<p>The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.</p>

<p>Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."</p>

<p>That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.</p>

<p>Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.</p>

<p>[smartcode_project:default project_id=144913 project_image_fid=297740]</p>

<p>Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.</p>

<p>The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.</p>

<p>[smartcode_project:default project_id=144913 project_image_fid=297741]</p>

<p>The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.</p>

<p>Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.</p>

<p>[smartcode_project:default project_id=144913 project_image_fid=297735]</p>

<p>Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.</p>

<p>Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.</p>

<p>[smartcode_project_cta:default project_id=144913]</p>


Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

<p>National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.</p>

<p>Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.</p>

<p>[smartcode_project:default project_id=145922 project_image_fid=373556]</p>

<p>The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.</p>

<p>Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.</p>

<p>"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.</p>

<p>"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.</p>

<p>"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."</p>

<p>[smartcode_project:default project_id=145922 project_image_fid=373559]</p>

<p>Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.</p>

<p>The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.</p>

<p>[smartcode_project:default project_id=145922 project_image_fid=373583]</p>

<p>Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.</p>

<p>Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.</p>

<p>[smartcode_project:default project_id=145922 project_image_fid=373571]</p>

<p>Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.</p>

<p>Completion of Crest &amp; Walker is slated for late 2028.</p>

<p>[smartcode_project_cta:default project_id=145922]</p>


Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

<p>The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.</p>

<p>It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.</p>

<p>Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.</p>

<p>While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.</p>

<p>[smartcode_project:default project_id=6515 project_image_fid=68833]</p>

<p>Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.</p>

<p>The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.</p>

<p>"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.</p>

<p>"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.</p>

<p>"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."</p>

<p>[smartcode_project:default project_id=6515 project_image_fid=360215]</p>

<p>One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.</p>

<p>"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.</p>

<p>While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.</p>

<p>"The size of the site is something that would be incredibly difficult to replicate today," she says.</p>

<p>"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."</p>

<p>[smartcode_project:default project_id=6515 project_image_fid=68839]</p>

<p>There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.</p>

<p>As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.</p>

<p>"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.</p>

<p>A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.</p>

<p>The remaining apartments are ready to inspect in person, by appointment.</p>

<p>[smartcode_project_cta:default project_id=6515]</p>


A decade in the making: Residents to move into Chevron One as construction wraps up

<p>A general rule of thumb in new apartment developments is that the penthouses get the rooftop.</p>

<p>It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.</p>

<p><a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.</p>

<p>Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.</p>

<p>The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=374053]</p>

<p>"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.</p>

<p>"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.</p>

<p>"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=374052]</p>

<p>The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.</p>

<p>Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=372547]</p>

<p>The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.</p>

<p>The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=374054]</p>

<p>Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.</p>

<p>Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.</p>

<p>[smartcode_project:default project_id=150017 project_image_fid=370962]</p>

<p>While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.</p>

<p>It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.</p>

<p>Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.</p>

<p>[smartcode_project:default project_id=146527 project_image_fid=366550]</p>

<p>That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.</p>

<p>Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.</p>

<p>[smartcode_project_cta:default project_id=150017]</p>


Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

<p>As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.</p>

<p>At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.</p>

<p>[smartcode_project:default project_id=426 project_image_fid=359199]</p>

<p>The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.</p>

<p>Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.</p>

<p>In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.</p>

<p>[smartcode_project:default project_id=426 project_image_fid=360299]</p>

<p>The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.</p>

<p>Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.</p>

<p>This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.</p>

<p>[smartcode_project:default project_id=426 project_image_fid=360300]</p>

<p>What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.</p>

<p>The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.</p>

<p>Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.</p>

<p>[smartcode_project_cta:default project_id=426]</p>


Elevated amenity anchors daily life at Aeris, Melrose Park

John Mcgrath

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<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>
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<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>
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<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>
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<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>
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<p>Managed properties declined to 7,215, driven by challenging conditions across the East Coast residential market.</p>
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<p>The number of Oxygen Loans settled were at four year lows. </p>
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<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>
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<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>
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<p>  Revenue down 23% to $99.2 million</p>
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<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>
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<p>  Underlying EBITDA of $5 million; achieved guidance</p>
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<p>  Balance sheet with no debt and $10.9 million cash</p>
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<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>
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<p>During the reporting period, the board announced a number of changes to its composition which included:</p>
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<p>  the resignation of Non-Executive Directors Cass O’Connor, Elizabeth Crouch, Nigel Dews and Cath Rogers;</p>
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<p>  the appointment of independent Non-Executive Directors Peter Lewis and Andrew Robinson; and</p>
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<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>
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jchancellor-FAypfDUnLy

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

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<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>
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<div>"The past 12 months have been very challenging for McGrath," McGrath chief executive Geoff Lucas said.</div>
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<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>
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<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>
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<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>
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<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>
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<div>"I'm pleased that it is paying off and we are generating interest in our recruitment of new staff."</div>
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j.ballantyne1990-6AQqhLzZaK

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

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<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>
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<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>
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<div>Denny's sold-out apartment development called Vue at Gosford used McGrath's Central Coast office in its marketing.</div>
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<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>
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<p>A spokeswoman for Denny's development company, Central Real, told The Australian Financial Review the shareholding was a "passive long-term investment".</p>
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For $3 million, Central Coast entrepreneur Tony Denny buys 5 percent stake in McGrath

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

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<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>
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<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>
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McGrath looks to Peter Lewis to lead agency board

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<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>
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<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>
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<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>
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<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>
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<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>
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<div>The Fairfax newspaper also advised there had been "threats by the board to resign en masse over the Christmas holiday."</div>
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John McGrath says his punting losses are "well within his means" 

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<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>
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<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>
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Urgent clarification being sought by McGrath board from its founder

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<div class="page" title="Page 1">The real estate agency McGrath has reported a small loss.</div>
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<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>
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<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>
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<div class="page" title="Page 1">No interim dividend will be issued.</div>
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<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>
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<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>
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McGrath estate agents get $850,000 additional commission windfall to stop defections

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<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>
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John McGrath well progressed in locking in new directors

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<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>
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<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>
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<p><span><span><span><span> </span></span></span></span></p>
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