<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;

[smartcode_project_cta:default project_id=152737]

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</main>

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

Underquoting

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The hockingstuart head office is currently working through allegations made by Consumer Affairs Victoria concerning its Richmond franchised office conduct in regard to auction price guidance.
"We are not in a position to discuss the specific details until further progress has been made," the estate agency has advised.
Hockingstuart in Richmond has been taken to court over its auction practices, accused of underquoting on 11 properties in 2014 and 2015, the Channel 7 News reporter Laurel Irving reported.
The properties were in Richmond and one in Kew. According to court documents, a detached Victorian in Mary Street, Richmond; a two-bedroom apartment in Coppin Street, Richmond; a two-bedroom apartment in Docker Street, Richmond were pinpointed.There was also an Edwardian home in Barkers Road, Kew.
The agency said under the current law, while vendors may seek the advice of agents, they are not required to disclose their reserve to agents until the day of auction.
"It can be higher than the advertised price if the interest is strong." the agency noted.
hockingstuart advised it was "a global issue" for the real estate industry.
"hockingstuart head office is willing to work with Consumer Affairs Victoria on a solution that will ensure accurate pricing across the industry as a whole.
"Our head office takes its responsibility to prospective buyers seriously.
"We have a range of measures in place to ensure accurate pricing of our portfolio of properties across the group, including undertaking annual audits at each office and providing regular, rigorous training to new and existing offices.
"Furthermore, we actively encourage vendors to advertise their properties with a price guide to ensure transparency for buyers and sellers alike."
The agency lawyers told the hearing that there had been a "dynamic market."
The agency recently, in unrelated matters, lost its chief executive, Nigel O'Neil, described as a passionate leader with over 25 years experience in growing and developing businesses.
The hockingstuart CEO, Nigel O'Neil was at the helm for eight years.
hockingstuart was the first Victorian real estate agency to present its properties for sale in a magazine format. hockingstuart's red magazine currently has a weekly distribution of 15,000 copies. 
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jchancellor-FAypfDUnLy

Underquoting claims sees hockingstuart Richmond office in Consumers Affairs Victoria court proceedings

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The New South Wales Department of Fair Trading has published a list of changes to underquoting laws for residential property that came into effect this year.
The reforms were made to the Property Stock and Business Agents Act 2002 in order to provide greater clarity for buyers, sellers and agents. 
Changes include clearer rules for agents, more effective enforcement and the possibility of fines and lost commissions for breaches of the law by real estate agents.
According to the department, an agent is committing an underquoting offence if they state or publish a price for a property that is less than their reasonable estimate of the property’s likely selling price contained in the agency agreement with the seller. 
"This practice of underquoting can cause interested buyers to waste time and money on inspecting properties, getting reports and attending auctions based on misleading estimates of the selling price," it noted.
The department states the reforms that were made to the Property Stock and Business Agents Act 2002 provide clarity for buyers, sellers and agents and address underquoting with:
<ul>
<li>
clearer rules for agents. A key requirement is that agents must not give consumers understated or vague property prices (eg. promoting a property price as ‘offers above $450,000’)</li>
<li>
more effective enforcement. During an inspection by a Fair Trading officer, agents must be able to provide appropriate documentation to show that they have complied with the new laws.</li>
</ul>
Prospective buyers, property owners and agents are encouraged to understand the guidelines, according to the department.
"The reforms require agents to draw on their skills to make a reasonable estimate of the likely selling price and have honest and fair dealings with all buyers and sellers. The role of the seller's appointed agent to achieve the highest possible price on the property owner's behalf does not mean they should manipulate buyer interest with false price information.
Be aware that, simply because a property sells for more than expected, this does not mean underquoting has occurred. Sometimes competitive buyer behaviour can result in a much higher sale price than what an agent could have reasonably estimated. However, the law now requires an agent to be able to show that their estimate was reasonable, up-to-date and evidence-based.
{mijopolls 125}
For the full list of reforms, visit the Fair Trading website <a href="https://www.fairtrading.nsw.gov.au/sites/ftw/About_us/Legislation/Changes_to_legislation/Underquoting_reforms.page" target="_blank" style="line-height: 1.3em;">here</a>.
 
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po-LsXgBTHBmX

Property 101: Understanding NSW estate agent underquoting reforms

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Consumers have been told they will receive greater protection when purchasing a property, after a bill aimed at strengthening the law against underquoting passed the NSW Parliament this week.
Minister for Innovation and Better Regulation Victor Dominello said the reform fulfilled a NSW Government election commitment.
NSW Fair Trading and REINSW are working in partnership to prepare real estate agents for the new laws, which take effect on 1 January 2016, with information sessions already underway.
“The NSW Government committed to overhauling the current laws to crackdown on the practice of real estate underquoting – and we have delivered,” he said.
“Underquoting is illegal and misleads potential buyers looking for their dream home.”
The amendments to the Property Stock and Business Agents Act 2002 include:
·         Agents will be required to provide evidence of their estimated selling price to the vendor and this estimate must be stated in the agency agreement;
·         When marketing a property an agent must only use the estimated selling price provided in the agency agreement;
·         Estimated selling price can be a single figure or a price range. If a price range is used, the highest price must not be more than 10% higher than the lowest price;
·         Advertisements and representations that say “offers over” or “offers above” or any similar statement will be prohibited;
·         Agents will be required to keep a register of prices quoted on a property whether these are provided to the vendor or prospective purchasers.
In addition to the existing penalty of $22,000, agents found guilty of underquoting will now be liable to forfeiture of any commission or fees from the sale.
“There have been no successful prosecutions related to underquoting made under this Act in 13 years, so this reform is long overdue,” Mr Dominello said.
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Property underquoting bill passes NSW Parliament

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Soon we will be hearing more and more about the big sister of underquoting and this will be overquoting, and it bites.
Be warned, unlike the roar that politicians and our Real Estate Industry (REI) make about underquoting, this one will bite deep and hard into the pockets of REA’s and their offices.
Now that I have your attention, pour yourself a cup of coffee and read on. I will explain what overquoting entails. I will also explain the dangers it poses to both vendors and agents.
Overquoting
<ul>
<li>For most agents working in our industry, the term overquoting is mainly referred to as: buying the listing.</li>
<li>Buying the listing in turn refers to: informing the vendor that their property will sell for a lot more than what the market is demanding or dictating at the time.</li>
<li>The purpose of overquoting is: to obtain a listing under false pretense of a high sales price. Higher than the estimated values placed by other agents in the area.</li>
<li>The REA’s intention is: to eventually “condition” the vendor to accept less, as the buyers inspecting the property, offer what the market is truly dictating.</li>
</ul>
Underquoting serves the function to condition the buyers to believe they will buy the property for less, as low price guides are given by REA's. The agents on the other hand, hope that the auction frenzy will motivate them to pay more as they add competition to realistic buyers.
Underquoting, as a form of bait advertising, is a marketing process readily used in a heated property market.
The use of overquoting by the agent, is to win the listing and to have the chance of selling the property. The sales process which precedes winning the listing conditions the vendor to accept less than what the agents originally quote in their Comparative Market Analysis (CMA).
Overquoting is a form of deception used by agents, to convince vendors to sell through them and their office.
What will vendors do?
Now please pay very close attention as this is what I mean when I say overquoting will bite and bite hard.
Vendors will not sit back and take it on the chin, unlike buyers when they are deceived by bait advertising.
When vendors believe that their properties have dropped in value, as they compare the agent’s CMA to what is being offered, vendors will act and take action against the agent.
Real estate agents (REA) will soon find themselves in hot water and face litigation.
In the case of underquoting, the accumulated losses of individual’s time and money as a buyer, may total around $1000 on average. A loss, that may not necessarily warrant time and effort, to report the REA that is believed to be underquoting.
On the other hand, a perceived loss of $10's of thousands of dollars, to a vendor, will warrant a claim against the agent.
I have written about this in the past and have said; until losses justify time and effort spent by consumers, to lodge claims with the authorities, REA’s will do as they please.
However, be warned for what is to eventuate and is just around the corner.
Some REA’s will take it in their stride and heed this advice but some will also believe they are above the law and the authorities. It won’t surprise me to see the same REA’s that underquote lead the way to overquoting practices. Sadly most will again be members of the REI's.
The difference this time folks, it won’t be a toothless tiger on their case, it will be a vendor determined to be compensated.
 
EDWIN ALMEIDA is licensee in charge of <a href="https://www.just-think.com.au/" target="_blank">Just Think Real Estate</a>.<a href="https://www.just-thin.com.au/"> </a>
He is also the creator of <a href="https://www.youtube.com/user/JustThinkProperty" target="_blank">Oz Real Estate.TV</a> and a presenter for <a href="https://propertyinvestingvault.com/" target="_blank">propertyinvestingvault.com</a>.
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ealmedia-arK4DBYLjS

Overquoting set to bite: Edwin Almeida

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Development of the real estate and property division within the New South Wales Department of Fair Trading will help increase industry standards, according to the Real Estate Institute of NSW.
REINSW President Malcolm Gunning said issues plaguing the industry such as underquoting, entry levels to the industry, ongoing training and property spruikers need practical solutions.
“We are impressed by the level of cooperation from Estate Agents Co-Operative Ltd (EAC) and Australian Livestock &amp; Property Agents Association (ALPA) as well as the Minister’s Office and Andrew Gavrielatos, Fair Trading Assistant Commissioner, who is the head of the new division," he said.
“Mr Gavrielatos will also hold the responsibility of the establishment of a Real Estate Qualifications Review Committee."
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mick.cee-iDmgDDAmu8

REINSW gives Fair Trading's property division thumbs up

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What if the property sold at the reserve? How much could this have cost the vendor? Applying the what if? test.
If I was to say I was taken-back by the response provided by the auctioneer to a tweet I commented on it would be an understatement. Allow me to share with you the event; so quickly pour yourself a coffee and read on. 
Reports were floating, or should I say flying, around on social media over the weekend about the great achievements and results of an onsite auction in Granville. In the main, it was all to do with praise of the selling agent and the creative selling techniques I refer to as “sleight of hand illusion” to sell property, to be candid.
The fundamental questions asked by me on twitter, of the auctioneers tweeting, were simple and basic. Was it a case of “underquoting” or was it “ignorance” by the agency to not know the true value of the land? 
I didn’t believe the questions noted above, were out of line. Particularly when I looked at the facts of the auction campaign and paralleled these with results achieved. 
One thing is for sure: we can rule out “market forces” for the out of line result, as the tolerance on such a notion would be as I have previously mentioned in other articles, a mere 11% variable from the “price-guide”. A tolerance that is within the prescribed tolerance guides set in the State Agents Act VIC and FT NSW. 
The facts:
<ul>
<li>The property is advertised as having a lot of development potential </li>
<li>Agent seemingly appears to be targeting developers and the neighboring club</li>
<li>Property called on the market at $1,250,000 and sold for $2,781,000 </li>
<li>The achieved sale percentage above reserve is equal to 123% approximately</li>
</ul>
Now, somebody, I believe got it totally wrong. On face value it appeared like a classic case of “underquoting” but unless the documents signed by the vendor with the agent, which determines the price-guide are made public, we may never know. 
However, in this case I am leaning more to the belief that some agents simply don’t know the value of land. The value of the land with development potential in the current market, is what I am referring to. In the alternative, value of property that is not common to the local agent, such as the initial Millers Point auction fiasco.  Where the property owned by the State Government was gifted away. 
Reports of auction results
As we read through the different stories being published about the sale, there are conflicting accounts and statements that make one wonder if the correct price-guide and reserve was set. You may form your own opinion as you read on.
Working on land-banking and any other form of land acquisition by developers, to determine values may be as simple as: understanding “gross realization” of the project to be built on the land being acquired, determining “construction costs” and with all this, taking into account possible lot yields due to “State Planning” and “Council Planning” changes to zoning. 
In basic terms; what will be the “Return On Investment”. No developer likes to work on anything less than to double their money on what the land cost them. 
In essence, I am leaning to the belief that the property was misrepresented to be worth anything less than $2.5 million, particularly when we apply the Regulation’s tolerance factors on the face value of the end result. 
The question remains, what did the developers attending the auction know that the agent didn’t know, to turn up in droves? Now this is why a professional is used, to know and be in control and not allow the sale to be reliant on, a whim and a prayer or hope of a sunny day. 
My first question
But the question will remain however; was the agent aware and well versed in what was going on, as I received the tweet reply from the auctioneer? See below. 
My second question
The second question is: why was this tweet deleted from the auctioneer’s twitter-handle soon after it was sent to me as a response? Don’t you just love conspiracy theories? 
The What-If Test
However, the seriousness of the present situation stands. A problem that is amplified at the auction under scrutiny, highlighted by the results achieved. 
Agreeable, and although the results are beneficial to the vendor, this is a problem in the Real Estate Industry and one that demands closer attention. 
The concern once again is best explained and highlighted when we apply the What-If Test. 
<ul>
<li>What-If, the property was sold for $1,250,000 because it was presented with such a low price-guide in the first place, and</li>
<li>What-If, as the auctioneer replied: the agent got it right. As I understand, in pricing it low to attract the interest it got? </li>
</ul>
Now, What-If you are reliant on an agent or agency that is not aware of: council changes, market forces and true land values? What-If, the result is no more than the price the agent advised you, when they presented you with a market appraisal and set the price guide? 
In this instance, we may never know if it was a case of under-quoting or sheer ignorance, unless FT NSW investigates the reasons behind the 123% discrepancy in price-guide to end-sale. Like me, I’m sure you too are left with the thought: under-quoting or the agent got it wrong? 
EDWIN ALMEIDA is licensee in charge of <a href="https://www.just-think.com.au/" target="_blank">Just Think Real Estate</a>.<a href="https://www.just-thin.com.au/"> </a>
He is also the creator of <a href="https://www.youtube.com/user/JustThinkProperty" target="_blank">Oz Real Estate.TV</a> and a presenter for <a href="https://propertyinvestingvault.com/" target="_blank">propertyinvestingvault.com</a>.
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Underquoting or industry ignorance? Edwin Almeida

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NSW Fair Trading was more interested in grabbing headlines than seriously address the issue of underquoting, Malcolm Gunning, the president of the Real Estate Institute of NSW said.
"The state has had legislation prohibiting underquoting since 2002, however, Fair Trading have failed to comprehend or address the issue," he said saying Fair Trading did not understand the issues. 
"Fair Trading has been completely and totally ineffective in its approach and policing of underquoting for the last 13 years.
The industry has been tarnished by Fair Trading’s failure to properly understand and address the problem.
"Fair Trading have preferred to grab headlines rather than seriously address the issues.
Fair Trading’s persistence with the same old tired strategies do not serve the consumer or the property industry, he said.
"The greatest challenge is for the Fair Trading to admit its failings to date and commence a constructive and cooperative dialogue with industry.
"REINSW is ready for this change in direction and we would welcome the opportunity to work together to develop strategies to address underquoting which is a blemish on our industry and damages consumer confidence." 
Malcolm is president of the Real Estate Institute of NSW and Principal of Gunning Commercial, which has offices in Hurstville and Surry Hills in Sydney.
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REINSW says NSW Fair Trading ineffective on agent underquoting

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The NSW government's new laws on property underquoting announced during the election campaign will toughen the penalties for agents found to be underquoting. The changes are billed as making it easier for prosecutions to be brought against those agents found to be engaging in underquoting and will allow for forfeiture of fees and commissions in addition to the existing financial penalty of up to $22,000. 
For example, the average property price in Sydney is $900,000. Based on that, a commission would be $18,000. Therefore, in addition to a fine of up to $22,000 a real estate agent could lose fees of $18,000. 
"In many cases, these reforms would see a doubling of the financial sanction that could be imposed on agents doing the wrong thing," Minister for Innovation and Better Regulation, Victor Dominello​ told the NSW Parliament this week ahead of introducing the bill.
The Government will establish a strict liability offence, which is in line with the laws that have been introduced in South Australia. 
The legislation will include stronger requirements for record-keeping and price representations, which will increase transparency for buyers. 
"As an additional measure, I have asked the Department of Fair Trading to appoint an assistant commissioner for real estate and property who will work with the industry to build confidence amongst buyers and sellers and increase professional standards among real estate agents."
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Underquoting laws in NSW will step up required record keeping 

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NSW Fair Trading has reinforced its underquoting guidelines to estate agents as to what defines underquoting. <a href="https://eac.com.au/wp-content/uploads/2015/05/Underquoting-Property-Prices-Guideline-.pdf">The guidelines</a> say that agents are liable for a $22,000 penalty if they give a false oral or written estimate to a buyer or seller.
Agents must satisfy three tests with their estimates: 1) they must believe the quoted price is realistic; 2) they must be able to substantiate it; and 3) it must reflect the expectations of the vendor.
Agents have the following general responsibilities under NSW’s real estate laws when selling or marketing a property: 
<ul>
<li>to make honest and reasonable estimates of selling prices </li>
<li>to keep records to demonstrate what information they relied on to make those estimates</li>
<li>to keep records of any discussions where those estimates are revised.</li>
</ul>
NSW Fair Trading department says purchasing a property is the biggest financial investment most people will ever make.
"While the majority of real estate agents act ethically and in accordance with the laws, it is important that potential risks of consumer harm be appropriately managed.
"NSW Fair Trading is concerned with what appears to be a marketing technique where real estate agents and their employees underquote property prices to increase the  pool of prospective purchasers. "This document gives further guidance on the applicable laws, and highlights specific conduct in the sale of residential properties that is not considered to be best practice. 
It also includes general guidance on what type of conduct may be considered best practice.
"NSW Fair Trading has made these suggestions to help agents develop their own procedures. They should not be considered ‘minimum standards’."
NSW Fair Trading considers the estimated selling price recorded in the agency agreement is the agent’s true estimated selling price, at least initially. This view is supported  by section 73(4) of the Act which states: A statement in the agency agreement of the agent’s estimate of the selling price of residential property is evidence for the purposes  of this section of the agent’s true estimate of that selling price. 
If an agent represents an estimated selling price in the agency agreement that is not consistent with their own opinion or estimate of the likely selling price for the property,  this may be considered a false or misleading representation which is an offence under sections 51 or 52 of the Act. If an agent or their employee makes a statement in the  course of advertising a residential property for sale that is less that the agent’s true estimated selling price as recorded on the agency agreement, an offence may have been  committed.
When determining or updating their estimate of the selling price of a property, Fair Trading says an agent should have regard to the following matters: 
<ul><ul>
<li>the factors the agent may have specifically considered in arriving at the estimate in the agency agreement </li>
<li>any sales of comparable properties </li>
<li>any representations made to the vendor by the agent, including representations about the price (or range) to be used when advertising the property for sale </li>
<li>the vendor’s expectations (any reserve bid and/or the price or range at which the vendor is willing to consider offers) </li>
<li>feedback from potential purchasers </li>
<li>any current or relevant valuations provided in respect of the property </li>
<li>the characteristics and features of the property, such as its size and location, including the existence of any ‘material facts’ </li>
<li>They must exercise reasonable skill and care in providing their estimate, considering all information that is likely to be relevant. </li>
</ul></ul>
NSW Fair Trading may consider enforcement action, including penalty infringement notices and prosecution, against any agent who markets a property at an estimated selling price less than the agency agreement estimated selling price. Agents should keep the vendor informed in writing of any changes in their opinion of the likely selling price of the property.
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Underquoting guidelines tell NSW estate agents to advise likely sale price adjustments in writing

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It’s no secret that the topic of underquoting gets under my skin and it should get under yours as well - many property buyers have fallen victim to this trap.
But let's set aside the practice of underquoting for a short moment and discuss other sleight of hand illusions of achieving high prices at auctions.
There are three schools of thought when it comes to achieving above the reserve for properties sold by auction.
Firstly, there is the thought that market forces are at work and have an uncontrollable bearing on the day of the auctions. Secondly, there is the marketing and methods of underquoting. Finally, last but by no means least, is the sheer ignorance by the industry experts when it comes to understanding property values. These points can be summarised as follows:
<ul>
<li>Market forces</li>
<li>Underquoting</li>
<li>Industry ignorance</li>
</ul>
Number 1: Market Forces 
A competent agent can and will gauge these external forces. This is one of the main reasons why vendors hire the “professional real estate agent” in the first place, isn’t it? The vendor wants to make sure they get the most value for their property. After all, we are on the field; we eat and breathe real estate for a living.
When <a href="/expert-insights/buying/buyers-needed-to-add-11-to-weekend-sydney-pre-auction-price-guidance">Jonathan Chancellor wrote, to expect to pay 11% above</a> what was being quoted as a price guide, we could say market forces were at play. Beyond the 10% tolerance prescribed by <a href="https://www.fairtrading.nsw.gov.au/pdfs/Property_agents_and_managers/estimatedpriceguideline.pdf" target="_blank">Fair Trade NSW</a> or <a href="https://www5.austlii.edu.au/au/legis/vic/consol_act/eaa1980145/s47a" target="_blank">the Victorian Estate Agents Act</a> however, it all becomes questionable. An example of how the 10% tolerance works, is shown below.
<img src="/images/2015/03/26/edwin%20mar%2026%20one.jpg" alt="">
Number 2: Underquoting
Without going into too much detail, please read my last article which references <a href="https://www.linkedin.com/pulse/lies-real-estate-property-auction-campaigns-day-1-part-almeida" target="_blank">underquoting</a> and focused on the cost to the real estate industry (REI), real estate agents (REAs) and most importantly, the unnecessary cost to the public.
I have been vocal about the <a href="https://www.linkedin.com/pulse/lie-lies-real-estate-property-auction-campaigns-edwin-almeida" target="_blank">Valentines Day $1 Auction</a> from the very first day. Now, another novel auction graces the media, the <a href="/news/vic/brighton-bathing-box-listed-with-150-000-guide">Brighton Bathing Box sale with a price-guide of $150,000</a>. That’s all it’s worth you say? Truth be told, late last year one sold at $215,000. A price-guide of 30% lower? Is this a deliberate ploy to draw a crowd and to entice buyers? <a href="https://www5.austlii.edu.au/au/legis/vic/consol_act/eaa1980145/s47a" target="_blank">Where are the Victorian regulators on this?</a>
It’s now sold, as you may know, for $276,000 - 84% above price guide.
Now, you may not be <a href="https://www.linkedin.com/pulse/lies-real-estate-property-auction-campaigns-day-1-part-almeida" target="_blank">“personally offended”</a> by campaigns with notions of underquoting, as in the case of the CEO of the REINSW. You, may also blame the <a href="https://www.dailytelegraph.com.au/news/nsw/agents-lured-into-under-quoting-tricks-real-estate-institute-of-nsw-president-says/story-fnpn118l-1227272725834" target="_blank">“greed of the market” and the vendor</a> as in the case of the President of the REINSW Malcolm Gunning.
It is however, <a href="https://news.domain.com.au/domain/real-estate-news/underquoting-real-estate-agents-have-nowhere-to-hide-if-they-break-the-law-20150316-1m0amu" target="_blank">simply illegal to underquote and no REA that values their licence and reputation</a> should be encouraged nor coerced into this illegal practice. More to the point, even if the vendors tell the REAs to break the law, must we?
Most of the industry would like the public to believe we have no choice, when deciding whether to break the law or not. The REI bodies seem fit to shift the blame away from the agents or the industry and instead want to blame the public and vendors.
Blaming the vendor seems to be the common thread among the RE Institutes around Australia; see article posted below. Blaming the vendor however, will not rid the industry of the practice of underquoting. It just seems to be a case of blame shifting – blame the vendor and greedy market, at will.
<img src="/images/2015/04/02/edwin-april-2-opne.png" alt="">
Source: Australian Financial Review, 9 October, 2012
Education, be it Gunning’s instinctive solution, is not the immediate short-term answer either. I would like to put forward a message to our valiant leaders in the Institutes: this practice of underquoting is well entrenched in the ranks of the Institute's membership.
It isn’t the vendors, nor the newly licensed REAs that came up with the novel idea of <a href="https://www.linkedin.com/pulse/price-low-watch-go-edwin-almeida" target="_blank">“price it low and watch it go”</a>. Underquoting, is an entrenched culture in the industry and has been for decades.
If it’s a short, sharp and quick solution that the Institute’s are looking for to bring credibility to our industry, here are some novel ideas:
<ul>
<li>Rid the root of the problem from the REINSW and REIV membership. Surprisingly or perhaps not, some may have even obtained their licences from the same Institutes.</li>
<li>Name and shame RE Institute members that do get caught out.</li>
<li>Ask the governing body, Fair Trade NSW to suspend licences and to do so immediately. Lets not protect the REI members that are creating the issues just because they appeared on national TV. Take a bold stand and clean our house before we try and sweep the streets.</li>
</ul>
You want partial self-regulation? This is a great start to show both, the public and NSW Fair Trade that we mean business. <a href="https://www.reinsw.com.au/imis15_prod/web/Posts/Latest_News/201404/REINSW_President_Malcolm_Gunning_calls_for_greater_professionalism.aspx" target="_blank"> </a>
"REINSW is advocating that we partner with the NSW Fair Trading to share responsibility for regulating the real estate profession,"<a href="https://www.reinsw.com.au/imis15_prod/web/Posts/Latest_News/201404/REINSW_President_Malcolm_Gunning_calls_for_greater_professionalism.aspx" target="_blank"> said Gunning.</a>
Number 3: Industry Ignorance 
Other than market forces, can we excuse most out of line sales and blame it on “ignorance”? Ignorance may be used as an excuse, but it is not a defence when there are legal ramifications. 
Within the current property climate, it appears agents hide behind “market forces” to cover up for their ignorance of the council’s changes to local land rezoning proposals, for the out of line sales. <a href="/expert-insights/nearly-100-above-the-initial-price-guide-underquoting-rears-its-ugly-head">Market forces and no comparable sales</a> is also used as an excuse when not being able to properly determine land and home values. Or is this just another tact to draw the crowd, be it a mix of sophisticated and novice buyers.
On the other hand, when it comes to boasting about achieving high sales figures and well above reserves, they are the first in line to publicly report their achievements.
What I would surmise is that most agents don’t fathom the possible monitory loss they can cause their vendors, if the property is sold at the price-guide given or even the reserve price on the day.
In the case of a Gladesville property sale, an agent boasted about the <a href="https://www.dailytelegraph.com.au/realestate/news/cottage-fetches-11-million-over-the-reserve-as-auctions-across-sydney-remain-hot/story-fni0cly6-1227262369554" target="_blank">$1,100,000 over reserve that was achieved</a>. Further West of Sydney’s CBD, in Guildford, we had another “stellar campaign” boasting a 25% above reserve accomplishment.
It’s clear; the REAs simply and frankly, did not know the true value of the land. I am surprised the vendors allowed them to go near the property and take such a risk. Or is there really more to the story?
Perhaps, Gunning president has greater insight that explains this phenomenon? He claims vendors have more to do with this issue than not as timid and innocent agents are <a href="https://www.dailytelegraph.com.au/news/nsw/agents-lured-into-under-quoting-tricks-real-estate-institute-of-nsw-president-says/story-fnpn118l-1227272725834" target="_blank">“lured by unrealistic expectations… and the greedy market”</a> to underquote.
One thing is for sure, agents can run around beating their chest, declaring what stellar campaigns were run as 20%-30% sales above reserve were achieved (which can only mean the agents didn't know the values of the property in the first place). Or, the alternative is the property was deliberately underquoted in the first instance.
It has to be one or the other my friends.
Nonetheless, blaming the vendor, whether or not it comes from high up the ranks of the REINSW or the REIV, is not going to cut the mustard in the court rooms. The "greedy market lured me" and "the vendor made me do it" just won’t fly.
Ignorance versus underquoting
Ignorance from agents, of what is going on in the proposed changes to the local council environment plans will cost vendors dearly. But why don’t we hear many vendors raise their voices and complain? Simply because these sales being published and boasted about, netted the vendor a sale above so-called expectations. Vendors truly believe the agents did a wonderful job.
Now, take a moment and think about the “what if” scenario. What if, the Gladesville and Guildford sales only achieved a figure to equal what the agents set as a price guide or the reserve?
For this very reason, I am of the opinion that agents need to go back to basics if they are going to play with the future of their vendor's assets and take risks by not knowing the true value of the property. Better yet, they should consider going back to selling used cars if this is how they intend to perform in this industry.
Its a risk that may have even cost the State of NSW dearly, as noted in the first sale of the <a href="https://news.domain.com.au/domain/real-estate-news/sydney-property-highlights-of-2014-20141219-12a1qv" target="_blank">Millers Point property sales</a>.
Not researching changes to local council planning, and not keeping up to date with property development rezoning is unprofessional, ignorant, and sheer laziness. Why exactly are you paying the agent a fee of 2.5% average? Do the math.
Therefore, either the agents are ignorant and one has to wonder why they have a licence in the first instance, or they are blatantly underquoting to draw a crowd – even if the crowd is purely made up of “sophisticated buyers”. There is no two ways about this fact.
We cannot excuse and blame market forces any longer for flirting with the law and peoples well-being. Vendors entrust our industry to uphold the regulations and guide them to the best possible outcome. An outcome that should be far removed from any notion that the REA broke the law, or was lured into breaking the law to achieve the best possible result.
Most off all, REAs cannot blame 'market forces' or 'no comparable sales' for being ignorant and gambling with the real possibility that they will undersell a property, for the person that placed full confidence in their professional expertise.
Next time you see headlines of great achievement in a sale by auction, ask yourself the question: underquoting or ignorance?
Here are the real figures achieved in the stellar campaigns run by the agents:
<table style="width: 460px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="123">
Property
</td>
<td valign="top" width="123">
Reserve
</td>
<td valign="top" width="123">
Sale price
</td>
<td valign="top" width="123">
$ above reserve
</td>
<td valign="top" width="123">
% Difference
</td>
</tr>
<tr>
<td valign="top" width="123">
Brighton
</td>
<td valign="top" width="123">
$150,000
</td>
<td valign="top" width="123">
$276,000
</td>
<td valign="top" width="123">
$136,000
</td>
<td valign="top" width="123">
84%
</td>
</tr>
<tr>
<td valign="top" width="123">
Guildford
</td>
<td valign="top" width="123">
$900,000
</td>
<td valign="top" width="123">
$1,130,000
</td>
<td valign="top" width="123">
$230,000
</td>
<td valign="top" width="123">
26%
</td>
</tr>
<tr>
<td valign="top" width="123">
Gladesville
</td>
<td valign="top" width="123">
$$1,750,000
</td>
<td valign="top" width="123">
$2,850,000
</td>
<td valign="top" width="123">
$1,100,000
</td>
<td valign="top" width="123">
63%
</td>
</tr>
</tbody></table>
A few things that I would like to clarify, and that is; I am not forming a campaign against auctioneers. Nor am I opposing the sale of land/property by means of auction. I am also in favor of high industry standards and ongoing education.
I’m against the misrepresentation and the deceptive conduct allowed to become a free for all.
Underquoting is an entrenched practice that both bodies – the REI and the RE Institutes – seem to quickly dismiss and in turn blame the vendor.
Isn’t it about time we took full responsibility and acted like the professionals the public trust us to be? Now is the time to make the difference and stop blame-shifting, even if our REI leaders have apparently found it so easy to do.
EDWIN ALMEIDA is licensee in charge of <a href="https://www.just-thin.com.au/" target="_blank">Just Think Real Estate</a>.<a href="https://www.just-thin.com.au/"> </a>
He is also the creator of <a href="https://www.youtube.com/user/JustThinkProperty" target="_blank">Oz Real Estate.TV</a> and a presenter for <a href="https://propertyinvestingvault.com/" target="_blank">propertyinvestingvault.com</a>.
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