<p data-end="364" data-start="111">The importance of 10-year Latent Defects Insurance was not lost on first home buyers Mason Davis and his partner Chloe, who recently secured an apartment at Infinity Park in Norwest, which came with the sought-after insurance policy offered by Resilience Insurance.</p>

<p data-end="618" data-start="366">The couple found it “hugely reassuring” compared to other new developments. It is the only project in the area offering a 10-year policy that protects purchasers from any structural or waterproofing defects for 10 years post-completion of the building.</p>

<p data-end="618" data-start="366">[smartcode_project:default project_id=94408 project_image_fid=360032]</p>

<p data-end="704" data-start="620">Developer Haitchin Group is approaching completion of the 290-apartment development.</p>

<p data-end="925" data-start="706">Robert Tasevski, General Manager at Haitchin Group, says they are seeing buyers place a high value on certainty, certainty of build quality, certainty of delivery timeframes and certainty around what they’re buying into.</p>

<p data-end="1128" data-start="927">“Being able to offer a 10-year Latent Defects Insurance policy, alongside a project that is nearing completion, provides a level of reassurance that’s increasingly important for first-time purchasers.”</p>

<p data-end="1128" data-start="927">[smartcode_project:default project_id=94408 project_image_fid=360040]</p>

<p data-end="1272" data-start="1130">Another key driver in Mason and Chloe’s purchase was the proximity to Norwest Metro, which they called a “game-changer” for living in Norwest.</p>

<p data-end="1688" data-start="1274">“The extended Sydney Metro Line is a game-changer for the area, providing greater and faster connectivity from Norwest to the CBD,” Davis said. “The reduced commute times to the CBD and other major business hubs have made Norwest highly attractive from an investment perspective. People can now get to Sydney’s CBD in just over 30 minutes, which for those who rent or live here is important for work-life balance.”</p>

<p data-end="1688" data-start="1274">[smartcode_project:default project_id=94408 project_image_fid=360002]</p>

<p data-end="1998" data-start="1690">PRD Norwest Director David Inkster noted that several buyer types, what he describes as ‘investor-occupiers’ like Mason and Chloe, those who invest now and plan to live in the apartment in later years, have been securing apartments based on forecasts of capital growth in properties surrounding Metro stations.</p>

<p data-end="2302" data-start="2000">“We’re seeing a growing cohort of buyers who are happy to invest now with the intention of living in the apartment later,” Inkster said. “The Metro has fundamentally changed how people view Norwest, reduced commute times and improved connectivity are driving stronger long-term confidence in the area.”</p>

<p data-end="2622" data-start="2304">Recent research supports this view, with data indicating that apartments located along the North West Metro Line have outperformed comparable suburbs over the past decade. Improved transport connectivity has been a key driver, alongside population growth and increasing demand for higher-density housing near stations.</p>

<p data-end="2622" data-start="2304">[smartcode_project:default project_id=94408 project_image_fid=360033]</p>

<p data-end="2709" data-start="2624">Construction of the 290-unit development by Haitchin Group is approaching completion, and will welcome buyers in mid-2026.</p>

<p data-end="2931" data-start="2711">When completed, <a href="https://www.apartments.com.au/new-apartments/infinity-park-residential-8-maitland-place-norwest-nsw-2153">Infinity Park</a> will comprise three residential buildings: the 25-storey Marque tower and two low-rise buildings, Alpha and Omega, delivering a mix of one-, two- and three-bedroom apartments and penthouses.</p>

<p data-end="2931" data-start="2711">[smartcode_project:default project_id=94408 project_image_fid=360043]</p>

<p data-end="3116" data-start="2933">The development also includes a seven-storey commercial building opposite the residential precinct, featuring strata commercial suites and a rooftop dining venue by chef Joshua Mason.</p>

<p data-end="3502" data-start="3118">The residential precinct has been designed by Turner, with a focus on larger apartment formats and shared amenities intended to support long-term occupancy. A resort-style lagoon pool, extensive landscaping, rooftop gardens and communal spaces form the centre of the development, positioning Infinity Park as a lifestyle-led residential offering within Norwest’s evolving town centre.</p>

<p>[smartcode_project_cta:default project_id=94408]</p>


Joel Robinson

Latent Defects Insurance and Sydney Metro drives buyers to Infinity Park, Norwest

<p>The first stage of Frasers Property Australia’s <a href="https://www.apartments.com.au/buildings/bradmill-yarraville-355-359-francis-street-yarraville-vic-3013">Bradmill Yarraville</a> has reached completion, marking an early milestone in the long-term regeneration of the former Bradmill denim factory site in Melbourne’s inner west.</p>

<p>Stage one delivers 44 all-electric townhomes designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, forming the initial residential component of the 26-hectare masterplanned neighbourhood, which is set to eventually accommodate around 1,500 homes.</p>

<p>The completed homes comprise three and four-bedroom configurations across two and three levels, responding primarily to family and owner-occupier demand in a suburb where new housing supply has historically been limited.&nbsp;</p>

<p>[smartcode_project:default project_id=134727 project_image_fid=356029]</p>

<p>Sustainability has been a defining feature of the first stage, with all residences delivered as fully electric and the broader project holding a 6 Star Green Star Communities rating from the Green Building Council of Australia.</p>

<p>Rather than being delivered in isolation, stage one has been designed to integrate with the wider Bradmill Yarraville vision, which places equal emphasis on housing, green space, and shared amenity.&nbsp;</p>

<p>A future landscaped linear park is planned to connect the completed townhomes with neighbouring McIvor Reserve, foreshadowing the open-space network that will ultimately extend across the precinct.</p>

<p>[smartcode_project:default project_id=134727 project_image_fid=311282]</p>

<p><a href="https://www.apartments.com.au/developers/frasers-property">Frasers Property Australia</a> has positioned Bradmill as a community-led regeneration project, drawing on the site’s industrial heritage while introducing new residential and social infrastructure.&nbsp;</p>

<p>Future stages will centre around Bradmill Quarter, a mixed-use precinct planned to include a full-line Woolworths Supermarket, childcare and medical services, specialty retail, and hospitality offerings arranged around a central public plaza known as The Arbory.</p>

<p>Adaptive reuse also plays a central role in the broader development, with the heritage-listed Proofing Building and Boiler House earmarked for transformation into resident-focused wellness, co-working, and social spaces under the Bradmill Social banner. These facilities are expected to be delivered progressively as later stages come online.</p>

<p>[smartcode_project:default project_id=134727 project_image_fid=311277]</p>

<p>Located around 7.5 kilometres from Melbourne’s CBD, Bradmill Yarraville sits within an established residential catchment known for its village-scale retail, access to public transport, and proximity to education and open space.&nbsp;</p>

<p>The completion of the first stage signals the transition from planning to lived reality, providing early residents with a foothold in what will become one of the inner west’s largest urban renewal projects over the coming decade.</p>

<p>[smartcode_project_cta:default project_id=134727]</p>


Bradmill Yarraville’s first stage townhomes complete as inner-west regeneration takes shape

<p>Bayside remains one of Melbourne’s most resilient residential markets, with its middle-ring suburbs, stretching from Brighton through to Beaumaris, continuing to see strong demand from long-time locals who do not want to leave the region.</p>

<p>While larger homes have long defined the streetscapes, the past few years have brought a clear shift towards smaller-scale, design-led developments tailored to the needs of the Bayside local. According to the latest ABS Census data, nearly 40 per cent of Bayside’s 110,000 residents are over 50. While there is no strictly defined age at which people downsize, 50 is often a point where those who had children in their 30s begin to see them leave the family home.</p>

<p><a href="https://www.apartments.com.au/project-marketer/noorden">Noorden</a> Real Estate director David Lamond says downsizers make up the majority of his enquiries, with buyers prioritising local amenity and low maintenance over sheer size.</p>

<p>“Those approaching 60 who have been in the property market for two to three decades do not need to wait any longer to downsize,” Lamond says. “They have been through several market cycles, and their homes have multiplied in value four or five times over that period. Good-quality new homes are coming to Bayside, allowing long-time locals to stay in the area while moving into something more manageable and at a small percentage? of the price of their now oversized and under-used family home.”</p>

<p>[smartcode_project:default project_id=140140 project_image_fid=219620]</p>

<p>All buyers at <a href="https://www.apartments.com.au/new-townhouses/marlu-hampton-29-service-street-hampton-vic-3188">Marlu Hampton</a>, a boutique development of just seven luxury townhomes by <a href="https://www.apartments.com.au/developers/thomas-constructions">Thomas Constructions</a> and designed by David Dubois, are local downsizers. The substantial homes, offering more than 260 square metres of internal space and a lift servicing all three levels, are attracting multi-generational families as well as households with older children preparing to leave home.</p>

<p>The project’s success is also closely tied to its walkable setting. From Service Street, it is an eight-minute stroll to Hampton’s dog-friendly beach, passing cafés such as Merry Men and Brown Cow, with the Sandringham Yacht Club just beyond. The area is also well served by parks, public and private schools, and the retail amenity of Hampton Street.</p>

<p>Four of the seven townhomes are already spoken for, ahead of their early 2027 completion.</p>

<p>[smartcode_project:default project_id=112854 project_image_fid=350992]</p>

<p>Elsewhere in Bayside, David Lamond is also seeing a different type of downsizer emerge. While many want something only slightly smaller than the family home, others are looking to significantly reduce their footprint.</p>

<p>“There is a cohort of downsizers who truly want to downsize,” David Lamond says. “They are seeking a lock-and-leave apartment where two or three bedrooms, space for entertaining, and a balcony are more than enough. They are redirecting the proceeds from their family home into superannuation, retirement planning or travel, rather than another large home.”</p>

<p>This trend is evident nearby at <a href="https://www.apartments.com.au/new-apartments/lumin-hampton-26-crisp-street-hampton-vic-3188">Luminè</a> on Crisp Street, a development of just 15 two and three-bedroom apartments. Located within walking distance of Hampton Beach and the everyday amenity of Hampton Street, it reflects the same underlying demand driving Marlu: highly liveable homes in familiar territory. Completion at Luminè is scheduled for early 2027, with prices starting from $1,175,000.</p>


Why wait? Two paths to downsizing in Hampton

<p data-end="169" data-start="77">Architect-turned-developer Joe Adsett is set to create a new landmark on the Brisbane River.</p>

<p data-end="462" data-start="171">Adsett, a longtime architect who has more recently turned his attention to designing and developing his own buildings, has filed plans for his latest project to date: a 23-storey tower comprising 90 “large-format” apartments on the corner of Coronation Drive and Lang Parade in Auchenflower.</p>

<p data-end="790" data-start="464">The project, <a href="https://www.apartments.com.au/new-apartments/355-coronation-drive-auchenflower-qld-4066">dubbed Bloom</a>, would deliver a mix of 36 two-bedroom and 54 three-bedroom apartments, arranged within a sculptural tower rising above a publicly accessible ground-level landscape and lobby. The site occupies approximately 1,430 square metres and is identified as a landmark site under the Toowong–Auchenflower Neighbourhood Plan.</p>

<p><img alt="First look: Plans lodged for landmark riverfront apartment tower at Auchenflower’s Coronation Drive bend" data-entity-type="file" data-entity-uuid="50ae7821-2c09-4f44-94d8-2185c5b968ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Auchenflower%20bdlg%20pers.png?VersionId=if5_VZhHJcMz7LvBS5sCfVkLNhVX9Dht" /></p>

<p><a href="https://www.apartments.com.au/architects/joe-adsett-architects">Joe Adsett Architects</a>&nbsp;describes the building as a "response to both the riverfront setting and Brisbane’s subtropical climate" in the planning documentation submitted to the Brisbane City Council.</p>

<p>“Through its sculptural architectural expression and carefully considered landscape integration, the proposed development responds thoughtfully to its prominent riverfront setting while reinforcing the evolving urban character of Brisbane’s inner west," the architectural statement read.</p>

<p>The tower form is articulated by soft, undulating balcony edges and layered façades intended to reduce perceived bulk while maximising outlook toward the Brisbane River, the CBD and Mt Coot-tha. Integrated planting is proposed throughout the building, including within balconies and communal areas, with a shared rooftop terrace positioned at the crown of the building.</p>

<p>At ground level, the proposal includes a publicly accessible landscaped garden and pedestrian-focused open space at the corner of Coronation Drive and Lang Parade. A triple-height lobby and a near-10-metre-high void are proposed to maintain visibility and permeability through the site, reinforcing its role as a prominent arrival point to the Dunmore residential precinct.</p>

<p><img alt="First look: Plans lodged for landmark riverfront apartment tower at Auchenflower’s Coronation Drive bend" data-entity-type="file" data-entity-uuid="9f1a055f-d6cd-424a-be35-a50a1e9b885d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Auchenflower%20bdlg%20podium.png?VersionId=H0ZbsFDwHKYDTa2yzGHoq8mIQqZQ9m2M" /></p>

<p>Mewing Planning Consultants, in their Town Planning Assessment, describe the ground plane as a key public benefit of the scheme, stating that “an activated lobby and landscaped publicly accessible open space / outdoor garden is provided on ground level, offering a pleasant pedestrian experience to the site and reinforcing a sense of arrival to the Dunmore residential precinct.”</p>

<p data-end="222" data-start="64">For future residents, the Milton ferry terminal is less than 400 metres from the front door, while the Bicentennial Bikeway runs within 50 metres of the site.</p>

<p data-end="475" data-start="224">Adsett has delivered several projects since branching out into property development. He recently completed Rockpool Rainbow Bay, one of the most architecturally striking buildings in the area, as well as a luxury apartment development in Moffat Beach.</p>

<p data-end="683" data-start="477">In Brisbane, the team is preparing to launch Amari Toowong, 28 three-bedroom apartments on Glen Road.</p>


Joe Adsett scales up, proposes riverside apartment tower in Auchenflower

<p>Australia’s largest private builder, <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, has locked into the commencement of construction on the fourth project being undertaken by seasoned Queensland developer <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a> in Rainbow Bay.</p>

<p>Hutchinson will start construction early next year on the $250m residential project <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia</a> after S&amp;S privately funded its own early works, demonstrating the group’s confidence in the southern Gold Coast property market.&nbsp;</p>

<p>[smartcode_project:default project_id=140491 project_image_fid=284544]</p>

<p>Radia is the fourth project undertaken by Paul Gedoun's S&amp;S Projects, following behind Flow Residences, Awaken Residences, and Esprit, which has helped transform the waterfront enclave into a premium lifestyle destination.</p>

<p>Situated on a 1,355 sqm site on Boundary Street, Radia will comprise just 38 two-, three-, four- and five-bedroom apartments across a 14-storey building. Prices start from $2.4 million.</p>

<p>“It’s fantastic to see Radia begin to take shape,” said Paul Gedoun, Founding Director of S&amp;S Projects.</p>

<p>“We chose to fund the early works because we are confident in the strength of the Gold Coast market and committed to delivering this project on time."</p>

<p>Gedoun described Rainbow as an "iconic location on the Gold Coast.</p>

<p>"There is such a high demand for residential projects, with buyers recognising the value and unrivalled lifestyle that’s on offer. To now have partnered with Hutchinson Builders, one of Australia’s most experienced contract builders, is an exceptional milestone for us, and signals the next stage of Radia.”</p>

<p>[smartcode_project:default project_id=140491 project_image_fid=284553]</p>

<p>Launched to the market in 2024, Radia has attracted strong interest from affluent, coastal mindned buyers, as well as downsizers and investors, looking for spacious apartment living in the Gold Coast’s premier coastal suburb.&nbsp;</p>

<p>Strategically located at 271 Boundary Street, Radia showcases panoramic 360-degree views of the surrounding coastline across both sides of the Queensland-New South Wales border, a rare feature in today’s market.</p>

<p>Anchored by wellness and balance, Radia will feature a lap pool with a heated magnesium spa, ice bath, infrared sauna, thermal room, steam room, gymnasium, residents’ lounge and private dining room.&nbsp;</p>

<p>[smartcode_project:default project_id=140491 project_image_fid=284543]</p>

<p>“Each amenity is designed to capitalise on the lifestyle of Rainbow Bay, ensuring residents can enjoy the relaxed coastal experience, the enclave is famous for,” Gedoun added.</p>

<p>“As we edge closer to getting off the ground backed by one of the country’s biggest builders, we believe Radia will become one of the Gold Coast’s most compelling opportunities for buyers looking to live the ultimate coastal lifestyle."</p>

<p>Hutchies is forecasting a late 2027 completion date.</p>

<p>[smartcode_project_cta:default project_id=140491]</p>


S&S appoints Hutchies to build Radia Rainbow Bay apartments

Financial Results

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<div>Lend Lease actually reported its FY2017 results, which confirmed a solid+9 percent lift in post-tax profit to $758.6 million. </div>
<div> </div>
<div>The market wasn't greatly moved, of course, since the group inadvertently dumped a stack of market sensitive information out to to the public at the beginning of the month, including the unaudited EBITDA (oops).</div>
<div> </div>
<div>As accounting stuff-ups go, it was a rather impressive one (disclosure: I made similar goofs in my listed company career) though in the end relatively little harm was done, save a little embarrassment.</div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Defaults under 1pc</span></strong></div>
<div> </div>
<div>Reading through the investor presentation it was interesting to note a +20 per cent uplift in residential unit completions in the 2017 financial year.</div>
<div> </div>
<div>Approximately 90 per cent of apartment completions have already settled, with a default rate of under 1 per cent.</div>
<div> </div>
<div>This follows on from similarly low default rates reported by other developers during earnings season.</div>
<div> </div>
<div>This is very important, for there had been fears of a wave of Chinese investor defaults following on from local lenders pulling up the ladder.</div>
<div> </div>
<div>To date, this does not appear to have transpired.  </div>
<div> </div>
<div>In other news, S&amp;P reported a drop in loan delinquencies from 1.21 per cent in May to just 1.15 per cent in June. </div>
<div> </div>
<div>Declines were recorded "across the board" for 30,60 and 90 day mortgage arrears, with a corresponding fall in outstanding loan balances, with Queensland showing the biggest drop in arrears. </div>
<div> </div>
<div>This broadly mirrors what you'd expect to see given extremely low mortgage rates for homeowners, and a national unemployment rate that has been trending down for several years now.</div>
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<div><strong><span style="text-decoration: underline;">No stress?</span></strong></div>
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<div>Countless media articles have claimed that mortgage stress is rising - often referred to as a "perfect storm" no less! - perhaps based upon household cash flow surveys.</div>
<div> </div>
<div>But in reality so many households have been repaying ahead of schedule into offset accounts that it wouldn't be a surprise if some net monthly cashflows showed an outflow. </div>
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<div>With the aggregate value of the housing stock exploding to $7.1 trillion against mortgage debt of around $1.6 trillion, it also wouldn't be a surprise to me if some of the benefiting households have taken a breather on their earnings either. </div>
<div> </div>
<div>In any event, with the possible exception of Western Australia mortgage arrears remain low to date, which is about the only indicator that matters, when all's said and done. </div>
<div> </div>
<div>
<p class="p1"><span class="s1">PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank"><span class="s2">AllenWargent</span></a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank"><span class="s2">blogger</span></a>.</span></p>
<p class="p2"><span class="s3"><em>His latest book is </em><a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank"><span class="s2"><em>Four Green Houses and a Red Hotel</em></span></a><em>.</em></span></p>
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pwargent-M4siyDbqQY

Lend Lease report low apartment default rate

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<p>The ASX-listed estate agency The Agency has reported another loss, however it is seeing substantially improved group performance including total revenue increase.</p>
<p>The Agency's first half of FY2020 results saw revenue reach $25.2 million, up 140 per cent over the same period last year.</p>
<p>This was namely due to an 87 per cent rise in listings with 40 per cent more properties sold than the first half of FY19.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/3/2/The%20Agency%20hihlights.jpg" alt=""></p>
<p>The Agency put the results down to a marked improvement in the real estate sector on the eastern seaboard during the period.</p>
<p>They had an EDITBA of $1.5 million, post adoption of the new accounting standard AASB. <span>The Agency losses stood at $1.67 million, <span>following the adoption of the AASB 16 accounting standard on leases, and<span> including a $3 million depreciation of the rent roll.</span></span></span></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/3/2/The%20Agency%20Revenue.jpg" alt=""></p>
<p>The value of real estate exchanges is up 23 per cent year on year.</p>
<p>The Agency continue to reduce costs, with wage savings of around $678,000 over the six month period.</p>
<p>Cost reductions of $2.5 million are expected to be delivered in FY20.</p>
<p>The Agency Group's managing director Paul Niardone said the results reflect the strength of the brand.</p>
<p>"I am thrilled to deliver yet another set of strong results for the HY2020 which included a maiden positive EBITDA of $533,000", Niardone said.</p>
<p>"These results reflect the strength of our brand and why reputable real estate businesses and agents continue to join our business as they realise we offer higher commissions, reduced risk and higher-level of support compared to franchise and stand-alone businesses."</p>
<p><span>With a $3.7 million cash balance and using $1.5 million in six months, along with <span>the ATO payment plan, </span>warranted the auditors to indicate an "u<span>ncertainty." </span></span></p>
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wdavis-8cCN98p7xp

The Agency reports improved group performance

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<p>With its annual revenue down by 17 percent, McGrath Limited has delivered another big annual loss.</p>
<p>Its property sales volume fell 16.8 percent during the financial year.</p>
<p>Despite the 1854 fewer house and apartment sales, McGrath claimed it was maintaining market share by sales value, albeit its 2.8 percent still well behind market leaders Ray White (8.1 percent) and LJ Hooker (3.9 percent).</p>
<p>There was no sign of any increase in listing activity in August, however its chief Geoff Lucas forecast a return to revenue growth at some stage in the current financial year.</p>
<p>"The fall in revenue by 17 percent isn't desirable nor are we comfortable with it," Lucas said.</p>
<p>Lucas noted it was due to "difficult market conditions."</p>
<p>The disruption of its lower north shore Sydney operations following its termination late last year triggered a severe drop in NSW market share by sales volume and sales value. "This is expected to be a short impact only," Lucas said.</p>
<p>McGrath <a href="/news/michael-coombs-departs-mcgrath">ended their franchise agreement</a> on the Lower North Shore over Christmas. It has had just the five sales this year headlined by the <a href="/news/mcgrath-chief-executive-geoff-lucas-sells-in-cremorne-after-buying-half-a-palladian-villa-in-bellevue-hill">Lucas household earlier this month</a>.</p>
<p>Fewer sales at its company owned sales was pinpointed as the major contributor to the overall decline in earnings - both a reduction in the number of properties sold and the value of the properties sold.</p>
<p>There were $3.7 billion in sales from 2,655 sales in the latest FY19 at company owned offices.</p>
<p>It compared to $4.6 billion from 3,002 sales in FY18.</p>
<p>The franchise network exchanged 6,558 properties during FY19, down on FY18 when there were 8,065 sales.</p>
<p>During the year there has been a net reduction of two franchise offices with six closures, five openings and one transfer to the company owned sales network.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/26/McGrath%20market%20share.jpg" alt=""></p>
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<p>Its auction services division had 4,835 auctions booked in FY19, down on FY18 which had 5,894 bookings.</p>
<p>Auctions represented 39% of all properties listed.</p>
<p>The report revealed an impairment of $3.4 million in relation to an intangible IT asset.</p>
<p>McGrath had been developing an integrated customer relationship management (CRM) tool and operations software since 2016.</p>
<p>But shareholders were told the CRM’s functionality "appears to be weaker than other mature CRM’s already available in the market" leading towards a strong preference to pursue alternative management software solutions that will better serve the McGrath business, clients and personnel.</p>
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<p>In addition to the asset impairment, an onerous contract of $3 million has also been recognised in relation to non- cancellable contracts associated with the CRM platform. </p>
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<p>Its total group revenue fell to $82.7 million amid the weakened real estate market, down from $99 million.</p>
<p>The cost of sales declined from $38 million to $34 million.</p>
<p>The agency saw a small decline in its staff across its 30 company owned offices and 67 franchise offices with 525 agents operating within those offices as at June 30.</p>
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<p>Staff number decreased from June 2018 when there were 558 staff.</p>
<p>The latest departee is <a href="/news/henry-hodge-departs-mcgrath">Henry Hodge in Brisbane</a>.</p>
<p>Its property management business has over 32,000 properties managed for more than 28,000 landlord investors.</p>
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<p>Properties under management within the company owned offices increased by 6 percent to 7,627 in FY19, generating $5.4 million EBITDA, a 12 percent decrease on FY18 due to lower rental value per property. </p>
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<p>Its underlying EBITDA loss of $6.4 million, which sits is within guidance provided in its June update.</p>
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<p>It reported an EBITDA loss of $10.1 million after the impact of onerous contracts expense of $3.7 million.</p>
<p>The net loss after tax of $15.6 million is after the impact of one-off impairment charges of $3.4 million.</p>
<p>It continues to have a strong balance sheet with no debt and $10.3 million cash.</p>
<p>Founder John McGrath draws a $552,000 package and the CEO Geoff Lucas is on $588,000.</p>
<p>Its <a href="/news/kon-stathopoulos-departs-mcgrath-estate-agents">departed sales manager Kon Strathopolous</a> earned $528,000 in his last year having left in early June.</p>
<p>Its mortgage broker, Oxygen Home Loans saw total settlements value of $755 million which was down 3 percent on FY18. At the end of FY19, there were 30 brokers, a decline of one from FY18.</p>
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<p>It was noted Total Real Estate Training (TRET) which presents the AREC conference had been impacted in line with the challenging market conditions.</p>
<p>McGrath shares fell in morning trade to 23 cents.</p>
<p>Lucas signalled his aspiration for McGrath to be "market leader within five years."</p>
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jchancellor-FAypfDUnLy

McGrath revenue falls 17 percent as vendor hibernation continues

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<p>Property development giant Stockland have announced a drop in profit of nearly 70 per cent for FY19, however their residential sector saw an eight per cent rise.</p>
<p>It was devaluations in their retail town centre and retirement living portfolios.</p>
<p>The residential sector saw profits rise from $336 million to $362 million over the financial year through 5,878 residential lots settled, in line with their re-forecasted 5,900 settlements.</p>
<p>There were 3,869 residential contracts on hand over FY19.</p>
<p>Andrew Wilson, chief executive of communities, said the residential business has delivered a strong profit result despite a challenging market.</p>
<p>“In FY19, we’ve realised higher margins driven by the increased average price of lots settled in our Sydney and Melbourne projects, and we continued to gain market share over the year, as customers focus on the strength of our brand which is built on the quality and liveability of our communities.</p>
<p>Stockland have found enquiry has jumped in New South Wales and Victoria following the election.</p>
<p>To enlarge, <a href="https://www.propertyobserver.com.au/images/2019/8/21/Stockland%20enquiry%20jump.jpg" target="_blank">click here</a>.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/21/Stockland%20enquiry%20jump.jpg" alt=""></p>
<p>The majority of Stockland's residential communities are located in Queensland (41% of their portfolio) and Victoria (31%).</p>
<p>New South Wales only makes up 12 per cent of their residential community portfolio, even less than Western Australia who command 16 per cent.</p>
<p>New South Wales has a stronger standing in the retirement living portfolio however with 27%, only second to Victoria who have 39% of the portfolio.</p>
<p>During FY19 Stockland sold The Grove in Victoria and Merrylands Court in NSW to fund higher return projects.</p>
<p>Stockland managing director and CEO Mark Steinhart said Stockland are well positioned to benefit from an improving market, however they "expect conditions to take some time to normalise as customers continue to experience challenges achieving loan approvals."</p>
<p>Statutory profit for the year ended June 30 fell to $311 million from a profit of $1.03 billion the previous financial year.</p>
<p>Shares opened at $4.45 and have risen to $4.49 in early morning trading. </p>
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jrobinson-rf4aSBido9

Stockland profit crashes, but residential sector profits rise

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<p><span>Domain has experienced a doubling in the decline of new web listings as its annual net profit fell 29 percent. </span></p>
<p>Nationally, Domain new listings declined around 12 percent, double the 6 percent decline reported in the first half result.</p>
<p>The real estate website lost $6.2 million last year.</p>
<p>It said revenue for the year to June 30 rose by almost 20 per cent to $343.3 million but the bottom line was hit by previously announced impairments of $179 million.</p>
<p>The yearly results show revenue was down 6.1 per cent. The net profit after tax was $37.4 million, down 29.3 per cent.</p>
<div id="pianoArticleContentLockable">
<p>Chief executive Jason Pellegrino said it was a solid performance in the context of major listing declines in Melbourne and Sydney.</p>
<p>“For FY19 Domain delivered a solid performance in the context of the challenging year faced by the Australian property market.</p>
<p>"To put this in perspective, property sales as a percentage of Australia's dwelling stock are at their lowest point in more than 20 years."</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/16/Domain%20Performance.jpg" alt=""></p>
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<p><span> </span>Residential revenue increased 0.5% to around $173 million.</p>
<p>"This is a solid result from Residential in the context of lower listings volumes in key markets, where auction volumes declined around 25% in Sydney and 28% in Melbourne."</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/16/Domain%20National%20Listings.jpg" alt=""></p>
<p>Domain have suggested their proprietary datasets have shown some encouraging signs of buyer activity in the first weeks of FY20, including increased attendance at open for inspections and increased home loan application volumes.</p>
<p>They did noted however that listings volumes remained weak in a seasonally low listings period, with national market new listings declining down 20 per cent in July 2019, with Sydney and Melbourne new listings down 26% and 27% respectively.</p>
<p>Domain's media arm didn't fair much better.</p>
<p>Media, developers and commercial revenue declined around 13 percent for the year.</p>
<p>Pellegrino highlighted financing constraints and other regulatory issues which have shifted market demand from investors to owner-occupiers, and from large high rise developments to smaller boutique projects which require a lower level of marketing support.</p>
<p>Over the financial year Domain acquired CommercialView and increased their stake in Homepass. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/16/Domain%20Segment%20Results.jpg" alt=""></p>
<p>“During my first 12 months at Domain we have been focused on establishing and driving the strategy which will support our next phase of growth," Pellegrino said.</p>
<p>“Our vision is to build a customer-centric Australian property marketplace. Everyone in our business is working to inspire confidence for all of life’s property decisions.</p>
<p>"There is substantial headroom to step change our performance by using our data to build products and offerings that better meet the needs of buyers, vendors and agents.”</p>
<p>"Domain is better placed than ever to deliver on our growth ambitions. This will be further supported as the market returns to a more positive listings environment.</p>
<p>“Our relationship with Nine provides opportunity to expand Domain’s reach and engagement through Nine’s broadcast and digital assets, and we’re excited about the upcoming launch of a new Your Domain TV show on September 7th.”</p>
<p>Shares rose four per cent to $3 in morning trade. It was at $3.50 this time last year.</p>
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j.ballantyne1990-6AQqhLzZaK

Domain sees decline in new listings double as net profit falls 29 percent

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<p>Andrew Wilkinson, chief executive officer at ALE Property Group has decided after 16 years to depart the group.</p>
<p>Wilkinson intends to remain in the role until the 2018 rent determinations are completed and a new CEO is appointed.</p>
<p>During his tenure Wilkinson has overseen a growth in ALE’s market capitalisation from $91 million to more than $1.0 billion delivering a total return of around 20% per annum.</p>
<p>ALE is the owner of Australia's largest portfolio of freehold pub properties, with 86 across the country. </p>
<p>The ALE chairman, Robert Mactier, said the board will work with Wilkinson to confirm the optimal timing of his departure.</p>
<p>"ALE will commence a CEO search process in the coming weeks,” he said.</p>
<p>Wilkinson’s announcement follows the recently completed non-executive director renewal process and the lodgement of the 2018 rent review submissions.</p>
<p>ALE Property Group today released its FY19 financial results.</p>
<p><strong>Highlights</strong></p>
<p>· Distributable profit of $28.3 million</p>
<p>· Statutory net profit after tax of $26.6 million</p>
<p>· Full year distribution increased 0.5% to 20.90 cents per security</p>
<p>· Full year distribution will be 81.32% tax deferred</p>
<p>· Current passing gross rent increased 4.28% to $61.04 million following the completion of the 2018 rent review for 36 of the 79 properties involved</p>
<p>· Weighted average adopted yield increased from 4.98% to 5.09%</p>
<p>· Directors’ valuations of 86 properties increased by 2.4% to $1,163.2 million</p>
<p>· ALE continues to benefit from the majority of properties being subject to long term triple net lease arrangements with up to 40 years of options</p>
<p>· Spread between falling Australian Government long term bond rates and the yields applying to ALE’s properties has materially expanded</p>
<p>· Capital position remains strong with gearing at historic low of 41.5%</p>
<p>· Debt maturities are diversified over the next 4.4 years</p>
<p>· Rent review outcomes are expected to deliver a positive result</p>
<p>· 2003 investment of $1.00 in ALE has an accumulated value of $17.44 at 30 June 2019 or an annual total return of 20.1% p.a.</p>
<p><strong>Results for Year Ending 30 June 2019</strong></p>
<p>The difference between the distribution and distributable profit for the period was paid out of capital and funded from existing cash reserves. Distributable profit excludes the non-cash accounting items including changes to investment property and derivative values.</p>
<p><strong>Distributable Profit</strong> </p>
<p>A number of factors contributed to a distributable profit of $28.3 million for the year to 30 June 2019:</p>
<p>· Property income increased by 3.7% to $60.2 million due to rent increases of 10% for 36 of the properties from November 2018, and CPI or fixed rent increases for seven properties, that are not subject to the 2018 rent review process; </p>
<p>· Borrowing expenses remained largely unchanged;</p>
<p>· Management expenses were higher due to $3.1m of additional costs of preparing rent review submissions for determination; and </p>
<p>· Land tax expenses increased based on increased land value assessments and the higher rates now applicable in Queensland.</p>
<p>The distribution of 20.90 cents per security will be 81.32% tax deferred.</p>
<p><strong>Accounting Profit Result</strong></p>
<p>ALE’s reported net profit after tax (NPAT) of $26.6 million for the year to 30 June 2019 includes non-cash changes to the value of the properties and interest rate derivatives. The NPAT also includes other non-cash items including amortisation of pre-paid financing costs and CIB accumulating indexation. A full reconciliation of accounting profit to distributable profit has been provided in the Directors’ Report.1</p>
<p><strong>Statutory Property Valuations</strong></p>
<p>The statutory valuations of ALE’s properties increased by 2.4% to $1,163.2 million at 30 June 2019 based on independent valuations of a representative sample of 34 of ALE’s properties conducted by CBRE and Savills. Consistent with the increase in rents and stable market yields for pub properties, ALE’s weighted average adopted yield increased from 4.98% to 5.09%. The portfolio’s passing gross rent (or annualised gross rent as at 30 June 2019), increased 4.28% during the year to $61.04 million.</p>
<p>For further details please refer to the ASX Announcement made by ALE on 15 July 2019.</p>
<p><strong>Capital Management</strong></p>
<p>ALE’s debt capital structure was characterised by the following positive features at June 2019:</p>
<p>· Investment grade credit rating of Baa2 (stable)</p>
<p>· Next debt maturity in August 2020</p>
<p>· Debt maturities diversified over the next 4.4 years</p>
<p>· 100% of forecast net debt hedged over the next 6.4 years</p>
<p>· All up cash interest rate of 4.26% fixed until August 2020</p>
<p>· Gearing at historical low of 41.5% (41.6% at June 2018)</p>
<p>· Interest cover ratio at 2.5 times (2.6 times at June 2018)</p>
<p>ALE’s debt facilities include a number of market standard covenants. ALE currently enjoys significant headroom to all of them. The total value of ALE’s properties would need to fall in value by 32% (around $370 million) before meeting the nearest gearing covenant.</p>
<p>ALE has two types of fixed rate debt instruments, Capital Indexed Bonds (CIB) and Australian Medium Term Notes (AMTN) with diversified maturities.</p>
<p><strong>2018 Rent Review</strong> </p>
<p>During the 2019 financial year, ALE’s first major rent review commenced on 79 of the ALE’s 86 investment properties. Of the remaining seven properties, four properties have later review dates, including two that have received CPI increases in the current period, and three properties have non-standard leases. </p>
<p>On 3 August 2018, ALE issued rent notices to its tenant, ALH, advising that the rent on each of the 79 properties subject to the current rent review should increase by 10%. ALE and ALH had already agreed that two properties’ rents would increase by 10%. ALH accepted the rent notices on 32 of the properties and rejected the remaining 45 notices. ALH has subsequently accepted two additional properties. 43 properties remain subject to independent determination.</p>
<p>The 36 accepted rent notices and regular CPI and fixed rent increases on six other properties increased ALE’s total passing gross rent as at 30 June 2019 to $61.04 million, an increase of 4.28% on the prior year. QLD land tax is the only deduction included in ALE’s total net passing rent.</p>
<p>The passing gross rent for the remaining 43 properties may increase or decrease by up to 10%.</p>
<p>The following table provides additional information around the types of leases and timing of the rent reviews:</p>
<p><strong>ALH and Endeavour Group</strong></p>
<p>On 3 July 2019, Woolworths Group, ALH’s majority shareholder, announced that it has entered into an agreement to merge its Endeavour Drinks division with ALH. Woolworths’ shareholders approvals for the merger are expected in late CY19 and the merged entity is to be named Endeavour Group. This will create Australia’s largest drinks and hospitality business with sales of approximately $10 billion and EBITDA of $1 billion.</p>
<p>Following the merger and as a second step, during CY20 it aims to separate Endeavour Group from Woolworths by demerger or value accretive alternative. In event of a demerger, the Group’s capital structure will target an investment grade rating.</p>
<p>ALE will continue to monitor any developments in relation to the control and ownership of ALH.</p>
<p><strong>ALE’s Performance</strong></p>
<p>As indicated by the chart below, ALE has underperformed both S&amp;P/ASX 300 AREIT index and the S&amp;P/ASX All Ordinaries Index over the past one and three years. However over the past five, 10 and 16 years to 30 June 2019, ALE has delivered total returns that have outperformed both those indexes.</p>
<p>A $1.00 investment in ALE at the time of the ASX listing nearly 16 years ago, with reinvested distributions, would have grown to $17.44 as at 30 June 2019.</p>
<p>This is equivalent to 20.1% p.a. total return since the ASX listing.</p>
<p><strong>FY20 Outlook </strong></p>
<p>Non-recurring FY19 rent review submission costs of $3.1m reflect the commitment of time, resources and external experts to the process. </p>
<p>ALE’s current view is that the total passing rent is materially less than the uncapped rents. That said, the extent of the difference between passing and uncapped rent is not evenly spread across the portfolio. </p>
<p>Rents may increase or decrease by up to 10% for remaining 43 determinations. The range of gross passing rent for the portfolio of 86 properties is as follows:</p>
<p>· Worst case $58.5m (no change)</p>
<p>· Best case $63.7m (+8.9%)</p>
<p>Note: Changes are in comparison to the gross passing rent before any Nov 2018 rent increases are applied. Best case is less than + 10% as seven of the 86 properties are not included in CY18 rent reviews </p>
<p>ALE remains confident of a positive result but notes it may not receive a full 10% rent increase for all properties. The remaining 43 rent determinations are to be handed down at the same time and are currently anticipated late CY19. The rent determination results will be back dated to 4 November 2018.<span style="font-size: 12.16px;"> </span></p>
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ALE Property Group CEO resigns

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<p>Commonwealth Bank, the nation's biggest home lender, continues to cut its exposure to interest-only loans.</p>
<p>In June 2018, 30% of their loan book was made up of interest only loans. By December 2018 it was 26% and now it is 22%.</p>
<p>Home loans arrears only nudged 0.01% higher to 0.68% from December to June.</p>
<p>The percentage of home loans in negative equity has jumped from 3.3% in June last year to 4.5%.</p>
<p>CBA chief executive Comyn says overall they feel like the housing market is starting to stabilise and may slightly improve from here.</p>
<p>"We see modest price increases and a modest increase in credit growth overall.</p>
<p>"We also believe that unemployment is likely to stay low.</p>
<p>"Clearly as we look forward, making sure there’s some sort of increase in household income, and of course, an increase in sentiment for both consumers and businesses, is going to be very important in the future economic period."</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/7/CBA%20Home%20Loan%20balances.jpg" alt=""></p>
<p>CBA announced profits of $8.5 billion in their full year 2019 results, down 4.7 percent from the year before.</p>
<p>Matt Comyn said the decline was driven by an extra $1 billion in remediation given out over the year, as well as "elevated risk and compliance spend."</p>
<p>He suggests however the company's core franchise is continuing to perform "very well."</p>
<p>"The key takeaways from my perspective are we’re making very good progress on becoming a simpler and better bank," Comyn said.</p>
<p>"Our home lending balances are up 4% which is above the system.</p>
<p>"Our business lending is also up 4% and we’ve continued to see strong transaction deposit growth of 9% for the year.</p>
<p>"Our overall result of $8.5 billion is down 4.7%. So that cash net profit after tax is of course subdued and it’s been impacted by higher remediation costs of almost $1 billion during the course of the year, as well as elevated risk and compliance spend."</p>
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CBA continues to reduce its exposure to interest-only home loans

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<p>Mirvac have posted a surprise boost in profits in their in their half year results ended 31 December 2018.</p>
<p>Their operating profit after tax increased by 26 percent to $290 million from $260 million.</p>
<p>Mirvac’s CEO and managing director Susan Lloyd-Hurwitz, said the results were driven primarily by their high-performing investment portfolio.</p>
<p>"Our proven in-house asset creation capability remains a key competitive advantage for the Group, allowing us to generate value through the strength of our integrated model," Lloyd-Hurtwitz said.</p>
<p>Mirvac's biggest profit increase was seen in the residential sector, where their operating results have jumped from $34 million in 1H18 to $58 million in 1H19, an increase of over 70%.</p>
<p>The increase however reflects timings of settlements Mirvac advised, which were skewed more to 1H19 compared to 1H18.</p>
<p>Mirvac said they are on track to deliver FY19 lot target with a greater proportion of settlements coming from masterplanned community projects.</p>
<p>“Despite the challenging residential market, we believe our high-quality residential product, located close to amenity and transport, will continue to outperform the wider market," Lloyd-Hurtwitz added.</p>
<p>"The resilience of our residential division along with the robustness of our investment portfolio, means we remain confident in our ability to deliver operating earnings growth of between 3 and 4 per cent and distribution growth of 5 per cent in FY19.”</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/7/Mirvac1.jpg" alt=""></p>
<p>Mirvac posted residential pre-sales of $2 billion, with an existing pipeline that supports over 12,000 lot releases over the next four years.</p>
<p>They are on track to achieve over 2,500 lot settlements for FY19.</p>
<p>They completed 1,067 settlements in 1H19 and over 110 settlements in January 2019.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/2/7/Mirvac2.jpg" alt=""></p>
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Mirvac defies property downturn with near 40% increase in profits

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<p style="text-align: left;" align="center">Centuria, now Australia’s largest office-specific REIT, has grown their portfolio to $1.4 billion, according to their half year financial results.</p>
<p style="text-align: left;" align="center">They also appointed Grant Nichols as new fund manager of CMA.</p>
<p style="text-align: left;" align="center">Mr Nichols, is an experienced fund manager with over 15 years of experience in Australian office markets.</p>
<p style="text-align: left;" align="center">He said “In the last year, CMA delivered 10.9% return on equity to unitholders, and is now Australia’s largest sector-specific listed office REIT"</p>
<p style="text-align: left;" align="center">“Having made CMA a pure-play in office assets, Centuria has continued to improve the quality of the portfolio – its delivery on strategy is evident in its strong returns to unitholders.”</p>
<p>“With a high-quality, fit-for purpose portfolio 89% weighted to the eastern seaboard and an average building age of 15.5 years, CMA is well positioned to capitalise on tenants seeking to expand or reposition across Australian metropolitan markets,” he concluded.</p>
<p>Over the past half year Centuria acquired a $521 million portfolio of four office assets which took the portfolio to $1.4 billion  (from $930.5 million at FY18) and made them Australia’s largest office-specific REIT.</p>
<p style="text-align: left;">They divested their remaining industrial assets, at "premium-to-book values".</p>
<p style="text-align: left;">Centuria retained high occupancy of 98.8% overall, with 100% occupancy throughout their WA, SA, VIC and NSW properties.</p>
<p style="text-align: left;">Over 14,500 sqm of net lettable area (6.7% of the portfolio NLA) was leased across sixteen transactions during the past half year – extending the WALE to 4.3 years.</p>
<p style="text-align: left;">The fund returned a statutory profit of $14.7 million in 1H19 and funds from operations of $26.5 million. </p>
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Centuria now Australia’s largest office-specific REIT with $1.4 billion portfolio

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<p><span>Homeloans Limited, the</span><span> non-bank lender and diversified mortgage distribution company, says </span>increased broker referrals helped drive a 19 per cent increase in settlements in the 2018 financial year. </p>
<div class="cq-article-content-paras section">
<p data-gtm-vis-first-on-screen-7770372_137="2937" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Joint CEO Scott McWilliam said home loan customers were asking their mortgage borrowers to see offers from non-banks.</p>
<p data-gtm-vis-first-on-screen-7770372_137="2937" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Shares in Homeloans, which merged with Resimac during the year, were trading higher after it reported net profit for the year to June 30 of $26.2 million, up 40 per cent, on total settlements of $4.3 billion, up 19.4 per cent.</p>
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<div class="cq-article-content-paras section">
<p>The company is not regulated by the Australian Prudential Regulation Authority but by the Australian Securities and Investments Commission</p>
<p data-gtm-vis-recent-on-screen-7770372_137="19865" data-gtm-vis-first-on-screen-7770372_137="19865" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Homeloans said the number of mortgage borrowers in its prime lending book more than 90 days in arrears sits at 8 basis points, below the level of each of the major banks.</p>
<p data-gtm-vis-recent-on-screen-7770372_137="19865" data-gtm-vis-first-on-screen-7770372_137="19865" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Around 60 percent of the book is lent to owner-occupiers, and 40 per cent with investors. Homeloans’ principally-funded loan book reached $8.6 billion, an increase of 30 percent on 30 June 2017.</p>
</div>
<p><span>The results encompass the first full reporting year since the complete integration of Homeloans and RESIMAC.</span></p>
<p><span>The Company’s </span><span>strong performance is attributed to a number of factors including above-system sales growth, a market-leading funding program, quality and improved cost discipline. Homeloans continues to bolster its third-party broker and direct channels, and the results of this approach are evident in the strong settlements growth.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/24/HOMELOANS%20.jpg" alt=""></span></p>
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<p><span>Homeloans continues to be an active issuer in both the domestic and international wholesale funding markets under the RESIMAC brand.</span></p>
<p><span>During FY2018 RESIMAC completed $3.5 billion of term funding from five RMBS transactions. </span></p>
<p><span>Diversification objectives were successfully implemented and included a $1 billion private placement of RMBS with a new offshore investor, and increased participation of Asia-Pacific and US-based investors. </span></p>
<p><span>An additional short-term funding line was established with an offshore bank.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/24/hom%201.jpg" alt=""></span></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/24/hom%202.jpg" alt=""></p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/24/hom%203.jpg" alt=""></p>
<p>Source: Homeloans</p>
<p><span> </span></p>
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<p><span> </span></p>
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