<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

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</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

Underquoting

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Tim Heavyside was "doing the best possible job for vendor clients," RateMyAgent co-founder Mark Armstrong said in defence of the website's controversial naming of the underquoter as RateMyAgent's 2018 agent of the year.
"Underquoting works! That’s the reality," Armstrong said.
"To market a property effectively and auction it for the highest possible price, the agent must pitch the advertised price below the level they believe buyers will be prepared to pay in an openly competitive arena," he said.
The 2018 agent of the year winner, Tim Heavyside is a director of Fletcher &amp; Parker, which was slapped with a $880,000 penalty by the Federal Court last December.
The Federal Court judge pinpointed Heavyside as involved in 15 of Fletchers’ 22 proved underquoting contraventions which resulted in the state's record fine against an estate agency.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/23/heavyside.jpg" alt="">
The Federal Court ruling concluded Fletchers’ directors and sales consultants in its Canterbury and Blackburn offices acted with a "cavalier disregard for legal obligations that they well understood."
But RateMyAgent co-founder Mark Armstrong said in a blog that "like it or not, buyers have conditioned themselves to the practice of underquoting."
"Applying misleading and deceptive conduct provisions to the widespread pre-auction practice known as underquoting is fraught with problems," he said.
The website launched in June 2014. It recently launched into the US market.
The RateMyAgent Agent of the Year Awards are designed to recognise agents and agencies who provide excellent client service.
It’s based on the number of positive client reviews posted on RateMyAgent as a proportion of each agent’s total sales for the previous calendar year.
Armstrong noted the fine related to 22 of 2,004 available sales files over the period of investigation back in 2014–2015. 
"In other words, just one per cent of sales at Fletchers during that time incurred a fine," he said.
"The fines could cause a disproportionate level of misunderstanding amongst the public, when in fact Tim Heavyside and other agents are doing the best possible job for their vendor clients," Armstrong suggested.
"We now have the ridiculous scenario of two principles of consumer law working against each other.
"On one hand, a selling agent is contractually obligated to the vendor, not the buyer. 
"At the same time, putting the onus on agents to advertise the expected selling price gives them a de facto responsibility to advise buyers – a clear contradiction."
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jchancellor-FAypfDUnLy

Rate My Agent boss defends award to underquoter Tim Heavyside

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The Fletchers Balwyn-headquartered real estate agency has been fined $880,000 for underquoting on 22 properties in 2015, the strongest penalty ever for the outlawed practice in Victoria.
Justice Bernard Murphy said the size of the punishment ought deter other agencies from similar behaviour, which he described as widespread.
The 22 offences took place after Bradley Brown, the agency's chief executive officer, sent an email in 2014 to group sales staff informing them that Consumer Affairs had written to Fletchers seeking documents. He advised them to stay on top of their quote range, that in a rising market there was danger in underquoting and that Fletchers faced risks of large fines and bad press.
Fletcher and Parker (Balwyn) Pty Ltd was fined $40,000 for each underquoted property by sales representatives in its Canterbury and Blackburn offices in 2015.
At the time of the contravening conduct the maximum penalty for each contravention was $1.1 million.
Its leading agent Tim Heavyside was "involved" in 15 of Fletchers’ 22 contraventions, the judgement noted.
The Fletcher agency began in the then newly developing suburb of North Balwyn in the late 1930s.
The $880,000 penalty was reportedly more than double the commission it made from the sales, costing around one third of the company’s recent annual profit.
The Federal Court's Justice Murphy highlighted one sale where the seller of a Balwyn North property asked her agent why her house was marketed between $1.1 million and $1.2 million when the agency estimated it would sell for between $1.5 million and $1.65 million.
She was told the quote was low because “it brings in a broader market range” and "people with a low budget will often come up, and it will also catch the people with bigger budgets as well”.
The agency had a cavalier attitude to its responsibilities, Justice Murphy said. The evidence included the quote of the week at one 2015 sales meeting as “market the f— out of it and then underquote the shit out of it – good vendor management."
A sales agent Michael Richardson went as far as to acknowledge that “if [Fletchers] tell a buyer what (the vendor) actually want it destroys the campaign”.
Cristina Fotia, part of the sales team at Fletchers, sent an email to Blackburn office staff which included statements that: “A wise man once taught me when I first started real estate… “Quote them low watch them go” and “Safe to say we are doing a good job at it!!”;
One of the properties Fletchers sold was a three-bedroom house in <a href="https://www.realestate.com.au/sold/property-house-vic-vermont+south-120549605" target="_blank">Dorene Court, Vermont South</a> (below). It sold for $1.6 million in September 2015 after first hitting the market with an advertised guide of $900,000-plus.
<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/2017/12/15/under2.jpg" alt="">
Another property in Monash Street, Box Hill South, sold for $1.731 million in May 2015 after being advertised for $1.1 million-plus (below). Fletchers advertised the property online on real.estate.com.au, in the Weekly Review magazine and in the Places magazine with a price quote of “$1.1 million plus”.
In the authority Fletchers based the estimated commission payable on the Box Hill South sale prices of $1.65 million and $1.75 million. Jacqui Versteegen, a member of the Fletchers sales team, sent an email to Fletchers’ sales and marketing group regarding the Monash Street Property and provided a price guide “POA (over $1.350M)”.
<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/2017/12/15/underq.jpg" alt="">
Michael Richardson, an employed sales agent and auctioneer in the Fletchers’ sales team, advised the Monash Street vendor that senior staff from Fletchers’ Canterbury office believed potential buyers should be provided a price quote of “$1.25 million plus”.
Richardson said that buyers in Surrey Hills had been adding on $200,000-300,000 to an advertised sale price and that at a quoted price of $1.25 million plus Fletchers wanted buyers to think $1.45 million/$1.55 million. Mr Richardson said that was the best way to “get a record price”. He said that he wanted six bidders that were willing to bid strongly around that mark and the competition would push the price up.
Fletchers admitted misleading or deceptive conduct in relation to the sale of 22 properties in 2015, being properties situated at: 
(a)    6 Monash Street, Box Hill South;
(b)    2 Troy Court, Forest Hill;
(c)    8/842 Toorak Road, Hawthorn East;
(d)    9 Marina Street, Vermont; 
(e)    3 Gunyah Road, Blackburn North;
(f)    8 Polydor Place, Blackburn North; 
(g)    34 Moona Street, Burwood East; 
(h)    38 Bentley Street, Surrey Hills; 
(i)    9 Dorene Court, Vermont South; 
(j)    3/12 Arcadia Street, Box Hill South; 
(k)    4 Kitchener Street, Box Hill South; 
(l)    3/43 Glen Ebor Avenue, Blackburn; 
(m)    54 Linda Avenue, Box Hill North; 
(n)    46 Barter Crescent, Forest Hill; 
(o)    20 Gordon Crescent, Blackburn; 
(p)    307 Station Street, Box Hill South; 
(q)    2/15 Olympiad Crescent, Box Hill North; 
(r)    1/445 Mitcham Road, Mitcham; 
(s)    45 Tannock Street, Balwyn North; 
(t)    87 Stevenson Street, Kew; 
(u)    18 Lynden Street, Camberwell; and
(v)    3/12 Charlotte Street, Blackburn South. 
Victorian Consumer Affairs has agreed not to proceed in relation to Fletchers’ conduct in respect to the sale of three properties, situated at 33 Gray Street, Doncaster, 10/8 The Avenue, Windsor and 2 Bermuda Drive, Blackburn South.
The underquoting took place before new price guidance rules were introduced by the Victorian Government.
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j.ballantyne1990-6AQqhLzZaK

“Market the f— out of it and then underquote the shit out of it – good vendor management”: Fletchers sales quote

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The Doncaster office of the real estate agency Hocking Stuart has been fined $160,000 by the Federal Court for underquoting on property listings.
Hockingstuart Doncaster was ordered to pay the penalty, following an action brought by the Victorian Director of Consumer Affairs.
<div class="in-content-ad">The misleading prices occurred in advertisements published between June 2014 and December 2015 on nine offerings.</div>
<div class="in-content-ad"> </div>
<div class="in-content-ad">Justice Bernard Murphy it as “serious” and “plainly deliberate."</div>
<div class="in-content-ad">
The judge found their underquoting was widespread and a significant part of its sales strategy at the time.
It was intended to create the illusion of a bargain, Justice Murphy said.
“It involved the deliberate creation of an enticing, but illusory and misleading, marketing web for the sale of nine homes.
“The purpose of doing so was to attempt to generate a higher level of buyer interest in the property, in the expectation it would translate into a higher sales price.”
Hocking Stuart Doncaster’s defence that such practices were widespread in the industry.
Domain reported the franchise agreed it made the false representations and that it breached state and federal consumer laws.
The judge estimated the small business derived over $34,000 from the contravening conduct.
A Doncaster property advertised for more than $790,000 sold at auction for $1.01 million.
A Templestowe property, advertised at above $1.7 million after the owner signalled they wanted $1.8 million to $1.9 million.
<a href="https://www.realestate.com.au/sold/property-house-vic-templestowe-120292541" target="_blank">The home </a>sold for $2.04 million at auction.
The court ordered the agency keep records of price estimates for three years, publish a public notice advising consumers of their misleading and deceptive conduct, and review its compliance program.
It follows a fine of $300,000 imposed on Hocking Stuart Richmond for underquoting last year.
</div>
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Underquoting fine on nine Hockingstuart Doncaster listings

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ANZ has acquired the realAs website which exposes under-quoting among estate agents.
ANZ advised its purchase was to help home buyers access better information about the Australian property market.
RealAs was incubated in 2011 with an algorithm to predict property prices ahead of auction by the Melbourne buyer’s advocate David Morell, who claimed underquoting was “endemic."
"It’s grubby, it’s misleading and deceptive and it’s a fraud on purchasers," he said at the time.
RealAs says not all agents under­quote, but its chief executive since its 2014 launch, Josh Rowe said realAs aimed to "restore honesty" to pricing with its estimates.
The Collin Street based boss, who has been involved in the recent .au Domain Administration fracas, has long-viewed Victoria as "the underquoting capital of Australia."
In one expose he noted the hockingstuart Richmond agency was inaccurately quoting properties by 22 percent on average, ie a $1,000,000 agent quoted house would typically sell for $1,228,000, with Rowe subsequently advising the agency property price guidance had improved to 11 percent on average.
The website claims to have predicted prices within 5 percent of the eventual sale price over the 12 month period beginning September 2016 to August 17.
It recently advised the Sydney suburb of Eastwood topped the list for misquoting of property prices with underquoting being a way estate agents ­attracted bidders to an auction who assumed the price is within reach.
Melbourne’s Tullamarine was a close second.
Balwyn North ranked as the top suburb for accurate property price quoting in Melbourne and it was Blacktown in Sydney.
The REALas price prediction is calculated using the algorithm developed with RMIT University along with buyer feedback.
REALas.com will continue to operate independently as a wholly-owned subsidiary of ANZ.
The business was founded by David Morrell, who started the first buyers’ advocacy in Australia. He said the power was significantly stacked in the selling agent’s court and wanted to give buyers the ability to pay a fair price for their homes.
Morrell co-founded it with then Hawthorn Football Club president Andrew Newbold and former DDB creative director Jeremy Press.
It quickly upset agents and in 2015 Stockdale &amp; Leggo, a large Melbourne-based group of agencies, accused the property start-up of defamation.
The agency threatened legal action with lawyer John Gdanski, saying a televised report “had serious, reputational, commercial and legal repercussions for our client”.
“For the record, our client does not engage in the practice of underquoting property prices. Our client vehemently rejects this allegation,” it says.
RealAs chief executive Josh Rowe reportedly shrugged off the legal threat, saying it was baseless and symptomatic of an industry that was unaccustomed to scrutiny.
He noted he had not mentioned the firm in comments made for the report.
“Through our lawyers, we have rejected Stockdale &amp; Leggo’s allegations that we conveyed false, misleading and defamatory imputations about them,’’ he said.
“Stockdale &amp; Leggo’s attempt to mute a new voice for home-buyers will only reduce the trust home-buyers place in real estate agents.”
The site has 2900 followers on twitter, 4500 followers on Facebook and 150 followers on Instagram.
Commenting on the acquisition, ANZ Managing Director Customer Experience and Digital Channels, Peter Dalton said it was an important acquisition for ANZ's digital transformation.
"We know customers are increasingly turning to online resources for help as they navigate the Australian property market.
“It’s also a great success story of an Australian start-up, so we’re really pleased to be working with them and looking at how we might incorporate some of their features into ANZ’s products and services in the future.”
RealAs CEO Josh Rowe said he was thrilled that ANZ has recognised the value in what was built over the past six years.
Rowe said the deal had been in the works for a year as in mid-2016 they were looking for further investment from investors outside of the original group.
In 2014 when realAs won the Westpac Innovation Challenge it advised the site was getting about 10,000 unique monthly visitors, with half downloading the app.
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ANZ buys real estate honesty agitator, realAs

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Underquoting, or the illegal practice of understating property prices, by NSW real estate agents is up almost 50 per cent this year, according to NSW Fair Trading.
There were 38 penalty infringement notices for underquoting issued by Fair Trading in the first eight months of the year, compared with 26 for the whole of 2016. 
There is a fine of $2,200 for each infringement.
In NSW, agents cannot give consumers understated or vague property prices, including "offers above" a certain value. They must also provide Fair Trading officers – if asked – with appropriate documentation to show that they have complied with the new laws.
But some agents have found a way out by not quoting a price at all in their advertising and instead verbally underquoting the price when asked.
The new laws were introduced in NSW last year, while Victoria followed suit in May this year.  
Sydney estate agent Edwin Almeida, who regularly calls out dodgy practices on social media, said underquoting was widespread in Sydney.
He provided Fairfax Media with anecdotal examples. 
A home in Kellyville with a price range of $1.35 to $1.4 million was passed in at auction. Almeida cited the neighbour of the house told him the owner wanted $1.45 to $1.5 million. 
For another property in Blacktown, Almeida said the agent had given him a price guide in the mid-$800,000s when the owner had told him he was expecting more than $1 million.
"It's not so much a problem with new people entering the industry, but its the 'old dogs' with their 'price it low watch it go' approach who are doing it," Almeida said.
However, Fair Trading figures also show that public complaints alleging underquoting have slid sharply to 34 for the year to date from 216 last year.
"The number of reports received about underquoting has steadily declined and both consumers and industry participants have welcomed the [rule] changes," a spokeswoman for Fair Trading said.
"Fair Trading conducts regular inspections of real estate agencies as part of targeted and random compliance programs or in response to specific complaints to ensure compliance with the legislation."
 
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Underquoting up 50 percent, NSW Fair Trading figures show

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Melbourne real estate agencies — JRW Property Investments and Barry Plant Glenroy — have been found to be underquoting by a Victorian taskforce, after the new laws on such practice came into force on May 1. 
JRW Property Investments and Barry Plant Glenroy acknowledged they violated consumer and property laws relating to house sales after investigations by Consumer Affairs Victoria, its website said in a release.
Taskforce Vesta, which conducted the investigations, was formed in 2015 to address concerns about agents misleading prospective buyers about the likely selling price of a property.
The final two active investigations concluded with Consumer Affairs Victoria accepting enforceable undertakings from JRW Property Investments Pty Ltd (ACN: 122 029 725) and Superior Realty Pty Ltd – trading as Barry Plant Glenroy (ACN: 098 225 248).
JRW Property Investments and Barry Plant Glenroy will contribute $75,000 and $45,000, respectively, to the Victorian Consumer Law Fund, for misleading and deceptive price advertising, including underquoting.
Both companies have also agreed to implement a compliance programme and display a public notice at their respective company offices.
The taskforce inspected the offices of 34 selling agents, and examined 1,400 sales files, leading to 14 major investigations, Consumer Affairs Victoria said.
The changes to the Estate Agents Act 1980 requires estate agents or agents' representatives selling residential property to set an estimated selling price that is reasonable and takes into account the prices of the three most comparable property sales in the area.
The agents must “consider the standard, condition and location of the property and the date of sale, when selecting the most comparable property sales” says a note on the Consumer Affairs Victoria website.
They are also required to inform the seller and update the sales authority if the estimated selling price changes.
The underquoting investigations have led to the commencement of six cases in the courts and tribunals, and the acceptance of six enforceable undertakings.
The penalties for underquoting can be more than $31,000 and loss of sales commission.
The new laws will only apply to properties for which the seller signs a sales authority on or after May 1.
JRW Property International advertised a Glen Waverley property for $800,000 despite the estimated selling range being $950,000 to $1.045 million, reported the Herald Sun. 
The agency also told prospective buyers in Wheelers Hill a property was expected to sell for about $1.1 million despite the vendor asking for a reserve price of $1.5 million.
Barry Plant Glenroy’s breaches included a Meadows Heights property advertised at $450,000-plus despite the vendor nominating a reserve price of $500,000.
Also, a Broadmeadows property advertised at $300,000-plus despite the vendor not being prepared to sell beneath $340,000.
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Two Melbourne real estate agencies face the music for underquoting 

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Victoria will bring into force underquoting laws from May 1 as a measure to bring more transparency into property transactions and crack down on dodgy real estate agents.
The changes to the Estate Agents Act 1980 will require estate agents or agents' representatives selling residential property to set an estimated selling price that is reasonable and takes into account the prices of the three most comparable property sales in the area.
The agents must “consider the standard, condition and location of the property and the date of sale, when selecting the most comparable property sales” says a note on the Consumer Affairs Victoria website.
They are also required to inform the seller and update the sales authority if the estimated selling price changes.
Potential buyers will receive a statement of information that has an indicative selling price, which must not be less than the estimated selling price or the seller's asking price, or an amount already rejected by the seller, which is essentially underquoting.
The statement must also have details of the three most comparable property sales and the median house or unit price for the suburb.
Agents have also been directed to advertise properties with a single price or a price range that does not exceed 10 per cent.
In addition, they cannot also use qualifying words or symbols, such as 'from', 'offers above', or '+', when advertising a price or price range.
Advertising needs to be updated as soon as the seller rejects a higher written offer to buy the property, says CAV.
The penalties for underquoting can be more than $31,000 (200 penalty units) and loss of sales commission.
The new laws will only apply to properties for which the seller signs a sales authority on or after May 1.
The changes come amid recent action against erring real estate agents by the regulator through its Taskforce Vesta operation.
Hocking Stuart’s Richmond office was fined $330,000 and ordered to pay up to $90,000 in costs in October for underquoting on 11 properties.
Similarly, CAV also lodged claims against Hockingstuart, Doncaster agency for alleged underquoting. Victoria’s consumer watchdog alleges the Hockingstuart agency underquoted on nine properties in legal action launched against the office late last year.
Legal action was launched against Fletcher &amp; Parker, Balwyn, in December for alleged underquoting on 25 properties — the largest amount under the current crackdown.
Manningham Property Group, trading as Hocking Stuart, Doncaster, and its directors Kenneth John Chappell and Anastasios John Adgemis, have also fronted court over nine homes.
Former REIV chief executive officer Geoff White had said earlier that the changes would create a more transparent market, providing clear information to all stakeholders.
“A key objective of the new laws has been to ensure that they are effective in a rising or a falling market, and we believe they have delivered on this objective," he said. 
Real Estate Institute of Victoria president Joseph Walton was cited by www.realestate.com.au as saying that the body had worked with the Victoria government to develop the legislation.
“The REIV and Consumer Affairs Victoria have commenced delivery of detailed information to agents to streamline the introduction for agents across Victoria,” he said.
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Victoria underquoting laws start May 1

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Village Real Estate, which has offices in Seddon and Newport in Melbourne's inner west, have been found to have breached consumer law after being investigated by Consumer Affairs Victoria (CAV) for underquoting the advertised price of a property.
Marty Rankin, a director of Village Real Estate has spoken candidly about the underquoting.
The worst example was a <a href="https://www.realestate.com.au/sold/property-house-vic-seddon-121648866" target="_blank">Seddon property</a>. 
The three-bedroom house was advertised for as low as “$770,000 plus” in January last year, despite agents having already rejected a private offer of $900,000 the previous month.
The vendors had also been advised they would not consider anything below $950,000.
<div>During the auction marketing campaign he advertised price was revised to “$800,000 plus”.</div>
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<div>Auctioneer Huss Saad announced to bidders they were “playing for keeps” — suggesting it had reached its reserve price — when the bidding reached $950,000.</div>
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<div>It sold under the hammer for $995,000.</div>
<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/2017/01/27/25%20Pilgrim%20Street.jpg" alt="">
Village Real Estate have resolved to implement changes in line with the new forthcoming regulations in addition to instilling company best practice policies to amend the whole property pricing process.
“We hold ourselves accountable for our actions.” said Mr Rankin. 
“We are not proud of the incident," he said.  
“Ultimately, if representatives of the industry cease trying to compete with other agents to irresponsibly promote properties with misleading price ranges, then all buyers and sellers will enjoy a more open and honest transaction."
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Seddon auction underquoting prompts Village Real Estate to review property pricing process

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A Croydon estate agency will contribute $45,000 to the Victorian Consumer Law Fund, after acknowledging contraventions of Victorian consumer and property laws relating to property sales.
The Director of Consumer Affairs Victoria has accepted undertakings from O'Brien Real Estate Croydon Pty Ltd (ACN 150 146 008) and its sole director, Mr Jerry Caleca, for making false or misleading representations about the sale price of a number of properties.
"We commenced an investigation after receiving a complaint alleging that an agent's representative at the company was misleading potential buyers by advertising a property at a price that was less than the vendor's price.
"We found that seven properties in Croydon, Mooroolbark, Chirnside Park and Wonga Park were advertised with a price range lower than what was listed as the vendor's price on the sales authority.
"We also found that four of the properties were advertised at a price that was less than the agent's estimated selling price."
Consumer Affairs Victoria considers that the company has engaged in conduct that was misleading and deceptive, or likely to mislead or deceive, and has contravened the Australian Consumer Law (Victoria).
O'Brien Real Estate acknowledged that it had contravened sections of the Australian Consumer Law (Victoria) and the Estate Agents Act 1980.
As well as the $45,000 contribution to the Victorian Consumer Law Fund, Mr Caleca, 49, of Croydon Hills, offered an undertaking that at its own expense, the company will:
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<li>establish a compliance program within three months of the undertaking, and maintain the compliance program for three years. Mr Caleca must also provide our Director with a signed affidavit verifying that the compliance program has been implemented</li>
<li>display a public notice stating its contraventions:</li>
<li>on the company website (www.methven.com.au), and</li>
<li>at or near the reception desk of each of its existing or new premises from which the company carries on real estate services.</li>
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This public notice will be displayed within 14 days of the undertaking and remain displayed for three months.
This enforceable undertaking will be in effect for three years.
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Croydon's O'Brien Real Estate pays $45,000 fine for underquoting

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Twenty formal warnings have been issued to Victorian estate agents as a result of a recent review, with 13 continuing investigations into underquoting at agencies across the state currently underway.
“Consumer Affairs Victoria is determined to level the playing field for Victorian home buyers,” Consumer Affairs Victoria director Simon Cohen said.
Victoria has seen court action with agency Hocking Stuart last month ordered to pay $330,000 for “serious” underquoting.
Legislation has been passed by the Victorian Parliament that will force agents to give greater context around how they reached an estimated sale price, including using at least three comparable sales as a reference point for advertising the estimated price.
A survey by Consumer Affairs Victoria as part of its 12-month review into real estate agent underquoting found a quarter of the properties sold for between 10 and 20 percent more than their advertised estimated price.
Taskforce Vesta reviewed 200 Victorian properties from first listing to sale over the past year, and 63 percent of them sold for above the estimated price.
Some 30 percent of properties sold for between 0.1 and 10% above the estimated price; 26 percent sold for between 10.1 and 19.9 percent above the estimated price; and 7 percent sold for 20 percent or more above the estimated price.
The findings led the consumer watchdog to review 1400 files at 34 real estate agents across the state, SmartCompany reported.
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