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There is little doubt the Sydney auction market has started out a lot better in February, than it finished off last December.
At this stage, four weeks in, the positivity has been more evident from the auction clearance rate being on the rise, than prices making any advances.
February typically suffers none of the inbuilt end of year fatigue. Saturday's preliminary clearance sat at over 70 percent.
You never know, but prices could spurt again, especially if our fresh stock levels stay low after the upcoming early Easter break, and the banks begin to ease up on their lending.
It would not be a second wind for prices, because we've already seen that many times, just when the market seemed destined to head backwards.
Sydney is highly resilient when it comes to property price momentum, often catching forecasters out of step.
I was thinking of the contributing mix, intrinsic and not so, when I popped a few questions to Harry Dent, one of the world’s most controversial economic futurists.
He is currently touring Australia. Last time he toured in 2014, Dent's worst case scenario was for a post-China bubble burst impacting on Sydney with property prices possibly set to collapse by as much as 60 percent.
His controversial forecasts were labelled as scaremongering by many commentators including Chris Joye.
Dent's earlier 2011 crash forecast also saw the founder of wealth manager Yellow Brick Road Mark Bouris counter the claims. 
In 2011 on David Koch’s Sunrise program, Dent urged viewers to sell their homes before the 50 percent crash in prices arrived at their doorsteps after a China crash hits our shores.
He will be pursuing the same message this time around.
I told Dent that dwelling prices in Sydney now sit at around a $895,000 median, up from $610,000 in early 2014.
The median represents a significant 46 percent rise since Dent's last warning, and an 80 percent rise since his 2011 warning.
Pressed by me, Dent admits he was wrong through he sticks to the yet-to-occur outcome, merely adjusting the timing of his dire forecast.
"I was wrong, how about that," he said.
"I'm early."
Australia will burst whenever the China bubble bursts, he says.
Dent warns many won't see it coming, and adds that real estate, unlike the stockmarket, won't have any easy escape route, and its recovery will take much longer.
"This is not a normal bubble," he suggests noting the global real estate bubble had extended well beyond typical lengths.
He argues the global bubble has been caused by central banks printing money, not just low interest rates.
Dent says suggests central banks can't keep printing money for ever.
"What's not different is by every measure, is these are bubbles.
"Chinese real estate is a bubble.
"The Sydney real estate is a bubble." 
"Better to get out a little early," he will be telling his 2018 audiences.
This article was first published in the Saturday Daily Telegraph
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jchancellor-FAypfDUnLy

Harry Dent says he was early with his dire Sydney price collapse forecast

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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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Rate My Agent boss defends award to underquoter Tim Heavyside

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Auction houses are understandably fielding inquiries as to whether they keep client money in an audited trust account ever since the collapse last December of Mossgreen.
Sotheby’s, Bonhams, Menzies and Deutscher and Hackett say they do – although there is no industry standard.
“Trust accounts should absolutely be a requirement,” Chris Deutscher of Deutscher and Hackett has told The Australian Financial Review.
“The law should be changed, we’ve just seen the reason why.”
The Australian Financial Review Magazine has revealed that Paul Sumner's Mossgreen lost money for five years before it went under last December.
Its client account, where funds from auctions were held before being disbursed to vendors, had a shortfall back to December 2013, it reported this week, having previously reported, in a 2016 Australian Financial Review profile, that Mossgreen's turnover had impressively grown from about $10 million in 2013 to $39.6 million in 2015. 
But the paper now reports Mossgreen’s competitors – Sotheby’s, Deutscher and Hackett, Menzies, Bonhams – had for years "wondered how the company was staying afloat and keeping on the lights in its sumptuous Melbourne and Sydney showrooms."
At its peak in early 2017, Mossgreen had 55 staff, almost double Sotheby’s which auctioned three times as much.
The paper suggested Mossgreen had some blockbuster auctions, that "raised only a few hundred thousand dollars, well below the $1 million that industry veterans say is needed for an auction to make money."
“It can cost you as much to auction off a $600 piece of Royal Doulton as it does to sell a $10,000 painting,” noted Mark Fraser, who suggested Mossgreen had spent too much on its premises.
“If you’ve got good stuff to sell, you can sell it in a tin shed, you don’t need fabulous auction rooms,” the former chairman of auction house Bonhams, Fraser, and now an independent art consultant said.
Sumner started Mossgreen in 2004 by briefly selling artworks from the walls of his rented Macleay Regis, Potts Point apartment, the same building as the Sydney society family, the Copplesons’ who were among his final auction content vendors.
Mossgreen contractually paid clients after 60 days, double the standard 30 days.
It used money in its client account as a spare line of credit with the shortfall, according to two of the AFR sources, growing.
An ownership change inside Mossgreen’s business in July meant the shortfall became a big problem, it noted.
It was when Jack Gringlas sought to stop funding its losses. By 2017 he had lent $6 million to Mossgreen.
In 2013 he invested $1.6 million into Mossgreen in return for 40 per cent equity. Charles Leski bought 20 per cent, leaving Sumner with the rest.
Last July Gringlas and Leski sold their combined 60 per cent to Sumner for $2.4 million, the same price they had paid.
Gringlas agreed he could pay in four years’ time and reportedly also gave Sumner two years to find new backers so Mossgreen could pay back the $6 million.
Documents obtained by Property Observer indicated Paul Sumner's auction house owes its auction vendors $6.8 million, which is $1 million more than administrators calculated ahead of the first creditors' meeting last month.
Toorak businessman Jack Gringlas​ remains the biggest secured creditor, being owed $6 million. 
The administration came December 21 following failed fundraising attempts.
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Sumner, who did not attend the first meeting, blamed the current circumstance on growing "a little bit fast."
There were 330 creditors initially identified at the meeting who were told no law required trust accounts for the auction proceeds.
<div title="Page 5">
The names of the creditors are a who's who from across Australia, ranging from passionate collectors, socialites, low key business tycoons to deceased estates.
</div>
The biggest unsecured creditor stemmed from the auction of a book collection.
Some $1.75 million is owed to the family of <a href="http://www.mossgreen.com.au/content/event/the-collection-of-martin-copley-am/" target="_blank">the late wealthy insurance underwriter Martin Copley</a> who auctioned off the books in October.
His auction items included John Gould's monumental The Birds of Australia, a large folio in eight volumes with 681 hand-coloured lithographed plates, bound in dark green morocco by Riviere, an original subscriber's set, which sold at $446,400 including premium.
The second biggest client was another deceased estate, that of the late South Australian building industry icon Alan Hickinbotham and his late wife Margaret. 
It was billed as the highest value collection ever to be sold in Adelaide when auctioned in May by Mossgreen's chief, Paul Sumner.
Sydney's society Coppleson family were listed as owed $465,000, the third highest-owed creditor.
It followed the sale of the contents of the Macleay Regis penthouse, home of the late esteemed gynaecologist Professor Malcolm Coppleson and his late wife, Patricia, who was Vogue Living’s editor-at-large.
The 172 <a href="http://www.mossgreen.com.au/content/event/the-malcolm-and-patricia-coppleson-collection/" target="_blank">lots included </a>the sale of a $192,200 Ian Fairweather work which had an $80,000 to $120,000 price guidance. A Tim Maguire fetched $117,800.
Mossgreen's last auction on December 7 last year was the contents of the Sheehy family with just 274 of the 438 lots being sold. The family, who are owed $45,000, inquired at the meeting whether Sumner's passport would be surrendered.
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Mossgreen was losing money for five years before collapse

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Sydney dwelling prices have gone nowhere in the past year.
That's according to the latest index which today shows 0 percent change.
The price momentum has been waning for months, and on Monday sat at just 0.5 percent growth.
Melbourne retains its place as the best performing capital city.
Sydney was leading around this time last year with 16 percent annual growth.
TUESDAY FEBRUARY 20
<table><thead><tr>
<td colspan="5">CoreLogic Daily Home Value Index - 20.02.2018
</td>
</tr></thead></table>
<table data-is-responsive="true" data-responsive-trigger-width="767">
<thead><tr>
<th width="47">City (All Dwellings)</th>
<th width="47">Today's Index Value</th>
<th width="47">Change Day on Day</th>
<th width="47">% Change Qtr on Qtr</th>
<th width="47">% Change Yr on Yr</th>
</tr></thead>
<tbody id="dailyIndices">
<tr>
<td title="ASX trading code SYDD">Sydney</td>
<td>170.45</td>
<td>-0.02</td>
<td>-2.68%</td>
<td>0.00%</td>
</tr>
<tr>
<td title="ASX trading code MELD">Melbourne</td>
<td>156.52</td>
<td>-0.01</td>
<td>-0.16%</td>
<td>+7.25%</td>
</tr>
<tr>
<td title="ASX trading code BRID">Brisbane (inc Gold Coast)</td>
<td>109.47</td>
<td>+0.05</td>
<td>+0.23%</td>
<td>+2.04%</td>
</tr>
<tr>
<td title="ASX trading code ADED">Adelaide</td>
<td>113.24</td>
<td>0.00</td>
<td>+0.03%</td>
<td>+2.29%</td>
</tr>
<tr>
<td title="ASX trading code PERD">Perth</td>
<td>94.79</td>
<td>-0.03</td>
<td>-0.48%</td>
<td>-2.93%</td>
</tr>
<tr>
<td title="ASX trading code AUSD">5 capital city aggregate</td>
<td>144.45</td>
<td>0.00</td>
<td>-1.26%</td>
<td>+2.29%</td>
</tr>
</tbody>
</table>
<table><tfoot><tr>
<td colspan="5"> </td>
</tr></tfoot></table>
MONDAY FEBRUARY 19
<div>
<table><thead><tr>
<td colspan="5"> </td>
</tr></thead></table>
<table data-is-responsive="true" data-responsive-trigger-width="767">
<thead><tr>
<th width="47">City (All Dwellings)</th>
<th width="47">Today's Index Value</th>
<th width="47">Change Day on Day</th>
<th width="47">% Change Qtr on Qtr</th>
<th width="47">% Change Yr on Yr</th>
</tr></thead>
<tbody id="dailyIndices">
<tr>
<td title="ASX trading code SYDD">Sydney</td>
<td>170.47</td>
<td>-0.09</td>
<td>-2.73%</td>
<td>+0.05%</td>
</tr>
<tr>
<td title="ASX trading code MELD">Melbourne</td>
<td>156.53</td>
<td>+0.01</td>
<td>-0.15%</td>
<td>+7.28%</td>
</tr>
<tr>
<td title="ASX trading code BRID">Brisbane (inc Gold Coast)</td>
<td>109.42</td>
<td>0.00</td>
<td>+0.17%</td>
<td>+2.03%</td>
</tr>
<tr>
<td title="ASX trading code ADED">Adelaide</td>
<td>113.24</td>
<td>+0.03</td>
<td>+0.04%</td>
<td>+2.35%</td>
</tr>
<tr>
<td title="ASX trading code PERD">Perth</td>
<td>94.82</td>
<td>-0.02</td>
<td>-0.44%</td>
<td>-2.88%</td>
</tr>
<tr>
<td title="ASX trading code AUSD">5 capital city aggregate</td>
<td>144.45</td>
<td>-0.04</td>
<td>-1.29%</td>
<td>+2.32%</td>
</tr>
</tbody>
</table>
<table><tfoot><tr>
<td colspan="5"> </td>
</tr></tfoot></table>
</div>
The patented CoreLogic Daily Home Value Index is part of the suite of housing market indices produced by CoreLogic.
Since the launch of hedonic home value indices in 2007, CoreLogic established a new quality benchmark for accurately measuring value changes across the Australian housing market.
The CoreLogic Daily Home Value Index aims to measure daily movements in the value of Australian housing markets.
Rather than relying solely on transacted sale prices to provide a measure of housing market conditions, the CoreLogic Daily Home Value Index is based on a ‘hedonic’ methodology which includes the attributes of properties that are transacting as part of the analysis. Understanding factors such as the number
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Sydney's annual price growth has gone no-where in past year: CoreLogic daily index

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Ipswich, the urban district south west of Brisbane, provided the nation's cheapest weekend buying opportunity.
It <a href="https://www.realestate.com.au/property-house-qld-north+booval-127367070" target="_blank">was a $155,000 sale</a> of a three bedroom house on 1047 sqm (above).
But it was only for the brave renovator or buyer prepared to start from scratch after its demolition.
Buyers who could "look past first impressions" and "know value when they see it" were encouraged to inspect, LJH agent Nick Ryan suggested.
The sale price represented a loss as it had last traded at $172,500 in 2006.
Its price was just above its $139,000 official land value. 
Meanwhile the national auction clearance rate edged up to 69.1 per cent across the capital cities as auction activity ramped up this week.
CoreLogic calculated some 1,963 homes were taken to auction, increasing from the 1,490 auctions held the prior week when 63.7 per cent of offerings found buyers under the hammer.
"Volumes are increasing at a slower pace," CoreLogic auction analyst Kevin Brogan said, noting on the same weekend last February there had been 2,291 offerings.
Sydney’s success rate soared back into the 70s with a 74.3 per cent clearance rate. 
"It was well above the trend over the final quarter of 2017 where auction clearance rates were tracking in the low 50 per cent range," Brogan said.
But it was on subdued volume as the 718 offerings was down on the 856 at the same time last year.
Sydney had the nation's top sale when $5,390,000 was paid in Strathfield for <a href="https://www.realestate.com.au/property-house-nsw-strathfield-127278270" target="_blank">12 Elwin Street</a>. Devine selling agent Greg Emerton said it had been in the same family for 48 years. It was a solid two storey double five bedroom brick home on 1347 sqm.
A six-bedroom Hunters Hill home of health cookbook author Martyna Angell and her husband Matthew Candrick was another pricey Sydney sale (below).
<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/2018/2/19/hunters.jpg" alt="">
It fetched $3.685 million after the architect-designed<a href="https://www.realestate.com.au/property-house-nsw-hunters+hill-127359002" target="_blank"> Park Road</a> home was called on the market at $3.65 million.
Redesigned by Mark Armstrong in 2008, the home had previously traded at $2.22 million in 2013.
Sydney's cheapest result was an eastern suburbs studio apartment, for the second consecutive week.
The 28 square metre studio apartment at <a href="https://www.realestate.com.au/sold/property-studio-nsw-centennial+park-127301106" target="_blank">7E/105 Cook Rd, Centennial Park</a> fetched $390,000 pre-auction (below).
<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/2018/2/19/cent.jpg" alt="">
"It was an undercapitalised property easily accessible to Bondi Junction and the CBD," selling agent Felice Cotroneo said. 
There had been a $506,000 at <a href="https://www.realestate.com.au/sold/property-studio-nsw-paddington-127322498" target="_blank">11/339 Oxford Street</a> on the prior weekend for a 21 square metre offering.
Melbourne's cheapest sale was also a studio apartment which sold at $230,000.
The <a href="https://www.realestate.com.au/property-studio-vic-elwood-127378518" target="_blank">22/131 Glen Huntly Rd, Elwood</a> offering had been tipped to fetch between $220,000 to $240,000.
Melbourne, where 923 properties went to auction, up from 619 on the prior weekend, recorded a steady 70.7 per cent preliminary clearance rate. 
"This was the first week in some time where Sydney has outperformed Melbourne," Kevin Brogan noted.
Melbourne's top sale was a three-bedroom, two-bathroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-toorak-127385682" target="_blank">32A St Georges Road, Toorak</a> that sold for its reserve price of $3.2 million.
It had been marketed as having a $2.9 million to $3.19 million price guidance.
There were two bidders with an Australian investor living offshore securing the offering against bidding from a locally based Chinese family, Domain advised.
It was a 1930s Geoffrey Sommers designed residence with more recent renovations by Nicholas Day.
A knockdown four bedroom weatherboard home on <a href="https://www.realestate.com.au/property-house-vic-south+yarra-127393726" target="_blank">a 436 sqm block in South Yarra</a> fetched $3.03 million.
It had been tipped to fetch between $2.4 million and $2.6 million.
Adelaide recorded a preliminary auction clearance rate of 67.3 per cent. Prices ranged from $265,000 in Morphett Vale to $1,316,999 at Rose Park.
<a href="https://www.realestate.com.au/property-house-sa-rose+park-127469594" target="_blank">The 16 Grant Av, Rose Park result</a> was well above the $1.1 million expectations for the four bedroom 1900 sandstone offering.
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Studio apartments and knockdowns popular at weekend auctions

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International fashion designer Collette Dinnigan and husband, the hotel and tourism entrepreneur, Bradley Cocks, have sold one of their money-spinning Milton farmstays.
The NSW South Coast property had been a lucrative investment for the pair, who pocketed over $80,000 a year from vacationers, when pitching it as Milton Surf and Stables.
They're now focused on setting up an international boutique tourism operation in key locations around the world, w.hich includes the neighbouring Milton property, The White House. 
Last year they popped a 400 year old farmhouse in Italy into their bespoke home portfolio.
The Puglia property, in Italy's southern region near Naples, was viewed as suiting their brief for a luxury Airbnb type portfolio.
The Milton property piqued the couple's interest in the premium holiday home industry.  
<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/2018/2/19/milton3.jpg" alt="">
Once a dairy farm, the property near Mollymook and Ulladulla had been styled by Dinnigan after the couple paid $970,000 for the 11 hectares in 2013.
They were seeking offers through Simon Platt, who is based at the burgeoning Lifestyle Property agency.
Billed as offering an urban-detox experience in an idyllic setting, the well managed retreat enjoyed super host status on Airbnb.
The former stables turned four bedroom luxury retreat has featured in the likes of Country Style and Vogue.
Completed with roaming horse and alpaccas, Milton Surf and Stables was voted number one by Australian Traveller's 'Top 100 Places You Haven't Been to Yet'.
There is an outdoor bar and barn complete with pizza oven for entertaining. The marketing says a chef can be arranged to come to cook at its outdoor entertaining feature.
<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/2018/2/19/dinnigan2.jpg" alt="">
Since settling into “the magic of Milton”, Dinnigan has created an organic vegetable garden and planted citrus trees, along with her favourite flowers - white hydrangeas and white magnolia.
Always having fresh eggs when she was growing up in South Africa and New Zealand, she ensures there's lots of hens. Beehives for honey too.
“Milton itself is quite special,” Collette previously said. “It’s not one of those sleepy little towns – it has a really vibrant, productive community." 
The couple had revised $2.4 million hopes.
The couple retain The White House next door, a four bedroom farmhouse which cost them $830,000 in 2006. That now rents at $1,500 a night.
Dinnigan has been busy in the Southern Highlands in recent months where her Instragram shows she has waved her design wand over the family property.
They've recently added a swimming pool to Springfield Farm, their Avoca property that cost $4.5 million in 2016.
This article was first published in the Saturday Daily Telegraph.
 
 
 
 
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Fashion designer Collette Dinnigan sells Milton farmstay

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While there’s been a marked fall in Chinese residential property buying across Sydney, the depth of the enrichened 1.4 billion Chinese population means there is always likely to be some demand coming our way.
China has 1,340 high net worth individuals and 568 billionaires. Their combined net worth is equivalent to Australia’s GDP.
<div>The Chinese New Year festivities, currently being celebrated, triggers the biggest international travel period of the year for mainlanders.</div>
<div> </div>
<div>In 2017 Australia was the fifth most popular overseas destination for Chinese New Year trips, according to Ctrip, China’s online travel agency.</div>
<div> </div>
<div>Chinese residents who are considering buying real estate often use the holiday week to combine fun and a bit of research.</div>
<div> </div>
<div>Jon Ellis, the CEO of the Investorist website which sells off the plan properties to Chinese buyers, calls this occurrence "propidays." </div>
<div> </div>
<div>Historical data from Realestate.com.au suggests Sydney's eight most popular searched suburbs have been Chatswood and Epping followed by Carlingford, Hornsby, Eastwood, Hurstville, Mosman and Rhodes. Locations with vibrant Asian communities clearly attract the most interest.</div>
<div> </div>
<div>Australia welcomed a record 1.3 million Chinese visitors last year, and many are not just tourists — but potentially students, immigrants and property investors.</div>
<div>  </div>
<div>The Juwai website ranks the top Australian cities for Chinese buyers as Melbourne, then Sydney, Brisbane, Adelaide, and the Gold Coast. </div>
<div> </div>
<div>Jawai's chief executive Carrie Laws expects Chinese buying in 2018 to be on par with the levels of 2017, unless something significant happens to change the Chinese or Australian investing environment.</div>
<div> </div>
<div>"One reason Chinese investors seek out property in Australia if because of our cost of living," she suggest adding it surprises many Australians as China was still regarded as being such a poor country.</div>
<div> </div>
<div>"China's eastern coastal region is just as developed as Australia and its 200 million people live in some of the most expensive cities in the world," she says.</div>
<div> </div>
<div>Buyers looks for their own use, plus their investment potential.</div>
<div> </div>
<div>Australia's reputation as a world class property investment location with particular appeal for Chinese buyers remains unquestioned, but several factors, here and in China, have worked against its popularity.</div>
<div> </div>
<div>These include NSW and federal governments which have increased taxes on foreign property investors.Some developers think the escalation of government changes imposed on foreign property investors risk killing the golden goose.Australia’s Foreign Investment Review Board (FIRB), the Australian Tax Office and immigration officials are now monitoring acquisitions closer than ever to ensure compliance.But divestment order numbers have faded recently.</div>
<div> </div>
<div>The most recent NSW divestment was $210,000, one of 14 forced sales of Australian residential properties in the past year.It took the total number of forced sales to 75 across Australia across many nationalities.A further 139 foreign investors have sold properties during the course of ATO investigations.</div>
<div> </div>
<div>This article was first published in the Saturday Daily Telegraph.</div>
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Chinese demand will always stay despite marked drop

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The Sydney sales team of the liquidated Unique Estates are set to start with boutique Sydney firm, Lifestyle Property Agency, next week.
Carlie Ziri, the director of the Woolloomooloo-based agency, said she is 'blessed' to have the team start.
"Sad to see such potential go to waste," she commented.
Unique Estates collapsed earlier this week.
Simon Platt and Grant Dale are confirmed to start with Lifestyle.
They were two Sydney-based agents working for Unique. Platt was the Sydney licensee.
Lifestyle Property Agency have been operating since 2012.
The company's most recent sale was in early December when they sold a one bedroom apartment in the Domain building in Woolloomooloo for $1.17 million.
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Sydney's Unique Estates agents to join Lifestyle Property Agency

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Estate agent veteran John McGrath has reacted quickly to the 9.42am trading halt secured this morning by the panicked, soon-to-depart McGrath Group directors and executives.
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<div class="column">
Rampant rumours forced McGrath to break his personal mantra of avoiding comment on adverse media.
He issued a 6.29 pm statement to shareholders who have watched the wealth destruction of the company escalate in recent days with dismay.
"The ridiculous recent press coverage seeking to link matters which are personal to me with McGrath Limited is distracting attention from the important work of the company, to a point where I have concluded I need to make a statement to clear the air."
The dysfunctional McGrath board had asked the ASX to suspend shares from trading this morning after the company "become privy to further information", which it wouldn't comment on, other than assuring shareholders "they had not taken the step lightly."
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<div class="_1665V undefined">
McGrath has been in the news recently over alleged, but limply denied, $16.2 million gambling debts and its alleged funding through an alleged $100 million margin lending facility.
McGrath's response this evening addressed the issue with more candor than his pronouncements over the past two weeks.
</div>
</div>
"Like many Australians, I enjoy a punt," he told shareholders.
"I have a credit account with a bookmaker for this purpose.
"That account is not secured by, or otherwise connected with, my shares in the company.
"The account is well within my means in the context of my net wealth.
"I am in full compliance with the terms of that account.
"I have never, and would never, let what I might choose to do in my personal time impact upon the company."
McGrath then advised he dedicated more than 60 hours per week to his work for the company he founded 30 years ago. 
"I thank the great team at the company for their support at what has been a personally challenging time for me. 
"I will continue to focus my energies on the important work of improving performance, growing the company and restoring shareholder value. 
"I do not intend to comment further on this personal matter," he concluded, without advising whether legal action would be pursued.
Last week John McGrath advised shareholders the $16.2 million gambling debt allegation was "rubbish" and that he had never used his McGrath shares as security for any loan.
<div>
Ending the day of debacle, the listed real estate agency also needed to update the ASX with a corrected financial advisory at 6.46pm, given an embarrassing nine errors when McGrath Group reported its small loss. There were no wrong numbers in the statutory accounts, rather the investor pack. 
Last week John McGrath told the McGrath Group board that he was well progressed in discussions with securing new proposed directors (two appointments are needed as a minimum) to replace those who had recently handed in their resignation to allow John McGrath to resume executive control, apparently without any privatisation.
It will see the departure of the McGrath chair, Cass O’Connor who has presided over a board united in obvious turmoil with the company founder.
The news of the deteriorating trading results in the McGrath estate agency finances first emerged last month in an internal document obtained by The Australian Financial Review.
<div>Details of the McGrath board meeting on Friday, January 19 were published on the following Monday, January 22.</div>
<div> </div>
<div>The Fairfax newspaper also advised there had been "threats by the board to resign en masse over the Christmas holiday."</div>
</div>
</div>
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John McGrath says his punting losses are "well within his means" 

<html><body>
<div class="page" title="Page 1">The real estate agency McGrath has reported a small loss.</div>
<div class="page" title="Page 1"> </div>
<div class="page" title="Page 1">But despite being hit with a sales revenue slump, some 22 estate agents have benefited from a $850,000 allocation in additional bonus commissions to keep them from departing the publicly listed estate agency.</div>
<div class="page" title="Page 1"> </div>
<div class="page" title="Page 1">Revenue for the six months to December 31 was $51.6 million, down 23 percent on the same period a year ago.</div>
<div class="page" title="Page 1"> </div>
<div class="page" title="Page 1">No interim dividend will be issued.</div>
<div class="page" title="Page 1"> </div>
<div class="page" title="Page 1">Earnings before interest, tax and amortisation notched a $52,000 loss from EBITDA of $9.6 million a year earlier.</div>
<div class="page" title="Page 1"> </div>
<div class="page" title="Page 1">But company founder John McGrath broke his silence to say he was "proud" and "excited" to again be leading the business from tomorrow when its chief executive Cameron Judson leaves the company. 
Chairman Cass O’Connor and current non-executive directors Elizabeth Crouch and Cath Rogers have also announced their intention to resign on Monday.
Replacement directors have yet to be appointed, with suggestions a Sydney solicitor is among the likely replacements. Senior staff including Adrian Bo are set for elevated administrative roles in the new regime. Bo holds two post graduate degrees in business administration, including an MBA.
<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/2018/2/15/bo.jpg" alt="">
The company went into a trading halt until Monday.
''The reason for the trading halt is a pending announcement regarding recent media comment in relation to Mr McGrath," the company said.
"The event that will end the trading halt is the company issuing an announcement by Mr McGrath."
Meanwhile company owned sales generated $2.6 billion in sales value from 1,712 sales for 1H FY18 compared to $3.5 billion and 2,544 sales in 1H FY17.
Its franchise services offices exchanged 4,324 sales during 1H FY18 with a sales value of $3.9 billion compared to 4,222 sales with a sales value of $3.8 billion in 1H FY17. 
As at 31 December 2017 the network comprised 27 company owned offices and 70 franchise offices with 583 agents. 
Total agents decreased significantly. Agents in the franchise offices decreased 3% to 393 and agents in the company owned offices decreased 21% to 190. 
McGrath's report advised it continued to have a "concerted focus on talent identification, to attract, develop and retain high performing agents and emerging sales agents."
"The company’s performance has fallen short of expectations, and is influenced by several factors including lower volumes of listings, lower agent numbers and a significant slow-down in the traditionally volatile project marketing segment," it advised.
The company posted a loss of $25.5 million after impairments of $22.9 million to goodwill. 
The directors slashed the business’s goodwill which was on the balance sheet at the end of last year at $53 million.
Click here <a href="https://www.propertyobserver.com.au/images/2018/2/15/overview.jpg" target="_blank">to enlarge.</a>
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McGrath has $3.4 million cash, no debt, and net assets of $74.4 million. 
Founder McGrath, who has taken back direct management control of the company, said a “new approach” was needed, and thanked investors for their loyalty.
“I am very proud and excited to again be leading the business,” he says.
“Despite the challenges we have endured since listing, McGrath remains one of the best real estate businesses in Australia with outstanding talent throughout the Group. 
“Residential real estate is one of the largest industries in Australia, as well as being the country’s largest asset class, and we remain very well positioned to leverage our scale and quality brand for future success and growth.
<div id="taboola-mid-article-stream-thumbnails" class=" trc_related_container trc_spotlight_widget">“Our investors and team have exhibited great patience and loyalty during this difficult time and I intend to work very hard to repay them for their confidence in the company. </div>
“I have a clear plan to rebuild momentum but I will let our results speak for themselves from here.”
The company floated in December 2015 at $2.10. The shares last traded at $0.425 before it halted trading.
Outgoing CEO Cameron Judson says earnings have been adversely impacted “by the underperformance of our company owned sales business, including project marketing”. 
“Our annuity businesses, Property Management, Franchise and Oxygen have performed largely to expectations,” he advised shareholders.
The company announced a $1 million write-down of acquired property management rights. Company owned property management decreased the number of properties under management (leased) to 7,449 at 31 December 2017, from 7,498 at 31 December 2016.
Click here <a href="https://www.propertyobserver.com.au/images/2018/2/15/revenue.jpg" target="_blank">to enlarge.</a>
<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/2018/2/15/revenue.jpg" alt="">
Oxygen Home Loans settled $422 million in mortgages during the period, slightly down on last year (5%). The book value of loans under management has increased 12% year on year to $2.9bn. At 1H FY18, there were 33 brokers supporting the network, compared to 32 in 1H FY17.
Judson says the restructuring of the board, executive and corporate functions have delivered annualised savings of $5 million with in the leaner organisation.
Cost savings included space relinquished at its Edgecliff headquarters where the business gave up one of its three floors. 
The McGrath network has 95 offices and 2,000 staff.
Keeping staff has seen a McGrath Future rollout which includes high performance bonus commission, recruitment trail commission and a property management equity partnership structure.
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McGrath estate agents get $850,000 additional commission windfall to stop defections

<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Jonathan Chancellor

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