<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;

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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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Raine &amp; Horne have launched its eighth office on Sydney's North Shore, Raine &amp; Horne Pymble/Gordon.
Wayne Walter (below), an experienced North Shore sales agent who previously worked at McGrath Pymble, is leading the new office.
Walter started in real estate in 1994 and has worked in sales and in corporate management roles over the past 17 years. He is also former Real Estate Institute of New South Wales award winner. 
As a long-time Upper North Shore resident, Walter will service Pymble, Gordon, Killara, Lindfield, and Roseville.
Walter also ran a building and scaffolding business with 32 employees before starting in real estate. He says his corporate experience will prove invaluable to his role as the principal of Raine &amp; Horne Pymble / Gordon.
“In my corporate role, I managed five real estate offices in Sydney’s Northern Suburbs. I was responsible for profitability, setting budgets, recruitment, management of staff, training and coaching.”
“However, my core strength is real estate sales.”
Walter said Raine &amp; Horne’s commitment to digital technology proved to be a decisive factor in his decision, such as their Amplify product.
Amplify uses Facebook, Twitter, Instagram, and the Google Ad network to target more active and passive buyers who are increasingly using social media platforms to sell and buy real estate.
“Amplify is brilliant at using social media platforms and search engines to market properties and is very reasonably priced,” Walter said.
Looking ahead to 2019, Walter says real estate agencies will have to work hard to service their clients.
“Successful agencies will offer vendors and landlords candid advice, especially around pricing,” he said. 
"This region has recorded 89% growth over the last six years and with so many long-term owners with up to 50 years in this market, short-term market fluctuations don't affect them as much. Their homes are goldmines.”
Walter was with McGrath for 16 years.
 
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jrobinson-rf4aSBido9

McGrath lose veteran North Shore agent Wayne Walter to new Raine & Horne office

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McGrath Estate Agents has provided the stockmarket with an update regarding the renewal of its Sydney Lower North Shore franchise office arrangement.
McGrath has withdrawn its offer to extend the franchise agreement.
It is due to end in April 2019.
McGrath failed to secure agreement with the franchise principals who are listed as Dean Mackie, Piers van Hamburg and David Howe. 
The negotiations seemingly were cordial.
But the decision puts the future of one of the McGrath group's top performers, Michael Coombs in play.
Coombs had equity in the Mosman franchise but sold them back to the principals around 18 months ago.
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, which is trading at 29 cents having floated at $2.10 in late 2015, 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.
“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.”
Lucas was among its clients when he sought to find a buyer of his LNS home last year without success.
"McGrath remains committed to servicing its clients for both residential sales and property management," he stressed.
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It is understood McGrath has been negotiating with the principals since last year but could not reach a mutual agreement on any continuity.
Its recent annual results signalled a key FY19 priority was "office growth with a focus on the Eastern seaboard predominately in the franchise network."
Nine Entertainment reported last week that McGrath had "found its feet again with a new board and chief executive."
On floating the network consisted of 22 company owned offices and 53 franchise offices generating revenue primarily through commissions and franchise fees.
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It had 16 offices in 2009, some three years after it opened its first franchise office.
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Franchise services revenue increased by 31 percent to $9.4 million in FY2015. It now stands at $11 million.
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McGrath Estate Agents currently has 95 offices located throughout the east coast of Australia, which consists of 27 company owned offices and 68 franchise offices.
It recently saw the opening of Coburg/Brunswick and its McGrath Land office. Closures have included Bentleigh, Berry, Cairns, and The Ponds in June.
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The majority of franchisees paid an initial fee, as well as continuing royalties of between 6 percent and 8 percent in respect of commissions received on property sales (excluding GST).
The fee is typically 3 percent in respect of property management fees.
In addition to the initial fee and continuing royalties, the majority of franchisees pay McGrath a marketing levy, which is an amount equal to 1 percent of commissions received on property sales (excluding GST), a monthly website subscription fee, a technology and training levy and a fee in relation to the publication of the McGrath magazine.
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The 2015 prospectus advised McGrath’s franchise agreements were typically five years with an additional five year option exercisable by the franchisee.
"No McGrath franchisee has elected not to renewits franchise agreement and move to another franchise network," the prospectus proudly noted.
Just prior to the float the Manly and Seaforth offices were converted from franchise offices to company owned offices.
The head of franchise at McGrath, Gary Vouris at the time the float left the company in 2017 after six years for First National. Now back at McGrath Sutherland Shire, his Randwick Californian bungalow was sold last year by Ben Collier of The Agency, formerly McGrath's top eastern suburbs agent.
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The McGrath Network, which had previously a strong record of retaining its agents, has been hit hard over the past two years with departures.
On its 2015 float, the top 50 Agents within the McGrath Network based on FY2015 GCI had an average tenure of nine years with McGrath or its franchisees, while the top 10 Agents had an average tenure of 12 years.
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jchancellor-FAypfDUnLy

McGrath pursuit of strengthened profitability sees end of lower North Shore franchise arrangement

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Leading McGrath estate agent Peter Starr has resigned from McGrath.
He is serving out his notice, with Raine &amp; Horne Double Bay whispered as his next agency.
He was the top seller in its Edgecliff headquarters.
It marks a return to Raine &amp; Horne for Starr, who rejoined McGrath around 2007.
Starr was the highest selling agent in Sydney's east for McGrath for the past three years.
Starr has over 27 years experience in the real estate industry.
His clients have include the late showbiz impresario Harry M Miller, Olympian Murray Rose and RM Williams boss Ken Cowley.
He was one of the McGrath agents involved in the recently concluded, long running State Government Millers Point terrace house sales campaign.
He commenced in commercial leasing and moved into residential in 1992, including time at Laing &amp; Simmons Double Bay, then starting his own business in 1996 with the purchase of Martin &amp; Punch at Edgecliff.
In 2002 with McGrath wanting to grow their rent roll business, he sold the Martin &amp; Punch business to work at McGrath which was readying for its then anticipated 2002 ASX float.
From early 2006, for around 18 months, he worked at Raine &amp; Horne Double Bay during its Pallier/Goldman/Maskin incarnation.
He then returned to McGrath.
McGrath’s domination in the recent annual Real Estate Business Top 100 Agents ranking with 27 of the Top 100 agents in Australia included Starr in 12th place.
McGrath's overall top selling agent was Matt Steinwede with $271 million in sales on the NSW Central Coast.
Starr notched up $223 million in sales followed by Peter Chauncy on the lower North Shore with $207 million in sales, although not all McGrath agents participate in the REB top 100 listing.
With its recruits falling short, the McGrath Eastern Suburbs sales team has required the direct listing assistance of their founder, John McGrath over recent times as it struggles to secure prestige listings.
John McGrath has also recently <a href="/news/sydneys-number-one-penthouse-hits-the-market-through-john-mcgrath">turned his hand to selling prestige offerings</a>.
 
 
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Peter Starr exits McGrath for Raine & Horne Double Bay

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McGrath Estate Agents has announced the appointment of Ripple Wu as leading its Box Hill office.
McGrath founder John McGrath recently pinpointed Box Hill as one of his top picks in the recently released McGrath Report 2019.
Located around 14 kilometres east of the city, Box Hill is a bustling multicultural cosmopolitan suburb with strong public transport links with its own hospital and and school. 
The hub is thriving with houses on large blocks that have great development potential, McGrath noted.
“Despite a cooling market I believe the Melbourne offers good potential for capital growth over the long term due to solid population and employment growth, major investment in infrastructure, and affordable housing that will be a catalyst for interstate migration.”
Ms Wu (pictured left) joined McGrath last month as sales agent, previously at Ray White Blackburn where she claimed to enjoy the No 2 female agent ranking in Ray White Victoria and Tasmania.
She will be a director and co-principal of McGrath Boxhill, leading a team of 12 agents.
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McGrath Box Hill secures Ripple Wu from Ray White

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Sara and Hayden were the surprise top sellers of The Block series, after the Gatwick penthouse auctions performed poorly.
The luxury northwest facing apartment with 240 square metres of internal space was rare for the area.
Sara and Hayden secured a stellar $3.02 million sale for the <a href="https://www.domain.com.au/3-34-fitzroy-street-st-kilda-vic-3182-2014552048" target="_blank">3/34 Fitzroy Street</a> offering which had an official $2.5 million reserve, with the couple taking home a "life changing" $645,000 including the Season 14 prize money.
The McGrath price guidance had been $2.5 million to $2.7 million.
Their reserve had been adjusted to $2.475 million after they secured a discount during the competition.
With reportedly eight registered buyers, bidding opened at $2.5 million with the buyers' agent Nicole Jacobs who emerged as the top bidder. 
Sara and Hayden took home the winnings above reserve of $545,000, plus the $100,000 prize.
Hayden and Sara shocked audiences when they won the first challenge of the year and opted to renovate Apartment 3 in the old Gatwick, bypassing the chance to build a brand-new, luxurious penthouse. 
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It was auctioned by McGrath chief auctioneer Scott Kennedy-Green, who returned to The Block after an eight-year break.
“Despite lower clearance rates and a slowdown in the Melbourne market, this is a testament that well-presented properties will always have the edge,” he concluded.
Over the years, McGrath Estate Agents has marketed five properties for The Block, all auctioned by Scott Kennedy-Green.
They have received the top price on three occasions and won the show twice; the first time with John and Neisha in 2010, who pocketed $305,000 as winners for a 2-bedroom ground floor apartment in Vaucluse, Sydney.
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McGrath founder John McGrath noted The Block had captivated the attention of all Australians for almost two decades.
"We’re delighted to have represented Hayden and Sara to win this year’s event.
“They did a great job renovating their apartment and fully deserve the win. 
"And whilst it is a blockbuster TV show these are also real sales to real buyers, so we apply the same sales strategies to The Block as we apply to all sales. 
"We are so proud of our St Kilda team for their extraordinary efforts.”
The Block winners Sara and Hayden were the show’s lowest-scoring winners, recording the poorest judges’ scores of the season and the highest number of room reveal losses since the weekly wins begun being awarded 11 seasons ago.
Across nine weeks of room judging, the couple won just one room – the master bedroom – and came last in the judging of the apartment’s main bathroom, first guest bedroom, master en suite, living and dining space and hallway, laundry and powder room.
 
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McGrath secures surprise Block Gatwick top price

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EXPERT OBSERVER
Regional bridesmaid cities are beginning to rival the real estate brides of Sydney, Melbourne and Brisbane with their impressive population growth, buzzing local economies, improved amenities and infrastructure, affordable housing and increasingly attractive lifestyle as our capital cities get busier and more expensive.
No longer sleepy, second tier towns overshadowed by the glamorous capitals, many of Australia’s regional cities have come of age and are now thriving economic centres with hundreds of thousands of residents.
Housing has always been cheaper but regional areas now offer so much more, with burgeoning café scenes, major shopping centres, good local transport and plentiful job opportunities without the traffic, pollution, noise and time poverty that comes with big city life.
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Lifestyle markets and satellite cities within two hours’ commute of primary metropolitan areas are the biggest winners of the metro- regional switch. While affordability remains a key reason to move, many say buyers are increasingly talking about escaping from city stress, traffic and cost of living.
Population growth is no doubt contributing to the greater hustle and bustle of city life. Australia’s population hit 25 million in August 2018, 33 years earlier than forecast by the Australian Bureau of Statistics (ABS) published in 1998.22 Given almost 80% of Australia’s residents live in the four East Coast capitals alone,23 it is not surprising that some of us are feeling a bit crammed in.
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With surprisingly comparable wages and a vast differential in house prices, the metro-regional trade-off is compelling.
Improved infrastructure has reduced the commute from many regional areas to capital cities, enabling switchers to enjoy a big city income with a relaxed small town lifestyle.
The NBN rollout has led to more city folk working remotely or establishing start-ups as part of their lifestyle change.
Jobs in the larger regional centres are increasingly plentiful, boosted by a deliberate strategy to decentralise government departments to regional locations. Bendigo is set to benefit from a new GovHub office that will bring 1,000 new and relocated public sector jobs to the CBD. Construction from 2019 will create 70 jobs, with completion due in late 2021. 
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Two other GovHubs are also being developed in Ballarat and Latrobe Valley.
Massive infrastructure investment across Australia is also boosting employment in regional centres.
After Geelong lost its Ford and Alcoa steel plants, the local jobs market rebounded following federal support for Geelong’s $100 million rail duplication project and a $100 million pledge for an Advanced Manufacturing Fund for Victoria and South Australia in 2017. 
In some cases, average wages in regional areas are higher than capital cities.
In Australia’s leading regional city for median house price growth,25Geelong in Victoria, individuals aged 15 and over received a median $616 weekly income in 2016, $84 more than their Melbourne peers despite higher living costs in the capital. 
ABS27 data also shows that middle aged blue collar workers, in particular, are more likely to be paid similarly or better in regional centres of New South Wales and Victoria.
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No longer sleepy, second tier towns overshadowed by the glamorous capitals, many of Australia’s regional cities have come of age and are now thriving economic centres with hundreds of thousands of residents.
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The Gold Coast seems to have magnetic appeal, as it was amongst the top 10 destinations chosen by city escapees in every single state and territory, attracting 19,400 people from the eight capitals.
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Large regional cities are currently some of the East Coast’s best performing property markets, largely due to the rippleeffect following Sydney and Melbourne’s peak.
Geelong, 70km south west of big sister Melbourne, recorded the largest increase in dwelling values across non-capital city Australia at 9.8% over the 12 months to April 2018,28 yet it remains more than $200,000 cheaper than Melbourne with a house price median of $505,000 compared to Melbourne’s $740,000.29
Shoalhaven/Southern Highlands was the strongest performing regional market in New South Wales with 9.2% growth,30 driven by demand from seachanging and treechanging downsizers and families.
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Fellow bridesmaid, Newcastle posted a 7.1% surge. Just 160km north of Sydney, Newcastle’s appeal to cash poor, asset rich Sydney residents is obvious. Australia’s largest coal port by volume and the economic hub of the Hunter Valley, it boasts a world class university, vibrant coastal lifestyle and strong employment with 37% of the population working in professional or managerial roles. 
Further north, Queensland’s top two regional performers were the Sunshine Coast (5.1%) and the Gold Coast (1.9%)33 due to rising demand from interstate home owners and investors. Increased tourism played its part, with 7.4 million interstate visitors holidaying there in 2017.34
It is now more expensive to buy a house on the Sunshine Coast, where the median is $589,000; and the Gold Coast with a median of $650,000 compared to Brisbane at $536,000.35
ABS data confirms big city home owners are seeing real value in regional real estate in Victoria, New South Wales and Queensland.
Tens of thousands of big smoke property owners opted to cash in their assets or upgrade their homes more affordably with a lifestyle switch from metro to regional areas in FY17. 
The top two locations chosen by Sydney escapees were Newcastle/ Lake Macquarie in the north (5,500 arrivals from Sydney) and Illawarra in the south (5,300 arrivals). Melbourne switchers favoured Latrobe-Gippsland (7,300 arrivals from Melbourne) and Geelong (6,900 arrivals).
Up north, Brisbane is yet to boom so there is no ripple effect in play, however there was still a significant migration away from the capital to large seachange destinations in FY17.
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Seven of the top 10 regions to benefit from departing Brisbane residents were Queensland centres, with beach cities topping the list. The Gold Coast, 70km south, gained 8,800 former Brisbane residents and the Sunshine Coast 6,700.
The Gold Coast seems to have magnetic appeal, as it was amongst the top 10 destinations chosen by city escapees in every single state and territory, attracting 19,400 people from the eight capitals.
Commonwealth Games infrastructure has brought major new liveability, employment and investment to the city, the light rail has improved accessibility and there are plenty of new sporting facilities for families.
City slickers’ exodus to treechange and seachange localities is evident in CoreLogic’s latest property sales analysis, which shows that dwelling values fell by -3.7% across the capital cities but rose by 1.2% across the combined regional markets in the 12 months to September. 
JOHN MCGRATH is the founder of McGrath Estate Agents. The latest McGrath Report is available <a href="https://www.mcgrath.com.au/mcgrath-report" target="_blank">here</a>.
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Regional is the new black: John McGrath

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The McGrath share price is going to be 32 cents in a year's time, reflecting no change from its current lows, according to Bell Potter, the stockbroker who helped float the estate agency at $2.10 in late 2015.
The forecast came after McGrath updated the ASX on the deteriorating property market conditions.
McGrath provided a trading update that highlighted a number of factors which are negatively impacting the operating performance of the company.
Click here <a href="https://www.propertyobserver.com.au/images/2018/10/24/mcgrath1.jpg" target="_blank">to enlarge.</a>
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McGrath did not provide any guidance for FY19 but did say it expects a much better result in 2HFY19 and “at least a breakeven position on an EBITDA basis” for the full year.
Bell Potter accordingly downgraded its FY19 EBITDA forecast from $5.1 million – which was consistent with underlying FY18 EBITDA – to a modest loss of $0.5 million which is below the company’s general guidance of at least a breakeven result.
It also downgraded its FY20 and FY21 EBITDA forecasts by 58% and 44% but continue to forecast positive EBITDA in both these periods and some improvement in market conditions.
"Our downgraded EBITDA forecasts mean we now expect a net loss in FY20 and a modest net profit in FY21," the stockbroker advised.
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"The net result is a 16% decrease in our PT to $0.32 which is close to the current share price and so we maintain the HOLD recommendation.
"We note our PT is now modestly lower than the $0.33 valuation we apply to the annuity businesses but we do not see this valuation as the key driver of the share price as we do not expect these businesses to be sold."
The broker advised shareholders it "no longer forecasts a resumption of dividends in FY20 given we now forecast a net loss in the period".
Click here <a href="https://www.propertyobserver.com.au/images/2018/10/24/McGrath2.jpg" target="_blank">to enlarge.</a>
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Its determination of the price target for McGrath was base on its core DCF (discounted cash flow) and the valuation of the annuity businesses.
"McGrath has two annuity businesses – property management and mortgage broking – which generate recurring revenue and so a relatively reliable or dependable valuation can be applied to each.
"We value both businesses at b/w $55 - 60m which equates to b/w $0.33 - 0.36 per share and so provides some valuation support for the share price."
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McGrath share price supported by property management and mortgage commissions: Bell Potter

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McGrath Limited has provided shareholders with a trading update in light of deteriorating market.
Impacted by the tougher real estate market across Australia, it noted auction clearance rates and the number of properties taken to auction were at levels well below the previous year.
It further noted there has been an increase in the level of overall stock currently on the market with lower buyer activity, along with homes taking longer to sell and price reductions across the sector.
After the announcement McGrath shares traded at 31 cents and closed at a record low of 32 cents.
Click here <a href="https://www.propertyobserver.com.au/images/2018/10/24/Mcgrath5.jpg" target="_blank">to enlarge.</a>
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It was December 2015 when, some two decades in the making, the real estate services company commenced trading on the stock market.
Its initial trading price was $1.94, slightly below the public offering price at $2.10.
Today it noted industrywide data that in the past year saw the number of settled sales in the Sydney having fallen 18.5%, in Melbourne by 15.8% and Brisbane by 11%.
"The NSW and Queensland property markets represent the majority of McGrath’s footprint, with 83% of company owned and franchised listings occurring in these two states," Geoff Lucas advised.
“Over the financial year to date, we have seen a noticeable slowdown in the market with a correction of residential property values experienced across the entire real estate sector.
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"While McGrath has also been affected by this downturn, we are encouraged by our number of new listings performing better than the market,” he noted.
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Lucas noted over Q1 FY19, McGrath NSW market new listings were down just 6.9% while Queensland listings were flat.
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Properties are taking longer to transact due to the softening market conditions with average days on market for McGrath company owned offices in being 42 days, compared with an average of 34 in the FY18 corresponding period.
Days on market for the McGrath network in Q1 was 54 compared with an average of 47 in the FY18 corresponding period.
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The impact of market conditions and McGrath’s performance detailed above resulted in an EBITDA loss of $1.9 million for the quarter ended 30 September 2018.
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The quarter ended 30 September is a historically slow quarter for the Company, the company expects a materially smaller loss in the second quarter of FY19.
It will provide a further update at the annual general meeting on 23 November.
Agent numbers within McGrath’s company owned offices have been increasing, reflecting the successful recruitment and retention initiatives put in place, with 154 agents at 31 March 2018, growing to 157 at 30 June 2018, and 168 at 30 September 2018.
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McGrath shares trading at fresh 32 cent record lows

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The final two government-owned Millers Point properties are set to go under the hammer.
The marketing for the properties at 65 and 69 Lower Fort Street has commenced, with an auction date scheduled for November 3.
Split over four levels, the terraces date to circa 189 and are heritage listed.
The last remaining properties in the Millers Point program are expected to attract strong interest due to their size, location and heritage significance.
So far, $513 million worth of properties have been offloaded by McGrath since the Millers Point Sales Program began in 2014. 
The properties are being marketed by McGrath’s Lorraine Crawford and Peter Starr of McGrath Edgecliff.
Crawford said they offered an opportunity to purchase an original home of rich architectural heritage in a unique part of Sydney
“They offer a restoration opportunity that will reward buyers with an enviable lifestyle in a highly sought-after location,” she said.
“Millers Point continues to evolve as a fashionable address, attracting a diverse range of buyers from home owners to investors.
“Previous purchasers have recently completed their renovations and the precinct has developed a real sense of community as owner occupiers appreciate the attractive lifestyle of living in such a special part of the city.” 
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<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house/nsw/sydney-cbd/millers-point/387286?preview=24736a35-9c5c-4b73-ba97-1796da0d519d" target="_blank">65 Lower Fort Street</a>, Millers Point, NSW (pictured above)
Guide $2,600,000 - $2,800,000
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<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house/nsw/sydney-cbd/millers-point/386259?preview=590aa250-2cdc-4133-8f0e-bf2e33793b22" target="_blank">69 Lower Fort Street</a>, Millers Point, NSW (pictured above)
Guide $2,600,000 - $2,800,000
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Final two Millers Point properties on the market 

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The Agency's long awaited acquisition of the McGrath rebels Top Level Real Estate seems set to be completed mid-week.
The Western Australia based The Agency has been seeking the acquisition since February 2017, with numerous extensions being sought from the Matt Lahood-led agency.
The Agency had been seeking a $10 million capital raising to purchase Top Level.
It has yet to be revealed if they secured the intended $10 million funding for the outfit which was set up by a host of defecting McGrath agents at the start of 2017. 
The Agency have requested the ASX allow for a trading halt until the imminent announcement due Wednesday, then subject to shareholder approval.
"The trading halt is requested pending an announcement by the Company regarding the finalisation of funding agreements relating to a capital raising (a Condition Precedent under the Amended and Restated Binding Option Agreement to acquire Top Level Real Estate Pty Ltd)," the request read.
<div>Before the 9.25am announcement, the shares were trading at 0.11c, valuing the company at $7.5 million.</div>
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<div>The Agency shares fell to a record low 0.07c in June as the <a href="/news/the-agency-shares-hit-record-low-as-asx-seek-update">ASX sought an update from the company</a> after an unusually high two million shares were traded in back to back days.</div>
Market sources are saying the only remaining condition to the transaction is shareholder approval.
On completion, The Agency group will comprise a national real estate business having two prominent brands (The Agency and Sell Lease Property), along with 300 sales representatives across Perth, Sydney, Melbourne and the Gold Coast.
Earlier this month The Agency announced they had <a href="/news/losses-continue-at-the-agency">recorded the same annual losses as last year</a>, despite recording significantly higher revenue.
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