<p><a href="https://www.apartments.com.au/developers/damgar-group">Damgar Group</a> has delivered Rosella, its boutique Murrumbeena apartment project, several months ahead of its anticipated completion.</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>, the seven-storey building delivers 70 one, two, and three-bedroom residences, marking the first significant new apartment offering in the suburb in years.&nbsp;</p>

<p>With construction now complete and move-ins underway, <a href="https://www.apartments.com.au/buildings/rosella-murrumbeena-50-rosella-street-murrumbeena-vic-3163">Rosella</a> brings together design, practicality, and strong connectivity in one of Melbourne’s most tightly held pockets.</p>

<p>[smartcode_project:default project_id=142221 project_image_fid=353183]</p>

<p>Damgar partnered with <a href="https://www.apartments.com.au/developers/progressio-developments">Progressio</a> and the acclaimed team at Cera Stribley to create a design that both stands out and belongs, with its curved concrete façade and warm copper detailing nodding to the nearby Hughesdale Station underpasses.&nbsp;</p>

<p>Inside, these soft architectural curves continue through interior walls, a feature rarely seen at this scale and price point.&nbsp;</p>

<p>James Gray of Progresio, Rosella’s development partner, said the project set out to create “something Murrumbeena simply hasn’t seen before,” combining design ambition with everyday livability.</p>

<p>“We brought in the renowned team from Cera Stribley Architects who created something instantly recognisable,” said Gray.</p>

<p>[smartcode_project:default project_id=142221 project_image_fid=352270]</p>

<p>Each apartment balances function and aesthetics, with interiors curated around natural light, warmth and material quality. Kitchens are appointed with Miele appliances, stone benchtops and gunmetal tapware, complemented by Cera Stribley’s signature joinery and bespoke detailing. Open-plan living zones open onto generous terraces designed for entertaining.</p>

<p>Residents also enjoy access to a landscaped rooftop terrace and residents’ lounge with panoramic views over Melbourne’s skyline, a rare amenity in Murrumbeena’s low-rise neighbourhood context.&nbsp;</p>

<p>[smartcode_project:default project_id=142221 project_image_fid=352267]</p>

<p>Rosella sits directly opposite Hughesdale Station and Hughesdale Village, placing cafés, wine bars and everyday retail within walking distance. Chadstone Shopping Centre - Australia’s largest retail destination - is just minutes away, while the CBD is a short 15-minute train ride. It’s a level of connectivity that continues to drive buyer interest from professionals and downsizers seeking long-term value in established suburbs.</p>

<p>Final residences at Rosella start from $680,000, offering one of the few opportunities to buy brand-new in <a href="https://www.apartments.com.au/developments/murrumbeena-vic-3163">Murrumbeena</a>. Damgar Group is also offering generous stamp duty contributions toward purchases for a limited time.</p>

<p>[smartcode_project_cta:default project_id=142221]</p>


Staff Writer

"Something Murrumbeena simply hasn’t seen before": Rosella redefines apartment living in Melbourne’s south-east suburb

<p><a href="https://www.apartments.com.au/developers/billbergia">Billbergia</a> and Metrics Credit Partners are teaming up once again, this time in Concord, where they're taking Concord Central,&nbsp; an eight-building, 1400-dwelling precinct, to the NSW Government.</p>

<p>The State Significant Development Application (SSDA) for the 3.14-hectare site at <a href="https://www.apartments.com.au/new-apartments/1-king-street-concord-1-king-street-concord-west-nsw-2137">1 King Street</a>, adjacent to Concord West train station, also includes plans for a new civic plaza featuring retail and commercial spaces.</p>

<p>Concord Central marks another major collaboration between Billbergia and Metrics, following their joint venture in the Sydney CBD, a <a href="https://www.apartments.com.au/news/nsw/billbergia-metrics-propose-two-80-level-towers-in-sydneys-cbd">two-tower development</a> that will see both towers rise 80 storeys, ranking among the tallest buildings in the city.</p>

<p><img alt="Bilbergia" data-entity-type="file" data-entity-uuid="03ecc392-ba98-437a-bf3b-a944c42e1812" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-21%20at%204.53.25%E2%80%AFPM.png?VersionId=VaW78cYWuwRjWfU0GdgNQrRWTxU7u5xY" /></p>

<p>At Concord, the initial proposal in 2024 was for 700 apartments across 10 towers.&nbsp;The tower heights now range from six to 37 storeys.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>According to the Scoping Report prepared by Ethos Urban, the project aims to “incorporate a mixed-use approach and use urban design principles to integrate commercial, retail and residential land uses” while improving connectivity and public access to transport infrastructure.</p>

<p><a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> has led the urban design and masterplanning, alongside architectural input from Fitzpatrick Partners, Lachlan Seegers, and Carter Williamson. The indicative masterplan shows a layout that prioritises open space, view corridors, and pedestrian permeability, with over 5000 sqm of public realm, including a central park and active street frontages.</p>

<p>The project’s proximity to Concord West Station and future Sydney Metro connections at North Strathfield supports the broader vision for a transport-oriented development. The Scoping Design Report notes that the masterplan “seeks to re-integrate the site into the suburb, providing residential activation with public through-site links, civic spaces and play areas”.</p>

<p><img alt="Billbergia" data-entity-type="file" data-entity-uuid="0e724b4a-5eac-4725-b8a6-e8f217fd753e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-21%20at%204.53.57%E2%80%AFPM.png?VersionId=Mpa8ojMn.XDFd73mOzXCA2EI1WarS4tE" /></p>

<p>Retail space has been reduced slightly in the latest version to 5,100 sqm, but with a sharper focus on local activation and daily needs. A childcare centre and community facilities are also included, alongside infrastructure upgrades valued at over $100 million.</p>

<p>The project has been declared State Significant and is undergoing assessment by the NSW Department of Planning, Housing and Infrastructure. According to the submitted documents, construction could begin as early as late 2026, with completion anticipated by 2029.</p>

<p>This project continues Billbergia’s focus on large-scale urban renewal precincts, with similar activity underway in Rhodes and Chatswood in partnership with Metrics.</p>


Joel Robinson

Billbergia and Metrics unveils Concord Central scheme with 1400 homes near Concord West Station

<p>Three years after submitting its initial development application for a new apartment building in Bilinga, local developer Lacey Group has decided now is the right time to start progressing with the project.</p>

<p>Lacey Group, which has been behind the likes of Del Ray in Kirra and The Monroe in Palm Beach, has filed fresh plans for an 11-level building with 27 apartments. The 1,009 sqm block at <a href="https://www.apartments.com.au/new-apartments/66-pacific-parade-bilinga-qld-4225">66 Pacific Parade</a>, on the corner of Archer Avenue facing Joe Doniger Park and the beach, is currently home to a walk-up block of original flats known as Serene.</p>

<p>Plus Studio has tweaked its own plans. The density mix isn't much different to the&nbsp;10-level, 28-unit <a href="https://www.apartments.com.au/news/qld/first-look-lacey-group-set-for-next-gold-coast-apartment-development">application they made in 2022</a>.</p>

<p>There will still be nine two-bedroom apartments and 16 three-bedroom apartments. The three two-level penthouses have been scrapped, in favour of a large three-bedroom and four-bedroom apartment on the ninth level. There will be just three apartments per floor throughout the building.</p>

<p>&nbsp;</p>

<p><img alt="Lacey" data-entity-type="file" data-entity-uuid="170901f8-c4e9-481d-8d2a-5c7d20b1d785" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-21%20at%206.01.24%E2%80%AFPM.png?VersionId=lGJGCx9qskwB8qu6Xlur4i0K0boXR5Do" /></p>

<p>Plus Studio, led locally by Danny Juric, says 66 Pacific Parade will be&nbsp;a "timeless addition to Bilinga, facilitating a lifestyle defined by relaxed sophistication — barefoot luxury at its finest."</p>

<p data-end="294" data-start="146">"Located just moments from the beach, 66 Pacific Parade is designed to embrace the Bilinga lifestyle and enhance the neighbourhood’s character," the submission to the Gold Coast City Council noted.</p>

<p data-end="294" data-start="146">They called the apartments "beach homes", which will be "enveloped by sweeping curves that create a seamless integration between the architecture and its coastal context."</p>

<p data-end="294" data-start="146">"These soft forms enhance panoramic view experiences for residents, while layered landscaping along the Pacific Parade and Archer Street frontages blends the ocean into the residents’ private recreation deck, pool, and lounges."</p>

<p data-end="294" data-start="146"><img alt="Lacey" data-entity-type="file" data-entity-uuid="18aebcd9-4d68-47d2-86b9-92eda1779103" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-21%20at%206.01.47%E2%80%AFPM.png?VersionId=xtOSgbusBKaWiXhyhjO_0ctVkllaPg_0" /></p>

<p>&nbsp;</p>

<p>According to the Town Planning Report by Urban Planning Services, the new application “demonstrates a more refined architectural expression, with particular emphasis on coastal character, visual interest, and improved amenity outcomes”.</p>

<p>The design adopts lighter tones and tiered landscaping, with articulated balconies and screening elements to soften the façade and improve privacy.</p>

<p>Bilinga has become a popular spot for developers in recent years. SIERA recently completed <a href="https://www.apartments.com.au/buildings/pipis-bilinga-303-golden-four-drive-bilinga-qld-4225">PIPIS</a>, just 19 luxury apartments on Golden Four Drive, while <a href="https://www.apartments.com.au/new-apartments/bilinga-house-107-golden-four-drive-bilinga-qld-4225">Bilinga House</a>, a more dense, more price-pointed development, recently launched.</p>


First look: Lacey Group advances Bilinga apartment plans

<p>A fresh high-rise tower is being proposed on what is becoming Surfers Paradise most popular street for development.</p>

<p>Sunset Boulevard, just outside of the centre of Surfers Paradise on the Nerang River, has been a hotbed for developers in the last 12 months, with the likes of SEYAH, Macquarie York, and&nbsp;YHY Group filing plans for new apartments.</p>

<p>The latest comes from Sinclair Projects, a company associated with Sinclair Projects, a company associated with&nbsp;Highgrove Bathrooms Founder Lindsay Sinclair. They've sought to develop <a href="https://www.apartments.com.au/new-apartments/cointreau-25-27-sunset-boulevard-surfers-paradise-qld-4217">Cointreau</a>, 51 apartments across a 16-level building that will sit on a 1,012 sqm corner site at 25-27&nbsp;Sunset Boulevard, on the corner of Alberta Place. It is currently occupied by two low-rise dwellings.</p>

<p>The tower, by&nbsp;<a href="https://www.apartments.com.au/architects/studio-workshop">Studio Workshop</a>,&nbsp;will include a mix of 37 two-bedroom and 14 three-bedroom apartments, with all residences located above a three-level podium which will home a communal recreation level, featuring landscaped terraces and a pool, and the majority of the 69 resident parking spaces.</p>

<p>Studio Workshop says in the submitted plans to the Gold Coast City Council that Sunset Blvd is emerging as a "vibrant new urban community that blends lifestyle, culture, and convenience in a central locale."</p>

<p>"The development embraces the Gold Coast’s unique connection to the outdoors, highlighted by Cointreau’s podium pool and wellness spaces that encourage residents to live and relax in the open air."</p>

<p><img alt="Gold Coast" data-entity-type="file" data-entity-uuid="94bc6fc7-651a-4c6c-aa4a-ea033971a943" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-21%20at%205.27.47%E2%80%AFPM.png?VersionId=JUOpBzV3BSNah6QLyeCIT6QVuK.3Hy_3" /></p>

<p>They said its central location reinforces its identity as a connected precinct, with key views to HOTA, access to the Broadwater, and walkability to both the beach and the heart of Surfers Paradise — placing dining, retail, entertainment, and lifestyle at residents’ fingertips.</p>

<p>"This thoughtful integration of design, amenity, and location ensures Sunset Blvd is more than just a place to live — it is a thriving community that captures the essence of coastal urban living while fostering a strong connection to both nature and culture."</p>

<p>The first development likely to launch on Sunset Boulevard among a backdrop of several approvals is SEYAH's&nbsp;Cavella, just 18 large-scale apartments on the river.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-seyah-to-launch-cavella-in-emerging-sunrise-boulevard-surfers-paradise-pocket-following-density-rethink">First look: SEYAH to launch Cavella in emerging Sunrise Boulevard, Surfers Paradise pocket following density rethink</a></em></p>

<p>The first developer to identify Sunset Boulevard was Roy Skaf's Macquarie York. He has approval for 43 apartments, although that density may change in the coming months.</p>

<p>YHY Group has approval for a 33-level tower with 74 apartments, with the penthouse proposed to be the <a href="https://www.apartments.com.au/news/qld/first-look-the-gold-coasts-largest-penthouse-pitched-for-new-surfers-paradise-tower">largest penthouse ever</a> produced on the Gold Coast.</p>

<p>Sydney-based P&amp;N Sleiman Group secured approval for&nbsp;<a href="https://www.apartments.com.au/new-apartments/52-sunset-boulevard-surfers-paradise-qld-4217">52 Sunset Boulevard</a>, but has recently listed the site for sale.</p>


First look: Sunset Boulevard shines as Surfers’ next hotspot for apartment development

<p>A prominent eastern gateway site to Bondi Junction could soon host a new eight-storey apartment project combining market and affordable housing, under new plans lodged with Waverley Council.</p>

<p>The proposal covers a 1,631 sqm amalgamated site across five properties at 2–6 Bondi Road and 75–77 Old South Head Road, including the corner of Ben Eden Street.&nbsp;</p>

<p>According to the Design Verification Statement by <a href="https://www.apartments.com.au/architects/tony-owen-partners">Tony Owen Partners</a>, the development will deliver a total of 56 apartments, incorporating 10 affordable dwellings. The project takes advantage of the NSW Government’s Housing SEPP, which provides a 30 per cent uplift in height and floor space ratio in exchange for the inclusion of affordable housing.</p>

<p><img alt="Bondi Road, Bondi" data-entity-type="file" data-entity-uuid="64226782-681d-430f-a08b-31d007ba40e0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bondi%20Road%20Bondi%20site.png?VersionId=gCt8XpeE4jXEoao0FnG.Ij9mUr73CB68" /></p>

<p>The mix of apartments spans one-, two-, and three-bedroom configurations, with a layout designed to optimise amenity and environmental performance.&nbsp;88.5 per cent of units achieve natural cross ventilation, Tony Owen Partners notes in the statement, attributing the result to the site’s configuration and a high proportion of corner apartments.</p>

<p>The design also responds to the site’s transitional context, on the periphery of the high-rise Bondi Junction commercial core and adjoining the lower-scale Bellevue Hill precinct.&nbsp;</p>

<p>“The siting, scale, bulk, and massing of the proposed development is consistent with that anticipated for the area,” the statement reads, with the building’s height capped at 28.6 metres in line with the LEP controls including bonuses.</p>

<p><img alt="Bondi Road building" data-entity-type="file" data-entity-uuid="083fb63f-8a64-4c21-9c09-83e379f1cedd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bondi%20bldg.png?VersionId=aQMby6eh5kCepC_rlXkobUpV0M6IsYns" /></p>

<p>Located near the intersection of Bondi Road, Oxford Street, and Old South Head Road, the site occupies a pivotal position at the entry to Bondi Junction from the east. The site is currently occupied by four detached two-storey dwellings.</p>

<p>Bondi Junction seldom sees new apartment development. Stargate is currently developing <a href="https://www.apartments.com.au/new-apartments/the-centennial-collection-east-sydney-2-nelson-street-bondi-junction-nsw-2022">The Centennial Collection</a>, on the edge of Woollahra and Centennial Park, and are soon to launch <a href="https://www.apartments.com.au/new-apartments/signature-by-stargate-362-384-oxford-street-bondi-junction-nsw-2022">Signature by Stargate</a>, just down Oxford Street.</p>


First look: Eight-storey apartment block pitched for key Bondi Junction gateway site

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>
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<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>
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<div><strong><span style="text-decoration: underline;">Defaults under 1pc</span></strong></div>
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<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>
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<div>Approximately 90 per cent of apartment completions have already settled, with a default rate of under 1 per cent.</div>
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<div>This follows on from similarly low default rates reported by other developers during earnings season.</div>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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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</div>
<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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