<p><a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.</p>

<p>A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.</p>

<p>Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=149670 project_image_fid=360965]</p>

<p>“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.</p>

<p>From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.</p>

<p>The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=149670 project_image_fid=360981]</p>

<p>Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.</p>

<p>A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.</p>

<p>Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=149670 project_image_fid=360966]</p>

<p>Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.</p>

<p>“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.</p>

<p>Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=149670 project_image_fid=360969]</p>

<p>Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.</p>

<p data-end="8307" data-start="8063">The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.</p>

<p data-end="8543" data-start="8312">“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”</p>

<p data-end="8915" data-start="8548">The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.</p>

<p>The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.</p>

<p>[smartcode_project_cta:default project_id=149670]</p>


Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

<p>A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.</p>

<p>The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.</p>

<p>Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.</p>

<p>The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.</p>

<p>The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.</p>

<p><img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" /></p>

<p>Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.</p>

<p>Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.</p>

<p>The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."</p>

<p>The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.</p>

<p><img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" /></p>

<p>Campbelltown has been starved of new residential developments in the last decade.</p>

<p>The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.</p>


First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

<p>
<style type="text/css">
</style>
</p>

<p>A 60-apartment building nine storeys tall would be a rarity almost anywhere along this stretch of Moreton Bay, but that's exactly what's been lodged for a modest Deception Bay street better known for its single-storey weatherboard homes.</p>

<p><a href="https://www.apartments.com.au/developers/sherlock-construction-homes">Sherlock Construction Homes</a> is seeking to push Deception Bay’s emerging medium-density housing profile higher, lodging plans for a nine-storey apartment building near the suburb’s shopping centre and foreshore.</p>

<p>Dubbed Grosvenor Apartments, the proposal at 14-20 Grosvenor Terrace would replace two detached homes with a new building designed by&nbsp;<a href="https://www.apartments.com.au/architects/mode">Mode Design</a>&nbsp;which would&nbsp;reach nearly 30 metres, well above the site’s mapped 21-metre building height.</p>

<p><img alt="First Look: Sherlock Construction pitches 9-storey tower for low-rise Deception Bay" data-entity-type="file" data-entity-uuid="86c21a25-5a97-4ca7-a361-80757137ea5b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Deception%20da%20front.png?VersionId=aXIujfvEhH33sLHOEjHFv9Ii6qxSvAF4" /></p>

<p>The apartment mix is weighted toward larger homes, with 14 three-bedroom apartments, 31 two-bedroom apartments and 15 one-bedroom apartments. Six apartment types are spread across the floors, ranging from 66 sqm one-bedroom units through to three-bedroom apartments of 116 sqm, most with private balconies or terraces.</p>

<p>Levels one through seven follow a consistent layout of six to eight apartments per floor arranged around a central lift and stair core, with the top floor, level eight, trading one apartment for a landscaped community breakout space rather than repeating the standard layout below.</p>

<p>Ground floor is dedicated to arrival and services, with a lobby, mailroom and manager's office, alongside 91 car spaces.</p>

<p><img alt="First Look: Sherlock Construction pitches 9-storey tower for low-rise Deception Bay" data-entity-type="file" data-entity-uuid="b098bde0-5fe1-4e6c-9601-e5446612e5fc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Deception%20podium.png?VersionId=A0hfENMNxSxkfh9Jl6D4WJ9XIraeOukA" /></p>

<p>Mode Design's brief describes a "serene coastal-inspired design blending soft curves, natural textures and light-filled spaces to reflect the relaxed Deception Bay lifestyle."&nbsp;</p>

<p>The material palette leans on white and grey render, timber-look aluminium screening and stacked-brick-look finishes, with hanging greenery and vine planting proposed across balcony edges and ground-level walls.&nbsp;</p>

<p>Balconies feature asymmetrical geometries intended to vary the building's rhythm rather than repeat a single module up the tower, while lush planting is concentrated over the entry and level one balconies to soften the building's base.</p>

<p><img alt="First Look: Sherlock Construction pitches 9-storey tower for low-rise Deception Bay" data-entity-type="file" data-entity-uuid="c05c5693-3e00-42d0-b075-55c36094f4db" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Deception%20da%201.png?VersionId=cMKJgBsBaaVCd2dA5O22SOT38OT_.BPA" /></p>

<p>The design evolved following an April 2025 prelodgement meeting with council. At that stage, the project was conceived as a seven-storey building containing 45 apartments. The subsequently lodged scheme increases the development to nine storeys and 60 apartments while introducing one-bedroom residences to the mix.</p>

<p>Zone Planning argues the additional scale reflects the site's position within an area earmarked for increased residential intensity. The planning report points to the North Lakes-Redcliffe-Moreton Bay Rail corridor strategy, which identifies Deception Bay as a district-level activity centre and supports greater housing choice within urban neighbourhoods.</p>

<p>Market Square Deception Bay, Deception Bay Sports Centre, Deception Bay State School, public transport, community facilities and the Moreton Bay foreshore are all identified within approximately one kilometre of the site, while the property falls within a 400-metre walking catchment of Market Square.</p>

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

<p data-end="587" data-start="368">Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.</p>

<p data-end="778" data-start="589">The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.</p>

<p data-end="907" data-start="780"><a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.</p>

<p data-end="1052" data-start="909">The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.</p>

<p data-end="1311" data-start="1054">The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.</p>

<p data-end="1451" data-start="1313">The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.</p>

<p data-end="1676" data-start="1453">MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.</p>

<p data-end="1908" data-start="1678">Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.</p>

<p data-end="2142" data-start="1910">The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.</p>

<p data-end="2142" data-start="1910"><img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" /></p>

<p data-end="2308" data-start="2144">MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.</p>

<p data-end="2648" data-start="2310">"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.</p>

<p data-end="2797" data-start="2650">"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."</p>

<p data-end="2938" data-start="2799">The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.</p>

<p data-end="3216" data-start="2940">Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.</p>

<p data-end="3325" data-start="3218">Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.</p>

<p data-end="3442" data-start="3327">"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.</p>

<p data-end="3662" data-start="3444">"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."</p>

<p data-end="3818" data-start="3664">MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.</p>

<p data-end="4076" data-start="3820">"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.</p>

<p data-end="4375" data-start="4078">"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."</p>

<p data-end="4503" data-start="4377">Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.</p>

<p data-end="4741" data-start="4505">"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."</p>

<p data-end="4910" data-start="4743">The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.</p>

<p data-end="4951" data-start="4912">MAYD is targeting an early 2027 launch.</p>


First look at MAYD's North Kirra mixed-use precinct

<main data-perf-region="main">
<p data-end="600" data-start="394">Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.</p>

<p data-end="733" data-start="602">But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.</p>

<p data-end="970" data-start="735">Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.</p>

<p data-end="970" data-start="735">[smartcode_project:default project_id=152737 project_image_fid=377679]</p>

<p data-end="1159" data-start="972">The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.</p>

<p data-end="1357" data-start="1161">It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.</p>

<p data-end="3400" data-start="3216">[smartcode_project:default project_id=152737 project_image_fid=377675]</p>

<p data-end="3400" data-start="3216">Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.</p>

<p data-end="1664" data-start="1517">Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.</p>

<p data-end="1826" data-start="1666">Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.</p>

<p data-end="1826" data-start="1666">[smartcode_project:default project_id=152737 project_image_fid=377685]</p>

<p data-end="2045" data-start="1828">Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.</p>

<p data-end="2269" data-start="2047">"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.</p>

<p data-end="2430" data-start="2271">A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.</p>

<p data-end="2606" data-start="2432">It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.</p>

<p data-end="2724" data-start="2608">At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.</p>

<p data-end="2892" data-start="2726">Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.</p>

<p data-end="2892" data-start="2726">[smartcode_project:default project_id=152737 project_image_fid=377680]</p>

<p data-end="3004" data-start="2894">Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.</p>

<p data-end="3214" data-start="3006">"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.</p>

<p data-end="3400" data-start="3216">The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.</p>

<p data-end="3400" data-start="3216">More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.</p>

<p data-end="3670" data-start="3538">&nbsp;</p>

<p data-end="3670" data-start="3538">[smartcode_project_cta:default project_id=152737]</p>

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>


Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

John Mcgrath

<html><body>
<p>McGrath’s most difficult days are behind it, according to the listed McGrath estate agency boss Geoff Lucas.</p>
<p>But the board will not pay a final FY18 dividend saying McGrath’s dividends will be reinstated as soon as it is deemed prudent.</p>
<p>“With the new board and senior leadership team settled in, the last quarter of FY18 saw the beginning of a period of stabilisation, and we are in the midst of a business turnaround.</p>
<p>"We are already seeing good progress in culture and agent recruitment, and critically we are seeing some strong sales results within our key markets,” Lucas maintained.</p>
<p>However weak real estate industrywide conditions impacted sales volumes.</p>
<div title="Page 3">
<p>And their revenue was impacted by many internal factors including lower agent numbers and a decline in offices, particularly within the franchise network.</p>
<div title="Page 5">
<div>
<div>
<div>
<p>Agent numbers were down 99 to 558 with 8,065 sales from franchises during FY18 compared to 8,337 sales during FY17.</p>
<p>The number of company-owned offices declined to 26 from 28 over FY18.</p>
<p>The number of franchisee offices decreased to 69 from 74 in the prior year. </p>
</div>
</div>
</div>
</div>
<p>There was a slowdown in the project marketing business with tightening regulatory conditions impacting investment demand.</p>
<p>There was also lower numbers of properties under management in the company owned network.</p>
<div title="Page 5">
<div>
<div>
<div>
<p>Managed properties declined to 7,215, driven by challenging conditions across the East Coast residential market.</p>
</div>
</div>
</div>
</div>
<div title="Page 5">
<div>
<div>
<div>
<p>The number of Oxygen Loans settled were at four year lows. </p>
<div title="Page 7">
<div>
<div>
<div>
<p>At the end of FY18 there were 31 mortgage brokers supporting the network, a decline of five.</p>
<p>Even its industrywide AREC conference didn't exceed past record attendance levels.</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<p>The update to shareholders unveiled snippets of the strategy to turn the business around pinpointing a desire for agency growth in Victoria, Queensland and Western Sydney.</p>
<p>"Due to the difficult market conditions, lower sales volumes, and the departure of some of McGrath’s sales agents over FY17 and FY18, group revenue was down 23 percent to $99.2 million (compared to FY17)."</p>
<p>The lower revenue reduced underlying EBITDA to $5 million (before $4 million of one-off costs and $59.4 million of goodwill impairments), achieving market guidance.</p>
<p>"The ability of the business to generate positive earnings even after a $30.2 million reduction in revenue is testament to the robustness of the McGrath brand and position in the real estate industry," Lucas said, after a tumultuous year.</p>
<p>"The current property market conditions are challenging," he said. The revenue of company owned agents was down 32 percent.</p>
<p>"We will be concentrating our growth in predominantly franchised offices along the eastern seaboard, with particular focus on Victoria and Queensland.</p>
<p>"We will also be strengthening our presence in our existing company owned offices with an additional focus on the growth precincts around Western Sydney”, he added.</p>
<p><span>''We do believe the most difficult days are behind us, notwithstanding the current challenging residential market,'' Mr Lucas said.</span></p>
<p>The press release advised the new board and management team had put in place an operational plan that is "stabilising" the business, with early signs of positive momentum repositioning the business for a return to growth.</p>
<p>The shares were trading at 38 cents, edging up to 40 cents during morning trade having been floated in late 2015 at $2.10.</p>
<p>The FY18 (vs FY17) results overview:</p>
<ul>
<li>
<p>  Revenue down 23% to $99.2 million</p>
</li>
<li>
<p>  Reported results reflect the impact of one-off restructuring costs ($4 million) and impairment charges ($59.4 million) – EBITDA of $1.0 million, and loss after tax of $63.1 million</p>
</li>
<li>
<p>  Underlying EBITDA of $5 million; achieved guidance</p>
</li>
<li>
<p>  Balance sheet with no debt and $10.9 million cash</p>
</li>
<li>
<p>  After the departure of some of McGrath’s sale agents, market share based on value was constant at 3.1% (source: CoreLogic, 30th June 2018).</p>
<p> Over $12 billion of properties were sold by McGrath in FY18 with property sales volumes decreasing 14% to 11,067, impacted by the reduction in the number of agents.</p>
</li>
</ul>
<div class="page" title="Page 1">
<div class="page" title="Page 4">
<div class="section">
<div class="layoutArea">
<div class="column">
<div title="Page 16">
<div>
<div>
<p>During the reporting period, the board announced a number of changes to its composition which included:</p>
<ul>
<li>
<p>  the resignation of Non-Executive Directors Cass O’Connor, Elizabeth Crouch, Nigel Dews and Cath Rogers;</p>
</li>
<li>
<p>  the appointment of independent Non-Executive Directors Peter Lewis and Andrew Robinson; and</p>
</li>
<li>
<p>  the appointment of Non-Executive Director Wayne Mo. John McGrath is not considered independent as he is an executive director and Wayne Mo is not considered independent as he is the CEO of AL Capital, a substantial holder of the company via Aqualand.</p>
</li>
</ul>
</div>
</div>
</div>
<p><span> </span></p>
</div>
</div>
</div>
</div>
 </div>
</body></html>

jchancellor-FAypfDUnLy

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

<html><body>
<div>
<p>McGrath is on track to achieve its targeted $1 million in full-year earnings for 2018.</p>
<p>In a note to the ASX this afternoon, the listed real estate agency said it would achieve earnings before interest and depreciation of $5 million but would then have $4 million in one-off expenses.</p>
<p>There will also be a further $35 million write down of goodwill for the company-owned agencies, which the business acquired in 2015 ahead of its float, leading to a net loss for the full year.</p>
<p>The $35 million write-off is in addition to the $21.8 million impairment to company-owned agencies incurred at its half year.</p>
<p>There was also another $1.1 million goodwill impairment of property management rights.</p>
</div>
<div>"The past 12 months have been very challenging for McGrath," McGrath chief executive Geoff Lucas said.</div>
<div>
<div id="article-inline-ad"> </div>
</div>
<div>"While reduced sales volumes during 2018 impacted the performance of the business, I am pleased with the recent initiatives and the positive rebuilding of the business we have seen."</div>
<div>
<p data-gtm-vis-first-on-screen-7770372_137="10238" data-gtm-vis-total-visible-time-7770372_137="1900">More details on the conditions and outlook will be provided at the annual results presentation on August 20.</p>
</div>
<div>
<p><a href="/news/who-is-aqualands-jin-lin-the-second-biggest-shareholder-in-the-mcgrath-estate-agency">Aqualand</a> will eventually take a 15 per cent stake in the company.</p>
<p>Shares in McGrath were trading unchanged at 38¢ at market close.</p>
<div>
<p>"Since I returned to the company in February, we have done a lot of work looking at the coalface of the business and stabilising staff and operations," Fairfax Media reported Lucas saying.</p>
</div>
<div>"I'm pleased that it is paying off and we are generating interest in our recruitment of new staff."</div>
</div>
</body></html>

j.ballantyne1990-6AQqhLzZaK

McGrath on track to reach forecast earnings despite weakened overall property market

<html><body>
<div>
<p>Entrepreneur Tony Denny has acquired a 5 per cent stake in the listed real estate agent agency, McGrath.</p>
<p>An ASX substantial holding notice was lodged yesterday after Denny acquired his 5.05 per cent stake in the agency.</p>
<p><span>The cashed-up </span><span>businessman</span><span> took a position ahead of the agency unveiling its turnaround strategy.</span></p>
<p>The 7.2 million shares were bought over the past fortnight after buying shares on March 12 and 20 costing just over $3 million.</p>
<p data-gtm-vis-first-on-screen-7770372_137="4729" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Some were likely acquired from McGrath's biggest institutional backer, Perpetual which sold almost 2.5 million shares on March 12 to reduce its stake from 14.2 per cent to 11.6 per cent.</p>
</div>
<div>Denny's is a Central Coast-based property developer, whose $355 million fortune came from selling his AAA Auto dealership European network to Polish private equity firm Abris Capital Partners in 2014. <span> AAA AUTO was the largest used car dealer in Central and Eastern Europe.</span>
</div>
<div>
<div id="article-inline-ad"> </div>
</div>
<div>Denny's sold-out apartment development called Vue at Gosford used McGrath's Central Coast office in its marketing.</div>
<div>
<p>Shares in McGrath closed Tuesday up 2.5 per cent at 41 cents, having dipped to a 39 cent record low last Friday after a series of earnings downgrades and board turmoil.</p>
<div>
<p>A spokeswoman for Denny's development company, Central Real, told The Australian Financial Review the shareholding was a "passive long-term investment".</p>
</div>
</div>
<p> </p>
</body></html>

For $3 million, Central Coast entrepreneur Tony Denny buys 5 percent stake in McGrath

<html><body>
<p>John McGrath, the McGrath Estate Agents founder, has slammed Harry Dent’s forecasts on Australian property.</p>
<p>In a column published in Switzer Daily, McGrath noted Dent was echoing Australian housing bubble predictions he made in 2014 and 2011, despite them being proved wrong.</p>
<p>McGrath criticised Dent for failing to account for the “ingenuity of Australians, not to mention our long-embedded culture”.</p>
<p>Dent admitted, in a Channel 9 interview and one to <a href="/expert-insights/investing/80453-harry-dent-repeats-bubble-forecast-for-sydney" target="_blank">the Daily Telegraph</a>, that his predictions in previous years had been off the mark but maintained Australian property was in a bubble that would inevitably burst.</p>
<p>McGrath said Dent lacked an understanding of the local housing market, typical of overseas commentators who did not understand the local housing market.</p>
<p>“I can understand why Dent would look at Sydney, in particular, and think it’s overvalued.</p>
<p>"That’s how it might look on paper to an analyst who doesn’t understand how things work here,” <a href="http://www.switzer.com.au/the-experts/john-mcgrath-property-expert" target="_blank">McGrath wrote</a>. </p>
<p><span>"Good quality Australian real estate, held over the long term, is one of the safest and most reliable asset classes you’ll find anywhere in the world.</span></p>
<p>“He fails to take into account all the unique factors that have kept our property prices growing while also protecting our market from collapse.”</p>
<p>Strong population growth was not the only reason the market weathered the GFC relatively unscathed, according to McGrath. </p>
<p>High levels of prudential oversight in the local banking system and the high concentration of Australia’s total population living in Sydney and Melbourne ensured steady demand for housing, despite high prices, he said.</p>
<div class="wp-caption">
<p class="wp-caption-text">Dent’s forecasts also failed to account for issues such as Sydney’s geography, which has encouraged a housing undersupply, McGrath said.</p>
</div>
<p>“When you’re having a growing population that is very concentrated around a small group of cities — and two in particular, you’re going to have much greater stability in home values no matter how high prices go,” he said.</p>
<p>“Additionally, in major growing cities like Sydney where urban sprawl has gone about as far as it can, we now have a chronic undersupply of new housing that is also serving as a strong foundation for ongoing growth.</p>
<p>“On top of this, we have low unemployment, a strong and resilient economy, low interest rates, a tax system that rewards property investment and a growing market of international buyers.”</p>
<p> </p>
</body></html>

John McGrath says Harry Dent doesn't get it on Sydney housing

<html><body>
<p><span>High-profile real estate agent John McGrath has reportedly scrapped plans to step up as executive chairman of his agency. </span></p>
<p><span><span>Peter Lewis</span><span> seems set to be announced instead as the new chairman of the agency </span><span>John McGrath</span><span> founded in 1988. </span></span></p>
<p>Lewis is Kerry Stoke's former chief financial officer, Peter Lewis.</p>
<p data-reactid="379">He left the Seven Network in 2013, then joined Southern Cross Media, but left the radio and metropolitan radio broadcaster.</p>
<p data-reactid="379">McGrath is to remain as an executive director, but not its chief executive.</p>
<div class="_1665V undefined" data-reactid="372">
<p data-reactid="392">Privatising the company ''is off the agenda,'' spokesman Tim Allerton said on the weekend.</p>
<p data-reactid="392">McGrath Estate Agents currently has 95 offices located throughout the east coast of Australia.</p>
<p data-reactid="392">McGrath listed on the ASX in December 2015 at $2.10 and closed last week at 41¢.</p>
</div>
<p><span> </span></p>
</body></html>

McGrath looks to Peter Lewis to lead agency board

<html><body>
<p>Estate agent veteran John McGrath has reacted quickly to the 9.42am trading halt secured this morning by the panicked, soon-to-depart McGrath Group directors and executives.</p>
<div class="page" title="Page 2">
<div class="layoutArea">
<div class="column">
<p><span>Rampant rumours forced McGrath to break his personal mantra of avoiding comment on adverse media.</span></p>
<p><span>He issued a 6.29 pm statement to shareholders who have watched the wealth destruction of the company escalate in recent days with dismay.</span></p>
<p><span>"The ridiculous recent press coverage seeking to link matters which are personal to me with McGrath Limited</span><span> is distracting attention from the important work of the company, to a point where I have concluded I need to make a statement to clear the air."</span></p>
<p><span>The dysfunctional McGrath board had asked the ASX to suspend shares from trading this morning after the</span> company "become privy to further information", which it wouldn't comment on, other than assuring shareholders "they had not taken the step lightly."</p>
<div class="_1ysFk">
<div class="_1665V undefined">
<p>McGrath has been in the news recently over alleged, but limply denied, $16.2 million gambling debts and its alleged funding through an alleged $100 million margin lending facility.</p>
<p>McGrath's response this evening addressed the issue with more candor than his pronouncements over the past two weeks.</p>
</div>
</div>
<p>"Like many Australians, I enjoy a punt," he told shareholders.</p>
<p>"I have a credit account with a bookmaker for this purpose.</p>
<p>"That account is not secured by, or otherwise connected with, my shares in the company.</p>
<p>"The account is well within my means in the context of my net wealth.</p>
<p>"I am in full compliance with the terms of that account.</p>
<p>"I have never, and would never, let what I might choose to do in my personal time impact upon the company."</p>
<p><span>McGrath then advised he dedicated more than 60 hours per week to his work for the company he founded 30 years ago. </span></p>
<p><span>"I thank the great team at the company for their support at what has been a personally challenging time for me. </span></p>
<p><span>"I will continue to focus my energies on the important work of improving performance, growing the company and restoring shareholder value. </span></p>
<p><span>"I do not intend to comment further on this personal matter," he concluded, without advising whether legal action would be pursued.</span></p>
<p>Last week John McGrath advised shareholders the $16.2 million gambling debt allegation was "rubbish" and that he had never used his McGrath shares as security for any loan.</p>
<div>
<p>Ending the day of debacle, the listed real estate agency also needed to update the ASX with a corrected financial advisory at 6.46pm, given an embarrassing nine errors when McGrath Group reported its small loss. There were n<span>o wrong numbers in the statutory accounts, rather the <span>investor pack. </span></span></p>
<p>Last week John McGrath told the McGrath Group board that he was well progressed in discussions with securing new proposed directors (two appointments are needed as a minimum) to replace those who had recently handed in their resignation to allow John McGrath to resume executive control, apparently without any privatisation.</p>
<p>It will see the departure of the McGrath chair, Cass O’Connor who has presided over a board united in obvious turmoil with the company founder.</p>
<p>The news of the deteriorating trading results in the McGrath estate agency finances first emerged last month in an internal document obtained by The Australian Financial Review.</p>
<div>Details of the McGrath board meeting on Friday, January 19 were published on the following Monday, January 22.</div>
<div> </div>
<div>The Fairfax newspaper also advised there had been "threats by the board to resign en masse over the Christmas holiday."</div>
</div>
</div>
</div>
</div>
</body></html>

John McGrath says his punting losses are "well within his means" 

<html><body>
<div>
<p>The listed real estate agency McGrath requested and secured a trading halt on Thursday morning pending an "announcement regarding recent media speculation in relation to Mr McGrath."</p>
<p>Its chief executive Cameron Judson said "it was a precautionary measure."</p>
<p>"The event that will end the trading halt is the company issuing an announcement by Mr McGrath," the company statement said.</p>
<p>"The company has become privy to further information, which I can't comment on, re this matter and is seeking urgent clarification from John McGrath," chief executive Cameron Judson said during the 11am investor call.</p>
<p>"The board has considered this trading halt a significant development and let me assure you they have not taken this step lightly." Judson is leaving the company on Friday said the board was doing everything in its power to update the market as soon as it could.</p>
</div>
<div class="_1ysFk">
<div class="_1665V undefined">
<p>"An update is though contingent upon John McGrath providing further information," he said.</p>
<p>Judson declined to advised on the unspecified further information.</p>
<p>Mr McGrath has been in the news recently over alleged debts and its funding.</p>
<p>"This matter will be dealt with in due course once all the facts are settled," Judson advised.</p>
<p>The comments came at the beginning of the briefing which was delayed two hours.</p>
<p>Last week John McGrath said he has never used his McGrath shares as security for any loan.</p>
<p>This morning McGrath reported a small loss, while some agents have been given an $850,000 allocation to keep them from departing the public listed company.</p>
<p> </p>
</div>
</div>
</body></html>

Urgent clarification being sought by McGrath board from its founder

<html><body>
<div class="page" title="Page 1">The real estate agency McGrath has reported a small loss.</div>
<div class="page" title="Page 1"> </div>
<div class="page" title="Page 1">But despite being hit with a sales revenue slump, some 22 estate agents have benefited from a $850,000 allocation in additional bonus commissions to keep them from departing the publicly listed estate agency.</div>
<div class="page" title="Page 1"> </div>
<div class="page" title="Page 1">Revenue for the six months to December 31 was $51.6 million, down 23 percent on the same period a year ago.</div>
<div class="page" title="Page 1"> </div>
<div class="page" title="Page 1">No interim dividend will be issued.</div>
<div class="page" title="Page 1"> </div>
<div class="page" title="Page 1">Earnings before interest, tax and amortisation notched a $52,000 loss from EBITDA of $9.6 million a year earlier.</div>
<div class="page" title="Page 1"> </div>
<div class="page" title="Page 1">But company founder John McGrath broke his silence to say he was "proud" and "excited" to again be leading the business from tomorrow when its chief executive Cameron Judson leaves the company. 
<p>Chairman Cass O’Connor and current non-executive directors Elizabeth Crouch and Cath Rogers have also announced their intention to resign on Monday.</p>
<p>Replacement directors have yet to be appointed, with suggestions a Sydney solicitor is among the likely replacements. Senior staff including Adrian Bo are set for elevated administrative roles in the new regime. Bo <span>holds two post graduate degrees in business administration, including an </span><span>MBA.</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/2018/2/15/bo.jpg" alt=""></span></p>
<p>The company went into a trading halt until Monday.</p>
<p>''The reason for the trading halt is a pending announcement regarding recent media comment in relation to Mr McGrath," the company said.</p>
<p>"The event that will end the trading halt is the company issuing an announcement by Mr McGrath."</p>
<p>Meanwhile company owned sales generated $2.6 billion in sales value from 1,712 sales for 1H FY18 compared to $3.5 billion and 2,544 sales in 1H FY17.</p>
<p>Its franchise services offices exchanged 4,324 sales during 1H FY18 with a sales value of $3.9 billion compared to 4,222 sales with a sales value of $3.8 billion in 1H FY17. </p>
<p>As at 31 December 2017 the network comprised 27 company owned offices and 70 franchise offices with 583 agents. </p>
<p>Total agents decreased significantly. Agents in the franchise offices decreased 3% to 393 and agents in the company owned offices decreased 21% to 190. </p>
<p>McGrath's report advised it continued to have a "concerted focus on talent identification, to attract, develop and retain high performing agents and emerging sales agents."</p>
<p>"The company’s performance has fallen short of expectations, and is influenced by several factors including lower volumes of listings, lower agent numbers and a significant slow-down in the traditionally volatile project marketing segment," it advised.</p>
<p>The company posted a loss of $25.5 million after impairments of $22.9 million to goodwill. </p>
<p>The directors slashed the business’s goodwill which was on the balance sheet at the end of last year at $53 million.</p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/2/15/overview.jpg" target="_blank">to enlarge.</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/2018/2/15/overview.jpg" alt=""></p>
<p>McGrath has $3.4 million cash, no debt, and net assets of $74.4 million. </p>
<p>Founder McGrath, who has taken back direct management control of the company, said a “new approach” was needed, and thanked investors for their loyalty.</p>
<p>“I am very proud and excited to again be leading the business,” he says.</p>
<p>“Despite the challenges we have endured since listing, McGrath remains one of the best real estate businesses in Australia with outstanding talent throughout the Group. </p>
<p>“Residential real estate is one of the largest industries in Australia, as well as being the country’s largest asset class, and we remain very well positioned to leverage our scale and quality brand for future success and growth.</p>
<div id="taboola-mid-article-stream-thumbnails" class=" trc_related_container trc_spotlight_widget">“Our investors and team have exhibited great patience and loyalty during this difficult time and I intend to work very hard to repay them for their confidence in the company. </div>
<p>“I have a clear plan to rebuild momentum but I will let our results speak for themselves from here.”</p>
<p>The company floated in December 2015 at $2.10. The shares last traded at $0.425 before it halted trading.</p>
<p>Outgoing CEO Cameron Judson says earnings have been adversely impacted “by the underperformance of our company owned sales business, including project marketing”. </p>
<p>“Our annuity businesses, Property Management, Franchise and Oxygen have performed largely to expectations,” he advised shareholders.</p>
<p>The company announced a $1 million write-down of acquired property management rights. Company owned property management decreased the number of properties under management (leased) to 7,449 at 31 December 2017, from 7,498 at 31 December 2016.</p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/2/15/revenue.jpg" target="_blank">to enlarge.</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/2018/2/15/revenue.jpg" alt=""></p>
<p>Oxygen Home Loans settled $422 million in mortgages during the period, slightly down on last year (5%). The book value of loans under management has increased 12% year on year to $2.9bn. At 1H FY18, there were 33 brokers supporting the network, compared to 32 in 1H FY17.</p>
<p>Judson says the restructuring of the board, executive and corporate functions have delivered annualised savings of $5 million with in the leaner organisation.</p>
<p>Cost savings included space relinquished at its Edgecliff headquarters where the business gave up one of its three floors. </p>
<p>The McGrath network has 95 offices and 2,000 staff.</p>
<p>Keeping staff has seen a McGrath Future rollout which includes high performance bonus commission, recruitment trail commission and a property management equity partnership structure.</p>
</div>
</body></html>

McGrath estate agents get $850,000 additional commission windfall to stop defections

<html><body><div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
<p>Estate agent company founder, John McGrath has told the McGrath Group board that he is well progressed in discussions with securing new proposed directors.</p>
<p>The outgoing directors have accordingly given written notice that their resignations will take effect from close of business February 19 four days following the release of the company’s interim results are announced on February 15.</p>
<p>It follows the announcement on January 22 of the intention of McGrath chair, Cass O’Connor and current non-executive directors Elizabeth Crouch and Cath Rogers to resign as directors.</p>
</div>
</div>
</div></body></html>

John McGrath well progressed in locking in new directors

<html><body><div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
<p><span>McGrath Limited has responded to</span><span> press speculation today in relation to a purported margin lending facility by John McGrath’s investment company, Fondorru Pty Limited, which holds shares in the listed estate agency. </span></p>
<p><span>John McGrath confirmed to the board that there is no margin lending facility with respect to his shares in MEA.</span></p>
<p><span>"His shares in MEA are not and have never been used as security for any loan," the shareholders were advised. </span></p>
<p><span><span>McGrath holds</span><span> about 26 per cent of the </span><span>shares in the listed company which has a market cap of $62 million</span><span>.</span></span></p>
<p><span><span><span>The private company, Fondorru, established in 1990, reportedly controls more than half of his 26 per cent stake. The listed shares were trading at 44 cents today.</span></span></span></p>
<p><span><span><span><span>The company's securities trading policy prohibited </span><span>margin lending</span><span> on shares in </span><span>McGrath </span><span>by its directors and executives.</span></span></span></span></p>
<p><span><span><span><span>The issue arose as the real estate boss John McGrath described reports of a $16.2 million gambling debt as "ridiculous."</span></span></span></span></p>
<div class="page" title="Page 17">
<div class="layoutArea">
<div class="column">
<p><span>On its late 2015 float, the McGrath Network comprised over 600 agents responsible for sales turnover of $11.6 billion in FY2015 from 11,000 sales. It managed 22,700 properties, which had a value of $16.6 </span>billion. McGrath’s Oxygen Home Loans business had 31 mortgage brokers with loans under management of $2 billion, as at its 2015 float date. </p>
<p>Its most recent advisory was $2.7 billion in loans under management, with 36 brokers, some 657 agents securing 12,800 sales with a $13.9 billion total, along with 24,700 properties under management. </p>
<p> </p>
</div>
</div>
</div>
<p><span><span><span><span> </span></span></span></span></p>
</div>
</div>
</div></body></html>

John Mcgrath

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

John Mcgrath

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News