Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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Joel Robinson

First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

Seasoned Victorian apartment developer <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a> has logged more than $400 million in sales in its luxury apartment project Palmera Residences at Northcliffe on the Gold Coast.&nbsp;

Central Equity Director Karl Kutner said the sales result reflected a combination of location, product quality and delivery certainty with the project already under construction by building powerhouse Multiplex.&nbsp;

"Surpassing $400 million in sales since launch is a significant milestone and an outstanding endorsement of <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera Residences</a>,” he said.&nbsp;

"We believe one of the key reasons for this strong result is the confidence purchasers have in knowing the project is under construction with Multiplex. Buyers are increasingly looking for certainty. They want to know that the project they commit to today will be delivered by an experienced team with a proven track record."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365782]

Kutner said it was clear there was still high demand for luxury projects that offered certainty of delivery.&nbsp;

“We are in a market where many residential developments have faced delays due to rising construction costs, labour shortages and financing challenges,” said Kutner.&nbsp;

"But having construction underway has provided our buyers with resounding confidence backed by more than 40 years of development delivery by Central Equity combined with construction by one of Australia's most respected construction companies."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365785]

Central Equity is one of Australia's most experienced privately-owned property developers. Over more than four decades, the company has delivered in excess of 85 residential developments including 10,000 apartments and many thousands of stand alone homes.&nbsp;

Located on Garfield Terrace at Northcliffe, between Surfers Paradise and Broadbeach, Palmera Residences occupies one of the Gold Coast's most sought after beachside locations. The development has been designed to appeal to owner occupiers seeking premium residences that combine generous living spaces and resort style amenities.&nbsp;

Palmera Residences will feature an exceptional collection of resort style amenities, including two swimming pools: a generously sized family pool with safe shallow zones for relaxed recreation, and a 20 metre lap pool positioned to maximise all day sunlight.&nbsp;

Residents will also enjoy exclusive access to wellness and recreational facilities including a magnesium pool, sauna, yoga studio, expansive fitted gymnasium, resident lounge, outdoor BBQ’s&nbsp;and indoor and outdoor dining areas, together with a dedicated concierge and luxurious hotel inspired entrance foyer.&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365767]

A unique feature at Palmera Residences has been designed to enhance the Gold Coast lifestyle which includes both indoor and outdoor gymnasium facilities, together with thoughtfully designed indoor and outdoor dining and entertaining areas. A corner café has also been incorporated to provide residents with a destination for their everyday needs.&nbsp;

Kutner said buyer demand had been broad based with purchasers attracted from interstate as well as throughout South East Queensland.&nbsp;

"We're seeing strong interest from owner occupiers, lifestyle buyers and people relocating to the Gold Coast. Many purchasers have been searching for a premium beachside residence where quality, design and delivery are equally important."&nbsp;

[smartcode_project:default project_id=108274 project_image_fid=365771]

Kutner said the sales milestone was an important achievement, but the focus remained firmly on delivering an exceptional development.&nbsp;

"While reaching $400 million in sales is an important milestone, our priority remains delivering a project that exceeds purchaser expectations,” he said.&nbsp;

"Palmera Residences has been designed to become one of the Gold Coast's landmark residential addresses, and we look forward to welcoming our purchasers to their new homes."&nbsp;

There are a limited number of residences remaining in selected configurations with pricing from $2,950,000 to $8,950,000. Palmera Residences is also crowned by expansive penthouses with wrap around views.

[smartcode_project_cta:default project_id=108274]

Construction certainty and strong buyer demand drive major sales result for luxury Gold Coast development

Palmera Residences fly out the door as sales pass $400 million

Mcgrath

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Residential property group McGrath Ltd, hit by recent high-profile exits, reported a 72 percent fall in its pro-forma net profit after taxes (NPAT) for the half-year ended December 31, 2016 from the previous year, with both sales and overall property listings down.
Its shares hit a 60 cents record low in morning trading. 
The company had issued a profit warning in January with McGrath Estate Agents telling shareholders that the second half results would be materially weaker than the first half given “fewer agents and the continued low listing landscape”.
It gave out a similar message in its outlook, saying, "Challenging market conditions expected to continue, as seen through lower listing volumes." Stock listings fell 20 percent in the six months to December, amid a tightened listings landscape across the major capital cities.
Chief executive Cameron Judson said in the ASX release that the company had “commenced a strategic review with a renewed focus on improving productivity and performance of each of our existing segments and McGrath is exploring new revenue opportunities.” 
As at 31 December 2016 the network comprised 28 Company owned offices and 68 Franchise offices with 648 agents operating within those offices.
The spread of offices is across the Eastern seaboard with a high concentration in New South Wales.
The Company entered the Victorian market in the prior year, a stated objective and strategic move to bolster the national market share.
The total number of offices in Victoria currently stands at 8, and the contribution was $0.5bn in sales value for the 6 months to 31 December 2016.
Total agents has increased marginally over the period to 648.
Agents in the Franchise offices increased 7 percent to 405 however agents in the company owned offices decreased 8% to 243. 
Although statutory NPAT rose $0.4 million to $2.7 million, the company said pro-forma NPAT was down 72 percent to $2.4 million. The earnings included an impairment charge of $2.2 million. 
Pro forma revenue down 11 percent to $67 million while earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 37 percent to $9.3 million. 
Company-owned sales fell to $3.5 billion from 2,544 deals during the period from $3.9 billion and 2,866 sales in 1H FY16. Meanwhile, franchise services reported 4,222 sales during the period with a value of $3.8 billion. 
It opened three offices during the six months, all in New South Wales; Forestville, Wahroonga and Blacktown, and has plans to open offices in Yarraville (Victoria) and San Souci, Berowra and Toukley, all in NSW. 
<img src="https://www.urban.com.au/images/2017/02/23/McGrathRev.png" alt="">
<img src="https://www.urban.com.au/images/2017/02/23/McGrathEBITDA.png" alt="">
The company declared a fully franked dividend of 1 cent per share to be paid out on March 28.
 
<img src="https://www.urban.com.au/images/2017/02/23/McGrathMktShare.png" alt="">
The stock price has dropped to a third from its IPO price of $2.10 in 2015. It last traded at 64 cents per share.
The company is trying to halt the exodus of agents with its ‘McGrath Future’, a programme that offers incentives to high performing agents. 
Property Observer reported earlier that veteran agents who recently quit the McGrath Estate Agency are set to launch as The Agency.
The latest departure is Philip Waller.
McGrath told its shareholders that its market share had risen amid the tightened listings landscape.
It calculates its market share nationally is now 3.6 percent.
<a href="https://www.propertyobserver.com.au/images/2017/02/23/Screen%20Shot%202017-02-23%20at%2011.32.55%20am.jpg" target="_blank">Click to enlarge</a> 
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The McGrath Estate Agency's Oxygen Home Loans department settled $443 million in mortgages during the period for the half year ending 31 December 2016 .
The number of rental properties under management at McGrath's company-owned offices has increased to 7,498 as of 31 December 2016.
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j.ballantyne1990-6AQqhLzZaK

Despite expansion, McGrath listings down by 20 percent as exits take a toll

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The number of rental properties under management at McGrath's company-owned offices has increased to 7,498 as of 31 December 2016.
It franchise office have a further 23,102 properties under management. 
<a href="https://www.propertyobserver.com.au/images/2017/02/23/McGrath-1.jpg" target="_blank">Click to enlarge</a>
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As of 1H 2016 the company owned offices secured $9,218,000 worth of property management revenue, which increased in 1H 2017 to $10,042,000.
<a href="https://www.propertyobserver.com.au/images/2017/02/23/McGrath-5.jpg" target="_blank">Click to enlarge</a>
<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/2017/02/23/McGrath-5.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/02/23/McGrath-6.jpg" target="_blank">Click to enlarge</a>
<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/2017/02/23/McGrath-6.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/02/23/McGrath-7.jpg" target="_blank">Click to enlarge</a>
<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/2017/02/23/McGrath-7.jpg" alt="">
As at 31 December 2016 the network comprised 28 Company owned offices and 68 Franchise offices with 648 agents operating within those offices.
The spread of offices is across the Eastern seaboard with a high concentration in New South Wales.
The Company entered the Victorian market in the prior year, a stated objective and strategic move to bolster the national market share. The total number of offices in Victoria currently stands at 8, and the contribution was $0.5bn in sales value for the 6 months to 31 December 2016.
Total agents has increased marginally over the period to 648.
Agents in the Franchise offices increased 7% to 405 however agents in the company owned offices decreased 8% to 243.
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Number of rental properties under management by McGrath increases

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The McGrath Estate Agency's Oxygen Home Loans department settled $443 million in mortgages during the period for the half year ending 31 December 2016 .
The latest update revealed it was slightly down on the prior year (3 percent).
<a href="https://www.propertyobserver.com.au/images/2017/02/23/McGrath-3.jpg" target="_blank">Click to enlarge</a>
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The book value of loans under management has increased 21 percent year on year to $2.6bn.
At 1H FY17, there were 32 brokers supporting the network.
<a href="https://www.propertyobserver.com.au/images/2017/02/23/McGrath-4.jpg" target="_blank">Click to enlarge</a>
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McGrath's Oxygen Home Loans settlement activity dips

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Veteran agent Philip Waller has departed McGrath Estate Agents for a third time.
He has joined Savills Luxury Property in Double Bay, but overseeing its upper North Shore offerings.
He has achieved some of the North Shore’s most important landmark sales in the prestigious $5 million plus bracket.
His bio advised in the financial year, he again sold more properties for over $5 million than any other Upper North Shore agent.
Waller was at McGrath since 2011.
He was previously there from 2001 to 2006 when he joined the Knight Frank luxury team which was ill-fated.
He was also briefly at McGrath around 1997 when it had its offices in Juniper Hall.
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jchancellor-FAypfDUnLy

Philip Waller departs McGrath for Savills Luxury

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Sydney's property market needs more listings to lessen the pressure that has contributed to the recent rampant price growth.  CoreLogic's Hedonic Home Value Index calculates since the growth cycle commenced in mid-2012 that Sydney dwelling values have increased by a cumulative 70 percent.
We're only at the early stages of 2017 but there are tentative signs the listings drought may be breaking.
Total Sydney listings sat at around 18,000 at the end of January - six percent down on the same time last year. But a week on it is 19,200 which is 11 percent lower.
New listings were up nine percent with 7,000 hitting the market over January, but now at 7700 over the past 28 days, which is just up one percent on the same time last year.
Any sustained higher listing numbers ought show up in an easing in the auction clearance rate, but seemingly not quite yet.
The opening 78 percent auction weekend was up on last year's 75 percent, according to CoreLogic. And last weekend it jumped into the mid-80s.
Even Sydney's annualised price growth has edged up in the past five week, currently sitting at 16.3 percent, up on the 15.5 percent growth during 2016.
That's come because investors have returned big time, competing with home buyers. 
The real estate agency, McGrath Estate Agents, has reported little change in their February numbers in Sydney as the Autumn auction season approaches.
McGrath has 349 scheduled auctions compared to 344 in 2016 with the eastern suburbs the busiest region with 66. 
McGrath’s chief auctioneer, Scott Kennedy-Green said these low volumes have already translated into competitive bidding at auctions. 
Last weekend McGrath sold 91 percent of their 23 properties with all seven sold in the $1.5 million to $3 million bracket.
Kennedy-Green indicated that February 25 will be his busiest auction Saturday for February with 146 auctions. 
McGrath Ltd's chairman, Cass O'Connor blames rocketing real estate prices having created "an environment in which vendors are reticent to sell, fearing they will not get back into the market."
She said the trend really set in this time last year.
"It was as though every vendor woke up in the New Year and made a resolution not to sell," she told shareholders last November. 
Taking a more positive marco view, the LJ Hooker network chairman Janusz Hooker noted while listings were low, it's not as bad as many people were saying. 
As a percentage of total stock it is at historic lows, he noted with under three per cent of total stock turning over. 
But Hooker points out the industry is growing at 200,000 homes per annum.
But the LJ Hooker boss acknowledges Sydney has too many buyers and too few listings. 
Buyers still have some leverage in the current market, with lingering listings from last year and longer selling times leading to higher rates of required vendor discounting.  
Ofcourse some of 2016's frustrated would-be buyers have abandoned their search. Many will now renovate rather than move, as it is more affordable than ever before. 
But the new year always brings a new pool of buyers. Good luck!
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Sydney needs listings for balanced market

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The stockbroker Bell Potter has dropped its buy recommendation for shares in the McGrath Estate Agent group.
Bell Potter, along with investment bank JP Morgan underwrote the sharemarket listing of property agent McGrath in December 2015 at $2.10 a share.
Bell Potter told its clients that McGrath shares are a "hold" with an 86 cent a share 12 month price target.
Until this week's trading update by McGrath, Bell Potter had the shares as a buy worth $1.20 potentially.
The update advised agent departures and the low listing landscape meant McGrath revenue would be lower than expected.
Bell Potter noted the key window for recruiting agents had also just passed "so we do not anticipate much increase in agent numbers before financial year end."
Property Observer gathers McGrath's agent retention packages to reduce further departures includes previously unseen generous commission share, which would potentially add to the agency costs. 
Bell Potter analyst Chris Savage did note his key driver of the downgrade was "large agent churn which is company rather than industry specific.
"We are more concerned about the large agent churn rather than the low listing volumes as it implies an internal issue that puts at risk the leverage we perceived the company to have to a recovery in listing volumes."
"We were forecasting 1HFY17 EBITDA of $9.7m and, following the update, there is no change to this forecast. 
"We were forecasting 2HFY17 of $11.2m, however, and we now reduce this forecast to $7.2m which is 25 percent below our 1HFY17 EBITDA forecast. 
"The net result on our full year FY17 EPS forecast (calculated on NPATA) is a 21 percent downgrade and we have also downgraded our FY18 and FY19 EPS forecasts by 28 percent and 25 percent respectively.
"The key driver of the downgrades in each period has been lower agent numbers than we previously forecast.
"The net result is a 32 percent decrease in our PT from $1.25 to $0.85 which is a modest premium to the share price and we downgrade from BUY to HOLD." 
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McGrath now a hold rather than a buy: Bell Potter

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John McGrath, the founder and executive director at McGrath Estate Agents, has urged his remaining 700 plus estate agents not to let the recent defections "quash our dreams and progress for long."
In an internal letter, leaked to Property Observer, he said a small group of people had not just left the company but sought to unleash a full-frontal attack.
"They actually started this process long before they departed and whilst we were paying them handsomely and confiding our plans with them."
He said "for that reason, I have zero respect for any of them."
"This attack has predominantly been targeted at our Sydney Inner City Company Owned offices.
"The damage will be mainly felt in those precincts until we replace them (with better people with integrity I can assure you!)."
He noted because McGrath was a public company, the events "will make this seem like a bigger deal than it is."
"For most of us the best way to deal with this is to remove it from your mind and conversations and focus on the most important job of looking after your clients and customers as you always do."
"The thing that annoys me more than anything else is there is sooooo many amazing stories of great success and personal growth inside the business and on behalf of our clients that this unsavoury group seeks to nullify and mask that with their dirty tactics and mudslinging.
"But I can assure you that nobody will ever quash our dreams and progress for long. 
McGrath said he had been spending most of the summer break working on progressing the new agent app.
"I believe the Agent App will be the most revolutionary piece of technology in the Australian real estate industry.
"It will, when complete, reduce the amount of work involved in listing and selling a property (initially for sales but then PM also) from about 4-6 hours per listing to less than 15 minutes."
The agents that defected from McGrath are set to <a href="/news/defecting-mcgrath-agents-to-launch-the-agency">launch their new company, The Agency</a>, next week.
Due to the loss of the 36 agents, McGrath shareholders have been told to expect a weaker revenue in the second half of this year.
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John McGrath attacks 'unsavoury' defecting agents - and pins hope on new real estate app

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McGrath Estate Agents have told shareholders this morning they believe the second half results will be materially weaker than the first half given fewer agents and the continued low listing landscape. 
McGrath has not ever given guidance for FY17 earnings, but noted Bell Potter equities research which gives full year estimates of $20.9m EBITDA.
McGrath’s first half trading results are being finalized, and early indications suggest they are in line with those analyst estimates.  
"However, we believe the second half results will be materially weaker than the first half, which would make those full year analyst estimates look high," it told the ASX.
The unprecedented low volumes of listings as a percent of total housing stock noted in the Chairman’s Address in November is not yet showing signs of improvement," it noted.
In addition, while McGrath grew market share in two thirds of its total offices in FY16, we have experienced an uncharacteristically large agent churn recently, especially over the Christmas and New Year period.
"The departures from our Company Owned offices segment suggests market share growth will be more difficult to achieve in that segment in the second half."
McGrath confirms the recent net departure of 36 sales agents from its Company owned offices segment.
"While the company is actively recruiting, the usual time for an agent to become fully productive means these new agents will not match the volumes required to maintain our previously expected second half earnings."
The Company Owned segment currently has 225 sales agents, down from 264 at its agm late last year.
McGrath’s Chief Executive Officer, Cameron Judson said the agency continued to have a concerted, ongoing focus on talent identification, to attract, develop and retain high performing and emerging sales agents.
"We have recently launched ‘McGrath Future’, a compelling remuneration and longer term wealth creation framework specifically for high performing agents. We have an unparalleled track record of growing and nurturing the best real estate agents in Australia, and aim to maintain that.
“However, the recent net outflow is more than we usually see, and we believe it prudent to alert the market to the likely impact.
“We are one of Australia’s largest residential real estate services companies and we continue to leverage the underlying strength of the McGrath brand, quality of its sales agents and network reach. Our other business units continue to see solid growth” Mr Judson said.
In 2016, McGrath opened 18 new offices, 3 Company owned and 15 Franchises, and plans to open additional offices, including its Victorian expansion plans, over the next 12 months. 
McGrath's share price is down by around 60 per cent since floating in December 2015 at $2.10. The share price closed on Friday at 85.5 cents. This morning it was at an annual low of 73.5 cents, having bounced off 71 cents.
It was reported last week veteran agents who recently quit the McGrath Estate Agency are set to launch as The Agency.
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McGrath's 36 departed agents to trigger 2017 revenue decline

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Seemingly with the backing of mortgage broker John Kolenda, the veteran agents who recently quit the McGrath Estate Agency are set to launch as The Agency.
The website countdown clock has it scheduled to open in<a href="https://theagency.com.au/" target="_blank"> nine days</a>. It advises "change is coming."
The partners in the foray are still unconfirmed but likely to be headlined by the departees who turned against the listed ASX McGrath Estate Agent group last year.
Longtime McGrath agents Matt Lahood, Stephen Chen and Ben Collier have all maintained a low profile since their departures last year. Their departures were preceded by weeks of avoiding any confirmation of any departure decision - and in some cases outright denials of any departure. It is widely assumed they will band together in the new outfit.
There were four estate agents initially tipped last October as taking on the new agency - with richly rewarding commissions - but one of the mooted four remains at McGrath.
Also not all associated team members have made the shift with their decisions fracturing the Edgecliff-based agency that dates back to the 1980s.
The non-descript website - the agency.com.au - is owned by Daring Investments with Paul Niradonne traceable as the contact.
Nirradonne is the chief executive officer at Ausnet Financial Services Ltd.
Daring Investments is directed by John Kolenda. There have been no amendments to ownership or shareholdings of any Daring's ASIC documents since 2015 when he changed his address from his then recently sold $10.2 million Vaucluse home to his current $7.3 million Darling Point address. 
Ausnet have run a little-known real estate practice out of Doubleview, Perth since 2006 called The Agency which offer a range of Ausnet financial services. Ausnet has offered finance broking, real estate services, settlement services, property management, project marketing, insurance and financial planning initially to the Western Australian market with an aim to be rolled out nationally. Ausnet’s target is to have 600 sales representatives nationally. 
A Double Bay agency, that traded at The Agency recently rebranded into the expansionary Stone Property Agency group with Daran Baran and Reece Coleman also changing the name of their operating company on December 17 from The Agency Australia Pty Ltd to SDB Pty Ltd. Their decision which was months in the making was <a href="https://www.stonerealestate.com.au/double-bay/our-office/" target="_blank">the first Stone office east of the harbour</a>.
The rebel agency is tipped to open next month on the strip at Bondi Beach.
Local landlord Eduard Litver declined to comment when approached last week by Property Observer.
Ausnet is backed by the retail finance broker, Finsure Group.
Ausnet is close to listing on the Australian Securities Exchange after Namibian Copper Limited raised $5.8 million in a heavily oversubscribed offer last month.
Ausnet is currently in the process of being acquired via reverse takeover by NCO, an ASXlisted gold, silver and base metals exploration company previously focusing on Namibia, Africa. 
Mr Niardone said via late 2016 press release a key reason for the heavily oversubscribed take-up of the offer was the enterprise value of $5.6 million only took into account the $1.1 billion loan book and not the new real estate business model called “The Agency” or the other business units on the referral platform.
“Our valuation was asset backed, no premium on hype," he advised late last year.
"Unlike our peers, Ausnet has built a proven concept over the past 12 months which has delivered record revenue of A$6.5 million in FY2016, up 37 per cent on the previous year,” he added.
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Defecting McGrath agents to launch The Agency

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Beattie Property Agents has merged its business with McGrath Sutherland Shire.
The Beattie agency advised the business merger this morning.
"We feel will deliver fantastic results for every one of our customers across sales and property management," Michael Beattie said.
"The real estate industry is changing rapidly with digital technology and buyer behaviour so this merger not only brings together the best people, marketing and resources but essential access to premium online strategies targeting local, out of area and overseas buyers who use internet as the primary source of enquiry," he added.
Beattie Property Agents has been serving the Sutherland Shire and St George property markets for over 15 years.
Its team have over 60 years’ combined industry experience.
Meanwhile McGrath has lost another senior eastern suburbs team member with Ben Collier quitting after 23 years.
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Collier's much-denied departure comes along with the departure of two other Sydney agents, Shad Hassen and Brad Gillespie.
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<div>"We greatly appreciate Ben, Shad and Brad's contribution to McGrath over a significant period," said McGrath chief Cameron Judson.</div>
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<div>Ben Collier had denied any plans to depart since he was mooted as next to go after McGrath Limited lost its <a href="/news/steven-chen-follows-lahood-and-shalhoub-out-the-door-at-mcgrath-group">head of sales, Matt Lahood and head of project marketing Steven Chen in October</a>.  </div>
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