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McGrath’s most difficult days are behind it, according to the listed McGrath estate agency boss Geoff Lucas.
But the board will not pay a final FY18 dividend saying McGrath’s dividends will be reinstated as soon as it is deemed prudent.
“With the new board and senior leadership team settled in, the last quarter of FY18 saw the beginning of a period of stabilisation, and we are in the midst of a business turnaround.
"We are already seeing good progress in culture and agent recruitment, and critically we are seeing some strong sales results within our key markets,” Lucas maintained.
However weak real estate industrywide conditions impacted sales volumes.
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And their revenue was impacted by many internal factors including lower agent numbers and a decline in offices, particularly within the franchise network.
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Agent numbers were down 99 to 558 with 8,065 sales from franchises during FY18 compared to 8,337 sales during FY17.
The number of company-owned offices declined to 26 from 28 over FY18.
The number of franchisee offices decreased to 69 from 74 in the prior year. 
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There was a slowdown in the project marketing business with tightening regulatory conditions impacting investment demand.
There was also lower numbers of properties under management in the company owned network.
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Managed properties declined to 7,215, driven by challenging conditions across the East Coast residential market.
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The number of Oxygen Loans settled were at four year lows. 
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At the end of FY18 there were 31 mortgage brokers supporting the network, a decline of five.
Even its industrywide AREC conference didn't exceed past record attendance levels.
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The update to shareholders unveiled snippets of the strategy to turn the business around pinpointing a desire for agency growth in Victoria, Queensland and Western Sydney.
"Due to the difficult market conditions, lower sales volumes, and the departure of some of McGrath’s sales agents over FY17 and FY18, group revenue was down 23 percent to $99.2 million (compared to FY17)."
The lower revenue reduced underlying EBITDA to $5 million (before $4 million of one-off costs and $59.4 million of goodwill impairments), achieving market guidance.
"The ability of the business to generate positive earnings even after a $30.2 million reduction in revenue is testament to the robustness of the McGrath brand and position in the real estate industry," Lucas said, after a tumultuous year.
"The current property market conditions are challenging," he said. The revenue of company owned agents was down 32 percent.
"We will be concentrating our growth in predominantly franchised offices along the eastern seaboard, with particular focus on Victoria and Queensland.
"We will also be strengthening our presence in our existing company owned offices with an additional focus on the growth precincts around Western Sydney”, he added.
''We do believe the most difficult days are behind us, notwithstanding the current challenging residential market,'' Mr Lucas said.
The press release advised the new board and management team had put in place an operational plan that is "stabilising" the business, with early signs of positive momentum repositioning the business for a return to growth.
The shares were trading at 38 cents, edging up to 40 cents during morning trade having been floated in late 2015 at $2.10.
The FY18 (vs FY17) results overview:
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  Revenue down 23% to $99.2 million
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  Reported results reflect the impact of one-off restructuring costs ($4 million) and impairment charges ($59.4 million) – EBITDA of $1.0 million, and loss after tax of $63.1 million
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  Underlying EBITDA of $5 million; achieved guidance
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  Balance sheet with no debt and $10.9 million cash
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  After the departure of some of McGrath’s sale agents, market share based on value was constant at 3.1% (source: CoreLogic, 30th June 2018).
 Over $12 billion of properties were sold by McGrath in FY18 with property sales volumes decreasing 14% to 11,067, impacted by the reduction in the number of agents.
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During the reporting period, the board announced a number of changes to its composition which included:
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  the resignation of Non-Executive Directors Cass O’Connor, Elizabeth Crouch, Nigel Dews and Cath Rogers;
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  the appointment of independent Non-Executive Directors Peter Lewis and Andrew Robinson; and
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  the appointment of Non-Executive Director Wayne Mo. John McGrath is not considered independent as he is an executive director and Wayne Mo is not considered independent as he is the CEO of AL Capital, a substantial holder of the company via Aqualand.
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jchancellor-FAypfDUnLy

McGrath Group revenue down 23 percent as estate agency says most difficult days are behind it

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A newly completed Washington Street, Toorak penthouse which came with initial $20 million hopes has been sold, reputedly at a still impressive $16 million plus.
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The 1000 sqm space atop Orchard Piper’s luxury development boasts pool, yoga room, sauna, and 1300-bottle wine cellar.
The three bedroom penthouse is accessed via private lift from its four car garaging.
One of six residences in the development, its occupies the entire third floor.
<div id="unruly-publisher-marker__inArticle">It was marketed by selling agent Marcus Chiminello of Marshall White as “without peer in Toorak.” It sold to a local downsizer at what was nearly double the previous $8.2 million Toorak record.</div>
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<div>The lower level sales ranged from $4.1 million to $6.8 million with buyers including members of the Smorgon, Nitschke and Iglicki families.</div>
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<div>The $25 million Melbourne apartment price record remains with the Australia 108 penthouse in Southbank, sold offshore and off the plan in 2015.</div>
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<div>This article was first published in the Weekend Australian.</div>
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Washington Street, Toorak penthouse sold for $16 million plus

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Residential project marketer Ausin China has collapsed leaving a trail of 100s of failed property settlements in Australia.
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Ausin China sold off-the-plan apartments and houses to buyers in China, with an investigation now underway into the whereabouts of the deposits along with settlement monies.
Jin Tianyou, aka Harry Jin, who was in charge of running the Ausin China offices, is allegedly being sought by authorities.
Video of hostile graffiti painted on the lobby walls of its Shenzhen office on Wednesday (below) have been circulated on WeChat, alleging "Ausin money launderer" and "black intermediary."
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The confirmation of the official investigation came after Chinese speculation that "the funding chain has broken." An August 15 letter to staff and others affected suggested "seven solutions" after the so-called "rogue" behaviour.
Staff were told "because the company faces serious financial difficulties, the salary of the colleagues in July needs to be delayed."
Ausin Australia, led by founder and chief executive Joseph Zaja, indicated on Friday there was evidence of fraud and the matter has been reported to the Australian police.
Zaja has cancelled licensing agreements with Jin.
"We have zero tolerance for any misappropriation of funds or corrupt behaviour," Zaja said.
Zaja confirmed that around 8000 properties have been sold during the near decade long agreement with Shenzhen Ausin Investment Consulting Co. Ltd., which was licensed to use the Ausin brand in China.
Jin ran all the China offices under a marketing and client referral agency agreement with Ausin Group.
Ausin's China business was a separate entity to Ausin Australia. Jin resigned his Australian directorship earlier this year. The Australian Financial Review says Jin is still registered as a shareholder.
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A Chinese website has reported the relationship between the Australian headquarters and China outfit had "become tense" from 2015 in regard to a "truncation" of commission flow.
Ausin Australia has advised that Ausin China was "expressly prohibited from the collection of any funds", although allegations have surfaced that deposit funds were paid directly to Mr Jin.
The most recent appearance of Jin was in April at a press conference in China.
In attendance were representatives from some of the biggest media channels in China, including Tencent and Sina Weibo.
The event was marked by a speech from Harry Jin, managing director of Ausin China.
It has been advised the collapse leaves a trail of 130 failed settlements of houses and apartments in Australia across 15 projects in Sydney, Melbourne and Brisbane. 
There have also been reports in China of "disguised exchanges."
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"There will be some initial concerns from Chinese buyers because Ausin is the biggest known Australian apartment agent in China," project marketer CLG Group Real Estate managing director and former McGrath Asian business development manager Allen Yan said when asked about the likely fallout.
"A lot of people believed them and trusted them.
"The collapse will hurt their confidence, but only in Ausin as an agent," Yan told the AFR.
House and land projects reportedly among the projects where settlements have been lost have been suggested as <a href="/news/eig-developments-affirms-elpis-truganina-buyer-deposits-secure-in-australia">Elpis by developer EIG</a>, Williams Landing by Cedar Woods, and Willow Pimpama Village in south-east Queensland region.
The Australian-based Apartmentdevelopments website proclaims Ausin Group as one of the leading partners for major Australian developers for project sales and marketing into China and Australia.
It suggests Ausin was "the first choice business for mainland Chinese sales" for listed companies including Mirvac, Stockland, Leighton Properties, Cedar Woods, SP Setia and Lend Lease.
Ausin's other developer relationships were listed as including Sunland, Metro Properties, Rose Group, Crown, Glenvill, Satterley, Little Projects and Intrapac.
In 2015 Property Observer reported Ausin Group had opened two new offices in China to cash in on the growing demand from China buyers for new Australian properties.
The offices in Dalian and Chengdu took its total number to 15 offices in China.
At the time it was noted Ausin employed over 500 staff working across Sydney, Melbourne, Brisbane, Auckland and London.
The group also offers accounting, property management and migration visa services.
Uglobal Immigration Magazine recently recognized the global investment migration industry’s most influential and powerful leaders with the distinguished Top 100 Global Migration Agency CEOs Awards including Ausin 澳信, Shenzhen, China, and its CEO, Yanqin Zhu.
 
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Property deposit funds allegedly misappropriated ahead of Ausin China collapse

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The Royal Commission has heard the unpaid, unsolicited endorsement of Scott Pape, the Barefoot Investor, has created a $2.5 billion boost for the funds under management held with industry super fund, Hostplus.
The revelation came during proceedings of Kenneth Hayne's royal commission, when HostPlus chief executive David Elia referred to the "Scott Pape" effect, which, he divulged, had resulted in a $2.5 billion funds under management influx.
"The fund has actually grown by $14 billion over the course of the last two years," Elai told the commission.
"The Scott Pape effect... that accounts for about $2.5 billion.
"So if you take out the Scott Pape effect in terms of funds under management, there’s about $11 and a half billion dollars of growth that’s largely attributable to – well, it’s attributable to a number of things, investment performance.
"Hostplus, for the year ending 30 June 2017, delivered a 25 rate of return – I think it was – we were the best performing fund of 13.2 per cent."
In his last book, Pape points out he shut down his SMSF to instead invest in "the lowest cost fund in the world", the Hostplus Indexed balanced Fund, which charges a management fee of 0.06 per cent to track the ASX200 combined with a similar, indexed approach to global stocks. 
"This boring fund has beaten the pants off most stock-pickers", he wrote. 
His Barefoot Investor book also revealed he also invests in ChoicePlus', a HostPlus funds that lets you pick the specific investments within your superannuation portfolio.
The commission also heard Elia's testimony on corporate hospitality spending.
Elia said it was a necessary evil and absolutely met the legal requirement for superannuation funds to act in the best interests of members.
Hostplus spends hundreds of thousands of dollars entertaining employers at the Australian Open each year, the commission heard.
The bill for the tennis last year came to $260,000, which equated to less than 1¢ per member per week, Mr Elia said.
Hostplus gets most of its new members because it is listed as the default fund in workplace deals. 
Counsel assisting the commission, Eloise Dias, said the regulator had raised concerns about Mr Elia's spending after a report from a whistleblower.
The royal commission is examining whether spending on advertising and sponsorship is in the best interests of members.
Hostplus fees are comparatively low, at $87 a year, or $1.50 week, but its members have low balances vulnerable to erosion by fees and insurance premiums.
A review by Rice Warner in 2017 found claims by Hostplus members aged under 25 are very low and as a cohort they are "over-insured", Ms Dias said. 
Pape recommended Hostplus twice in his recent 280 page The Barefoot Investor book pointing to his own membership.
He mentioned he and his wife used to have a self-managed super fund (SMSF)..."because that's what wealthy, sophisticated people do, right?"
One of the reasons he shut it down was that he wanted simplicity.
"I love investing. But Liz? Not so much.
"And given that she's younger than me, and fitter than me, the chances are she'll outlive me. And an SMSF would be a technical and administrative nightmare for her."
The other key reason for snapping his own fund was Paps reckoned he'd found the lowest cost fund in the world
"It's also been one of the top-performing funds over the years.
"It's the Hostplus Indexed Balanced Fund, and it charges a tiny investment management fee of 0.02 per cent.
"In other words, 2 cents for every $100 invested (plus a $78 a year admin fee).
"There's no minimum balance," Pape noted.
Pape made his views known under the headline: The SMSF Lite that I use
He noted he had SMSF Lite with Hostplus (because he was already invested in their ultra-cheap Index Balanced Fund for his super).
"They call it 'ChoicePlus'. and it allows you to invest in any of Australia's biggest 300 companies on the stock exchange, together with a range of term deposits and ETFs." 
ChoicePlus needs a minimum of $10000 to kick things off, and costs $180 a year, "versus thousands for a traditional SMSF from an accountan," Pape advised.
By combining ChoicePlus with the Indexed Balanced Fund, Paps suggested he got the best of both worlds: "the cheapest super fund in the country together with the opportunity to pick and choose my own shares!" 
Property Observer noted HostPlus was recently named as the top performing super fund over three, five, seven and fifteen years.
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Unpaid, unsolicited Scott Pape endorsement triggers Hostplus bonanza 

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The Birdsville Hotel, one of the most well-known tourism pubs in Australia, is back on the market.
Offers for the hotel, built in 1884, are sought by September 20.
One of Queensland's most famous watering holes, the Birdsville Hotel has survived floods, heat waves and fire, set at the edge of the Simpson Desert.
Birdsville was settled by pioneers in the early 1860s and in the 1880s the hotel became the central meeting place for town residents, nearby station owners and their thirsty cattle drovers. 
The sale will include the hotel and its 27 rooms motel accommodation.
It will also include the liquor licence, goodwill, intellectual property, business name, plant and equipment and stock in trade.
There are two detached residences, an industrial block and an aviation fuel supply business operated by the current hotel owners on offer.
The sale campaign is being managed by Russell Iles and Guy Bennett of Knight Frank, in conjunction with Darren Steele of Steele &amp; Associates Hotel Brokers. 
The current owners bought the hotel in 1980.
The hotel manager Ben Fullagar suggested there had been "a huge amount of work over 38 years to build the brand and totally rebuild the entire premises."
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The town of Birdsville is located in outback Queensland, on the edge of the Simpson Desert 1,600 kilometres from Brisbane.
The Birdsville Hotel is well regarded outback tourism destination having won tourism awards including Queensland's best outback pub for three consecutive years.
Its annual races are in a fortnight's time, run on the first Saturday in September.
It attracts thousands of visitors during school holidays and mild winter months. 
The boozy Birdsville image annoys many locals, especially the heroines of the outback. 
Mr Steele said he expected the iconic hotel offering to be highly sought after by buyers from around Australia, as well as internationally.
“It’s a true Aussie icon, and one that many people around the world have heard of, so we anticipate there will be interest from investors and those looking to own and operate their own hotel in Birdsville."
The tourism sector in Queensland is strengthening, with international visitors up by 5.5% and domestic visitors up by 2.6%, with spending around 6% more in the year ending March 2018, according to Tourism &amp; Events Queensland.
Birdsville is accessible by road as well as a sealed airstrip adjacent within walking distance from the hotel. 
Light planes ceased to park in front of the hotel in 1964 because fences and street lights had been erected.
The hotel was on the market in 2007 as well but reported offers of up to $5 million were not enough to make the Fort family, the long time owner, part with the Birdsville property.
Knight Frank’s Guy Bennett told the local paper that what was on offer now was a “very different proposition” to 2007.
It was former Adelaide builder Kym Fort who took over the hotel when it was a fire-ravaged shell with its only working part a makeshift public bar.
He used his construction skills to restore one of Australia's most famous pubs which he co-owned with four silent partners.
 
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Time gentlemen please! The Birdsville Hotel seeks new publican after 38 years

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Lleyton Hewitt will be interested when the undisclosed sale price emerges for a nearby Toorak home sold while currently under construction.
The mid-week sale was a <a href="https://www.realestate.com.au/sold/property-house-vic-toorak-127654494" target="_blank">Christopher Doyle-designed home</a> with five bedrooms and four bathrooms across three floors.
The 723 square metre holding on completion will have five car spaces in the basement.
The home was sold through Marshall White.
The Davis Cup coach Lleyton Hewitt and wife Bec spent $12.7 million on a similar new build Georgian style residence on one of Toorak's finest boulevards in 2017.
Their new Georgian style residence was by Peter Johnston's Royale Constructions.
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Spec-built Toorak trophy home sold before completion

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Ray White's top pub broker and its No.1 sales agent globally, Andrew Jolliffe, has quit selling under the Ray White Hotels brand after almost eights years.
He is now working under the HTL moniker.
The new boutique brokerage firm HTL stands for Hotels, Tourism and Leisure Property.
The Shout website says it ends "months of speculation." 
The hotel and pub broker has teamed up with former CBRE national pubs director Daniel Dragicevich in the new brokerage outfit.
The pair, who have been co-agents on numberous pub deals, have already sold Sydney's Vauxhall Inn to Moelis-owned Redcape for more than $40 million and sold Redcape's Belrose Hotel for more than $20 million over the smooth transition. 
The Australian Financial Review excitedly reported "Jolliffe has almost single-handedly decimated the Ray White sales team."
He has Ray White Hotels agents Glenn Price, Mark Bullock, Grant Bailey, Blake Edwards and Xavier Plunkett at HTL along with Vikki Bush and Rebecca Buckman.
The move was however cast in a positive light by Ray White when announcing <a href="/news/ray-white-remuera-beats-out-double-bay-again-but-gavin-rubinstein-takes-the-top-residential-spot-for-sixth-time">its 2017-2018 award winners</a> last Sunday night with 2,500 attendees from across the entire group.
Andrew Jolliffe was the group’s top performer for gross settled fees.
"Mr Jolliffe has since repositioned his business to HTL, in partnership with the White family and Daniel Dragicevich and together they have enjoyed a tremendous start," the Ray White press release advised.
HTL Property was registered in May as a business name with ASIC. Its office addresses are the same as Ray White offices.
In ASIC documents, Ray White Hotels (NSW) Pty Ltd and Ray White Hotels Pty Ltd are listed as its HTL's business name holders in the joint venture.
The new HTL website's legal and privacy links lead directly to formal Ray White websites. Ditto the HTL google +, Twitter and linkedin all connect to Ray White social media outlets.
The former raywhitehotels.com.au website leads directly to <a href="https://htlproperty.com.au" target="_blank">HTL</a>.
Andrew Jolliffe was awarded the major individual honours at the annual Ray White Commercial awards for the fourth consecutive year.
Jolliffe quit selling as Ray White Hotels saying he had the "great satisfaction of enjoying top billing for the third year" at Ray White, which was "only surpassed by the unqualified affection I hold for the family owned company that has provided me with such a phenomenal launching pad".
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He said he believed the brokerage landscape was "ripe for an agile organisation to consolidate top-level talent".
Ray White Group director Dan White said in 2017 that Jolliffe's product knowledge was second to none.
"Andrew always put his clients in the best position to make the best decisions. His attention to detail is flawless. He knows his market intimately and therefore he communicates opportunities frequently to his clients," he said.
Dan White put out <a href="https://www.youtube.com/watch?v=lEFTg3xbWec" target="_blank">a video</a> on the transition indicating HTL would be a division of Ray White.
"When the culture of an organisation creates a platform where everyone pushes and pulls in the same direction, it can become quite intoxicating in terms of the availability of success for those involved," Jolliffe said on receiving the 2017 award.
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Top pub broker Andrew Jolliffe quits Ray White branding

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The Full Federal Court has handed down judgment in the appeal by Aussiegolfa Pty Ltd (in its capacity as trustee of the Benson Family Superannuation Fund (BFSF) which clarifies SMSF rules regarding the sole purpose test. 
The Court held that the primary judge was incorrect in concluding that the leasing of a property held by the sub-fund to a child of a member of the BFSF was a breach of the ‘sole purpose test’. 
It related to a $104,000 student residential property in Melbourne's Burwood.
DomaCom had entered into a leasing and managing authority with Student Housing Australia for the leasing of the Burwood Highway property. The first two longterm tenants of the studio apartment were persons unknown, and unrelated, to the Benson family, but then Student Housing Australia agreed to lease an apartment to a daughter of the Benson family with the lease at the same $869 monthly rental as had been paid by the first two tenants. 
The DomaCom chief Arthur Naoumidis has welcomed the decision.
"DomaCom is very pleased to have the court confirm that it was not a breach of the sole purpose test when a related party of the BFSF rented a property held by the DomaCom Burwood sub-fund.
"We believe that this finding, on its own, represents a milestone for the SMSF industry.” 
DomaCom supported the action against the Commissioner of Taxation in the Federal Court hoping a ruling would confirm that SMSFs can invest in property sub-funds where the tenant of the underlying property is a related party of the SMSF.
The court heard it was in 2015 that the Benson family fund made a decision to invest in student accommodation and other ‘relatively low-cost, relatively high-return’ opportunities through a DomaCom sub-fund with a return of approximately 6.5%. 
The decision to lease the Burwood property to the daughter was not made until 2017.
The appeal judges' ruling noted four reasons why the finding made by the primary judge was in error.
But the Court also held that the primary judge was correct to conclude that the units held by Aussiegolfa Pty Ltd in a sub-fund of the DomaCom Fund constituted an investment in a ‘related trust’ of the BFSF. 
“In relation to the related trust determination, we are reviewing the comprehensive judgment with our lawyers and will make a further announcement about the effect, if any, of the decision on the DomaCom Fund.
The DomaCom Fund disclosure documents have been amended significantly since the Burwood sub-fund was created in 2015.
"Accordingly, we will analyse the effects of the judgment on sub-funds created using the current version of the DomaCom Fund constitution and disclosure documents," Arthur Naoumidis said.
"If our analysis determines that it is necessary, we will consider amending our constitution and disclosure documents to address this issue with respect to future sub-funds.” 
MT Flynn QC and Dr J Glover were counsel for Aussiegolfa Pty Ltd.
DomaCom launched Australia’s first online platform (registered as a managed investment scheme) to provide a property investment solution for the SMSF market and other long term investors through the fractional acquisition of units in a unique trust structure that enables investors to gain exposure to the property they select.
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Residential and commercial property Australia wide can be accessed in this fund, sourced from a variety of vendors and developers.
DomaCom is Australia's leading property crowdfunder. It allows anyone to <a href="/expert-insights/crowdfunding-into-property-domacom-explains">invest a little or a lot</a> into property investment. 
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DomaCom secures stronger SMSF footing after Federal Court decision

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Joe Dolce, the writer and performer of Australia's biggest selling single, has reduced his price hopes for his weekender in Victoria.
It is the former Natte Yallock Uniting church.
The property, 200 kilometres north-west of Melbourne, has been under the ownership of the Shaddap You Face singer and his artist wife Lin van Hek for the last 23 years costing $32,000.
They were initially seeking $385,000 late last year, and now they're happy to take $345,000 through Elders Avoca agents Elizabeth and Heathcliffe Teal.
The property was built from handmade bricks in 1904 by the Natte Yallock community. The galvanised iron roof still covers the property.
The interior is still a canvas for any style, the marketing suggests.
Dolce shot to fame with his 1981 hit Shaddap You Face, which remains Australia's biggest-selling single, even outselling Up There Cazaly and Slim Dusty's Pub With No Beer.
This article first appeared in The Weekend Australian.
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Natte Yallock church listed for $345,000

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After just seven days on the market, 25 Monomeath Avenue, Canterbury found a buyer mid-week.
<div>The Chinese vendor secured $8,188,000, having done very little to the house that cost $4,812,790 in 2013.</div>
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<div>The 1868 sqm battle-axe block with an early 1990s one storey brick home sold to a buyer from Macau through Louis Lin at AVE Real Estate.</div>
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<div>Now replaced by European chateaus, few of its Edwardian era homes remain along the avenue lined with beautiful oaks planted from the day when the road was made in 1911.</div>
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<div>While the sold property does not come with noteworthy former political links, such has Hamer and Peacock, it was the home of John Mott, whose family founded the Melbourne newspaper chain Leader Associated. Mott bought bought the home shortly after the 1986 sale of his stake in the Herald &amp; Weekly Times.</div>
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<div>The avenue's record price of $13,188,000 was set in 2015 with a purchase by Qiuying Sun with other sale prices also coming with the lucky 8 number. </div>
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<div>There was also a $12.08 million sale when Yi Qian purchased a three level Phillip Mannerheim designed trophy home, with lift-access from its eight car basement. The six bedroom, six bathroom home came with interiors designed by the late Stuart Rattle, within Paul Bangay gardens. </div>
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<div>There was a $8,000,888 sale in 2010, though it was not to a Chinese buyer.</div>
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The $8,188,888 Monomeath Avenue, Canterbury trophy home

<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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