will not be renewed if training is not logged.</li>
</ul>
3.4 Are the current requirements relevant?
In their current form, the existing CPD requirements in NSW in regards to buyers’ agents are overall not considered entirely relevant for the reasons previously stated.
Whilst the time commitment required for CPD compliance seems reasonable for existing property services professionals, the content range and therefore suitability for exclusive buyers’ agents is currently lacking.
REBAA considers that barriers to entry should increase in the first 2 years of entering the property services industry by mandating a higher CPD commitment that includes an ‘on the job’ style supervised coaching/training component where technical skills are the focus.
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4.1 What are the current problems with the delivery and assessment of training for the property services industry? 
There are a very limited number of providers who actually deliver specific training for buyers’ agents. 
Lack of consistency and quality in the content and depth of specific training for buyers’ agents delivered by the limited providers. Typically it is delivered on-line via correspondence or by practising real estate sales agents. 
At present, the delivery and assessment of training specifically aimed at buyers’ agents is entirely theory based with little or nil practical component required. 
The current training requirements for a buyers’ agent are such that a person can obtain a buyers’ agent licence with no practical experience at all. 
Whilst a course to obtain a buyers’ agent licence can be obtained in as few as 8 days, there are known cases where training providers delivering the content have shortcut the process to 3 days. This is a great shame and of significant concern for the industry and for those who attend. 
4.2 What problems have arisen and what are the impacts on the industry? 
Being able to act on behalf of buyers in a fiduciary role on what is often the largest financial decision of their lives requires professionals who are adequately trained, experienced, skilled and highly knowledgeable about the tasks they are performing. 
Consumers need to have confidence that their representative has been trained accordingly to manage the buying process and all that it entails, in a professional and diligent manner. 
The impact of inadequately trained, inexperienced or previously non-supervised agents being able to open a buyers’ agency and immediately act for buyers would include the following: 
<ul>
<li>
Lack of consumer faith in an industry that is already viewed as poorly-trained 
</li>
<li>
Higher legal risks in terms of professional indemnity and claims from clients and relevant third parties
</li>
<li>
Buyers being poorly informed about the process and potentially over-paying needlessly for a property
</li>
<li>Receiving sub-standard service and results</li>
</ul>
4.3 What changes should be made to the delivery and assessment of training for the property services industry?</div>
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<div class="column">REBAA considers that consideration of specific training content suitable for the various streams of property services professionals should be more widely considered.</div>
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This potentially would include relevant course content for buyers’ agents developed specifically by buyers’ agents through professional associations such as REBAA and REINSW and include practical components that are more relevant specifically to buyers’ agents roles. 
Consideration/credit should also be provided to potentially recognise existing training delivered overseas (either on-line or face to face) developed for buyers’ agents in established markets such as the United Kingdom and the United States of America. 
In these markets, the buyers’ agent industry is well established and advanced when compared with Australia. With the exception of local market knowledge and intricacies the content of available courses could be much better suited. 
5.1 What are the key issues in relation to cross border operations of property and achieve? 
There are local property services professionals practising as buyers’ agent that work in a particular geographic area that spans multiple states, specifically the NSW/Victoria and NSW/QLD state borders. 
These professionals are currently required to obtain mutual recognition yet arguably are just as qualified as someone operating in one state. Rather than penalise these local operators, greater focus should be paced on interstate operators who have a faux presence in multiple states. 
There should be a greater focus placed on training requirements and assessable demonstrated knowledge of the local regulations and property laws before interstate licences are effectively rubber stamped as mutually accepted. 
5.2 What are the current barriers to achieving mutual recognition? 
It would appear there are currently limited barriers to mutual recognition for buyers’ agents. In many states, the mere payment of a fee will secure mutual recognition of a real estate licence permitting someone to operate in another jurisdiction. 
REBAA considers that greater emphasis should be placed on an applicant to be able to demonstrate they have the required local market knowledge before they can secure mutual recognition and practice in another jurisdiction. 
5.3 How might we improve mutual recognition for auctioning of property and livestock? 
REBAA does not feel this question is relevant to buyers’ agents.
</div>
</div>
</div>
 
Rich Harvey is president, The Real Estate Buyers Agents Association of Australia (REBAA) and can be contacted <a href="https://www.rebaa.com.au" target="_blank">here</a>. This is his submission to NSW Fair Trading on the Review of property industry training standards.
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Professional development model risks being treated as a box ticking exercise: Rich Harvey

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Units in Newcastle, the NSW Central Coast and the Gold Coast are at market peak according to the July property clock from HTW.
Coffs Harbour is nearing its peak unit price market.
Sydney is still rising while Canberra is in decline.
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 Apartments in the gold Coast were at the top of the property cycle for last month, according to HTW.
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Newcastle, NSW Central Coast, Gold Coast units at market peak: HTW

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The architect Eugene Marchese has emerged as one of the buyers in the State Government's Miller Point terrace selloff.
He's secured a 1875 Victorian Italianate terrace <a href="https://www.realestate.com.au/property-house-nsw-millers+point-122044050" target="_blank">for $3.2 million</a> with wife Joanne.
Part of the Winsbury Terrace row, the property was advertised as requiring a complete restoration when offered by McGrath selling agents Peter Starr and Lorraine Crawford.
The three storey, four bedroom home is a 5.7 metre wide terrace on a 154 sqm Kent Street block with views over the Harbour Bridge and Observatory Hill.
So far the government has sold 91 properties ranging from $1.55 million to $7.7 million.
This article was first published in the Daily Telegraph.
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Architect Eugene Marchese buys in NSW State Government's Millers Point terrace selloff

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<div class="num">The ACT has a clearance rate of 50 percent from 26 total scheduled auctions for the week ending July 3, according to realestate.com.au.</div>
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Realestate.com.au reported 2 properties sold prior to auction, 7 were passed in, 6 sold at auction and one was withdrawn.
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ACT's clearance rate at 50 percent: Realestate.com.au

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The 1949 house Windy Dropdown on the Curl Curl North headland has been sold for $5.85 million to the Olde family.
The Molong Street house, enlarged since it was built, was the first post-war commission by architect Sydney Ancher.
Featured in Sydney Architecture, Graham Jahn's guide to 300 houses of merit, it was only built for the Farley family after much controversy.
Its flat-roof design was rejected by Warringah Council but approved in a Land and Valuation Court case that triggered the evolution of the Modern Movement.
The former rugby league player turned property developer Phil Franks got permission for the adjoining eight-house estate after paying $4.8 million in 1997 to the Farley family.
The barrister Geoffrey Nicholson who bought Windy Dropdown for $1.6 million in 1998 selling it to the Dickinson family at $5.5 million in 2010.  
This article was first published in the Sunday Telegraph.
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Windy Dropdown, Curl Curl North sells

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Nearly one third of all homes resold over the March quarter did so at more than double their previous purchase price, with the average gross profit around $239,855 according to the latest Pain and Gain report from CoreLogic.
The report found 90.8 percent of properties resold over the quarter made a profit and 31.9 percent of homes resold for more than double their previous purchase price.
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The report found the proportion of both house and unit loss-making resales across the combined capital cities trended higher over the past quarter.
"Over the quarter, 5.8 percent of house resales and 9.4 percent of unit resales were at a price lower than the previous purchase price," the report noted.
"The data shows that historically capital city houses are much more likely to resell for a profit than units. In fact, there has been no period over which the proportion of loss-making resales was higher for houses than it was for units. 
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"The proportion of loss-making resales has increased across each capital city over the most recent three months. 
"While the proportion of loss-making resales has risen, on an historic basis most cities are still seeing quite a low instance of homes reselling at a loss. Perth and Darwin are the exceptions, seeing high proportions of loss-making resales. 
"In Perth, 16.3 percent of homes resold at a loss the highest proportion since September 1997 and in Darwin 21.1% of homes resold at a loss, the highest proportion since April 2003."
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Nearly one-third of homes resold for more than double their previous purchase price in March quarter: CoreLogic

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Bellbird Park outside of Brisbane had the nation's cheapest sale of the election weekend auctions.
It was $224,000 for a three bedroom freestanding villa at <a href="https://www.realestate.com.au/property-unit-qld-bellbird+park-122817646" target="_blank">25/22 Buttler Street </a>which had last sold at $155,000 in 2004 in the Ipswich district.
It was a 1980s villa with 80 sqm internal space on 400 sqm in the Ashwin Gardens estate that had been listed by private treaty late last year without success with $210,000 hopes.
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Bellbird Park has weekend's cheapest auction sale

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It was neck and neck when the Domain website advised Saturday night's auction clearance rates.
Nothing between Sydney and Melbourne with both major auction capitals on 73.5 percent.
It represented a rise for Melbourne and dip for Sydney. 
Just 200 auctions in each city given the school holidays, winter and election distractions.
Strathfield, the regular Sydney auction powerhouse, secured the top result when 12 Newton Road (above) fetched $4.29 million, some $290,000 over reserve. The new luxurious six bedroom, six bathroom family home came with Victorian Ash staircase. The 746 sqm block cost $1.55 million in 2013. There had been $3.7 million price guidance by Devine Real Estate.
Melbourne's highest priced weekend sale came post-auction at Middle Park having price guidance at around $2.6 million.
The <a href="https://www.realestate.com.au/property-house-vic-middle+park-122839898" target="_blank">200 Page Street property</a> fetched $2.65 million was a 1930s triple fronted home on 280 sqm through Greg Hocking Holdsworth.
<img src="/images/2016/07/04/Screen%20Shot%202016-07-04%20at%2010.00.55%20AM.png" alt="">
It had sold in 2004 at $1.5 million.
Brisbane’s auction volumes fell from 175 to 66 this week, according to CoreLogic with the preliminary results showing 38 per cent of auctions were successful, down from 41 per cent over the previous week.
One year ago, 115 auctions were held across Brisbane with 63 per cent clearing, which was the second strongest clearance rate seen in the city last year, CoreLogic's Kevin Whelan noted.
Overall CoreLogic advised 70 percent of capital city auctions across Australia were successful, according to the preliminary results.
It was higher than the clearance rate recorded over the first month of winter in 2016 of 67 per cent.
The number of residential auctions held this week was around 800, down substantially from 2,200 last week.
Across Sydney the North Sydney and Hornsby was the busiest region for auctions and preliminary results showed 86 per cent of reported auctions were successful.
Melbourne's best performer across the city was the inner South sub-region that had a 100 percent clearance rate, but just from the 17 reported auctions.
There were 69 auctions held across Adelaide, down from 90 last week. The preliminary auction clearance rate was 74 per cent, a substantial rise from 59 per cent last week. One year ago, 85 Adelaide auctions were held with 69 per cent sold. 
The Somerton Park house of slain Adelaide Crows AFL coach Phil Walsh has gone on the market with offers sought by July 18.
The <a href="https://www.realestate.com.au/property-house-sa-somerton+park-122950362" target="_blank">four-bedroom, two-bathroom Bungey Ave</a> property is listed by McCammon Real Estate with hopes between $1.175 million and $1.25 million. 
 
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Phil Walsh’s son, Cy Walsh, has pleaded not guilty to murdering his father last July.
 
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Strathfield new build tops weekend auction results

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Over the last 25 years, home ownership rates have fallen sharply for young Australians.
Between 1982 and 2011, the home ownership rate for young adults aged 25 to 34 years dropped from 56 percent to 34 percent. Growing concerns about their home ownership prospects have prompted those in Generation Y (defined as 18-35 years for the purposes of this article) to become increasingly vocal about the difficulties of achieving home ownership.
This article draws on survey data from more than 4,300 respondents collected as part of the Bankwest Curtin Economics Centre Housing Affordability Report 2016. These findings highlight the housing affordability concerns of Generation Y.
The vast majority (86 percent) of Gen Y households living in the private rental sector or with their parents aspire to own a home, although not necessarily in the short term. Of these households, 30 percent believed they would be able to buy a home in the next two to five years. One-quarter believed home ownership was five to ten years away. Only 6% did not believe they would ever be able to buy a home.
Although many are choosing to delay home ownership as a lifestyle choice, others are forced to delay because of a lack of affordable housing options. Across all age groups, home owners were more likely to perceive their housing as affordable.
The survey reported that those living in unaffordable housing were making significant sacrifices to meet their housing costs. And 55 percent said sustaining high housing costs was leading to mental health issues, with those most affected in the private rental sector. This highlights the importance of affordable housing.
<h2>The ‘bank of mum and dad’</h2>
The deposit gap is the biggest barrier to home ownership. The survey calculated the average gap between the deposit currently available to an individual and the amount the individual expected to need for home purchase. This gap was around A$50,000.
Among Gen Ys already in home ownership, 38% reported they had received financial assistance from their parents or grandparents. For those yet to enter home ownership, only 17% expected to receive some assistance to buy. A further 24 percent indicated help might be offered.
Therefore, almost 60 percent of Gen Ys surveyed are unlikely to receive the benefit of intergenerational assistance. This may prevent them from ever entering home ownership.
Parental assistance to purchase
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<img src="/images/2016/07/01/image-20160617-30196-1oxeqf3.png" alt=""> 
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<h2>Housing opportunities for ‘Generation Rent’</h2>
Assistance for home purchase is becoming more and more important for Gen Ys. They are being dubbed “Generation Rent” as the Great Australian Dream of home ownership moves further out of their reach.
Among Gen Y survey respondents, three-quarters rated the First Home Owner Grant and stamp duty relief as being important in helping them into home ownership. Even the scrapped first home saver accountsscheme was viewed as important. The generation is becoming increasingly reliant on these volatile demand-side incentives.
Importance of government assistance
<h4><a href="/images/2016/07/01/image-20160617-30173-1q0l3ls.png" target="_blank">Click to enlarge</a></h4>
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So what can be done to help those who wish to enter home ownership but lack financial support? Government-backed low-deposit loans such as Keystart in Western Australia and Homestart in South Australia, which are designed for those on low to moderate incomes, have made a real difference to thousands of households. Although not without risk to government, these type of loans could be introduced in other states.
Shared ownership products enable the purchaser and a third party to share ownership of the dwelling, which reduces deposit requirements and monthly payments. These are successful in the UK, accounting for 18% of total housing stock, and are growing in popularity in Australia under the schemes noted above. There may be scope for community housing providers to step into this sector in partnership with private developers.
Discounted home ownership is another option. This option could be tied to developer contributions as part of inclusionary zoning requirements. However, it must be structured in a way that ensures any discount on the market price is retained in perpetuity.
The National Rental Affordability Scheme had its critics but at least provided a supply of affordable housing that reduced the rental burden for many households. That, in turn, increased their chances of saving for a deposit.
The rental sector is in dire need of a replacement scheme, which could possibly be enhanced using a model whereby investors offering new rental dwellings below market rents for a defined period are eligible for stamp duty relief. The argument will be raised that this will encourage demand from investors, raising prices.
Ultimately, the only long-term solution to improve the home ownership prospects of young Australians is to change the imbalance between incomes and house prices.
It is more critical than ever for government to implement meaningful structural reforms that improve home purchase affordability for Generation Y. Otherwise, growing numbers of Gen Ys all over Australia face a lifetime of renting without the financial and emotional security of home ownership.
Steven Rowley is director, Australian Housing and Urban Research Institute, Curtin Research Centre, Curtin University and can be contacted <a href="https://theconversation.com/profiles/steven-rowley-201914" target="_blank">here</a>.
Amity James is senior research officer, Curtin Business School, Curtin University and can be contacted <a href="https://theconversation.com/profiles/amity-james-272922" target="_blank">here</a>.
Rachel Ong is deputy director, Bankwest Curtin Economics Centre, Curtin University and can be contacted <a href="https://theconversation.com/profiles/rachel-ong-113482" target="_blank">here</a>.
All are authors for The Conversation.
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