<p data-end="246" data-start="85">Castle Hill’s booming development market is set for another boost, with builder-developer Buildex proposing a new mid-rise apartment building near Castle Towers.</p>

<p data-end="467" data-start="248">Buildex has submitted plans to The Hills Shire Council for a <a href="https://www.apartments.com.au/new-apartments/197-old-northern-road-castle-hill-nsw-2154">nine-storey building comprising 57 apartments</a> on Old Northern Road. The company acquired two adjoining sites earlier this year, totalling more than 2,683 sqm.</p>

<p data-end="597" data-start="469">Texco Design has prepared the scheme, which includes five one-bed plus study apartments, 37 two-bedrooms, and 15 three-bedrooms.</p>

<p data-end="836" data-start="599">Castle Hill has become a hotspot for developers in recent years, undergoing significant transformation driven by the opening of the Hills Showground Precinct to development and the introduction of two metro stations servicing the suburb.</p>

<p data-end="1053" data-start="838">Developers including Deicorp and Kassis Homes have already completed projects, and are progressing future developments, while Meriton, Arada, and Ellipse are currently delivering new projects in the rapidly evolving area.</p>


Staff Writer

First look: Buildex plans 57 apartments near Castle Towers

<p>Gold Coast developer&nbsp;<a href="https://www.apartments.com.au/developers/immerse-projects">Immerse Projects</a>&nbsp;has unveiled what it intends to deliver at its recently acquired Toowong site, its debut apartment development in Brisbane.</p>

<p>Immerse, founded by John Kearney who is also the founder of regarded construction company Greyburn, secured the prime Sylvan Road site <a href="https://www.apartments.com.au/news/qld/first-look-immerse-projects-moves-into-brisbane-apartment-market-with-toowong-site-acquisition">earlier this year</a>, in an area which has historical significance to Kearney who&nbsp;studied at the nearby University of Queensland.</p>

<p>"It feels like a full circle moment," Kearney told&nbsp;<a href="https://www.apartments.com.au/" target="">Apartments.com.au</a>.&nbsp;</p>

<p>“I spent many nights at the Regatta Hotel just down the road, as have most people in&nbsp;<a href="https://www.apartments.com.au/developments/brisbane-qld" target="">Brisbane</a>. It’s one of the city’s most well-known hotels, and with several cafes, restaurants, and a CityCat stop nearby, it’s become an even more attractive place to live.”</p>

<p>He is planning a <a href="https://www.apartments.com.au/new-apartments/22-24-sylvan-road-toowong-qld-4066">15-storey project with 88 apartments</a> above an activated ground plane with a shop and hospitality spaces.</p>

<p><img alt="Toowong podium" data-entity-type="file" data-entity-uuid="c350436b-9d64-46cc-ab6f-defc009e1b65" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_0.png?VersionId=zt7A0_14M62TkZ61YHnGmEck9KM9HqDA" /></p>

<p>The architecture, led by <a href="https://www.apartments.com.au/interior-designers/bda-architecture">BDA Architecture</a>, presents a tower massing that responds to the area's evolving mid-rise context. The scheme incorporates podium and rooftop communal spaces, while the commercial elements aim to activate the Sylvan Road frontage and enhance the site's interface with the adjacent parkland.&nbsp;</p>

<p>Landscaping plans by Ivy May Landscape Architects include subtropical planting and deep soil zones to support stormwater management and visual integration.</p>

<p>Supporting documentation from Mewing Planning Consultants notes that "the proposed development will deliver a mixed-use outcome that enhances the vibrancy of the Sylvan Road corridor" and highlights its proximity to high-frequency public transport and community facilities.</p>

<p><img alt="First look: Immerse Projects moves into Brisbane apartment market with Toowong site acquisition" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/22-24%20Sylvan%20%20Rd%20Toowong_Markups.jpg?VersionId=u4_IGzpYLPFfAZSsgCZynov3bm7umwJ." /></p>

<p>&nbsp;</p>

<p>There's been little new apartment development in Toowong in recent years. The most notable is Consolidated Properties two-tower Monarch Residences, which is approaching completion with nearly all of its 224 residences sold.</p>

<p>Kearney describes&nbsp;<a href="https://www.apartments.com.au/developments/toowong-qld-4066" target="">Toowong</a>&nbsp;as a suburb with real depth.</p>

<p>"The suburb attracts everyone, from students to retirees, and that's what makes it interesting."</p>


Joel Robinson

First look: Immerse Projects reveals debut Brisbane apartment development in Toowong

<p><a href="https://www.apartments.com.au/developers/hyecorp-property-group">Hyecorp</a> is down to its final three-bedroom apartments at Audrey, the developer’s parkside St Leonards South project, pairing the remaining homes with a limited-time offer.</p>

<p>The developer is extending a five per cent deposit and a $50,000 settlement rebate on selected apartments, aiming to help owner-occupiers secure one of the final homes ahead of move-in in early 2026.</p>

<p>[smartcode_project:default project_id=110379 project_image_fid=311393]</p>

<p>Located on Canb​erra Avenue opposite Newlands Park, <a href="https://www.apartments.com.au/new-apartments/audrey-st-leonards-13-19-canberra-avenue-st-leonards-nsw-2065">Audrey</a> comprises 102 residences, including a mix of three-bedroom residences and a double-storey, five-bedroom terrace with two outdoor areas.&nbsp;</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> and delivered by <a href="https://www.apartments.com.au/builders/north-shore-property-construction">North Shore Property Construction</a>, the project reflects Hyecorp’s focus on owner-occupier planning, with open-plan layouts, extensive storage integration, and a material palette built around stone, oak timber flooring and bespoke joinery. Many of the three-bedroom apartments capture views toward the city and Harbour Bridge.</p>

<p>[smartcode_project:default project_id=110379 project_image_fid=207373]</p>

<p>Hyecorp’s internal design team, Jackson Teece, has emphasised a consistent level of specification across the building, including Miele appliances, integrated refrigeration, brushed metal tapware and large-format stone detailing that conceals cabinetry.</p>

<p>The Tiffany Collection, crowning the development on Levels 12 to 15, features added luxury of fluted standalone baths, heated bathroom floors, custom walk-in robes and upgraded appliance packages across its spacious 155 to 159 sqm homes.</p>

<p>[smartcode_project:default project_id=110379 project_image_fid=301367]</p>

<p>Beyond the private residences, Audrey carries a strong amenity focus. Residents have access to an indoor lap pool and spa, personal training studio, private cinema, music room and private dining room.</p>

<p>A landscaped rooftop terrace with CBD views anchors the communal offering, complemented by an onsite café and an integrated daycare centre within the project.</p>

<p>[smartcode_project:default project_id=110379 project_image_fid=198680]</p>

<p>The location continues to be a drawcard for buyers, with new retail additions at Mall 88, including Coles, alongside Woolworths and the established offerings of Forum Plaza. St Leonards Station and Crows Nest Metro is within easy reach, as are local health precincts such as the Royal North Shore Public and Private Hospitals. Nearby green spaces include Newlands Park, Gore Hill Oval and Naremburn Park, supporting strong day-to-day amenity for families and downsizers alike.</p>

<p>Hyecorp is expected to welcome residents to Hyecorp in early 2026.</p>

<p>[smartcode_project_cta:default project_id=110379]</p>


Audrey St Leonards nears completion – settlement bonus now available

<p><a href="https://www.apartments.com.au/developers/freecity">Freecity</a>&nbsp;has been given the green light to develop its flagship mixed-use project in the Crows Nest metro precinct.</p>

<p>The NSW Government's Housing Delivery Authority approved the 40-storey tower, aligning with the NSW Government's Transport Oriented Development (TOD) agenda to deliver more homes in highly connected, high amenity locations.</p>

<p>The $600 million tower, at 378-398 Pacific Highway, will comprise 178 apartments with resident amenities, two levels of commercial offices, and a curated retail offering. Freecity will also dedicate a 10 percent Affordable Housing Contribution, supporting the Governments broader housing objectives.</p>

<p><img alt="Freecity Crows Nest" data-entity-type="file" data-entity-uuid="4de9b03b-e8aa-4929-b3f1-6747acbe6b73" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Freecity%20Crows%20Nest%20Project.jpg?VersionId=oWwFWxGj_oUFEYX4j_qRFdSzcShLw3DG" /></p>

<p>Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the tower will offer a diverse residential mix, from one-bedroom homes to expansive four-bedroom penthouses, all crafted to maximise light, views and liveability.</p>

<p>Lawrence Zheng, Co-Founder and Joint CEO of Freecity Group, said the approval represents a significant step forward for both Crows Nest and Freecity.</p>

<p>"We are proud to be delivering a landmark project that brings new homes, new amenity and new economic activity to one of Sydney’s most strategically connected locations,"&nbsp;Zheng said.</p>

<p>"With our $6 billion pipeline of 12 mixed-use projects, this development reinforces Freecity’s commitment to helping deliver the housing supply and transport-integrated precincts the Government is championing.”</p>

<p>Michael Romano, Executive Director of Development, said the companies focus is on "creating places that genuinely enhance how people live day to day - communities that balance accessibility, amenity and neighbourhood vibrancy.”</p>

<p>“This project reflects the future of urban living - design led, highly liveable and seamlessly connected to the city’s major transport, employment and education hubs. Being directly opposite the Crows Nest Metro means residents can access the best of Sydney with unrivalled convenience."</p>

<p>&nbsp;</p>


Freecity secures approval for Crows Nest metro precinct tower

<p>The Bedford by Mosaic marks the culmination of a near-decade journey for South East Queensland’s most active developer.</p>

<p>Mosaic Founder and CEO, Brook Monahan, said the company first identified the prime Prospect Street, Kangaroo Point site in 2016 as an A-grade opportunity they were eager to secure. They almost bought it at the time, before it was ultimately acquired by Woolworths’ development arm, Fabcot.</p>

<p>The opportunity resurfaced late last year when the site, vacant for nearly three decades, was offered for sale again.</p>

<p>Backed by years of history, feasibility research, and detailed product planning for the 3,195 sqm corner site, Mosaic was able to move swiftly. The Bedford by Mosaic is now proving a clear market success, unsurprising given the depth of work the developer had undertaken on the location and potential density mix well before they owned the land.</p>

<p>Active across both Brisbane and the Gold Coast, and with a development pipeline more than $2 billion, Mosaic has already sold 90 per cent of apartments in what has become the area’s most significant residential addition in more than a decade.</p>

<p>[smartcode_project:default project_id=134792 project_image_fid=328119]</p>

<p>Designed by BDA Architecture, The Bedford comprises 128 two- and three-bedroom apartments, including the Masterpiece Series Skyhomes across the top two levels. These residences offer the largest floorplans and the best views over the river and city. Premium inclusions—such as natural stone benchtops, bespoke cabinetry, and Miele appliances, feature in every apartment, not just the top-tier offerings.</p>

<p>A defining feature of The Bedford is its integrated mixed-use component, set to deliver Kangaroo Point’s first Woolworths supermarket, along with a café and liquor store, bringing long-awaited convenience to the peninsula.</p>

<p>[smartcode_project:default project_id=134792 project_image_fid=355673]</p>

<p>Residents will also enjoy one of Brisbane’s most comprehensive amenity collections. Dubbed the Rooftop Recreation &amp; Retreat Sky Terrace, the wellness-focused spaces include a resort-style pool with sun deck, an indoor/outdoor gym, spa, sauna, steam room and cold plunge.</p>

<p>Additional amenities include a residents’ lounge and relaxation zones, a private dining room with kitchen, barbecue areas, landscaped gardens, an outdoor viewing deck capturing city and river views, and a bookable golf simulator.</p>

<p>[smartcode_project:default project_id=134792 project_image_fid=355681]</p>

<p>The remaining residences at The Bedford span the upper levels of the building and include two- and three-bedroom floorplans, which start from $1,645,000.</p>

<p>Mosaic's in-house building arm has already commenced construction on The Bedford. They estimate a late 2027 completion.</p>

<p>[smartcode_project:default project_id=134792 project_image_fid=328121]</p>

<p>Monahan notes that Mosaic’s most successful projects often begin years before the first plans are drawn. Their new South Brisbane development is no exception, initially making it onto their radar in 2018.</p>

<p>“We aren’t opportunistic,” Monahan says. “Every site purchase is well considered and thought out. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we are looking at now that we might not secure for several years.”</p>

<p>Mosaic is set to launch its new South Brisbane project&nbsp;in the next year, while its latest Gold Coast development,&nbsp;<a href="https://www.apartments.com.au/new-apartments/josephine-by-mosaic-166-the-esplanade-burleigh-heads-qld-4220">Josephine</a>, is coming soon to Burleigh Heads.</p>

<p>[smartcode_project_cta:default project_id=134792]</p>


A decade in the making: Mosaic's long-awaited success story at The Bedford, Kangaroo Point

Mcgrath

<p>With substantial forecasted population growth, and the North West Metro, Castle Hill is becoming a sought-after suburb. Offering genuine value compared to more established apartment markets like Chatswood, St Leonards and Macquarie Park, it is attracting first home buyers, investors, downsizers and upsizers. Due to complete Spring 2024, Grand Reve has been billed as the most prestigious development ever offered in the Hills District.</p>

<p>Hear from Sydney local Gerry, who recently purchased his new home at Kassis Homes' Grand Reve as well as Josephine, who recently purchased two new properties at Kassis Homes' Grand Reve.</p>

<p>&lt;iframe width="560" height="315" src="https://www.youtube.com/embed/b2-cVGxhNtQ?si=GiknCU48EDLJIcz6" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen&gt;&lt;/iframe&gt;</p>

<p>[smartcode_project_cta:default project_id=94147]</p>

<p>*Dasco has been rated 4.5 gold stars in the NSW Government's Rating System, iCIRT, which helps prospective buyers more easily identify building professionals who have a proven track record, supported by objective evidence of their past capability to deliver buildings you can trust. The more stars, the more confidence your construction industry professional is likely to deliver a reliable outcome.</p>

<p>&lt;iframe width="560" height="315" src="https://www.youtube.com/embed/VXyo-f3_kEQ?si=TIyi2dsofYbqGT8I" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen&gt;&lt;/iframe&gt;</p>

<p>[smartcode_project_cta:default project_id=94147]</p>

<p>[smartcode_project:default project_id=94147 project_image_fid=203070]</p>

<p>[smartcode_project:default project_id=94147 project_image_fid=203069]</p>

<p>&nbsp;</p>


Hear from Sydney local Gerry, who recently purchased his new home at Kassis Homes' Grand Reve as well as Josephine, who recently purchased two new properties at Kassis Homes' Grand Reve.


Olivia Round

Grand Reve Recent Purchaser Testimonials from Josephine & Gerry

<p>It's not often an off the plan buying opportunity comes up in Marrickville, Sydney's popular inner west suburb.</p>

<p>Following their success of Kindred apartments nearby, Astute Property Developments are soon to launch their latest development in the area which has become popular for its breweries and eclectic dining scene.</p>

<p>The new project, Mosaic, will see 43 apartments created on Illawarra Road, the heart of Marrickville. The name Mosaic pays homage to the mosaic artworks dotted around Marrickville, as well as the diverse mix of architectural styles and its buzzing music and foodie scene.</p>

<p>Astute Property, led by managing director Fady Rizk, are developing and building the eight-level project, which is coming up for sale through McGrath Projects.</p>

<p><img alt="The view from Mosaic Marrickville" data-entity-type="file" data-entity-uuid="737630ed-c359-477d-963c-348dd039de66" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202022-08-23%20at%206.52.59%20am.png?VersionId=QEAX7Q3vdlSe3ez91kkt1Ft5UXCNDuTh" /></p>

<p>“We spent the last 12 months modifying the existing DA, focusing on reducing the number of apartments to increase study and living space and accommodating people who continue to work from home,“ Rizk says.</p>

<p>“This site is a rare find in Marrickville and we’re excited to transform a previously derelict building and revamp the strip that is fast establishing itself as the ‘eat street’ of Marrickville.”</p>

<p>The project includes a mix of one, two and three-bedroom apartments with prices starting from $820,000 for a one-bedroom apartment which range in size from 50 to 55 sqm internally, with a further 12 to 25 sqm of internal space.</p>

<p><img alt="The communal area at Mosaic in Marrickville" data-entity-type="file" data-entity-uuid="64b3ef42-10b1-44bc-8571-350df763d304" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202022-08-23%20at%206.53.42%20am.png?VersionId=pCmkzvXX.K_PiCV5nf7x9fl4Tv50JaPu" /></p>

<p>The two-bedders will start from $1,195,000, and range in size from 75 to 89 sqm internal and a further 10 to 40 sqm external.</p>

<p>The largest apartments, with three bedrooms, have 100 sqm of internal space and 15 to 20 sqm external.</p>

<p>Colin Griffin, Associate Director for McGrath Projects, says the team has created a unique premium offering for Marrickville which he believes will appeal to both investors and owner occupiers.</p>

<p>“‘Mosaic’ provides a great opportunity for investors to secure a premium product, at a desirable price point, that is in limited supply in Marrickville," Griffin says.</p>

<p>"Tenants are looking for quality properties in an area that has all the elements you want in a desirable lifestyle close to transport, schools and parks, plus – great dining options, cafes even live music and are happy pay a premium for all this at their doorstep. As a result, Investors are always looking to purchase where tenants want to be.</p>

<p>“We also expect strong interest from young families and young professionals who understand the vibe of Marrickville, looking to upgrade their home and live in an area that they already love.”</p>

<p>Benson McCormack Architects and interior design studio Axlund &amp; Goldstein Interiors have collaborated on the project, which includes 200 sqm of private residential space on level four which will feature a communal garden.</p>

<p><img alt="The new Mosaic development in Marrickville" data-entity-type="file" data-entity-uuid="de989fd7-f7c3-46c0-9831-9cd300dd44f9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202022-08-23%20at%206.52.54%20am.png?VersionId=ZGiSsVr.eWxf.TvHCjisnKTSWggjKLMq" /></p>

<p>“The open space with communal intimate zones enables a number of groups to use the area and enjoy the city views, with a little sense of privacy,” Rizk added.</p>

<p><strong>Fast Facts</strong></p>

<p>Mosaic is expected to be completed at the end of 2023.</p>

<p>Product mix: 16 x 1 bedroom; 25 x 2 bedroom; 2 x 3 bedroom apartments.</p>

<p>4 x Ground Floor retail tenancies totalling 410m2.</p>

<p>One-bedroom apartments range in size from 50-55 sqm internal and 12-25 sqm external and are priced from $820,000 to $940,000.</p>

<p>Two-bedroom apartments range in size from 75-89 sqm internal and 10-40 sqm external and are priced from $1,195,000 to $1,495,000.</p>

<p>Three-bedroom apartments range are each approximately 100sqm internal with 15-20 sqm external and are priced at approximately $1,800,000.</p>


Astute Property, led by managing director Fady Rizk, are developing and building the eight-level project, which is coming up for sale through McGrath Projects

Marrickville set for rare new apartment development

<p>While house values have rocketed over 2021, apartment values have too quietly shown steady growth over the year to date.</p>

<p>And as house prices continue to escalate and become affordable for many, apartments are becoming a much more attractive, and necessary, proposition, with further growth forecast when international borders open and investors come back in to the market.</p>

<p>Urban recently caught up with John McGrath, who founded McGrath back in 1988, to discuss how the apartment market went in 2021, and how it is shaping up for the next few years.</p>

<p><strong>JC: How have you viewed the performance of the apartment market (established and or off the pl​an) in 2021, and what are the strongest positive and negative factors that will influence outcomes in 2022 and 2023?</strong></p>

<p><strong>JM</strong>: There’s no doubt that apartments, other than luxury, have missed much of the price surge that established houses have enjoyed. &nbsp;In many locations we’ve seen houses prices escalate by 35-40% and&nbsp;in those same areas we’ve seen a more modest 5-10% rise in apartment values.</p>

<p>There are a few reasons for this. Firstly, apartments have a larger investment buyer profile &amp; the strongest demand has been from owner occupiers. Also a large percentage of apartments that are not bought by investors sell to first home buyers who generally don’t have the same buying power or discretionary spending that is appearing higher up the price chain.</p>

<p>And finally, in many of the big cities apartments have been hit hard by the closure of international borders &amp; less inflow of migrants &amp; students which have increased vacancy &amp; reduced rental returns momentarily. But I think if anything this makes apartment buying represent better growth in many parts of the country as houses become less affordable and&nbsp;overseas borders open up in 2022.</p>

<p>[smartcode_project:default project_id=94147 project_image_fid=152849]</p>

<p><strong>JC: What trend (short term or long term) has prompted your greatest enthusiasm for the apartment market, and what is the issue of most concern to you and or your clients?</strong></p>

<p><strong>JM</strong>: In general apartment living has replaced the traditional quarter acre aspiration for many Australians due primarily to housing affordability for younger buyers and&nbsp;also an ongoing desire to live in urban, inner city and&nbsp;beachside locations. And whilst COVID has driven many buyers to more remote lifestyle areas there’s no doubt that convenient, secure, low maintenance strata living will continue to be in great demand as we move through the immediate impacts of the pandemic. &nbsp;</p>

<p>And as COVID has changed the way many of us live, many developers have also pivoted &amp; are now designing and&nbsp;buil​ding apartments that cater to the needs of this changing environment. And finally I believe the ideal combination of many empty nesters moving forward will be a great inner city living space along with a getaway within two hours so apartment living will reinvent itself and&nbsp;deliver the population what it wants post-COVID.</p>

<p>[smartcode_project:default project_id=9040 project_image_fid=28461]</p>

<p><strong>JC:&nbsp;Has urbanisation stalled or what will it look like over the decade ahead?</strong></p>

<p><strong>JM</strong>: As more employers and&nbsp;employees discovered that they no longer need to travel to a central location to effectively conduct their work I believe we will find a reduction of 25-35% of the workforces commuting daily to the CBD and&nbsp;commercial centres.</p>

<p>So this will have an impact on many jobs, employees and&nbsp;employers. Ans as many opt for home-based work this will undoubtedly have some impact on the shape of home and&nbsp;work environments &amp; locations.</p>

<p>Proximity to these commercial hubs for a percentage of the population will become less of a priority and&nbsp;lifestyle benefits such as proximity to family, beaches and&nbsp;parks will move up the checklist. But many people still want to be located within a reasonable commute of the many lifestyle benefits located in and around the CBD so I have no doubt that demand for these will continue to be in high demand.</p>

<p>[smartcode_project:default project_id=24444 project_image_fid=81414]</p>

<p><strong>JC: How important do you view the push for sustainability practices in the apartment market/new housing estates, and what initiative has seized your interest or focus?&nbsp;</strong></p>

<p><strong>JM</strong>: With more &amp; more demand for environmental sustainability from all generations there’s no doubt that buildings that are both gentler on the environment and&nbsp;more self-sufficient will become increasingly popular, especially for the younger generations.</p>

<p>As yet we’ve seen some movement in this direction but I expect this to rapidly escalate moving forward due to increasing education and&nbsp;agitation towards a cleaner greener environment. I think we will see this manifest in more environmentally friendly building materials as well as buildings that are less taxing on the planet once built.</p>

<p>Even though much of the demand has been driven from Generation X &amp; Y we are also seeing older generations paying more attention of late which will increase the pressure on developers to build bu​ildings that fall in line with not only council expectations but more importantly the expectations of the community and&nbsp;residents.</p>


"Apartment buying represents better growth in many parts of the country as houses become less affordable and overseas borders open up in 2022."

jchancellor-FAypfDUnLy

Apartment living to reinvent itself post COVID: Five minutes with John McGrath

<html><body>
<p>The ASX-listed real estate agency McGrath have announced they have returned to net profitability, with new chief executive Eddie Law citing a relatively strong residential real estate market over the past four months.</p>
<p>"It appears consumers are re-assessing their home needs and aspirations in a post-COVID world," Law, who was speaking at his first AGM having taken the top job in August, said.</p>
<p>"Both transaction volumes and average selling prices across our network have exceed the prior year in each of the first four months of FY21."</p>
<p>McGrath's FY20 saw an underlying EBITDA of $3.7 million, a $10.1 million turnaround from FY19 which has seen them return to net profitability.</p>
<p>"We ended 30 June with a strong balance sheet with zero debt and a $17.3 million cash balance, an increase of $7 million from 30 June 2019," Law added.</p>
<p>McGrath are forecasting underlying EBITDA to be in a range of $6 million to $6.5 million for the first half of FY21.</p>
<p>Law however was cautious amid the optimism of the general improved outlook, saying there is still undercertainty in the first half of 2021.</p>
<p>"With the scheduled end of the JobKeeper and deferred mortgage programs still yet to be determined, along with other macro factors impacting consumer confidence, there is still material uncertainty as to whether the momentum evidenced in the first half of FY21 will be maintained in the second half results."</p>
<p>McGrath shares were up over eight per cent on the positive news to 46c a share.</p>
<div class="_2xMD5"> </div>
<p> </p>
</body></html>

jrobinson-rf4aSBido9

McGrath return to net profitability, reinstate dividend

<html><body>
<p>McGrath Limited today announced the appointment of an additional non-executive director, Shane Smollen.</p>

<p>Mr Smollen’s appointment follows McGrath posting a significant turnaround with Underlying EBITDA of $3.7 million for the year to 30 June 2020, compared with a loss of $6.4 million in the previous year.</p>

<p>A leading property professional since 1983, Mr Smollen owned one of the country’s leading real estate networks before selling it to McGrath in 2015. Mr. Smollen, who currently holds 7.94% of McGrath’s issued capital, has been advising McGrath’s sales management team over recent months with a focus on productivity and revenue growth.</p>

<p>Chair of McGrath, Mr. Peter Lewis, said “Shane brings to the board an excellent real estate track record with expertise in all aspects of the sector, combined with integrity and insights that will accelerate our profit turnaround and restore shareholder value."</p>

<p>Mr Smollen said “I am delighted to join the board of McGrath, a company that I know well. I believe the group is well placed to take advantage of an expected consolidation of the real estate agency sector.</p>

<p>McGrath has performed significantly better than the market during the year, notwithstanding the ongoing impacts of COVID.</p>

<h2><strong>Recently listed properties:</strong></h2>

<p>[smartcode_project:default project_id=24323]</p>

<p>[smartcode_project:default project_id=22699]</p>

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McGrath appoints Shane Smollen as non-executive director

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<p><span>McGrath Estate Agents have announced the opening of a new office in Cooma NSW. </span></p>
<p><span>This will be the third new regional office in the past two months, following opening in Albury/Wondonga and Mansfield in Victoria.</span></p>
<p><span>Founder John McGrath believes that affordability provides a huge incentive for regional migration as families reassess their lifestyle options.</span></p>
<p><span>Mr McGrath said, </span><span>“COVID </span><span>has definitely accelerated the ability to work remotely and areas within a two hour radius of large towns and cities I believe will be very much sought after, particularly as a commute has never been easier with new infrastructure that connects the modern worker more readily and easily</span><span>.”</span></p>
<p><span>The Snowy Monaro </span><span>Shire’s </span><span>roots are rich in history dating back to the </span><span>1800’s</span><span>, however </span><span>Cooma’s </span><span>name and reputation has been highlighted as it is at the centre of </span><span>Australia’s </span><span>largest engineering project, the Snowy Mountains Hydro Electricity Scheme. The Shire itself is the main gateway to the Snowy Mountains, Kosciuszko National Park and within close proximity to Canberra and Queanbeyan, and just 1.5 hours to the south coast beaches.</span></p>
<p><span>Christopher Mourd, Head of Franchise Network for McGrath Estate Agents said, </span><span>“</span><span>We see real growth and opportunity in these key regional areas as they have outperformed their capital city counterparts through COVID.</span><span>” </span><span>(source: CoreLogic July 2020)</span></p>
<p><span>He adds, </span><span>“</span><span>The Snowy Mountains of NSW are a key lifestyle market for our ACT and NSW client base, who are increasingly attracted by its relaxed way of life, affordable housing, and sense of community. Cooma is central to this market, serviced by a local airport, excellent infrastructure and connectivity, the Goulburn Bombala Rail line as well as good health and educational facilities.</span></p>
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<p><span>“The </span><span>region traditionally is a mixed grazing area, however it has benefitted greatly from the Snowy Hydro Scheme, and the ski resorts within an hour of Cooma. However, 2020 has seen the full approval of the </span><span>nation’s </span><span>largest renewable energy project, Snowy 2.0 which is expected to create more than 2,000 jobs during the construction peak with thousands of jobs generated indirectly. With its added employment opportunities, we believe it offers excellent opportunity for growth in the next few years as a major regional hub for treechangers and young </span><span>families.” </span><span><br></span></p>
<p><span>McGrath Cooma will service the area from Michelago in the north to Delgate in the south; and Bemboka in the east to Thredbo in the west. Key suburbs will include Cooma, Bredbo, Berridale, Jindabyne and Thredbo.</span></p>
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<p><span>McGrath Cooma will be led by Principal Shannon Fergusson previously operating his own agency Fergusson Real Estate and Property with his wife, Rachel since 2010. Shannon has been in the industry for more than 20 years, and living in Cooma since 2005. </span></p>
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<p><span>The average median house price for Cooma is $320,000 with Shannon Fergusson achieving recent sales results </span>in the last six months including:</p>
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<p><span>44 Kiah Avenue Cooma </span><span>– </span><span>A street record for a four-bedroom home sold for $615,000</span></p>
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<p><span>6 Stratos Place Cooma </span><span>– </span><span>A street record for a four-bedroom home sold for $597,000</span></p>
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<p><span>9 Tulong Avenue Cooma </span><span>– </span><span>A street record for a five-bedroom home sold for $499,000</span></p>
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McGrath pushes further into regional lifestyle areas with a new office in Cooma, NSW

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<p>Geoff Lucas has departed the McGrath agency which has seen a 30 percent increase in transaction volumes over the past year.</p>
<p>McGrath Limited advised that its chief executive officer, Geoff Lucas, had "chosen to resign" following the presentation of the FY2020 financial results.</p>
<p>It advised McGrath has secured to a financial 2020 net profit of $700,000, versus a net loss of $9.7 million in the prior year.</p>
<p>For the year revenue climbed 11 per cent to $91 million. No dividends were declared in financial 2020.</p>
<p>Chair Peter Lewis said the board had accepted Lucas’ resignation after "what has been a difficult two and a half years for the company.”</p>
<p>Edward Law has been appointed to the role after a 14-year career at ANZ, with his last position at the bank being Global Head of Institutional Property.</p>
<p>An expert in structured commercial real estate debt funding, Mr Law most recently has been an executive director of Newground Capital Partners and investment director of MaxCap Group.</p>
<p>It was February 2018 when the then fformer McGrath chief operating officer Geoff Lucas emerged to take the top job at real estate company.</p>
<p>He was previously at McGrath for a decade until just after the 2016 float after its former chief executive Cameron Judson left.</p>
<p>Lucas, who was overlooked for the chief executive role in 2016 in favour of Judson, then briefly joined artisan NSW bread maker and cafe group Sonoma as its chief operating officer.<br><br>The agency has no debt and $17.3 million cash. <br>It said it expects property prices to decline over coming months with government stimulus packages, mortgage deferrals, and record low interest rates cushioning the falls.</p>
<p>It also tipped continued softness in the rental market.</p>
<p>The group declined to provide specific financial guidance for financial 2021.</p>
<p>McGrath shares sit at 19 cents.</p>
<p>The agency reported the impacts of COVID became evident at the onset of the pandemic in mid-March where transaction volumes were lower for a six-week period due to restrictions around open houses and on-site auctions.<br>"However, since then we have seen a rebound in sales volumes as these restrictions were eased and eventually lifted," it advised.</p>
<p>"Notwithstanding the impact of COVID, we are pleased to advise that the extensive work we have undertaken over the past year has manifested in our financial results with the company showing a turnaround in excess of $10 million in our underlying operating results and also returning to net profitability.</p>
<p>"Whilst there had been some impact on listing volumes since the onset of COVID, home values have remained quite resilient through this time.</p>
<p>"In our Property Management (PM) business, we have seen some decline in rental values.</p>
<p>"The lower demand due to the weaker labour market has impacted rents."</p>
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Geoff Lucas departs McGrath estate agency

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<p>The real estate group, McGrath Estate Agents, has reaffirmed its commitment to the Illawarra region announcing the opening of a new office in Thirroul.</p>
<p>It is under the auspices of its longtime franchise partner, the McCarthy/Sutherland Shire &amp; Illawarra Group led by Patrick McCarthy.</p>
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<p>John McGrath said McCarthy and his team had established their south coast market presence over eighteen months ago.</p>
<p>"So opening in Thirroul will be a value-add to their community of buyers and sellers alike.</p>
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<p>“Thirroul itself offers low density beachside living that is increasingly appealing to both Sydneysiders wanting an escape as well as those who are attracted to his wonderful lifestyle, amenity, and its proximity to Sydney and the regional cities of Wollongong and Canberra,” Mr McGrath added.</p>
<p>Last December Jeremy Hodder, joined the group and will now be partnering with Vanessa Denison-Pender, former director of One Agency Thirroul, to open the new office.</p>
<p>Vanessa has been in the industry for 17 years and has been a principal in the area for eight years. </p>
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<p>Mr Hodder believes that the affordability of the area is particularly attractive and in reach of first home buyers and empty nesters as well as the WFH commuter.</p>
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<p>McGrath Thirroul speciality suburbs include Thirroul, Austinmer, Wombarra, East Corrimal, Coledale, Towradgi, and Bulli.</p>
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<p>“The out of area migration from Sydney is becoming increasingly popular," Vanessa said.</p>
<p>Thirroul is only 80kms from the south of Sydney and many more people are becoming comfortable with this commute to put themselves in a better financial position.</p>
<p>“Since the onset of COVID-19, we have experienced a large number of enquiries from Sydney not only for relocation opportunities but also for investment options, this includes weekenders and beach holiday homes”.</p>
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<p>With an average median house price for Thirroul is $1,225,000; Vanessa Denison-Pinder has achieved some sales results in the last six months including: </p>
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<p>11 The Grove Austinmer – A street record for a 4 bedroom home sold for $2,925,000</p>
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<p>21 The Grove Austinmer – A 3 bedroom home sold for $1,600,000</p>
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<p>28 The Waves Thirroul – A street record for a 5 bedroom home sold for $1,465,000</p>
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<p>686 Lawrence Hargrave Drive, Coldale – A Beachfront 4 bedroom home sold for $2,410,000</p>
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<p>Recent sales by Jeremy in the last six months include: </p>
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<p>10a Toxteth Avenue, Austinmer – Brand new 3 Bedroom home sold for $2,350,000</p>
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<p>3 The Breakers, Thirroul – A 4 bedroom home sold for $2,325,000</p>
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<p>347-349 Lawrence Hargrave Drive, Clifton – Set a new suburb record for Clifton sold for $3,375,000</p>
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McGrath expands Illawarra footprint with an office in Thirroul

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<p>A four-bedroom, five-bathroom house in Hunters Hill sold for $5.6 million through McGrath estate agents Tracey Dixon and Nicholas Cowdrill on July 3, 2020. </p>
<p>The <a href="https://www.realestate.com.au/sold/property-house-nsw-hunters+hill-133731718" target="_blank">39 Barons Crescent property</a> is set in a blue ribbon address and showcases a glamorous façade. </p>
<p>The luxury residence features flexible living and gathering spaces, an entertainers' terrace with barbecue area, a gas heated swimming pool and sauna, a lush landscaped garden, a home theatre room, study, and cellar.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/3/21_Hunters%20Hill%202.jpg" alt=""></p>
<p>The Chef's kitchen showcases a marble bar, butler's pantry and cooler room. </p>
<p>The four deluxe bedrooms each have access to a designated bathroom. </p>
<p>The property was last sold for $1.3 million in 2011. </p>
<p>According to Realestate.com.au, 56 other four-bedroom houses in Hunters Hill have recently been sold. A four-bedroom, three-bathroom home on Ryde Road sold for $3.1 million on June 12, 2020. </p>
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Luxury Hunters Hill trophy home sold for $5.6 million

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<p>Leading residential real estate group, McGrath Estate Agents, today announced the opening of a new office in Mansfield Victoria.</p>
<p>McGrath Mansfield will be led Kate McDougall and Allana Neely who were formerly at The Agency Victoria.</p>
<p>McGrath Mansfield will service a large area from Swanpool in the North, to Eildon in the South, Merton in the West to Mount Buller in the East. Key suburbs will include Mansfield, Jamieson, Barjarg, Piries, Merrijig, Tolmie and Ancona.</p>
<p>McGrath moved into Albury/Wodonga earlier this year.</p>
<p>Founder John McGrath has reinforced his view that regional areas in close proximity to large towns and cities will be particularly desirable as people reassess their lifestyle options.</p>
<p>“I believe the ability to work remotely and commute as needed is now a more acceptable part our everyday life and will no doubt impact property choices for many outside the traditional FIFO worker," McGrath said.</p>
<p>"We have long earmarked the growth of regional areas that are attractive for their lifestyle and affordability and anticipate a further migration trend post COVID-19.”</p>
<p>Mansfield Shire, situated in North East Victoria, is in close proximity to Melbourne and other regional centres (Shepparton, Wangaratta and Benalla) and easily accessed – 2.5 hours and 1 hour respectively.</p>
<p>It is equally close to the Albury airport with a two-hour drive that offers accessibility for both the modern commuter or tourist, attracted to its nearby lakes, national parks and ski fields.</p>
<p>Christopher Mourd, head of franchise network for McGrath Estate Agents said the opening was part of the overall strategy to service our clients effectively as they often make a migrational shift around future lifestyle and property choices.</p>
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