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One of McGrath's top selling Sydney agents, Michael Coombs is tipped to join LJ Hooker's Avnu, a little-known, newly launched, technology-based full-service agency.
Avnu allows agents and customers to manage their sales and properties in real time through digital online software.
Avnu is based in Neutral Bay, on the lower north shore, not far from the Mosman McGrath office which Coombs departed mid-week.
Coombs has privately acknowledge the current "proptech" revolution in the residential market paved the way for how homes would be sold in the future.
Coombs <a href="/news/michael-coombs-departs-mcgrath">departed McGrath</a> earlier this week.
LJ Hooker picked the lower north shore - where is has operated since the 1950s - to launch the Avnu brand.
With little fanfare, its chairman and local resident L. Janusz Hooker launch the app mid-year.
“It’s your normal LJ Hooker, but it’s a place where technology is driving the process for both agents and consumers," said the grandson of the company’s founder, Sir Leslie Joseph Hooker.
With fewer than 20 sales since its office launch, Coombs could be expected to turbo-charge the office which has the banding: a new avenue in real estate.
One of Avnu's recently listings was an East Killara mid-century design trophy home.
The Harold R. McCauley-designed modernist house was offered through with $1.8 million hopes through LJ Hooker Avnu agent Vanessa Coles, who was previously with Belle Property.
Avnu, run by former Google, Twitter and LinkedIn execs, aims to reshape the homebuyer experience by smoothing the process where there's an estimated 200 steps involved in buying a property, between appraisal and settlement.
It’s a separate entity to the LJ Hooker franchise model and will have its own agents and shop front despite its cloud-based technology approach.
Jason Chuck, the chief executive of LJ Hooker Avnu, was a former local founder and managing director of eHarmony and Houzz, and before that head of marketing for Google.
Ajeya Vempati, former Google Engineering lead, consultant for LinkedIn and Twitter, came on as LJ Hooker Avnu's chief technology officer.
Head of product at LJ Hooker Avnu is James Piskorz.
Christine Mikhael, the former general manager of sales and training at McGrath LNS, has been the director of sales and performance since March. At age 23, Mikhael became the youngest woman in Australia to establish and solely own a real estate agency.
Mr Chuck said the LJ Hooker Avnu platform is the first of its kind and offers the "next frontier of customer service in what is a very fragmented industry".
"If someone was to start a real estate agency today, this is the model they would use. It's a clean slate for what is effectively an industry start-up for the next century," Mr Chuck told Nine Entertainment.
Its customers pay the usual industry-based fees for marketing and agent costs.
Avnu's company registration was preceded by <a href="/news/settl-lj-hookers-diy-hybrid-property-sales-platform-to-take-on-disruptors">Settl</a>, a thwarted part of LJ Hooker’s $100 million digital transformation. 
LJ Hooker Avnu's early recruits include Adrian Bridges who was ranked in Australia's REB Top 100 agents and recorded more than $120 million in sales last year.
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jchancellor-FAypfDUnLy

What is LJ Hooker's Avnu? the much hyped new avenue in real estate

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<div class="field-item even">The Australian Prudential Regulation Authority (APRA) has removed its supervisory benchmark on interest-only residential mortgage lending by authorised deposit-taking institutions (ADIs).</div>
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<div>The benchmark was put in place as a temporary measure in March 2017, as part of a range of actions over recent years to reinforce sound lending practices.</div>
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<div>The introduction of the benchmark has led to a marked reduction in the proportion of new interest-only lending, which is now significantly below the required 30 per cent threshold.  </div>
<div>Earlier this year, APRA announced its intention to remove the supervisory benchmark on investor loan growth subject to ADIs providing certain assurances as to the strength of their lending standards.</div>
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<div>Most ADIs have now provided those assurances, APRA noted.</div>
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<div>ADIs that are no longer subject to the investor loan growth benchmark will also no longer be subject to the benchmark on interest-only lending from 1 January 2019. For other ADIs, it will be removed concurrently with the removal of the investor loan growth benchmark.  </div>
<div>APRA Chairman Wayne Byres said APRA’s lending benchmarks on investor and interest-only lending were always intended to be temporary.</div>
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<div>"Both have now served their purpose of moderating higher risk lending and supporting a gradual strengthening of lending standards across the industry over a number of years.”  </div>
<div>Notwithstanding the removal of the interest-only benchmark, ADIs still need to ensure they maintain adequate oversight of the level and type of interest-only lending, consistent with APRA’s Prudential Practice Guide APG223 Residential Mortgage Lending and ASIC’s responsible lending obligations on borrower requirements and objectives.</div>
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<div>Byers noted interest-only mortgages, and in particular owner-occupied interest-only lending, "remain a higher risk form of lending."</div>
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APRA plans to conduct a review of ADI risk controls on interest-only lending next year, as part of a broader assessment of improvements that have been made in lending standards. 
"A re-acceleration in interest-only lending at an industry-wide level would raise systemic concerns," Byers noted.
"In such a scenario, APRA would consider the need to apply industry-wide measures in response."
As a result, APRA expects that ADIs will maintain prudent internal risk limits on interest-only lending.
APRA stressed interest-only periods should be of limited duration, particularly for owner-occupiers, and serviceability assessments should test borrowers’ ability to repay principal and interest over the actual repayment period (excluding the interest-only term).
RateCity.com.au recently noted data showing that three years ago the average gap between owner occupiers paying principal and interest and investors paying interest-only was 0.20 percent. 
It is now 0.57 percent.
It is possible the move will see property investors face more financing options in 2019.
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APRA scraps IO loan requirements on lenders but with warning

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The status of leading Mosman agent Michael Coombs has become slightly clearer just days after McGrath Estate Agents ended its the franchise agreement on the Lower North Shore.
The Coombs profile, along with four team members, came down from the McGrath group website this morning.
Coombs has quit the LNS franchise, but yet to announce what his 2019 plans involve. 
Property Observer wrote earlier this week the franchise decision by head office meant the future of one of the McGrath group's top performers was in play.
Coombs had previously held equity in the Mosman franchise but sold it back to the principals around 18 months ago.
It allowed him the freedom to quit the McGrath office just days after McGrath head office gave their advisory that they'd be ending their agreement with the franchise principals who are listed as Dean Mackie, Piers van Hamburg and David Howe. 
Coombs has always rated highly with his sales tally among the McGrath agents, although his sales tally hasn't been public since he pulled out of the REB Top 100 ratings two years ago. 
Coombs ranked 26 in 2016 with $276 million in property sales.
In 2015 with 13 year's experience, and three support staff his sales tally was $180 million. There was a $4 million average sale.
Coombs sold 41 properties in 2014 for a $140 million total.
McGrath is currently considering the "optimum" structure for the continuation of the McGrath presence in the key markets of Mosman, Neutral Bay, Chatswood and Northbridge.
The cost cutting decision was couched has providing the opportunity of strengthening the profitability for the publicly listed estate agency.
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McGrath opened its first office in Sydney’s Lower North Shore in 1996.
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“We have a clear plan to rejuvenate our presence in the region," McGrath chief, Geoff Lucas told shareholders last Friday.
The shareholders were told by Lucas the LNS profitability had "fallen below expectations in recent years.”
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Michael Coombs departs McGrath

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Jane Schumann, who has worked in real estate since 1990, has quit Di Jones for Raine &amp; Horne Double Bay.
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Schumann was part of the team at Di Jones Real Estate Eastern Suburbs for the past 13 years.
She was credited as the firm’s number one agent in the east. She was the group's top auction lister in 2017.
She had sold 27 properties in the last 12 months, with an average sale price of $2.4 million and total sales valued at $26.5 million, according to her now disappeared Domain profile.
Jane worked with son Samuel Schumann and Jean-Michel Rudsdale on 19 of these sales.
The Di Jones group sold over 400 properties during 2018, with sales totalling $700 million.
While it was more transactions than achieved in 2017, the Di Jones chief Rob Ward acknowledged there had been a decline in the average sale price of 14 per cent due to falling sales prices and the expansion into new markets.
The merger with LJ Hooker Wahroonga <a href="/news/di-jones-expands-to-sydneys-north-shore">took place in early 2016</a>, with the combined offices having separately reaped sales worth $530 million during 2015.
The real estate industry pioneer <a href="/news/sydney-eastern-suburbs-real-estate-doyenne-di-jones-dies">Diane Jones</a> passed away in June surrounded by family, having sold out of the business in 2016, but then staying on as an ambassador.
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Jane Schumann's highest recorded recent sale price in 2018 was $7.6 million for 1/56-58 Wolseley Road, Point Piper, a 4-bedroom apartment sold by private treaty in January which was on the market for 110 days.
Last year saw her sale of a Potts Point penthouse for just under $9 million, after she had 450 groups through, to Gretel Packer.
Schumann described it earlier this year as her "most memorable sale."
Shortly after the auction, Jane Schumann told The Australian that she did not know who the buyer was actually, such was its intrigue.
It was offered by the Coppleson family, whose daughter Victoria was then a colleague at the estate agency.
For much of her time at the then Woollahra-based agency, she partnered Gary Sands in her Team Schumann Sands.
The Di Jones Woollahra staff were recently advised that they were set to be relocated to less prominent Paddington premises, a move which has been delayed slightly given asbestos being found in the ceiling of their new Glenmore Road premises.
Before Di Jones she was at The Bickmore Hutt Agency and Richardson &amp; Wrench. She was the national publicity manager for PolyGram Records before she entered real estate.
The other big name joining Raine and Horne Double Bay is Peter Starr, an agent for more than 27 years, who is moving from McGrath Edgecliff.
The recruitment coup was led by the company’s head of sales, Luke Hogan, who was McGrath eastern suburbs sales manager until earlier this year.
Both Schumann and Starr were reputedly offered sign on fees.
Directed by Ric Serrao and Martin Maskin, the Raine &amp; Horne office has been recognised for the past 14 consecutive years as Raine &amp; Horne’s best performing office in both number of sales and dollar value.
Raine &amp; Horne Double Bay has been the flagship office of the Raine &amp; Horne brand since it opened in 1968, the network’s first suburban office.
In 2012, Raine &amp; Horne Double Bay acquired Raine &amp; Horne Bondi Beach, which was established in 1979.
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Jane Schumann quits Di Jones for R&H Double Bay

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Australia’s most expensive house, Fairwater, which sold for $100 million earlier this year, was bought mortgagee free.
The Double Bay harbourfront mansion sold to the tech billionaire Mike Cannon-Brookes and his wife Annie in September.
The only official name on title is Mike's. The transfer document doesn't specify the price.
The title document affirms its Double Bay location, despite reports by the former Fairfax Media newspapers that the property was located into Point Piper.
It was on the market for three weeks through Christies International agent Ken Jacobs.
The second-most expensive house, Rona in Bellevue Hill, sold in October, for $58 million. 
The Cannon-Brookes family had already taken the keys to the property ahead of its initial extended settlement terms.
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“We love the idea of raising our four young children in this historic property, filling the house and gardens with love and laughter through the years,” they said on its purchase.
Fairwater is the largest privately-held property on Sydney Harbour at 1.12 hectares.
It comes with an 1881-built residence designed by architect John Horbury Hunt.
Built for stockbroker Francis Edward Joseph, it last traded in 1901 for £5350 when purchased by Sir James Oswald Fairfax, grandson of The Sydney Morning Herald co-founder John Fairfax.
It was listed by the executors of the estate of the late Lady (Mary) Fairfax, who died in 2017, aged 95.
Lady Fairfax briefly contemplated gifting her mansion to the people of NSW. 
In 1996 Lady Fairfax announced a trust of seven was being established to oversee the estate's future. 
Lady Fairfax, who later declined to confirm her intended gift, had moved into Fairwater with her husband, Sir Warwick in 1969.
During her decades the Fairwater grounds had been regularly opened for charitable fundraising occasions, including the East West Foundation, the Australia Ireland Fund, the Opera Foundation Australia (founded by Lady Fairfax) and the Cochlear Implant Centre, Sydney. 
At one dark stage in the Fairfax annuls, the mother of fallen media boss Warwick Fairfax, suggested after he lost the newspaper empire, that she might have had to sell part of the grounds to pay the land tax and its upkeep.
"Fairwater is safe but what is Fairwater without the garden, it's just another big old house," she said amid the 1990 company stockmarket turmoil. 
Mike Cannon-Brookes and Scott Farquhar, who owns the unencumbered neighbouring home, Elaine, were ranked equal 11th and 12th on this year’s Financial Review Rich List, worth $5.16 billion.
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Fairwater sells for $100 million mortgage-free to Mike Cannon Brookes

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McGrath Estate Agents has provided the stockmarket with an update regarding the renewal of its Sydney Lower North Shore franchise office arrangement.
McGrath has withdrawn its offer to extend the franchise agreement.
It is due to end in April 2019.
McGrath failed to secure agreement with the franchise principals who are listed as Dean Mackie, Piers van Hamburg and David Howe. 
The negotiations seemingly were cordial.
But the decision puts the future of one of the McGrath group's top performers, Michael Coombs in play.
Coombs had equity in the Mosman franchise but sold them back to the principals around 18 months ago.
Coombs has always rated highly with his sales tally among the McGrath agents, although his sales tally hasn't been public since he pulled out of the REB Top 100 ratings two years ago. 
Coombs ranked 26 in 2016 with $276 million in property sales.
In 2015 with 13 year's experience, and three support staff his sales tally was $180 million. There was a $4 million average sale.
Coombs sold 41 properties in 2014 for a $140 million total.
McGrath, which is trading at 29 cents having floated at $2.10 in late 2015, is currently considering the "optimum" structure for the continuation of the McGrath presence in the key markets of Mosman, Neutral Bay, Chatswood and Northbridge.
The cost cutting decision was couched has providing the opportunity of strengthening the profitability for the publicly listed estate agency.
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McGrath opened its first office in Sydney’s Lower North Shore in 1996.
“We have a clear plan to rejuvenate our presence in the region," McGrath chief, Geoff Lucas said.
The shareholders were told by Lucas the LNS profitability had "fallen below expectations in recent years.”
Lucas was among its clients when he sought to find a buyer of his LNS home last year without success.
"McGrath remains committed to servicing its clients for both residential sales and property management," he stressed.
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It is understood McGrath has been negotiating with the principals since last year but could not reach a mutual agreement on any continuity.
Its recent annual results signalled a key FY19 priority was "office growth with a focus on the Eastern seaboard predominately in the franchise network."
Nine Entertainment reported last week that McGrath had "found its feet again with a new board and chief executive."
On floating the network consisted of 22 company owned offices and 53 franchise offices generating revenue primarily through commissions and franchise fees.
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It had 16 offices in 2009, some three years after it opened its first franchise office.
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Franchise services revenue increased by 31 percent to $9.4 million in FY2015. It now stands at $11 million.
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McGrath Estate Agents currently has 95 offices located throughout the east coast of Australia, which consists of 27 company owned offices and 68 franchise offices.
It recently saw the opening of Coburg/Brunswick and its McGrath Land office. Closures have included Bentleigh, Berry, Cairns, and The Ponds in June.
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The majority of franchisees paid an initial fee, as well as continuing royalties of between 6 percent and 8 percent in respect of commissions received on property sales (excluding GST).
The fee is typically 3 percent in respect of property management fees.
In addition to the initial fee and continuing royalties, the majority of franchisees pay McGrath a marketing levy, which is an amount equal to 1 percent of commissions received on property sales (excluding GST), a monthly website subscription fee, a technology and training levy and a fee in relation to the publication of the McGrath magazine.
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The 2015 prospectus advised McGrath’s franchise agreements were typically five years with an additional five year option exercisable by the franchisee.
"No McGrath franchisee has elected not to renewits franchise agreement and move to another franchise network," the prospectus proudly noted.
Just prior to the float the Manly and Seaforth offices were converted from franchise offices to company owned offices.
The head of franchise at McGrath, Gary Vouris at the time the float left the company in 2017 after six years for First National. Now back at McGrath Sutherland Shire, his Randwick Californian bungalow was sold last year by Ben Collier of The Agency, formerly McGrath's top eastern suburbs agent.
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The McGrath Network, which had previously a strong record of retaining its agents, has been hit hard over the past two years with departures.
On its 2015 float, the top 50 Agents within the McGrath Network based on FY2015 GCI had an average tenure of nine years with McGrath or its franchisees, while the top 10 Agents had an average tenure of 12 years.
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McGrath pursuit of strengthened profitability sees end of lower North Shore franchise arrangement

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A converted warehouse in Collingwood - with a Pinocchio mural on its back wall - passed in at weekend auction without any bid.
The truth was there were actually keen interested parties.
The post-auction negotiations involving three parties triggered the former leather goods factory at <a id="LPlnk975300" class="x_OWAAutoLink" href="https://www.realestate.com.au/sold/property-house-vic-collingwood-129936162" target="_blank" data-auth="NotApplicable">54 Sydney Street</a> (above and below) selling post auction at $1.34 million.
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The eventual sale price sat midway between its $1.275 million to $1.4 million price guidance for the three bedroom, three bathroom home on its 170 sqm holding.
It was last offered at $700,000 plus in 2006. 
On the last busy Saturday for auctions before the traditional long summer break, Melbourne's 46.9 percent weekend auction success rate was the best performing capital city result, according to CoreLogic.
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/17/dec17-CL.jpg" target="_blank">to enlarge</a>.
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But the as yet unreported results will likely see the final under the hammer sales rate slip lower, possibly into the 30s as the few buyers remaining in the mid-December market have become more cautious and cagier.
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Melbourne was host to 1,179 auctions weekend auctions.
A $3,075,000 Fitzroy North sale topped the results, according to the Real Estate Institute of Victoria.
The <a id="LPlnk497953" class="x_OWAAutoLink" href="https://www.realestateview.com.au/real-estate/10-alister-street-fitzroy-north-vic/property-details-buy-residential-12255278/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">10 Alister Street offering</a> (below) was marketed as a residence setting "a new benchmark in luxury family living with its stunning design, bespoke features throughout and impressive indoor/outdoor entertaining spaces."
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It had five large bedrooms all with fully-fitted robes, plus five ensuite bathrooms and a guest powder room.
The Nelson Alexander price guidance had been $2.9 million to $3.1 million.
Over the same weekend last year, the Melbourne auction clearance rate was significantly higher with 65.9 per cent of the 1,630 auctions returning a successful result last December.
Canberra was the next strongest weekend market at 46.2 percent.
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There were 717 auctions held in Sydney with preliminary results showing a 43.6 per cent clearance rate. 
Over the same week last year 708 homes were taken to auction across the city returning a clearance rate of 52.7 per cent. 
"It will be interesting to see whether or not the final clearance rate can hold above 40 per cent this week," CoreLogic auction analyst Kevin Brogan noted.
Sydney's eastern suburbs returned the strongest preliminary clearance rate again this week at 65 percent from 43 results, with no other Sydney sub-regions above 50 percent. 
Sydney's top sale was the nation's top sale which came after 11 registrations to bid on a Cronulla waterfront home (below).
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The property at <a id="LPlnk409309" class="x_OWAAutoLink" href="https://www.realestateview.com.au/real-estate/70-the-esplanade-cronulla-nsw/property-details-buy-residential-12253413/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">70 The Esplanade</a> sold through Ivan Lampret of Gibson Partners Real Estate for $3,787,000, the first time it had been listed in five decades.
Brisbane's fringe, the Beenleigh district had the cheapest weekend result, according to Domain, when a three bedroom unit was sold for $145,000.
The <a id="LPlnk429229" class="x_OWAAutoLink" href="https://www.realestateview.com.au/real-estate/unit-14-24-28-albert-street-eagleby-qld/property-details-buy-residential-12246324/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">14/24-28 Albert Street, Eagleby</a> had previously sold in 2009 at $217,000, but was higher this time than its $133,500 sale in 2006.
Eagleby sits along the Gold Coast corridor about 30 minutes drive on the M1 to Brisbane or the Gold Coast.
Brisbane's clearance rate stood at 33 percent. 
Across all the capitals, there were 2,406 homes taken to auction over the week, down from both the previous week when 2,631 auctions were held, and this week last year when 2,890 auctions were held across the combined capital cities. 
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Preliminary CoreLogic results show a national clearance rate of 43.8 per cent this week, increasing from last week’s final clearance rate of 41 per cent, the lowest clearance rate recorded since October 2011. 
One year ago, a clearance rate of 60.7 per cent was recorded. 
"The final clearance rate has revised down below 42 per cent for the last three weeks and given the low preliminary result it’s possible that the final clearance rate may just fall below 40 per cent once the remaining results are collected," Brogan suggested.
"No Christmas cheer here," AMP Capital economist Shane Oliver tweeted after the weekend results.
"Credit tightening, supply surge, lower foreign demand, FOMO becoming FONGO, and tax issues point to more of the same next year," he suggested.
The much-publicised auction of gangland widow Roberta Williams’ former Essendon house failed to occur, but there was a sale.
The townhome at <a id="LPlnk366904" class="x_OWAAutoLink" href="https://www.realestateview.com.au/real-estate/82-primrose-street-essendon-vic/property-details-sold-residential-12247259/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">82 Primrose Street</a> (below), which had been owned by her former father-in-law George Williams, had been listed with a reserve price of $750,000 by the Australian Tax Office to recoup his debts.
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The auction was cleared to go proceed after a last-minute legal challenge from Roberta Williams.
The listing agent David Vaughan of Nelson Alexander confirmed the pre-auction sale but would not disclose the price or buyer.
Next weekend Melbourne has just the 160 scheduled auctions, although many will not take place, being scheduled so close to the festivities.
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While homes are still changing hands, the Melbourne auction market seems set to finish with its worst run since CoreLogic auction records began in 2008, amid the global financial crisis downturn.
Last weekend marked the first time every sub-region across Melbourne had failed to top 50 percent, although the inner south bucked the trend this weekend with a preliminary 57 percent success rate.
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Auction buyers are increasingly cautious and cagey

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Bowen Basin, after several years of property price reductions, appear to have finally turned the corner.
Just two years ago Bowen Basin landlords were struggling with millions of dollars' worth of unpaid rates amid the mining downturn, forcing local councils to consider repossessing homes.
The Central Highlands Regional Council based at Emerald, west of Rockhampton, was looking to repossess more than a dozen homes to pay down debts.
But this year CoreLogic found that Bowen Basin dwelling values have grown the most of any mainland district - some 14% over the past 12 months.
This ranked the best property price growth of any SA3 mainland region.
Sales this year kicked off when $95,000 was paid for 23 Acacia Street, Blackwater.
It had previously sold for $90,000 in 2009, suggesting prices above their last sale price were possible.
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A clear example of Bowen Basin's changing fortune is 7 Luck Place, Emerald (pictured above).
The three bedroom one bathroom home sold earlier this month for $180,000.
It was a $70,000 increase on it's December 2017 mortgagee sale price of $110,000.
Set on a 751 sqm block, the house has yet to be reach it's 2005 sale price of $215,000.
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Also indicative of the dwelling price growth in Bowen Basin is 1/28 Saville Street, Emerald (pictured above).
The three bedroom two bathroom apartment saw a price increase of $77,000 from it's 2016 mortgagee sale when it sold for $190,000.
Sold most recently for $267,000, the property is still short of it's 2008 sale of $342,500.
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Bowen Basin property prices finally recovering from mining downturn

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Purplebricks shares fell almost 13 percent on Thursday after the company reported its interim results in London overnight.
The Australian operating loss of A$10.2 million in the first half includes one-off costs in connection with the recent restructuring and re-positioning of the business. Some further one-off restructuring costs are also expected in the second half of the year, although it is now expected that second half losses will be below those reported in the first half.
Purplebricks said it had “experienced some challenges in Australia" that had "stunted growth."
Its investment in Australia to date was put at £28 million, almost $A50 million.
It was September 2016 when it officially launched in Queensland and Victoria. In January 2017 it launched in NSW, followed in March and April in Perth and Adelaide respectively.
It reported its Australian operations had experienced "a tough period driven by external and internal factors which stunted growth."
Despite this its revenue growth was 40 percent.
In October there was a 38 percent growth in new instructions compared with September in Australia.
"While reporting strong growth in Australia, the underlying performance was held back by market conditions and some operational issues, which we have taken steps to correct with changes to the team, customer proposition and business model," it told shareholders.
Overall first-half losses have more than doubled at the international online estate agent.
The UK operations of the company are profitable, but globally losses continue to mount, more than doubling from a year ago.
It noted that its international business now makes up 31% of Group revenue,
Purplebricks made a pre-tax loss of £27.3m in the six months to 31 October, up from £11.4m in the equivalent period last year. The company is listed on the AIM junior stock market.
The company said they anticipate profitability <a href="/news/purplebricks-australia-sees-profitability-within-next-year">within the next year.</a>
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/14/Purple5.jpg" target="_blank">to enlarge.</a>
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The real estate agency said international group revenue was up 75% to £70.1 million, compared to £40.1 million reported a year previously.
UK revenue increased 39% to £48.3 million, with UK ancillary revenue up 25% in the six months to 31 October.
The tough conditions in the UK market are already claiming casualties, with Purplebricks rivals Emoov and Tepilo going into administration earlier this month.
Michael Bruce, Group CEO, commented Purplebricks would "emerge stronger from the ongoing industry shakeout." 
“Purplebricks has led industry change and through our strategy of relentless innovation will continue to do so.”
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/14/Purple6.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/2018/12/14/Purple6.jpg" alt="">
The company reported it makes an average of £1,209 in revenue for each instruction it receives from a UK home seller.
A spokesman said that against this figure are admin costs of 18.5 per cent of revenue, and marketing costs of 28 per cent. So for an average £1,209 coming in from a UK instruction at least £562 of costs would be incurred on average.
The online real estate agent was founded back in 2012. It debuted on the junior AIM market of the London Stock Exchange back in December of 2017.
The firm turned its first ever profit in December 2016, with earnings of £300,000 in the six months to October end.
Since then, Purplebricks has gone on to expand its operations to the U.S and Australia.
Shares in the company are currently trading -10.67% as of 13:06 PM (GMT).
The fall in Purplebricks’ share price has been of the order of 60 percent this year.
Purplebricks changed its business model in Australia its first overseas market, when raising fees and making half the figure payable only on completion of a sale which was a departure from its UK model, where vendors pay whether or not a house sells.
Shareholders were told the underlying Australian results "testify to the challenges in the first few months of the period but are too early to show the benefits of the recent changes in the customer offering and reward for LPEs."
"One such change has been the removal of the salaried position of Local Sales Assistants.
"Combined with other changes the number of monthly instructions required to reach breakeven has been substantially reduced."
Bruce said a similar change in the UK was “not on the agenda”.
Earlier this year Purplebricks said they were unhappy with the <a href="/news/purplebricks-lashes-out-at-negative-australia-media-reporting-as-unhappy-agents-keep-departing">negative reporting in the Australian media</a> leading to agents leaving. 
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Purplebricks Australian operations admit "some challenges" stunted its growth

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Goldman Sachs has claimed fears around a home lending credit crunch, the housing "bust", the ALP housing policy and excessive apartment overbuilding, won't be realised.
Its commentary comes in a report that concludes that Labor will likely struggle to fully implement its feared housing policies should they win government next year.
The economists, Andrew Boak, Bill Zu and William Nixon especially questioned whether Labor would be able to pass the capital gains tax measures through the Senate.
"We are somewhat sceptical of the ability of the ALP to pass changes to the capital gains tax arrangements through the Senate given the likely make-up of the cross-bench – which in our view is the most impactful aspect of the reform package (as opposed to the changes to 'negative gearing')," they said.
The Labor opposition's proposal to limit negative gearing tax breaks to new housing investments would only lower an investor's return in the event of little or negative capital gain on dwelling values, the economists wrote in a report titled, Fear vs. Fundamentals.
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/12/Goldman1.jpg" target="_blank">to enlarge</a>.
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Bill Shorten announced Labor's plan to curb negative gearing and capital gains tax concessions in early 2016, saying it would stop a $10 billion tax subsidy to leveraged-up investors with big portfolios who were driving up prices and driving poorer first-time buyers out of the unaffordable housing market.
The Goldman Sachs report noted the impact from the proposal to cut the capital gains tax deduction from 50 per cent to 25 per cent would have a greater impact.
"The changes make property investing less attractive from a cash flow perspective, but negatively geared rental properties are already an unattractive asset from a cash flow perspective.
"The impact of the lower capital gains discount is somewhat more important, but we note this only binds when price growth is positive.
"This means that, from an individual's perspective, leveraged property investment will remain attractive if property prices are expected to rise and unattractive if prices are expected to remain flat/decline – regardless of the ALP's proposed changes."
Their report suggests the CGT policy would in total reduce the return by about a quarter over the average annual return of an investment.
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/12/Goldman2.jpg" target="_blank">to enlarge</a>.
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"In our view, while there is a kernel of truth to many of the popular narratives, a close inspection of the data suggest most are overly negative," the report advised.
"That said, we acknowledge the housing market presents a clear downside risk to our fairly upbeat 2019 outlook – including our expectation that the RBA will raise rates in late 2019."
It noted tighter credit rules did not constitute a "credit crunch" that typically happened when banks became unable to lend.
"The value of finance approvals to investors in NSW and Victoria continues to fall sharply, but is little changed elsewhere; while the number of finance approvals to owner-occupiers remain fairly elevated in NSW and VIC (albeit a bit weaker) and mixed in other regions," the economists said.
"In our view, this remains broadly consistent with our earlier view that the primary driver of softer loan approvals over 2018 has been lower demand from investors – driven by a normalisation in expectations for capital gains in Sydney and Melbourne."
Tighter scrutiny of mortgage applicants' expenses was slowing approval times, but the effect was likely to be temporary, they said.
Click here <a href="https://www.propertyobserver.com.au/images/2018/12/12/Goldman3.jpg" target="_blank">to enlarge</a>.
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"This slower processing period may well take a few months to wash through and cause some temporary distortions in the interim," they said.
"The evidence that supply-side credit tightening is significantly worsening is not compelling to us."
They also suggested they did not see widespread stress as interest-only loans converted to principal-and-interest mortgages requiring higher repayments.
The greatest risk to housing demand and housing construction, would come from severe immigration cuts, the report said.
"In our view, the much more material risk to both the underlying supply/demand balance and the level of construction activity would be a significant reduction in population growth."
"We note Prime Minister Scott Morrison recently proposed to reduce Australia's annual permanent migration quota by up to 30,000 per annum (or about 15 per cent) and redirect new migrants away from Sydney and Melbourne.
"While formal changes are yet to be made – and the impact on population growth of this proposal would likely be negligible given (i) actual permanent migration is already below the current cap, and (ii) the measures don't address the large amount of temporary migration – the increasing political focus raises the possibility of a more substantial policy shift in the future."
Boak advised while housing does present a real risk to the Australian macro outlook, he believes "the doomsday chatter" is inconsistent with the underlying data.
"Our conclusions may not be as dramatic as some out there – but hopefully the focus on the data brings some balance and perspective to the debate," he suggests.
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Labor unlikely to get all its feared housing policies through Senate: Goldman Sachs

<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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