<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.

&nbsp;

&nbsp;

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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McGrath Limited has told shareholders that subdued 2019 market conditions have continued to hit its financial profitability.
Trading conditions in March 2019 are currently below expectations, it noted.
The announcement came at 5pm Friday, after the market close when shares were trading at near record lows of 26 cents.
Listed at $2.10 in late 2015, the company share low was 25.5 cents earlier this month, a 52 week low. This morning trading saw shares open at 25 cents. They have dropped to 24 cents in this morning's session.
McGrath's weekend results saw 33 sales and 22 unsold, a total of 55 offerings.
The same weekend last year, albeit without the NSW election distraction, had 167 offerings.
In 2017 it was 140 offerings.
The ASX-listed real estate agency McGrath revealed a further dip in earnings as the company struggles with the housing market downturn. 
“We are disappointed that the real estate sector is facing continued headwinds, exacerbated by the elections, the tighter lending environment and weakening economic conditions affecting our sales business, however our Property Management business continues to perform well,” CEO Geoff Lucas said.
McGrath noted its strong balance sheet position at 28 February 2019, featuring no debt and $14.3m million in cash.
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“The significant reduction in transaction volumes in the real estate sector has continued, however we are seeing signs that sellers are now more prepared to meet the market and interest rates continue to be at historic lows”, he added.
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<a href="/news/mcgrath-estate-agents-reports-a-weak-start-to-2019-sales">McGrath stated last month</a> that the continuing subdued property market had impacted the company’s performance, noting that trading conditions since balance date were below expectations, with generally lower listing volumes and average sale prices.
"The subdued market conditions have continued in the second half with recent market data indicating national dwelling values are continuing to fall and transaction volumes remain more than 20% below the prior year in both Sydney and Melbourne markets. 
"The company also foreshadowed in February 2019 that underlying EBITDA for the second half of FY19 was expected to be impacted by ongoing difficult trading conditions, with external factors including NSW and Federal elections, potentially further impacting performance of the property market and McGrath."
Based on the unaudited management accounts year to date, the company has generated an underlying EBITDA loss for the eight months ended 28 February 2019 of $4.5 million, including the seasonally lower January and February months.
It had been reported the company had suffered a loss of $2 million in earnings before interest tax depreciation amortisation (EBITDA) over January and February.
"Market conditions remain difficult to forecast and if current trends continue, further losses in the final quarter are expected," Lucas noted.
 
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j.ballantyne1990-6AQqhLzZaK

McGrath Estate Agents' dip in earnings worsens

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McGrath Estate Agents has recruited the Brisbane agent Roxanne Liu as it continues to bolster its Brisbane inner city team.
Kon Stathopoulos, head of sales for McGrath’s company owned offices, said she will join the existing team of 20 agents in the Paddington office.
He suggested it was "one of the most exciting property markets in the country".
“This is in line with our plan to restock our agent pool.”
Liu embarked on her real estate career in 2006, and within the first year proved to be the rising star at LJ Hooker Sunnybank Hills.
From 2008 to 2015, Roxanne’s sales performance saw her join its Multi-Million Dollar Chapter.
In 2016, she achieved its highest accolade, Gold Medalist and 2nd Highest Achiever in Sales for LJ Hooker internationally.
Liu said that after 10 years working six days a week, she decided to take a gap year, reassess her career path and also focus on her teenage daughter.
She moved to Paddington to be closer to her daughter’s high school.
"For the past five years we have immersed ourselves in the lifestyle that Paddington offers and love its inner city sophistication," adding she was seeing an emerging trend of local Chinese families relocating to inner city areas of Brisbane.
"Inner city prestige property is very attractive to my Chinese clients and I see this as a great opportunity for vendors wishing to sell their home," she said.
"Naturally I will market to those on the south side of Brisbane who wish to relocate."
Liu will focus on servicing core suburbs of Paddington, Red Hill, and Kelvin Grove.
In the five years before her hiatus period, Roxanne Liu sold between $30 to $45 million in residential sales per year.
Charles Higgins, at McGrath Brisbane had worked previously with Roxanne Liu, at LJ Hooker Sunnybank Hills. 
The McGrath Report 2019 labelled Brisbane: "as one of the world’s great cities. Liveability, affordability, scale and future economic prospects all suggest that Brisbanke is a market in which you can confidentally invest. The value gap between the East Coast capitals is compelling..."
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McGrath adds Roxanne Liu to its Paddington, Brisbane sales team 

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McGrath Limited today announced its FY19 first half results, with its revenue down 18 percent to $42.5 million.
The ASX listed company noted that trading to the end of January 2019 had been in line with the guidance provided last October.
However, trading over the first two weeks of February 2019 has been below those expectations, with generally lower listing volumes and lower average sale prices than expected.
The company post a statutory net loss after tax (NLAT) of $9.6 million.
McGrath company owned offices
1,367 sales $1.9 billion in 1H F19 
1,712 sales $2.6 billion in 1H FY18 
2,544 sales $3.5 billion in 1H FY17.
McGrath franchise offices
3,495 sales $3.1 billion in 1H FY19.
4,324 sales $3.9 billion in 1H FY18
4,222 sales $3.8 billion in 1H FY17. 
Total McGrath offices combined
4862 sales $5 billion 1H FY19
6036 sales $6.5 billion 1H FY18
6776 sales $7.3 billion 1H FY17
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As at 31 December 2018 the network comprised 27 company owned offices and 68 franchise offices with 552 agents operating within those offices. 
The total number of offices has remained consistent with June 2018 with 2 openings and 2 closures with 1 transfer from franchise services to company owned sales.
Total agents marginally decreased to 552 from June 18 (558) with reductions in the project marketing and franchise businesses offset by gains in the residential company owned sales segment. 
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Click here <a href="https://www.propertyobserver.com.au/images/2019/2/18/McGrath2.jpg" target="_blank">to enlarge</a>.
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"While March is a seasonally higher listings month, the upcoming elections, together with the late timing of Easter and general market uncertainty reduces the current visibility into the third and fourth quarters.
"Should the balance of the second half continue to be impacted, the Company will update the market in accordance with its continuous disclosure obligations," the board advised shareholders adding ongoing difficult trading conditions were expected given external factors such as the NSW and Federal elections, potentially further impacting performance of the property market and McGrath.
The estate agency advised the continuing subdued property market conditions had impacted McGrath’s performance in the first six months of the 2019 financial year, resulting in an underlying EBITDA loss for the first half of $2.5 million.
This result comprises the previously reported first quarter loss of $1.9 million and a reduced second quarter loss of $600,000, although in line with guidance provided to the market last October.
Click here <a href="https://www.propertyobserver.com.au/images/2019/2/18/McGrath3.jpg" target="_blank">to enlarge</a>.
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“Market conditions are expected to remain soft during 2019, however there have been some signs of optimism with buyers, especially owner-occupiers who are increasingly more active as prices return to more affordable levels in many areas," Geoff Lucas, CEO of McGrath, said.
“Economic factors are contributing to a significant reduction in transaction volumes," McGrath reported citing industry-wide settled sales for the real estate sector down nationally by 13.2%, and across the eastern Seaboard with Sydney down 20.3%, Melbourne down 22.3% and Brisbane down 11.3% on the 12 months to January 2019.
"Prices continue to weaken with national dwelling values to January 2019 down 5.6%, with Sydney down 9.7%, Melbourne down 8.3% and Brisbane in line with last year.”
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It noted a deterioration of higher value property prices in the market, and McGrath’s exposure to this segment, had adversely impacted its NSW result where there was a falling market sale share held by McGrath.
Its strongest growth in market. share was in Queensland.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><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/2019/2/Subscriber%20strip%20ad.jpg" alt=""></a>
In February 2018 McGrath reported revenue for the six months to December 31, 2017 was $51.6 million, which was down 23 percent on the same period a year earlier.
McGrath reported a strong balance sheet at 31 December 2018 with no debt and $36.7 million in net assets with $16.5 million in cash.
The company noted that an additional $38 million in rent roll assets is not reflected on the balance sheet.
Its board remains focused on conserving cash for business reinvestment and will not pay an interim FY19 dividend.
McGrath’s dividend policy will be reinstated as soon as it is deemed prudent.
It reported its 27 company owned offices with 180 agents secured 1,367 property sales with a $1.9 billion value, over the six months to December 31, 2018.
The 68 franchise offices with 372 agents saw 3,495 property sales with a $3.1 billion value over the six months to December 31, 2018.
It compares with <a href="/news/mcgrath-estate-agents-get-850-000-additional-commission-windfall-to-stop-defections">the prior similar period </a>when company owned sales generating $2.6 billion in sales value from 1,712 sales for 1H FY18 and $3.5 billion and 2,544 sales in 1H FY17.
Its franchise services offices exchanged 4,324 sales during 1H FY18 with a sales value of $3.9 billion compared to 4,222 sales with a sales value of $3.8 billion in 1H FY17. 
With no trade this morning, the shares sit at 26 cents, a record low, with the company capitalised at $43 million.
It was in late 2015 when McGrath Holding Co Ltd (MEA ASX) filed a prospectus to sell a 53.7 per cent stake, or 72.1 million shares, for $2.10 each, giving it an envisaged market <a href="/news/real-estate-services-company-mcgrath-float-hits-asx-bourse-at-1-94-and-rising">capitalisation of $281 million</a>.
Some two decades in the making, the real estate services company commenced trading at $1.94, slightly below the public offering price at $2.10.
 
 
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McGrath Estate Agents reports a weak start to 2019 sales

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McGrath Estate Agents has announced high performing agent and area specialist Jamie Benjamin has joined its company owned sales team at McGrath Castle Hill.
The office services the Sydney’s Hills District, specialising in the key suburbs of North Rocks, Baulkham Hills, Castle Hill, Northmead and Winston Hills.
McGrath has also recruited Tamara Wikaruk who returns to the company after three years elsewhere, and will also focus on key suburbs within the area.
Kon Stathopoulous, head of sales for McGrath’s company owned offices, said it was "always heartening" to welcome back an agent to our company.
“Both Jamie and Tamara will join our existing McGrath Castle Hill team, joining David and Thomas Choy, Maree McCrorie, Elise Lau and Peter and Daniel Pokorny and the remainder of the existing team," he said. 
“This entire region continues to offer enormous potential for growth with a vibant professional community, business and infrastructure. It’s ‘Garden Shire’ appeals to families wishing to raise their children, often in a semi-rural environment and just 30 minutes to the CBD.
“In the last 12 months we have focused heavily on the north-west region, particularly the Hills District and the growth corridors around Rouse Hill that is part of the NSW North West Corridor. In the next few months, the north west will have its first heavy train line with the 52km Metro Northwest connecting Cherrybrook, Castle Hill, Bella Vista, Kellyville and Rouse Hill directly to the CBD.”
This is reinforced in the McGrath Report 2019 that with the rise of Western Sydney, everything is about to change and it means big things for the Western Sydney property market. 
“Billions of dollars in government investment, hundreds of thousands of new jobs and Sydney’s second international airport are set to transform this region and electrify one of our most affordable housing markets,” says John McGrath.
Benjamin (pictured above), a longtime Hills resident, started his real estate career in 2002, and has an impressive track record for outstanding sales success in his local market with extensive knowledge, negotiation and marketing skills.
He comes to McGrath from Harcourts where he achieved numerous accolades since 2010, including No 1 Sales Agent NSW (non business owner) – 2013 to 2018. He was also named in the national Top 5 for Harcourts Australia (2015 to 2018), clocking in No 2 &amp; No 3 in 2015 and 2016.
In discussing the current property market, Benjamin said that sales volumes in the area were down about 20-25% but on the flipside, he believed it provided a great opportunity to upgrade.
“Buyers are primarly locals and most come from a 5-10 km radius, where proximity to the school catchment zone is one of their highest priorities. There are excellent choices for education within the area for primary and secondary schooling, both public and private," Benjamin said. 
“My clients are a combination of first home buyers, families, upgraders and downsizers who are going through the life process.”
Wikaruk agrees and said she is seeing good buyer interest. 
“In the last three weeks of December and prior to returning to McGrath, I sold four properties ranging from $1.08 million to $1.35 million in Castle Hill and Baulkham Hills. To me this shows that people still want to transact... and they will for the right property.
“The last six months as an agent, it has been critical to help vendors understand the shift in the market, and ensure they feel armed with the relevant information. It is equally important for clients to understand my primary focus is to help them through the sales process and get them the best possible result.”
Wikaruk who grew up in the area has hit the ground running in her two weeks with four new listings in Baulkham Hills, Castle Hill, Cherrybrook and Northmead.
“I’m really excited about returning to McGrath. I’ve seen what else is out there, having worked for a couple of other agencies and nothing compares. Their diligence in marketing, compliance and support is outstanding and they are committed to providing the best tools possible to help their agents excel - and the ultimate winner will be my vendors and buyers.”
Jamie is an active member of the local community and sponsors several local school initiatives including the North Rocks Caroles by Candlelight, and the Christ The King Primary School Spring Fair and also their Sporting Teams.
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McGrath signals potential for growth in Hills District

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McGrath Estate Agents secured nine agents to join its McGrath Paddington, as it seeks to bolster its existing company-owned offices in Brisbane.
The new recruits are led by Daniel Goodwin (pictured right), until recently principal of LJ Hooker Paddington, will transition his entire sales team across to McGrath with more than 45 listings. Daniel has more 15 years experience in the Brisbane property market, and his combined team has over 60 years.
His agents will service key Brisbane suburbs that include Paddington, New Farm, Ashgrove, The Gap, Bardon and Teneriffe.
Daniel’s recent team sale include: 91 Moray Street, New Farm for $11 million; 4 Moore St, Milton for $1.415 million; 15 Evelyn St, Paddington for $1.310 million; and 35-41 Simpsons Road, Bardon for $3.1 million.
MrGrath boss Geoff Lucas said the move was in line with "our overall strategy to increase market share in our key markets with the recruitment of exceptional agents who have the desire to be part of a well-resourced and well capitalised company."
"Their wealth of knowledge and experience will augment our existing sales teams of 16 agents in Paddington, and 12 agents in New Farm where we have seen some strong sales results in the past few months.”
Such results by McGrath include 4602/71 Eagle Street, Brisbane for $4 million (Drew Davies – New Farm); 264 Ken Street, New Farm for above $3 million (Henry Hodge –New Farm); 32 Burdenkin Drive, Sinnamon Park for $2.5 million (Reuben Packer-Hill – Paddington); and 10 Charlane Avenue, Indooroopilly for $1.975,000 (Alex Jordan – Paddington).
McGrath Founder John McGrath (pictured middle) has long been an advocate of South East Queensland, and reinforced his enthusiasm for the Sunshine State in the recently released McGrath Report 2019.
“Liveability, affordability, scale and future economic prospects all suggest that Brisbane is a market which you can confidently invest,” said McGrath. 
“Brisbane is one of the world’s great cities and in my opinion the best market in Australia for short to medium term growth. I’ve been bullish on the area for some time, and whilst there has been some growth I believe there is a lot more to come over the next few years.”
Daniel Goodwin said that joining McGrath was a carefully considered decision and one endorsed by his team.
“We felt this was the right time to join McGrath, a company that has the respect of our agents as being the market leader in property marketing, customer service and industry training.
"With margins constantly under pressure, I believe the high level training and leadership by their entire management team, including John himself, is very important if agents are to adapt to a constantly changing and challenging market. Equally as a public company, the accountability and transparency is very appealing,” Goowin explained.
Kon Stathopoulos (pictured left), Head of Sales for McGrath’s company owned offices, said he was thrilled high performing agents wanted to step away from being traditional business owners with a desire to be part of a synergistic brand.”
Goodwin believes that the inner city unit market represents tremendous value compared to its interstate counter parts. 
“There are brand new 1 bedroom units available in the early $400,000 range and 2 bedrooms in $500,000 bracket in areas like Newstead and Fortitude Valley.
“These developments offer outstanding lifestyle features suited to Queensland’s enviable climate and have luxurious pools, rooftop entertainment areas, and private cinemas rooms.
“We are also finding a trend of upgrading from outer suburbs to places like The Gap, Ashgrove and Bardon within the 10km ring of the Brisbane CBD with many family purchasers seeking the catchments of a number of high quality and well regarded public and private schools whilst maintaining easy access and transport links to the CBD for working professionals.
“In the higher end space, interstate influence is certainly being felt in suburbs like New Farm and Paddington with value again being a prime driver of these opportunities.
"Equivalent high end property in Melbourne or Sydney could be up to double the price of that in Brisbane, and with new and planned infrastructure such as Brisbane airport’s new runway expansion, new Queens Wharf Casino under construction and Howard Smith Wharves development, cashed up buyers are recognising the value, lifestyle and connectivity that Brisbane now affords,” Goodwin said.
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McGrath announces major recruitment of agents in Brisbane

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The Agency have pushed back their voluntary suspension on the ASX possibly by another day.
The ASX-listed minnow initially advised on Tuesday, when they requested the voluntary suspension, that the acquisition of the ex-McGrath led Top Level Real Estate would be completed by 10 am today.
Their latest 10.04am update asked for the delay to Friday, unless they announce the finalisation earlier.
It has been suggested that insiders said all that all conditions precedent to the transaction occurring had been met and it would proceed.
The Agency went into a trading halt last Friday when the shares were trading at ¢14.
It's been delay after delay from The Agency, who initially took a 2017 option to acquire Top Level.
The Agency unveiled their business in January 2017.
The Agency recently lost <a href="/news/the-agency-inner-west-loses-mark-bowis-to-cobden-hayson-balmain">inner west Sydney sales specialist Mark Bowis</a> to Cobden &amp; Hayson.
It also lost Tahnee Barnes, the high profile intern, who <a href="/news/tahnee-barnes-the-million-dollar-intern-quits-the-agency">returned to recruitment</a>.
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The Agency continue delay of Top Level acquisition

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The former McGrath agent, Michael Coombs has confirmed to Nine Entertainment that he will join LJ Hooker's Avnu, a little-known, newly launched, technology-based full-service agency operating on the lower North Shore of Sydney.
The move was <a href="/news/what-is-lj-hookers-avnu-the-much-hyped-new-avenue-in-real-estate">foreshadowed last month</a> on Property Observer.
Avnu markets itself as allowing agents and their clients to manage their sales and properties in real time through enhanced digital online software.
Avnu is based in Neutral Bay, on the lower north shore, not far from the Mosman McGrath office which Coombs departed late last year.
Coombs anticipates the current "proptech" revolution in the residential market paved the way for how homes would be sold in the future.
Coombs <a href="/news/michael-coombs-departs-mcgrath">departed McGrath</a> late last year, after two years of speculation on his future amid a fractured franchise operating within the besieged McGrath Group.
LJ Hooker picked the lower north shore - where is has operated since the 1950s - to launch the Avnu brand with its rather odd name.
With fewer than 20 sales since its office launch, Coombs could be expected to possibly turbo-charge the office which has the branding: a new avenue in real estate.
Coombs joined the agency with $100 million in unsold listings.
Avnu took over the gap left by the LJ Hooker flop, <a href="/news/settl-lj-hookers-diy-hybrid-property-sales-platform-to-take-on-disruptors">Settl</a>, a thwarted part of LJ Hooker’s envisaged $100 million digital transformation.
Avnu, run by former Google, Twitter and LinkedIn execs, aims to reshape the homebuyer experience by smoothing the process where there's an estimated 200 steps involved in buying a property, between appraisal and settlement.
It’s a separate entity to the LJ Hooker franchise model and will have its own agents.
There will be a shop front despite its cloud-based technology approach.
With little fanfare, its chairman and local resident L. Janusz Hooker launch the app mid-last year.
“It’s your normal LJ Hooker, but it’s a place where technology is driving the process for both agents and consumers," said the grandson of the company’s founder, Sir Leslie Joseph Hooker.
Jason Chuck, the chief executive of LJ Hooker Avnu, was a former local founder and managing director of eHarmony and Houzz, and before that head of marketing for Google.
Christine Mikhael, the former general manager of sales and training at McGrath LNS, has been the director of sales and performance since March.
Mr Chuck said the LJ Hooker Avnu platform is the first of its kind and offers the "next frontier of customer service in what is a very fragmented industry".
"If someone was to start a real estate agency today, this is the model they would use. It's a clean slate for what is effectively an industry start-up for the next century," Mr Chuck told Nine Entertainment.
Its customers pay the usual industry-based fees for marketing and agent costs.
LJ Hooker Avnu's early recruits include Adrian Bridges.
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"I believe Avnu is a company that is going to pioneer the way real estate is done in over the next few years and I wanted to be apart of it," Coombs told Nine Entertainment.
While he anticipates the agency will be helpful to millennials, Coombs stresses he can still service clients who prefer a traditional method.
Coombs also advised the sales commission at Avnu will be at the standard market rate.
LJ Hooker says the LJ Hooker Avnu company is owned by private shareholders while Coombs will owns shares in its flagship office.
Coombs had previously held equity in the McGrath Mosman franchise but sold it back to the principals around 20 months ago.
He was among the few McGrath agents not to take shares when the McGrath Group floated in late 2015 on the ASX.
When he left school he did landscaping for a while.
The median Mosman sale in the last six months of 2018 was $1.58 million with Ray White indicating today its office secured an office median sale price $2.15 million higher than the market after a $25 million sale.
The three McGrath LNS offices had 350 sales in 2018 with 10 above $10 million.
The McGrath business acquired Laing &amp; Simmons Milsons Point last year, taking total properties under management to 2,600 properties, the largest rent roll on the lower north shore.
The Dean Mackie-led franchise lost its McGrath operations late last year when McGrath Estate Agents provided the stockmarket with an update regarding the April 2019 renewal of its Sydney Lower North Shore franchise office arrangement.
McGrath formally announced it had withdrawn its offer to extend the franchise agreement beyond April.
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“We have a clear plan to rejuvenate our presence in the region," McGrath chief, Geoff Lucas said.
The shareholders were told by Lucas the LNS profitability had "fallen below expectations in recent years.”
The Mackie-led team, who have had the LNS operation since 2005 and have privately disputed the portrayal by Lucas, quickly formalised plans to instead open a Di Jones office this year.
The former Lower North Shore McGrath franchisees Dean Mackie and Piers van Hamburg will do so without David Howe who is retiring from real estate, with a shift into restaurants mooted.
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Michael Coombs confirmed as LJ Hooker Avnu recruit

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The Agency's long anticipated acquisition of Top Level Real Estate, the agency set up by defecting McGrath agents at Bondi Beach, might finally be nearing a conclusion.
Today's trading halt announcement gives away no further details, but there will be a further announcement before Tuesday.
Shareholders had been expecting an update on the arrangement that would see the Western Australia based real estate agency incorporate the eastern suburbs agency.
Shares were trading a ¢1.4 before the halt at 11.30 this morning.
There had been a pause in trading 10 minutes earlier.
It seemed back in September that the finalisation of the mooted arrangement was imminent as <a href="/news/the-agency-secure-mcgrath-rebels-top-level-with-8-4-million-share-placement">The Agency announced a successful capital raise</a> having sought $10 million.
However in December they <a href="/news/mcgrath-rebels-acquisition-by-the-agency-pushed-back-into-2019">pushed back the acquisition until 2019</a>.
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The Agency in trading halt as Top Level acquisition may be nearing

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The former Lower North Shore McGrath franchisee Dean Mackie seems set to open a Di Jones office next year.
Mackie has been recruited by Di Jones chief executive Rob Ward.
Now with a network of five offices, Ward has long signalled plans to expand the group to 10 offices by 2021.
The Mackie-led franchise lost its McGrath operations last Friday when McGrath Estate Agents provided the stockmarket with an update regarding the April 2019 renewal of its Sydney Lower North Shore franchise office arrangement.
McGrath announced it had withdrawn its offer to extend the franchise agreement beyond April.
Mackie, who had headed the LNS operation since 2005, was in the news mid year when a Kirribilli waterfront property attracted a premium price.
A one-bedroom apartment on the market for the first time in more than 50 years sold for $125,000 above reserve at $1,875,000.
The 65-square-metre apartment sold to the final bidder to jump in, Dean Mackie, who bought the home shortly after inspecting it for the first time. 
Mackie addressed the 2009 AREC when he present the winning strategies he had implemented in growing his property management business from zero to 1000 properties in two years.
The McGrath franchise decision puts the future of one of the McGrath group's top performers, Michael Coombs in play with whispers that he's heading to LJ Hooker Avnu.
McGrath is currently considering the "optimum" structure for the continuation of the McGrath presence in the key markets of Mosman, Neutral Bay, Chatswood and Northbridge.
Their decision was couched as providing the opportunity of strengthening the profitability for the publicly listed estate agency.
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“We have a clear plan to rejuvenate our presence in the region," McGrath chief, Geoff Lucas said.
The shareholders were told by Lucas the LNS profitability had "fallen below expectations in recent years.”
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There has been no formal announcement by the Di Jones group which has been dealing with the loss of its own top seller in the eastern suburbs, <a href="/news/jane-schumann-quits-di-jones-for-r-h-double-bay">Jane Schumann this week to Raine &amp; Horne Double Bay.</a>
Mackie will step into an agency where its longtime Woollahra village-style origins had a women's influence.
Newspaper reports in the late 1990s suggested Di Jones was the doyenne of the female brigade in Sydney, at a time when ABS figures showed the percentage of female sales staff in real estate sat at around 40 per cent, way down on the US industry where eight in 10 are women.
The Di Jones office, with its French country style, avoided the hard edges often found in rival estate agencies.
She had her female staff dress to create an air of sober authority.
"I don't think the sexy look works very well," Jones explained.
"Everyone in our office dresses very business-like. I normally wear a suit because I think you need to look business-like to be taken seriously.
"I wouldn't like to think the girls in my office used their sexuality to sell a property but I'm sure some women do. But no, that's not our image at all." 
Its website traffic indicated almost twice as many women as men visiting <a href="http://www.dijones.com.au/"></a>with almost 80,000 total visits per month. 
The office has since been incorporated into the upper North Shore business of the former LJ Hooker Wahroonga agent Rob Ward in 2016.
Ward had founded LJ Hooker Wahroonga in 2003.
The landmark Woollahra office relocated from Queen Street this week to shop top premises on Paddington's Five Ways, with administrative staff now relocated to Wahroonga.
It now sits amid its team on the North Shore, the Northern Suburbs and in the NSW Southern Highlands, along with the lower North Shore seemingly from early next year.
 
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Dean Mackie set to take Di Jones office option after losing McGrath franchise

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The status of leading Mosman agent Michael Coombs has become slightly clearer just days after McGrath Estate Agents ended its the franchise agreement on the Lower North Shore.
The Coombs profile, along with four team members, came down from the McGrath group website this morning.
Coombs has quit the LNS franchise, but yet to announce what his 2019 plans involve. 
Property Observer wrote earlier this week the franchise decision by head office meant the future of one of the McGrath group's top performers was in play.
Coombs had previously held equity in the Mosman franchise but sold it back to the principals around 18 months ago.
It allowed him the freedom to quit the McGrath office just days after McGrath head office gave their advisory that they'd be ending their agreement with the franchise principals who are listed as Dean Mackie, Piers van Hamburg and David Howe. 
Coombs has always rated highly with his sales tally among the McGrath agents, although his sales tally hasn't been public since he pulled out of the REB Top 100 ratings two years ago. 
Coombs ranked 26 in 2016 with $276 million in property sales.
In 2015 with 13 year's experience, and three support staff his sales tally was $180 million. There was a $4 million average sale.
Coombs sold 41 properties in 2014 for a $140 million total.
McGrath is currently considering the "optimum" structure for the continuation of the McGrath presence in the key markets of Mosman, Neutral Bay, Chatswood and Northbridge.
The cost cutting decision was couched has providing the opportunity of strengthening the profitability for the publicly listed estate agency.
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McGrath opened its first office in Sydney’s Lower North Shore in 1996.
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“We have a clear plan to rejuvenate our presence in the region," McGrath chief, Geoff Lucas told shareholders last Friday.
The shareholders were told by Lucas the LNS profitability had "fallen below expectations in recent years.”
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