Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Joel Robinson

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

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.

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."

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.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

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.

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.

[smartcode_project:default project_id=144913 project_image_fid=297741]

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.

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.

[smartcode_project:default project_id=144913 project_image_fid=297735]

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.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Garden-led design drives buyer demand at Yarraville Green

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.

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.

[smartcode_project:default project_id=145922 project_image_fid=373556]

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.

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.

"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.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"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."

[smartcode_project:default project_id=145922 project_image_fid=373559]

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.

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.

[smartcode_project:default project_id=145922 project_image_fid=373583]

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.

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.

[smartcode_project:default project_id=145922 project_image_fid=373571]

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.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

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

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

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.

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.

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.

[smartcode_project:default project_id=6515 project_image_fid=68833]

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.

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.

"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.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"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."

[smartcode_project:default project_id=6515 project_image_fid=360215]

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.

"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.

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.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"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."

[smartcode_project:default project_id=6515 project_image_fid=68839]

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.

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.

"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.

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.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

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

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

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.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

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.

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.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"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."

[smartcode_project:default project_id=150017 project_image_fid=374052]

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.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

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.

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.

[smartcode_project:default project_id=150017 project_image_fid=374054]

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.

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.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

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.

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.

[smartcode_project:default project_id=146527 project_image_fid=366550]

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.

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.

[smartcode_project_cta:default project_id=150017]

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

John Mcgrath

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The besieged real estate boss John McGrath has described reports of a $16.2 million gambling debt as "ridiculous."
His response came in a 5.55am Saturday morning email to staff.
"This rubbish will not distract me and should not distract us," he suggested.
"Having just enjoyed a productive week, I was hoping perhaps I might get some respite from the barrage of negative media, only to find yet another article clearly designed to damage me.
"The information in the article is ridiculous but as Mark Twain once said “A lie can travel halfway around the world before the truth has got its boots on."
"I will deal with it and its authors," he told his staff who awoke to read a Fairfax Media article alleging his gambling debt to the Tom Waterhouse-run betting company William Hill was the biggest personal debt in Australian gambling history.
McGrath, who founded the estate agency in the late 1980s, resumed control last month after the current board decided to depart amid gloomy trading figures.
The share price hit a new intraday low of 43 cents, down three cents, in Monday morning trade on the ASX, better than the overall market decline.
A McGrath spokeswoman said John McGrath was not available for comment as he worked to execute his 2018 growth plans.
His agency sold 16 of 26 auction offerings at auction yesterday with prices between $430,000 for a two bedroom East Ballina villa to a four bedroom $1.7 million Merewether house.
His email noted the past few weeks had been among "the most challenging ever in my life.
"I’m sorry that I have been targeted – but I am more concerned about you guys than about me." 
McGrath has previously denied having any gambling debts. 
"I can assure you that I am neither a large punter...nor do I owe any funds to anyone," he said in a text message to Fairfax Media when they sought insights in 2017.
McGrath did not reply to written questions put to him on Friday by Fairfax Media.
This article was first published in the Sunday Telegraph.
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jchancellor-FAypfDUnLy

John McGrath says claims of $16.2 million gambling debt is "rubbish" that will not distract him

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Olivia Wokes - who bills herself as a results-focused consumer marketing professional - has quit the McGrath estate agency.
She was the head of marketing for the veteran agent John McGrath for the past year and seven months.
Her departure to Deloitte, the global management consultancy, was announced today by John McGrath's older brother, Matt McGrath, who has been Deloitte's chief marketing officer since last May.
Wokes joined the McGrath agency in July 2016 from Channel 10 where she worked with Matt McGrath, who was also a marketing adviser for his brother's business for 27 years until late 2016.
Her appointment to McGrath came a month prior to McGrath's current chief executive Cameron Judson, who is soon to depart.
Judson came onboard at McGrath in August 2016 to replace the seven year chief operating officer Geoff Lucas who was off to become the chief operating office at the artisan bread maker and café group Sonoma, which he lead for one year and one month.
<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/2018/1/24/Olivia.jpg" alt="">
 
Wokes, with experience in television, print and digital brands, bills herself has having an intrinsic understanding of advertising strategy and consumer marketing.
Her two year time at the Network Ten saw Wokes "spearhead" a strategy that resulted in market share growth for the television company which is freshly out of its days in administration.
For the prior two years, Wokes had been the marketing manager at the now axed FAMOUS, the weekly magazine published by Pacific Magazines.
 
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John McGrath's senior marketing executive hired by McGrath's brother 

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<div class="cq-article-content-paras section">
Stockbroker Shaw Partners expects another McGrath Estate Agents downgrade after it has already missed its targets for the first half of the year.
"We have never liked the stock, disputed the "stickiness" and "defensive" nature of rent rolls," its savage note said.
Its analysts have downgraded the share price of McGrath to as low as 22 to 25 cents, Fairfax Media reported.
It said McGrath management had "zero credibility."
Its note to clients was titled Titanic. McGrath shares rose in morning trade to 54 cents today, up 3 cents. 
"When you have mass exodus of agents something stinks internally and of course there are the external structural challenges," its note says.
"The 'corporate' angle is likely to keep the stock at higher levels than it should be, use this as a chance to sell.
"Company looks set to do $4 million to 4.5 million in EBITDA, being generous and implying a 40 to 60 per cent improvement on the first half," its note said.
"The cost cuts have gone as far as they can while leaving the company with the resources to benefit from market improvement," Shaw said.
Bell Potter which underwrote the McGrath float at an earning multiple of 8.8 (to enterprise value) in the $2.10 IPO price has moved to a "sell" recommendation.
"In our view the lack of a leadership team and also options for the company (outside of privatising) support this recommendation," Bell Potter said.
Without spending a cent, John McGrath resumed defacto leadership of the company this week amid board and company tumult.
Key sales staff and a big private shareholder have backed him to turnaround the company he founded 30 years ago, perhaps by taking it private.
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<div class="cq-article-content-paras section">
 
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McGrath Group share price could fall by half again: stockbroker

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The stockbroker Bell Potter has moved to recommend its clients sell shares in the McGrath Estate Agent group.
The publicly listed estate agency jumped 1 cent in trade today to 51 cents.
The all time low was yesterday's 50 cents which followed board level turmoil which saw founder John McGrath take back the reins at the agency.
<div class="cq-article-content-paras section">
But Bell Potter now expect it to fall to 45 cents. Fellow stockbroker Shaw Partners suggests the share price could fall by half, again.
Bell Potter advised clients that it had lost its confidence in McGrath's ability to "forecast earnings."
It has downgraded its earnings forecasts for the next three years, predicting a loss in the 2018 fiscal year.
</div>
Meanwhile John McGrath has described the tumultuous start to the new year as the "best few days" of his life as he steps in to steer the business.
McGrath was fronting around 1000 agents and team members at the agency's annual "kickstart" event at Royal Randwick Racecourse in Sydney.
<div id="plista_widget_outstream_5a66e8427e93280" class="plista_widget_outstream" data-widget="">"We will be moving forward at a pace not seen before. This business has incredible greatness and resilience," Mr McGrath said, according to a copy of remarks provided to Fairfax Media by the company which now has a $72 million market capitalisation.</div>
"We will be laser-focused, customer-centric, fast, agile and our innovative heritage will once again come to the fore.
''I have more passion and determination than I have ever had.”
“It’s the best few days of my life rather than what could’ve been the worst,” he said, thanking the team for their support.
Bell Potter, along with investment bank JP Morgan, underwrote the sharemarket listing of property agent McGrath in December 2015 at $2.10 a share.
Last January Bell Potter told its clients that McGrath shares were a "hold" with an 86 cent a share 12 month price target, having previously had the shares as a buy.
Broker Bell Potter upgraded its recommendation from a 'hold' to 'buy' at 61¢ a share in February last year. Analyst Chris Savage titled his February 2017 report on the stock "Calling the Bottom".
The much anticipated return of John McGrath to lead the McGrath Group was announced yesterday morning after a shock leak of its fall from profitability emerged in a Stockmarket update.
The stock market was told that McGrath was headed back to running the company he founded in 1988 in Paddington.
The statement read:
"As noted in November, part of Stage Two of the Company’s structural review examined costs in noncustomer facing roles, including among the Company’s board and executive management level and roles where key expertise was unlikely to be required in the medium to long term. That expertise includes material expansion of Company owned offices and growth-oriented M&amp;A initiatives.
Pending interim executive chairman, Mr McGrath said “Like all shareholders I am very disappointed with the performance of the Company over the last two years.
"Now is the time for a new approach. Despite the challenges we have endured since listing, McGrath remains one of the best real estate businesses in Australia with outstanding talent throughout the Company.
"I am very excited and proud to once again be leading the team in the future.”
“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.
"I have a clear plan to rebuild momentum but I will let our results speak for themselves from here.” 
Chairman Cass O’Connor, who has resigned alonged with non-executive directors Elizabeth Crouch and Cath Rogers, said John McGrath was well placed to take back the reins.
The former McGrath franchisee Shane Smollen has also backed John McGrath to turn around the company he founded 30 years ago.
"There's no reason why John with the right management team can't turn around McGrath," Smollen, its third biggest shareholder, told The Australian Financial Review.
But The Australian reported Smollen has rebuffed suggestions that he is part of a plan to ­return embattled McGrath Real Estate to private hands.
He was McGrath's largest franchisee before selling his network of 10 Sydney offices back to McGrath ahead of the November 2015 IPO for $31.5 million in cash and $21 million in shares, reportedly the highest price paid for a residential real estate business in Australian history.
 
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McGrath Group is a "sell" says float stockbroker Bell Potter

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The much anticipated return of John McGrath to lead the McGrath Group has been announced this morning after a shock leak of its profitability emerged overnight.
The stock market was told at 9am this morning that McGrath was headed back to running the company he founded in 1988 in Paddington.
The statement read:
"As noted in November, part of Stage Two of the Company’s structural review examined costs in noncustomer facing roles, including among the Company’s board and executive management level and roles where key expertise was unlikely to be required in the medium to long term. That expertise includes material expansion of Company owned offices and growth-oriented M&amp;A initiatives.
Pending interim executive chairman, Mr McGrath said “Like all shareholders I am very disappointed with the performance of the Company over the last two years.
"Now is the time for a new approach. Despite the challenges we have endured since listing, McGrath remains one of the best real estate businesses in Australia with outstanding talent throughout the Company.
"I am very excited and proud to once again be leading the team in the future.”
“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.
"I have a clear plan to rebuild momentum but I will let our results speak for themselves from here.” 
Chairman Cass O’Connor, who has resigned alonged with non-executive directors Elizabeth Crouch and Cath Rogers, said McGrath is well placed to take back the reigns.
“As Executive Director, founder and major shareholder, John is well placed to transition to interim executive chairman role. John, the Board and the CEO will work closely to effect a smooth transition.”
Nigel Dews has resigned from the board, due to work commitments and as part of the stage two review.
During 2017, Dews was appointed CEO of Message Media, which necessitated his move interstate.
The transition period will allow for the recruitment of additional non-executive directors to fulfil the company’s legal and strategic requirements. 
Earlier today it was reported that the McGrath Group Report November 2017 showed McGrath Limited had sunk to a $1.3 million loss as it suffered from falling commission income from residential sales, against the targeted $3.3 million net profit after tax between July and November 30.
The chief executive is set to step down.
Founder John McGrath previously stood down as chief executive in August 2016. 
As a result of McGrath's stage two structural review, McGrath CEO Cameron Judson and head of corporate services and company secretary, Morgan Sloper, will leave the company.
Judson, a turnaround specialist and former CEO at recruitment firm Chandler Macleod, resigned after just 18 months in the role. He will remain CEO until at least the publication of full-year results in February.
 
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jrobinson-rf4aSBido9

John McGrath returns to helm at McGrath

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Deteriorating trading results in the McGrath estate agency finances have emerged in an internal document obtained by The Australian Financial Review.
The Fairfax newspaper advised it had obtained a document, McGrath Group Report November 2017, that showed McGrath Limited had sunk to a $1.3 million loss as it suffered from falling commission income from residential sales, against the targeted $3.3 million net profit after tax between July and November 30.
<div>
A leak also advised there had been infighting within the publicly listed company board, and even "threats by the board to resign en masse over the Christmas holiday."
</div>
<div>There was a McGrath board meeting on Friday but no announcements made to the stockmarket. It comes just hours before John McGrath was taking back the reigns of the McGrath Group.</div>
<div> </div>
<div>"It is understood the majority of the board clashed with Mr McGrath over the wording of the next trading upgrade to the ASX," The Australian Financial Review reported.</div>
<div>
The loss for the first five months of the financial year compared to a $2.7 million net profit in the six months to December 2016.
Since listing in December 2015 McGrath has delivered several profit warnings prompting McGrath shares to be trading at around 57¢, well below its IPO price of $2.10. It has previously traded as low as 52 cents and fell back to 52 cents this morning.
</div>
<div>
<div>
The emerging financial position could ignite more privatisation expectation of the agency which has a $76 million market capitalisation ahead of trade this morning.
John McGrath, who holds 26 per cent of the company, is now in a better position to lodge any bid, following his resignation last week from the board of the REA Group after 18 years. He holds $10.8 million REA Group shares which could be more readily sold given he was no longer a director the realestate website publishing group.
The internal documents show McGrath missed its internal forecast for earnings before interest, tax, depreciation and amortisation (EBITDA) by more than 80 per cent in the five months to November to generate $1.3 million instead of $7.8 million it had earlier expected. 
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The documents reportedly show the McGrath balance sheet has been hit by a large depreciation of its rent roll asset (or property management operations).
Operational expenses met budget expectations.
But there was a blowout in doubtful debts and legal fees due to an increase in legal action.
McGrath's earnings are substantially below forecasts by equities analyst Bell Potter, which estimated the group earnings of $16.6 million in 2018.
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<div>The board indicated in an update to the market last November that the agency might miss analyst targets.</div>
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"FY18 earnings could be 20 per cent to 25 per cent lower than the current analyst estimate, due to high restructuring charges and a partial year of cost savings," the company said.
When approached by the Financial Review, McGrath declined to comment over the weekend.
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"McGrath declined to comment other than to say the company is well aware of its continuous disclosure obligations which we take very seriously," a spokeswoman said.
The board, chaired by Cass O'Connor, has just five members including John McGrath. The other there directors are Elizabeth Crouch, Nigel Dews and Cath Rogers. Cameron Judson is the chief executive officer, Glynn Wright, the chief financial officer and Morgan Sloper, its head of corporate services/company secretary.
Several former Mcgrath executives have run a clandestine campaign of denigration against the group over the past year.
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Extraordinary McGrath Group leak suggests board in turmoil

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Estate agent John McGrath is departing the board of the REA Group.
He has been on the board since its 1999 float. He was its chairman for four years until 2007.
McGrath was an early adopter of new technology, instrumental in seeing the digital real estate website eventually succeeding in what had been a sales industry slow to embrace change. In 2000 McGrath convinced Lachlan Murdoch to take equity, in a deal that saved the small internet start-up from a dotcom implosion. Pamela Williams' book, Killing Fairfax noted the two young men had met on the board of the Museum of Contemporary Art Young Patrons group.
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REA Group announced that McGrath will step down from the board on 16 January 2018.
Chairman Hamish McLennan acknowledged McGrath’s service to the Board.
“Mr McGrath’s lengthy contribution to the REA Group has been highly regarded by the board.
"I am particularly grateful for his invaluable industry knowledge.
"He leaves the group with a multi-billion dollar market capitalisation and we wish him the best of luck”. 
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A search for a new independent director is now being undertaken. 
McGrath has been the only board member directly connected to the Australian real estate industry since the 2012 departure of Sam White.
McGrath's final director's interest statement advised he had 146,000 shares which were trading at $74 a share.
McGrath, who began his now listed estate agency in 1988, remains an executive director at the McGrath group.
The REA Group's humble beginnings in 1995 was a garage in Doncaster, in the Eastern suburbs of Melbourne, as noted in Killing Fairfax: Packer, Murdoch and the Ultimate Revenge by Pamela Williams, published by HarperCollins in 2013.
Martin Howell and Karl Sabljak, who had been working at the Royal Melbourne Institute of Technology (RMIT) as computer systems administrators, registered the realestate.com.au URL in August 1995.
In August 1999 Andrew Barnes oversaw negotiations for Macquarie Bank to to buy a controlling stake of 51 per cent for just under $1 million.
With Andrew Barnes as chairman, and 15 million shares issued at 50¢, realestate.com.au was admitted to the Australian Stock Exchange in December 1999.  
While it opened at $1.50 a share in December, 1999, it was trading between 15¢ and 20¢ in 2000.
On November 30, 2000, News Limited announced it had invested cash of $2.25 million in realestate.com.au, plus advertising, marketing and other contra for a total investment worth $10.75 million in the deal negotiated by Lachlan Murdoch.
In 2013, Rupert Murdoch expressed his delight at having its REA investment.
"And I don’t remember Lachlan even asking me about it,” he added.
News Limited took an initial 44 per cent stake with an option to acquire a further 10 million shares over the next five years.
Macquarie Bank would remain a shareholder but News would acquire the outstanding amount of Macquarie’s loan facilities. 
The digital website company now has a $9.75 billion market capitalisation. News Limited holds 61 percent.
The Domain website at John Fairfax &amp; Sons was launched in October 1999, four years behind realestate.com.au.
In May 2001 Red Sheriff, a company which audited website traffic statistics, revealed realestate.com.au had shot past Fairfax’s domain.com.au with more visitors to its site. 
"Horrifyingly for Fairfax, domain.com.au had fallen to second place," Pam Williams wrote.
"It was a moment in time when the advertising world that had been comprehensively dominated by Fairfax showed its first cracks," she wrote.
Now listed separately, Domain's market cap is $1.9 billion.
 
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John McGrath exits REA Group board after 18 year stint

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House prices growth in Canberra is expected to top other capital cities between now and 2020, according to property expert John McGrath’s recent article in Switzer.
This growth will be drive by a 16% rise in population growth, continuing high incomes and a shortage of detached housing stock, said McGrath, citing data from economic forecaster BIS Oxford Economics.
Canberra also recorded its highest Winter auction clearance rate since 2009 and the fourth highest clearance on record at 69.2%, according to Domain.  
It was the best performing capital last weekend.
However, the capital’s two-tier marketplace: a rise in detached home prices and stagnation in apartment prices, is highlighted by the recent McGrath Report 2018 which says the national oversupply of apartments will see Canberra become one of only two capital cities with any apartment price growth by 2020.
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Median house prices in Canberra grew a solid 6.6% to $650,000 over the year to June 2017, according to CoreLogic, meanwhile apartment price growth was sluggish at just 2.9% to a median $442,500.  
 “Restricted house stock is attributable to a decline in new construction and the ongoing impact of more than 1,000 asbestos affected ‘Mr Fluffy’ blocks being removed from the market under compulsory acquisition by the ACT Government in 2014,” says McGrath in Switzer.
So far, only 400 remediated blocks have been released back into the market.
“Lack of stock is also contributing to a projected pick up in the renovations sector after a contraction of 6.1% in FY17. A lack of choice in the marketplace is driving some home buyers to stay put and renovate instead, with the Housing Industry Association forecasting renovations activity to increase by 5.1% during 2017-18.”   
Apartments and other non-detached housing make up 80% of dwelling approvals in Canberra, according to the HIA, while real estate firm JLL estimates a pipeline of 7,000 new apartments for the city by 2021.  
The apartment market is already in oversupply but a low vacancy rate of 1.7%, coupled with strong yields, is keeping apartment prices in slightly positive growth territory, he adds. 
Canberra’s median rent of $420 per week and median yield of 4.9% is expected to continue rising in the short term due to population growth, low numbers of first home buyers and an underlying shortage of rental accommodation.  
Population grew 11% in the ACT between 2011-2016, the largest of all states and territories and equivalent to more than 40,000 new residents, according to the Australian Bureau of Statistics (ABS).
 The ACT government expects further strong population growth of 6% in Canberra by 2020. About 60% of this growth will be driven by natural increase (births minus deaths) and around 40% through net overseas and interstate migration.    This growth is being supported by major new public projects like the $700 million citywide light rail network, with the first stage connecting the CBD and Gungahlin next year; and a revitalisation of the city precinct.
A big ticket housing project for 2017-18 will be the replacement of the Red Hill public housing units in the prized inner south. The new residential development will include 108 single dwelling sites, four multi-unit sites and six green spaces. Another 92 townhouses and apartments are planned for three blocks in Holder, Chapman and Wright.  
 With its selection of art galleries and vibrant restaurant scene, Canberra is shedding its stuffy reputation and becoming an attractive lifestyle and cultural destination, says McGrath, predicting better times ahead for the capital city.
 
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Undersupply of houses, population growth to drive Canberra prices: John McGrath  

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Guest Observer
Sydney and Melbourne have recorded phenomenal price growth over the past five years, with house prices rising 66.9 percent and 39.8 percent respectively since the growth cycle commenced in mid-2012.
The median house price in Sydney is now $960,000, representing a capital gain of $385,000 in just five years. The median house price in Melbourne is $675,000, with the boom putting on average about $192,500 of new equity into the pockets of home owners.
A strong economy, population growth, new infrastructure, a chronic shortage of housing, a spike in investor activity and interest rates falling to record lows have all contributed to this surge in property values.
Some suburbs have fared better than others, with local factors substantially propelling prices forward in parallel with citywide trends that caused a frenzy of buying in our two big capitals.
Figures compiled by CoreLogic have identified the Sydney and Melbourne suburbs with the strongest house price growth in the five years to June 2017. 
The biggest boom winners in Sydney were Bringelly (170.1% growth) and Kemps Creek (166%) in the west and Clareville (125%) on the northern beaches. 
Melbourne’s biggest boom winners were Huntingdale (103% growth), Ashwood (91.2%) and Ashburton (90.6%) in the south east.
In Bringelly and Kemps Creek, land sales have been the key drivers of house price growth. While the two precincts are still largely farming areas, rezoning is expected to change the face of these neighbourhoods in the years to come. Zoning for Bringelly is currently mixed while the majority of Kemps Creek will be industrial to service the new Western Sydney Airport.
The airport is already bringing jobs and businesses to the area, with initial roadworks underway generating about 4,000 jobs. The Federal Government plans to have the airport operational by 2026 with close to 9,000 jobs in place by the early 2030s.
Over on Sydney’s Northern Beaches, the affluent beachside suburb of Clareville has seen prices surge over the past five years, with an increase in the number of $4M+ sales over the past 12 months largely behind its incredible growth.
While the precinct has always been desirable to buyers, its recovery post-GFC was slower than other prestige areas. Buyers have since come to recognise the disparity in value between Clareville and the premium suburbs of the lower north shore, upper north shore and eastern suburbs, which has also been a significant factor fuelling increased demand in recent years.
The Clareville market has been driven by downsizers, local families upgrading and buyers seeking a holiday home. The appeal of a relaxed beachside lifestyle within an hour of the CBD has made it a sought-after seachange destination.
The suburb has also benefited from new restaurants, the new Avalon Beach Surf Club and the promise of better transportation to the city with the new B-Line bus service.
In Melbourne’s south east, the ripple e ect has sent prices soaring in our top three suburbs.
In Huntingdale, the small yet attractive enclave is tightly held with just 19 house sales in FY17 out of only 469 houses in total. Home to just 1,900 residents, its collection of about 20 streets is attracting buyers priced out of nearby Oakleigh, Carnegie, Murrumbeena and Hughesdale.
Among its amenities is Huntingdale Primary School – one of just 12 bilingual schools in Victoria, and the internationally recognised ‘Home of the Australian Masters’, Huntingdale Golf Club, both located just across the border in Oakleigh South. Huntingdale also has its own train station.
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Just 5km away, neighbouring Ashwood and Ashburton were once considered hidden gems but are now in high demand from buyers priced out of Camberwell, Malvern and Mount Waverley. These two leafy suburbs offer an abundance of green space and their large blocks are popular with families. Ashburton has seen an increase in new builds as home owners knock down existing properties to create modern family homes.
 Both suburbs offer good public transport links and easy access to the Monash Freeway, with nearby Chadstone shopping centre and Monash and Deakin universities also major drawcards.
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After a five year upwards trajectory, we are now seeing affordability constraints and tighter lending conditions softening demand in both the Sydney and Melbourne markets.
 Affordability is always a factor at the end of booms. The market cycle eventually reaches a critical price point where buyers begin to exit the marketplace. Some owner occupier buyers renovate instead of trading up while others leave the city altogether. Investor buyers begin to lose interest as capital growth prospects wane and yields become too small to service the loan. New restrictions on lending to investors have been a major factor reducing demand as well. Typical post-boom market trends we expect to see over the next year include an increase in stock, as more vendors come to market with hopes of achieving a final boom price and thousands of new apartments are completed following the construction boom. 
Apart from first home buyers, we will see a gradual reduction in demand as investors exit and owner occupiers struggle with affordability. The buyers remaining in the market will be choosier given improved supply, leading to an increase in average days on market.
 Auction clearance rates will fall back to the more normal rate of sale around 60%. After several months of post-boom activity, vendor discounting will increase as sellers finally adjust their expectations and accept that boom level prices are no longer achievable. Price growth will continue – albeit at a slower pace, particularly in Sydney and Melbourne’s best suburbs. The citywide medians will rise and fall over many months as the market rebalances. Overall, there is a possibility of a minor price correction and this would be healthy for the long term sustainability of our major city markets following such a prolonged period of rapid growth. 
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John McGrath is the founder of the national agency, McGrath Estate Agents <a href="https://www.mcgrath.com.au/mcgrath-report" target="_blank">with the full report here</a>.
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Biggest boom winners and what's the next cycle? John McGrath

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McGrath founder and real estate veteran John McGrath has said he was misquoted in a report that the Sydney market was 40% overvalued.
“The Sydney market is most of the way thought its sales cycle and very near the top of its cycle.
"My view is there is no bubble, and no chance of a 40% correction,” clarified McGrath. 
He had been misquoted saying he thought the Sydney market was 40 per cent overvalued, comments first published by Mortgage Business website, repeated on the Smart Property Investment site and then picked up by Business Insider, prompting a denial by John McGrath.
At the same time - and in the same article - he'd advised he thought there might be a  “small correction while the market catches its breath.”
The real estate expert had been attending the mortgage broker AussieThink conference on Monday on the Gold Coast where he sat on a panel with Aussie John Symond and banker Ian Narev, hosted by 2GB's Ross Greenwood.
He noted that there are “two housing markets” in Australia, and according to him the one that incorporated the two major cities of Sydney and Melbourne was at the end of its cycle.
“There are two markets in Australia, the Sydney/Melbourne market being one and the rest of Australia, and that could be broken into regionals and other capitals. If you look at the last 10 years, we have seen Sydney/Melbourne [prices] have doubled and we’ve seen most of the other capital cities increase by 10–20 per cent, so it really is a big separation of the two markets,” McGrath was quoted as saying by the Mortgage Business.
The report quoted him as saying that the two cities were “at least 95 per cent through their current cycle”, adding that “it could be 100 per cent in Sydney”.
“I don’t see any material capital growth in the next few years and, equally confidently, I don’t see any material drop either. I’ve been through five cycles and each time the market does see significant growth over a two- to three-year period."
“Yes Sydney is overvalued compared to other areas of Australia, however it is a world class international city and a major financial centre. I’ve long said that South East Queensland is undervalued and shows great growth potential,” said McGrath in a media release clarifying his remarks. 
He said the market had strong drivers including deep demand, population growth, overseas investment and low interest rates but there was a possibility of a small and short correction of a few percent, and “I believe that is healthy for the sustainability of the market”.
His firm's profit fell 42 percent for the year ended June 30 and the company announced a share buyback to support its sliding share price.
The Australian Financial Review's Street Talk column has written private equity firms are "circling" the company.
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It advised Anchorage Capital, Adamantem Capital, Advent Partners and Crescent Capital Partners are among firms reputedly having run the numbers on McGrath.
Street Talk was not suggesting any approach has been made to the board, or that talks are under way ahead of a formal end to an escrow period - for about 46.3 per cent of total issued capital - on September 8. 
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<div>More than half of these shares are held by founder John McGrath, who retains the biggest shareholding with a 27 per cent stake.</div>
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<div>"Once the escrow period ends as much as 20 per cent of the register could change hands, should founding agents and others opt to sell," the AFR suggested.</div>
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McGrath is speculated as potentially proceeding with a privatisation of the the nation's third-largest real estate sale business.
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John Mcgrath

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