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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>
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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.
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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

One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

Jonathan Chancellor

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