<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

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The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

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The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

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Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Mcgrath

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The Agency, set up by the McGrath rebels three years ago, has confirmed discussions have taken place with local and offshore real estate agencies for a possible merger.
The Agency did not confirm any of the parties involved.
They also told shareholders this afternoon that there was "sufficient doubt" that any of the discussions may lead to a formal agreement.
The discussions are said to be in "various stages."
The imperative for any merger or takeover acceptance dissipated mid-week when The Agency secured six more months of funding from Macquarie.
The update came at 12.52pm this afternoon after an online report was published in the Australian Financial Review mid-morning suggesting the merger could be with McGrath.
The report said The Agency wasn't interested in a sale of its business, but indicated they may consider a merger.
"If we receive approaches that make strategic sense and provide value for our shareholders, agents and staff, we are duty bound to review them," The Agency managing director Paul Niardone told the AFR.
The AFR article, nor the ASX statement, made any reference to the initial <a href="/news/top-20-sydney-trophy-home-listings-shrink-in-2019">weekend report by The Sunday Telegraph</a> that indicated the The Agency and McGrath could possibly be "contemplating mutual solutions."
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Both shares of the listed estate agencies are struggling to their recover from near record lows. The Agency is trading at $0.067 and the debt free McGrath Group see their shares at $0.235.
The Agency's leadership had previously worked at McGrath.
"The Agency and its advisors take an extremely selective and diligent approach to reviewing all potential M&amp;A opportunities and are only focussed on advancing those that make strategic sense and provide value for our shareholders, agents and staff," the company advised its shareholders. 
There has been no formal response from McGrath.
The full Agency statement:
The Agency Group Australia (ASX:AU1) (“the Company” or “the Agency”) refers to speculation in the media over the past 24 hours regarding a potential M&amp;A transaction.
While the Agency confirms it has received approaches from local and offshore real estate companies in recent months regarding potential corporate transactions, they are at this time preliminary and confidential in nature. There also exists sufficient doubt as to if any of these discussions may lead to a formal agreement being entered into.
The Agency and its advisors take an extremely selective and diligent approach to reviewing all potential M&amp;A opportunities and are only focussed on advancing those that make strategic sense and provide value for our shareholders, agents and staff. 
Since launching The Agency business less than three years ago, the Company has achieved outstanding national growth and operating results and has attracted some of the best agents across Australia. The integration of Top Level Real Estate Pty Ltd into the combined group has been highly successful, and the Company is confident further revenue growth will be achieved and cost synergies realised over the coming financial year.
The Agency has significantly enhanced its balance sheet in recent times and has a strong foundation from which to continue its strong growth, so while any approaches will be evaluated, they are not necessary for its immediate growth plans. 
The Agency confirms it is compliant with the Listing Rules and, in particular, Listing Rule 3.1.
 
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jchancellor-FAypfDUnLy

The Agency rebuts rumours of imminent merger with McGrath

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McGrath Estate Agents have recruited eastern suburbs specialist Albert Sassoon.
<div id="ember13025" class="feed-shared-text__text-view feed-shared-text-view white-space-pre-wrap break-words ember-view">He will be located in the soon to be opened Double Bay office to the old Edward Miller shoe shop on Bay Street.</div>
His experience within the industry spans close to two decades, most recently as principal of Belle Double Bay (2014-2019) and prior to that eight years as principal of Laing and Simmons Bondi. 
His sales record in 2019 includes achieving $5.75 million for 30 Northland Road, Bellevue Hill and $4.1 million for 26 Macdonal Street, Vaucluse.
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He sold 10/2-4 Nott Avenue Bondi twice within a two year period – achieving $5 million in September 2018, and $4.5 million in November 2016.
McGrath regional sales manager James Hayashi said it was thrilled to welcome Sassoon and his team to our sales division.
“He is well known and respected as an area specialist for premium properties within Sydney’s eastern suburbs and he will continue to focus servicing his clients in Vaucluse, Dover Heights, Bellevue Hill, Rose Bay and North Bondi," Hayashi said.
The Sassoon team's first listing is Albert's house.
Fellow Belle recruit Michael Aubusson has it listed for auction, with Sassoon intending to sit out of the market for a while.
 
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j.ballantyne1990-6AQqhLzZaK

Eastern suburbs agent Albert Sassoon joins McGrath 

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Former McGrath New Farm agent Henry Hodge has set up his own shop, in the same suburb. 
He's opened his own office, Henry Hodge Real Estate, based in New Farm, and has taken fellow former McGrath colleague Kosta Porfyriou with him.
Hodge spent three years at McGrath from late 2016 as a sales agent.
During his time at McGrath he achieved the highest auction sale in Brisbane at the time.
That came last year when Riverview, a grand Teneriffe home, sold for $4.405 million.
Hodge and Porfyriou, who had been at McGrath for a few months longer than Hodge, have brought five listings over from McGrath.
The most recent is Koowa, the luxury Teneriffe home that Hodge sold for $3.8 million last December when at McGrath.
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jrobinson-rf4aSBido9

Henry Hodge departs McGrath 

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With its annual revenue down by 17 percent, McGrath Limited has delivered another big annual loss.
Its property sales volume fell 16.8 percent during the financial year.
Despite the 1854 fewer house and apartment sales, McGrath claimed it was maintaining market share by sales value, albeit its 2.8 percent still well behind market leaders Ray White (8.1 percent) and LJ Hooker (3.9 percent).
There was no sign of any increase in listing activity in August, however its chief Geoff Lucas forecast a return to revenue growth at some stage in the current financial year.
"The fall in revenue by 17 percent isn't desirable nor are we comfortable with it," Lucas said.
Lucas noted it was due to "difficult market conditions."
The disruption of its lower north shore Sydney operations following its termination late last year triggered a severe drop in NSW market share by sales volume and sales value. "This is expected to be a short impact only," Lucas said.
McGrath <a href="/news/michael-coombs-departs-mcgrath">ended their franchise agreement</a> on the Lower North Shore over Christmas. It has had just the five sales this year headlined by the <a href="/news/mcgrath-chief-executive-geoff-lucas-sells-in-cremorne-after-buying-half-a-palladian-villa-in-bellevue-hill">Lucas household earlier this month</a>.
Fewer sales at its company owned sales was pinpointed as the major contributor to the overall decline in earnings - both a reduction in the number of properties sold and the value of the properties sold.
There were $3.7 billion in sales from 2,655 sales in the latest FY19 at company owned offices.
It compared to $4.6 billion from 3,002 sales in FY18.
The franchise network exchanged 6,558 properties during FY19, down on FY18 when there were 8,065 sales.
During the year there has been a net reduction of two franchise offices with six closures, five openings and one transfer to the company owned sales network.
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Its auction services division had 4,835 auctions booked in FY19, down on FY18 which had 5,894 bookings.
Auctions represented 39% of all properties listed.
The report revealed an impairment of $3.4 million in relation to an intangible IT asset.
McGrath had been developing an integrated customer relationship management (CRM) tool and operations software since 2016.
But shareholders were told the CRM’s functionality "appears to be weaker than other mature CRM’s already available in the market" leading towards a strong preference to pursue alternative management software solutions that will better serve the McGrath business, clients and personnel.
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In addition to the asset impairment, an onerous contract of $3 million has also been recognised in relation to non- cancellable contracts associated with the CRM platform. 
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Its total group revenue fell to $82.7 million amid the weakened real estate market, down from $99 million.
The cost of sales declined from $38 million to $34 million.
The agency saw a small decline in its staff across its 30 company owned offices and 67 franchise offices with 525 agents operating within those offices as at June 30.
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Staff number decreased from June 2018 when there were 558 staff.
The latest departee is <a href="/news/henry-hodge-departs-mcgrath">Henry Hodge in Brisbane</a>.
Its property management business has over 32,000 properties managed for more than 28,000 landlord investors.
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Properties under management within the company owned offices increased by 6 percent to 7,627 in FY19, generating $5.4 million EBITDA, a 12 percent decrease on FY18 due to lower rental value per property. 
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Its underlying EBITDA loss of $6.4 million, which sits is within guidance provided in its June update.
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It reported an EBITDA loss of $10.1 million after the impact of onerous contracts expense of $3.7 million.
The net loss after tax of $15.6 million is after the impact of one-off impairment charges of $3.4 million.
It continues to have a strong balance sheet with no debt and $10.3 million cash.
Founder John McGrath draws a $552,000 package and the CEO Geoff Lucas is on $588,000.
Its <a href="/news/kon-stathopoulos-departs-mcgrath-estate-agents">departed sales manager Kon Strathopolous</a> earned $528,000 in his last year having left in early June.
Its mortgage broker, Oxygen Home Loans saw total settlements value of $755 million which was down 3 percent on FY18. At the end of FY19, there were 30 brokers, a decline of one from FY18.
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It was noted Total Real Estate Training (TRET) which presents the AREC conference had been impacted in line with the challenging market conditions.
McGrath shares fell in morning trade to 23 cents.
Lucas signalled his aspiration for McGrath to be "market leader within five years."
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McGrath revenue falls 17 percent as vendor hibernation continues

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Real-estate agent Nicole Carter will join the McGrath Surfers Paradise team.
She joins from RE/MAX in Robina.
With 13 years in the industry Carter has consistently ranking in the Top 30 of RE/MAX agents.
She was recently an inductee into their International Hall of Fame.
“Nicole has successfully immersed herself in her local area where she is an incredibly active resident but also is highly regarded in the wider community” said McGrath's state manager Justin Marsden.
“I am thrilled to welcome Nicole to spearhead our team.”
She recently sold 8 Horizon Place, Reedy Creek for $1,050,000; 6 Parkes Court for $855,000 in one day; and 14 Culgoora Crescent for $845,000.
Her prior prices sales included $1.66 million for 28 Culgoora Crescent, Reedy Creek.
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McGrath Surfers Paradise welcomes Nicole Carter

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Perpetual Investment Management Limited, McGrath's biggest institutional shareholder, has continued to scale back its investment in the estate agency.
They are now no longer noted as a substantial shareholder, following the recent further sale of 568,000 shares.
Perpetual's sell-off initially began last year when they sold almost 2.5 million shares in McGrath to reduce its stake from 14.2 percent to 11.6 percent.
During May this year they <a href="/news/mcgraths-biggest-institutional-backer-perpetual-reduces-its-shareholding">offloaded a further 2.6 million shares</a>, taking its stake down to 9.04 percent.
Perpetual's latest dump was a further 2.2 million, taking them from 10.81 million shares to 8.6 million. Their share holding was just 5.15%, then further reduced by the latest 568,000 sales.
The 2.2 million pull out equated to around $450,000 worth of shares at around 20 cents a share. 
McGrath is currently trading at ¢24.
McGrath began public life as a company worth $282 million, which has dipped, along with property prices and fewer star agents, to closer to $47 million.
They opened on the ASX at $2.10 per share in 2015.
McGrath shares slumped to $1.72 on its second day of trade with Perpetual taking so-called advantage to increase its shareholding to nine percent from its initial holding of about six percent. 
Perpetual further strengthened their position in McGrath in September 2017, buying six million shares when they were trading at ¢64.
That took their share to 14.16 percent.
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Perpetual further reduces McGrath Estate Agency shareholding

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McGrath Estate Agents has recruited Brisbane agent Joseph Lordi to its McGrath Bayside/Manly office in Brisbane’s northeast, specialising in the premium suburbs of Wynnum, Manly and Raby Bay.
Justin Marsden, McGrath State Manager for Queensland, said  “Joseph has deservedly made his mark as a young agent, selling over $20 million in property in 2018. ”
Joseph Lordi started his real estate career in 2014 at 18, selling investor apartments in St Lucia. 
His career has included achieving $8.8 million for 128 Crosby Road, Ascot (pictured below). 
<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/2019/8/5/ascot.jpg" alt="">
In 2018, Joseph ranked 2nd in Queensland’s Sotheby’s International Realty network, having represented the three of the highest sales in Wynnum in 2018:
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<li>$1,757,500 for a six bedroom home on 2045sqm at 41 Brindisi Place, Wynnum (pictured below);</li>
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<li>$1,660,000 for a five bedroom home with bay views on 2045smq at 17 Alverna Close, Wynnum (pictured below); and</li>
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<li>$1,655,000 for a 4 bedroom home at 193 Wynnum Esplanade on 403sqm with expansive views.</li>
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Joseph thinks Brisbane is a city that shows tremendous value in comparison to Sydney and Melbourne.
"For the Brisbane Bayside market, I’m finding a great majority of out of area buyers are coming from nearby suburbs such as Carindale, Bulimba and Morningside.
“These buyers tend to spend most of their weekends here and are attracted by the natural beauty of the area and its close access to Moretan Bay, in many cases they decide to relocate," Mr Lordi says.
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Mr Marsden said McGrath would continue with their recruitment drive in Brisbane.
 He also confirmed that John Smith also from Sotheby’s, had joined McGrath’s Bayside Manly team as Sales Director for the two offices that belong to the franchise operated by Pamela Neilson and Stephen Everett.
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Joseph Lordi joins McGrath's Brisbane team

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McGrath chief executive Geoff Lucas has sold in Cremorne after he recently bought in Bellevue Hill where he secured half a Palladian villa.
It has been bought by a young family relocating from the CBD.
Lucas had previously listed his Wonga Road property (above and below) in early 2018 when it failed to sell.
It had been listed with <a href="/news/wonga-road-cremorne-offering-by-former-mcgrath-executive">$6 million to $6.6 million hopes</a> in February 2018.
This time the auction guide was around $6 million.
No price reveal has been offered by the estate agency which ignores industry calls for better price disclosure of results to assist the market being as well appraised of prices in the lead up to the busy spring sales season. 
A Nine Entertainment website gushed its undisclosed sale price at above the $6 million reflected market "bouyancy."
Domain noted the team at McGrath Lower North Shore - Mosman has now sold five properties since <a href="/news/mcgrath-pursuit-of-strengthened-profitability-sees-end-of-lower-north-shore-franchise-arrangement">the turmoil of the agent departures</a> and currently has one property for sale.
Rival agents suggested a $6.25 million sale had been secured by Lucas.
<div class="listings-tabs__link-wrap">Lucas had paid $3,425,000 for the home in 2005, snapping it up pre-auction after just 12 days.</div>
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<div class="listings-tabs__link-wrap">The house was designed by Marchese Partners with interiors later updated by Scott Weston. </div>
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He owns 1/100th and wife, Nicola the 99/100ths. She runs a Chatswood child care centre.
The Victoria Road, Bellevue Hill duplex (below) was bought after being passed in at June auction at $5.825 million.
The four-bedroom, three-bathroom Mediterranean-style mansion (above and below) was built in 1992 on its 725 sqm block with views over Royal Sydney Golf Course to the harbour and the ocean. 
The Briggs family had bought it for $3.525 million in 2002.
The property comes with pool and tennis court, which is shared with the neighbour.
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It was listed for Sothebys auction in April last year with overly ambitious $7 million to $7.5 million price guidance.
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After a stint at Sonoma Bakery, Lucas returned to McGrath, the ASX listed company in February, last year as its chief executive.
Its shares were <a href="/news/mcgrath-estate-agents-trading-at-all-time-low-of-19-5-cents">trading at record 19.5 cent lows mid-week</a>, but rising to close Friday at 20 cents.
 
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McGrath chief executive Geoff Lucas sells in Cremorne after buying half a Palladian villa in Bellevue Hill

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Mat Steinwede, the three time winner of the McGrath agent of the year award, has subsequently revealed that being number one in the network didn't mean much to him.
"For the first time, it's quite meaningless to me, and I don't quite know why" Steinwede said during his <a href="https://www.youtube.com/watch?v=W-rPZ-0fRpM" target="_blank">podcast</a>, adding that "in the beginning I liked to be number 1, but... when you get there, there's not much there."
He expressed that what drove him was the purpose of doing a great job, and being number one became a side effect. It was in a podcast with Geoff Jowett the high performance mindset coach.
"It's sort of like what's going to drive me now," Steinwede said.
The father of six said that it was important to remain grounded and that his family, friends and leisure time were just as important to be balanced and effective.
During the podcast Mat agreed, you've gotta strive coming from love, not fear and that you have to be grateful for every opportunity. 
He emotionally expressed his gratitude during the 2017 McGrath Award presentation when he was announced as the agency's top performer.
"25 years ago I sent a video tape to John McGrath asking if he would meet with me" and that two weeks later when McGrath called me back.
"That meeting changed my life," he said in 2017.
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Steinwede describes his goals and challenges when he began with a passion.
"I remember when I first joined Mcgrath, I saw the top ten agents on a slide, and I got a copy of that slide and put myself as number one in my vision book. Not for any reason, I just wanted to achieve that." 
He says he faced innumerable hardships "bumps" on his road to becoming number one but his "goal was bigger than the challenges."
Despite being based in Terrigal on the NSW Central Coast, he has remarkably consistently outperformed agents across the McGrath Network, including the pricier Sydney eastern suburbs and lower north shore.
"Its not an easy thing to do, especially in a place like Terrigal.
"It's like being in a country town basket ball team and beating Michael Jordan in a way," he added jovially.
As a follower of Esther Hicks, he is a big proponent of '<a href="https://www.youtube.com/watch?v=jaNCrB2rMH8" target="_blank">The Law of Attraction</a>'.
"If you can continually make sure you are on the upscale, passionate happy etc, your life has to go on the upside."
"You are the one in control of what comes to you, the world matches what you put out."
"You have the absolute ability to put out the right energy and have it come back to you," he firmly stated.
John McGrath himself speaks highly of Mat, "He's the real deal." 
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Why Mat Steinwede says coming first at McGrath was meaningless to him 

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The McGrath estate agency was trading on Friday at a record low 19.5 cents, and again this morning at that price.
The ASX listed agency was at 29 cents in early June. It floated at $2.10 in late 2015.
The latest sharemarket decline came just days after the group celebrated its 2019 awards night.
On the night, its founder John McGrath noted outstanding results from not just the award winners but throughout the group.
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<div class="adplugg-tag" data-adplugg-zone="mrec_b_in_article" data-adplugg-regid="2" data-adplugg-processed="true">“We have principals and offices growing at lightning speed in what has been a tough market," he said.</div>
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“We have the most elite sales force on the planet, in my opinion."
"Any other company in the world would like to have these people on their roster but we have all five of them," he said when the top sellers countdown reached the group's top five.
<img src="https://www.urban.com.au/images/2019/7/29/McGrath%20Awards%20Night%202019%20-%20John%20McGrath.JPG" alt="">
For the third consecutive time, the top agent was foundation franchisee and principal of McGrath Terrigal, Mat Steinwede, beating some 700 agents in the company’s 97 NSW, ACT, Queensland and Victorian offices.
The next best seller was the Crows Nest Sydney agent Peter Chauncy.
The next three were Betty Ockerlander at McGrath Epping; Keiran Bresnahan at Hurstville and Alex Jordan at the Paddington, Queensland office, which was awarded the prize of the group's fastest growing office.
Only five of the top 20 were women and only two of the top 10, with Tracey Dixon at Hunters Hill and Ockerlander.
In 2016 the top 10 were: 
1. Mat Steinwede – McGrath Terrigal 2. Betty Ockerlander – McGrath Epping 3. Peter Chauncy – McGrath Crows Nest 4. Michael Coombs – McGrath Mosman 5. Nigel Mukhi – McGrath Neutral Bay 6. Brent Courtney – McGrath Lane Cove 7. Tracey Dixon – McGrath Hunters Hill 8. Dennis Vertzayias – McGrath Edgecliff 9. David Howe – McGrath Northbridge 10. Jaimie Woodcock – McGrath Terrigal.
<img src="https://www.urban.com.au/images/2019/7/29/McGrath%20Awards%20Night%202019.JPG" alt="">
In June Kon Stathopoulos, the head of sales, departed McGrath Estate Agents having been with the group since 2014 when he came from a non-real estate background.
Earlier this month McGrath's biggest institutional backer, Perpetual further reduced its shareholding of the ASX listed agency.
It share sales took its shareholding down to 6.4 percent, less than half its initial exposure.
It had been initially sitting on 14 percent when accumulating the shares after its 2015 float.
It was in the 2015 float at $2.10 that Perpetual emerged as a surprise major backer of the McGrath Estate Agents’ initial public offering.
McGrath began public life as a company worth $282 million, which has dipped, along with property prices and fewer star agents, to $32 million.
At $2.10 per share, it equated to 8.8 times forecast earnings before interest, tax, depreciation and amortisation for fiscal 2016.
McGrath shares slumped to $1.72 on its second day of trade in late 2015.
The biggest shareholder remains John McGrath, followed by Aqualand and Tony Denny.
With the company now capitalised at $32 million, McGrath's personal stake is worth around $8 million given his near quarter holding.
The float allowed him to pocket $37 million, some of which he quickly spent buying a few further shares in the agency.
Last March the Central Coast-based property developer, Tony Denny amassed a 5 percent shareholding as a "passive long-term investment" paying around 40¢. Denny <a href="/news/for-3-million-central-coast-entrepreneur-tony-denny-buys-5-percent-stake-in-mcgrath">spent $3 million on 7.2 million shares</a> in March last year which took his holding to five percent. 
Aqualand took its stake in <a href="/news/mcgrath-secure-10-7-million-strategic-investment-from-aqualand">June last year</a>.
They paid 42.5 cents a share for their 25,189,880 shares which totalled $10.7 million.
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