Lendlease’s Barangaroo South precinct is officially complete, marking the culmination of a 15-year urban regeneration project that has revitalised Sydney’s harbourfront.&nbsp;

In 2009, the NSW Government’s Barangaroo Delivery Authority appointed <a href="https://www.apartments.com.au/developers/lendlease-development">Lendlease</a> as developer to transform what was once an inaccessible container port on the western edge &nbsp;of Sydney’s CBD into one of the city’s most thriving mixed-use destinations. Today, Barangaroo South is home to more than 1,800 residents, 23,000 workers, 95 retailers and welcomes 33,000 visitors each day. The precinct stands as an international benchmark for large-scale urban regeneration.&nbsp;

International Towers Sydney, the three flagship commercial buildings at the centre of &nbsp;Barangaroo South, together with engineered timber buildings Daramu House and &nbsp;International House, attracted major corporate tenants from the outset, including Westpac, &nbsp;PwC and KPMG, who are still there today. These workplaces remain some of the most &nbsp;sought after in Sydney’s CBD with over 95 per cent occupancy– a testament to the appeal of world-class, modern infrastructure alongside the precinct’s dining and entertainment that &nbsp;are a drawcard for businesses.&nbsp;

One Sydney Harbour, the three luxury residential towers designed by world-renowned architect Renzo Piano, has achieved more than $4 billion in sales since its launch in 2019, while setting new Australia property price records. This includes the three-level penthouse that crowns Residences One which sold for more than $141 million in 2019 – the most expensive individual residential property ever sold in Australia. &nbsp;

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Barangaroo South is also Australia’s first mixed-use carbon-neutral development, an accolade achieved through energy-efficient and innovative infrastructure, including a district cooling plant with a harbour water heat rejection system, a recycled water &nbsp;treatment plant, onsite solar and an embedded electricity network.

The precinct has maintained its Climate Active Carbon Neutral certification since 2019, affirming its &nbsp;reputation as the gold standard in large scale, sustainable urban renewal. Additionally, its &nbsp;world leadership status has been validated by the Green Building Council of Australia’s &nbsp;6 Star Green Star Communities recertification (Pilot v.2).

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First Nations cultural values were embedded throughout the planning and delivery of the project. The precinct honours Barangaroo, a prominent First Nations woman, through its &nbsp;name. Public art, street names, and design elements across the precinct reflect and &nbsp;celebrate First Nations cultures and connections to Country.&nbsp;

The project's completion positions Barangaroo South as a legacy urban transformation delivered through long-term partnerships and world-leading urban regeneration and placemaking capabilities. &nbsp;

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Tony Lombardo, Group CEO Lendlease, said&nbsp;Barangaroo South represents one of the most significant urban regeneration projects in Australia.

"[It] demonstrates what can be achieved through an ambitious vision, innovative placemaking, long-term commitment and strong partnerships. The precinct has changed the face of Sydney's waterfront, established new benchmarks &nbsp;for sustainable development, and provided a model for urban regeneration that continues &nbsp;to inform our approach to creating places that deliver long-lasting value.”&nbsp;

Tom Mackellar, CEO Development Lendlease, said&nbsp;Barangaroo South has reconnected the city to its harbour in a way that seemed unimaginable 15 years ago and turned it into a thriving precinct where people can live, work and gather on the harbour’s edge.&nbsp;

“This precinct is the result of countless contributions, led by the NSW Government who set the ambition, supported by investment partners who believed in Lendlease’s vision, imagined by architects and designers, shaped by consultants and artists, and brought to &nbsp;life by our dedicated construction teams. &nbsp;

“What we’ve created here is more than buildings – it’s the best of placemaking, sustainability, arts and culture and quality design. Barangaroo South has become an integral part of Sydney that will serve our city and economy for generations.”

Staff Writer

Barangaroo South’s 15-year transformation of  Sydney’s waterfront officially complete

CBE Asia Pacific has lodged plans for a prominent corner site in Fitzroy North, with a proposal that integrates state-significant affordable housing alongside heritage adaptation and new retail.

The application covers a consolidated 2,024 sqm parcel at 201–215 Queens Parade and 6–12 Dummett Crescent. The site includes the heritage-listed Former Clifton Motor Hill Garage, fronting Queens Parade, and vacant land to the rear abutting Dummett Crescent.

According to planning documents prepared by proUrban, the proposal seeks approval for a 12-storey residential building comprising 98 apartments, including a component of affordable housing, over a ground floor retail podium integrated within the heritage structure. Approximately 780 sqm of retail space will occupy the ground floor, while residents will have access to over 850 sqm of communal amenity.

The built form presents as two connected volumes: a 12-storey tower addressing Dummett Crescent and a five-storey volume fronting Queens Parade, the latter consistent with a separate Heritage Victoria permit granted in 2023. The tower reaches a maximum height of 38.26 metres, with upper-level setbacks of 14 metres from the western boundary to reduce visual bulk. A 1.5-metre footpath widening is proposed to Dummett Crescent Lane.

Parking is provided across four basement levels, accessed via Dummett Crescent, with a total of 142 car spaces and 143 bicycle spaces.

The architectural response by <a href="https://www.apartments.com.au/architects/cht-architects">CHT Architects</a> is framed by a need to reconcile new density with a sensitive heritage overlay. The Former Clifton Motor Hill Garage, identified as a place of State heritage significance, will retain its key façades, with demolition and reconstruction limited to approved elements.

As noted in the Heritage Impact Assessment, the proposal remains consistent with the Heritage Victoria permit, which allows "partial demolition, reconstruction and new works, involving the construction of a five-storey multi-use development and three basement levels".

Affordable housing has been embedded into the proposal under Clause 53.23, with specific apartment allocations aimed at enhancing housing diversity within the Queens Parade Activity Centre.

"The proposal is generally consistent with the relevant policy objectives and the intent of the Yarra Planning Scheme," proUrban states in its planning assessment, citing its alignment with strategic documents including Plan Melbourne and Victoria’s Housing Statement.

CHT Architects' plans emphasise a tiered design that acknowledges the site's varied interfaces—from the elevated Heidelberg Road ramp reserve to the recently built Clifton Views aged care facility to the north-east.

CBE Asia Pacific has not been previously active in this precinct, but the project joins a wave of higher-density residential proposals along the Queens Parade corridor, spurred by Melbourne’s broader push to increase affordable housing in well-connected inner-urban areas.

The site benefits from direct access to the Queens Parade tram corridor and proximity to Clifton Hill Station (approximately 200 metres), as well as green open spaces including Mayors Park and Raines Reserve. Clifton Hill Primary School and the Queens Parade retail village lie within walking distance.

First look: CBE Asia Pacific plans 100-apartment Jenkin House on Queens Parade, Fitzroy North

ALT Pasta, one of Melbourne’s most beloved inner-city pasta bars, has been confirmed as one of the first tenancies for the highly anticipated <a href="https://www.apartments.com.au/new-apartments/comme-prahran-182-194-commercial-road-prahran-vic-3181">Comme Prahran</a> development, marking an exciting next chapter for the cult favourite as it prepares to expand into the heart of <a href="https://www.apartments.com.au/developments/prahran-vic-3181">Prahran</a>.

Fresh off being named National Best Italian Restaurant at the 2025 Restaurant &amp; Catering Hostplus Awards for Excellence, ALT continues to solidify its reputation as a quietly confident leader in Melbourne’s dining scene. Lauded for its reinterpretation of Italian pasta through a Korean and Japanese lens, the restaurant has grown into a staple since opening three years ago, and its new Prahran outpost will only deepen its local impact.

“From the very beginning, ALT has been about respect - for tradition, for ingredients, and for the process,” shares Mino Han, ALT’s founder, a Korean-Australian chef whose vision is shaped by cultural duality and craftsmanship.&nbsp;

“We’re not trying to reinvent the wheel, just make something beautifully familiar, feel quietly special,” added Han.

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Positioned at the entrance to Comme Prahran and directly opposite the iconic Prahran Market, the new venue will celebrate the interplay between casual comfort and elevated detail. Designed in collaboration with Rooftop Architecture, the same team behind ALT’s flagship city location, the space will mirror the neighbourhood’s laid-back energy while staying true to the brand’s understated refinement.

Diners can expect a frequently changing menu that takes advantage of the market’s daily produce, along with set menu offerings exclusive to this location. A distinctive chef’s table and open kitchen format are also in the works, allowing guests to experience ALT’s signature intimacy and transparency in a new light.

ALT Prahran won’t replace the original venue; rather, it complements it.

“Our city site is like our heritage bottle; it’ll age gracefully. Prahran is where we’ll play, explore new ingredients, and bring something special to the community,” Mino notes.

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For Comme Prahran, a boutique development by Leeka that blends heritage with multi-dimensional wellness, ALT Pasta’s arrival signals a meaningful addition to its vision of cultural connection, food-first living, and local engagement.

“Being part of Comme is more than just opening a second venue. It’s about contributing to a neighbourhood with character, history, and a strong sense of community. That’s something we deeply relate to,” says Mino.

Sustainability and cultural identity are deeply embedded in the ethos of ALT. From ingredient sourcing to interior design, the new location will reflect both environmental mindfulness and a spirit of inclusion, embodying the values of Melbourne’s diverse, forward-thinking culinary scene.

Comme Prahran is scheduled for completion in late 2027, with ALT Pasta expected to be among the first tenancies to open its doors shortly after.

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National best Italian restaurant ALT Pasta to open at Comme Prahran, bringing refined familiarity to Melbourne’s culinary heart

National BEST Italian restaurant ALT Pasta to open at Comme Prahran

&nbsp;Boutique development and construction firm Ryser has filed plans for its debut apartment building.

Ryser, founded by Jonthan Ryan and Wil Prosser, has sought to develop <a href="https://www.apartments.com.au/new-apartments/sorelle-4a-fern-place-woollahra-nsw-2025">Sorelle</a>, 28 new apartments at 4a Fern Place, Woollahra.

The&nbsp;750 sqm site on the edge of Bondi Junction falls within the Grafton Precinct Heritage Conservation Area, though it is currently vacant and not identified as a contributory item.&nbsp;

<a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> has been commissioned to design Sorelle, creating an eight and a nine-storey building with six apartments dedicated to affordable housing to support essential workers&nbsp;under the NSW Government’s low and mid-rise housing policy.

The dwelling mix includes 12 one-bedroom units, six one-bedroom affordable units, six two-bedroom units, and four three-bedroom residences.<img alt="4A Fern Place, Woollahra." data-entity-type="file" data-entity-uuid="86626941-772d-49c5-8d31-a8e42f44cdcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Fern%20bldg%20st.png?VersionId=tWIzXYX9gD60nP1L3..Z0BFbY5mafb36" />

According to the planning documents submitted to the Woollahra Council, the development responds to the complex interface of heritage fabric and urban infrastructure with two mid-rise residential buildings oriented to the north and designed to capitalise on sweeping views over Sydney Harbour and Bellevue Hill.&nbsp;

“The proposal aims to hero some of the brick detailing of Woollahra, celebrating the existing datums of Fern Place, whilst embracing the strong verticals of the Holy Cross Church and Bondi Junction with a nod to the historic iron works and iron rich soils of the area,” Woods Bagot noted in their Design Report.

&nbsp;

Only three car parking spaces are proposed, alongside 33 bicycle bays, in a move that leverages the site's proximity to Bondi Junction train station, just 400 metres away.

Architecturally, the material palette incorporates Corten steel and face brickwork to reference the site’s industrial past and local geological character. Landscaping features include a communal garden bridging the two buildings at ground level, landscaped setbacks to protect visual privacy, and a small corner park intended to soften the public interface.

<img alt="4A Fern Place, Woollahra." data-entity-type="file" data-entity-uuid="f71766d6-aa14-44df-9bc5-42f91890fd4a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Fern%20bldg%20rear.png?VersionId=uh7u1rJ6NJF5OqyRs9iNJcy6R9ssgaXU" />

Ryser said Sorelle "brings together the best of both worlds, the intimacy of village life with the amenity and luxury of modern design."

The developer said the project marks the first of three developments they will be announcing shortly, a key step in their&nbsp;evolution as a builder-developer delivering meaningful, high quality urban outcomes across Sydney.

The expectation is the Woollahra LGA will become popular for developers with the signal from the NSW Government they will deliver&nbsp;<a href="https://www.apartments.com.au/developments/sydney-nsw" target="">Sydney</a>’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around&nbsp;<a href="https://www.apartments.com.au/developments/woollahra-nsw-2025" target="">Woollahra</a>&nbsp;and&nbsp;<a href="https://www.apartments.com.au/developments/edgecliff-nsw-2027" target="">Edgecliff</a>&nbsp;stations.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/next-stop-woollahra-train-station-delivering-up-to-10-000-new-homes-in-the-heart-of-sydney">Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney&nbsp;</a>

Joel Robinson

First look: Ryser plans two apartment buildings on Woollahra, Bondi Junction border

ASX-listed developer <a href="https://www.apartments.com.au/developers/cedar-woods" target="">Cedar Woods</a> didn’t miss a beat when the opportunity arose to acquire a prime residential development site in one of Perth’s most popular suburbs. In 2019, the developer secured the former Wembley TAFE site, a 1.4-hectare parcel perfectly positioned on the western edge of <a href="https://www.apartments.com.au/developments/subiaco-wa-6008" target="">Subiaco</a>’s vibrant centre.

The first stage, <a href="https://www.apartments.com.au/new-apartments/incontro-subiaco-133-salvado-road-subiaco-wa-6008">Incontro Townhomes</a>, delivered 41 contemporary homes that embrace the suburb’s unique blend of nature and urban energy. Now, Incontro Apartments continues that story, offering a collection of new residences in a market limited with new residential stock. The rarity of a development in such a prime pocket hasn't been lost on buyers, with more than 60 per cent already sold in the early stages of construction.

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Set on the tree-lined Bishop Street, in a quiet pocket within Western Subiaco, Incontro Apartments offers convenient access to several lush parks and recreation spots.&nbsp;

Within the estate is Incontro’s Little Green, a linear park that connects the Incontro townhome precinct with the future apartment building. This peaceful stretch of landscaped parkland features shaded seating and communal spaces for residents to relax and interact close to home.&nbsp;

Less than 400 metres away is find Henderson Park, a perfect spot for morning walks, weekend picnics or casual exercise. Neighbouring Henderson Park is Mabel Talbot Park, home to Jolimont Lake and a playground, while just a little further lies Pat Goodridge Park, offering a large sports field and another playground.&nbsp;

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For something closer to home, Subiaco Common provides a peaceful green retreat right on your doorstep - ideal for reading under the trees, walking the dog or relaxing with friends.

Beyond the parks and open spaces, Incontro residents are just moments from everything that makes Subiaco such an enviable place to live.&nbsp;

Down the road is Bishop Street Café, a local favourite for a morning caffeine fix. Subiaco’s Rokeby Road and Hay Street are lined with retailers, cafés, vibrant bars and some of Perth’s most loved dining spots, from long lunches at Refuge Small Bar or Juanita’s, to weekend brunch at Community Coffee Co. or Boucla Café. Add to that a strong sense of local community, regular markets, and the energy of Subiaco Square, and it’s easy to see why Subiaco continues to be one of Perth’s most liveable and in-demand suburbs.

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Construction of Incontro Apartments is now underway by <a href="https://www.apartments.com.au/builders/emco-building">EMCO Building</a>. With completion expected in mid-2027, buyers have the chance to join a thriving Subiaco community in the not-too-distant future. &nbsp;

One-bedroom apartments are now sold out, with only a selection of two-bedroom apartments and just three three-bedroom residences remaining. Each features generous layouts, stylish finishes and private balconies to enjoy the leafy outlook that makes this Subiaco address so special. Prices start from $925,000*.

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Over 60 per cent sold as Incontro Apartments captures Subiaco’s leafy appeal

Rea Group

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REA Group has announced its industry event series, Prop20, will be transformed into a digital experience for thousands of property professionals to benefit from.
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The new <a href="https://www.proprea.com.au/what-is-prop20/" target="_blank">Prop20 </a>virtual experience will deliver property industry insights, education and training online.
The reimagining of Prop20 followed government COVID-19 restrictions which introduced a ban on events and social distancing measures.
Prop20 offers property professionals insights from industry experts and the opportunity to learn about consumer trends and ways to position a property business for future success.
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REA Group Chief Sales Officer, Kul Singh, said customers can access the entire Prop20 event agenda online with the full suite of presentations now available.
“From a customer perspective, our priority in responding to COVID-19 has been to offer the right support measures and new products and features to help ensure they continue to operate effectively,” Kul said.
“Taking Prop20 digital is another way we’re overcoming the challenges created by COVID-19 and minimising any impacts on our customers.
Prop20 speaker and CEO of Banter Group, Valentina Borbone, said seeing Prop20 go virtual is extremely beneficial.
“There is so much value in the recorded and re-playable sessions. Re-watching the presentations I’ve heard things for the first time all over again, as my attention switches from one key moment to the next. Now is your chance. Learn, fail, learn, explore and evolve. It's our way forward,” Valetina concluded.
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REA Group takes Prop20 event digital

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REA Group has reported a 6% decline in half year revenue to $440 million despite the rebound in house prices over the last few months.
Its management warned that it is the listing volumes that remain challenging, for them and intending buyers.
REA noted that Australian residential volumes were down 13 percent in January, with declines of 7 percent in Sydney and 5 percent in Melbourne.
It came after national residential listings declined in the second half of 2019 by 14 per cent, with a 17 per cent dip in Sydney and 16 per cent in Melbourne. New project commencements declined 30 per cent over the half-year period.
REA Group’s net profit from core operations sat at $152.9 million, a 13 percent decline on the prior corresponding period.
The company’s CEO, Owen Wilson indicated he was pleased with the resilience of the REA Group business.
“Our results demonstrate the underlying strength of our business given the unprecedented market conditions.
"We now have a record number of customers committed to our premium listing products across both buy and rent.
"Customers see clear value in our product offerings, designed to deliver the highest quality leads to help their businesses grow.”
The REA CEO remains optimistic on the future.
“Key indicators show that the Australian property market is recovering.
"We anticipate that more favourable listings conditions in the second half of FY20 will deliver a stronger revenue outcome,” Mr Wilson advised.
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REA Group report continued listings decline into 2020

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REA Group has appointed Cameron Kusher to the newly created role of executive director, economic research. 
He joins REA from Core Logic where he spent over 11 years, most recently as the Australian head of research. 
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“Working alongside our well established and influential chief economist Nerida Conisbee, Cameron will drive forward our program of economic research," REA Group CEO Owen Wilson said.
“Core to REA’s growth strategy is becoming Australia’s property data powerhouse."
"We want to provide Australians with the best research, data and insights to better inform their property decisions. 
"We are delighted to have someone of Cameron’s calibre join our team to help supercharge this part of our strategy.
"Together Nerida and Cameron will play a fundamental role informing key audience groups with market leading analysis and commentary.”  
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REA Group’s Economist team sits within the audience and marketing division of REA Group headed by chief marketing officer, Melina Cruickshank.  
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REA Group secures Cameron Kusher to lead economic research

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The REA Group has lifted third-quarter revenue seven per cent to $198.6 million.
It noted income from its Australian real estate classifieds business rose despite a drop in listings.
REA warned that the market conditions are "not expected to improve in the short term", with fourth-quarter revenue growth slowing as listing volumes given the distractions of the federal election as well as the Easter and Anzac Day long weekends in April.
The two holiday weekends led to a 22 per cent decline in national listings in April with Sydney down 39 per cent and Melbourne down 35 per cent, it said in its quarterly earnings update filed with the ASX on Friday morning.
The drop was described as "exaggerated."
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REA, which is majority-owned by News Corp, saw national listings in the three months to December 31 decline nine per cent on the previous quarter, with Sydney dropping 18 percent and Melbourne falling 12 percent.
"It's almost a decade since we've seen market conditions like these, especially in Sydney where the decline has been the most pronounced," REA chief executive Owen Wilson said in the statement.
"With the banking royal commission now behind us and the federal election taking place next weekend, we expect less uncertainty surrounding the property market as we enter the new financial year."
REA had a record 84 million visits in March, which they calculated as three times greater than Domain.
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REA Group sees listings decline especially in Sydney and Melbourne

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The REA Group’s chief financial officer Owen Wilson has been promoted to CEO of REA Group, replacing Tracey Fellows.
Fellows will <a href="/news/tracey-fellows-steps-down-as-boss-of-rea-group">step down from her role in January</a> to become president of global digital real estate at News Corp in New York.
The new CEO joined REA Group in 2014.
Wilson’s previous roles include positions at MacLeod Group, where he was CFO and company secretary, as well as chief operating officer at ANZ’s Institutional and Investment Bank.
Hamish McLennan, chairman of the REA Group board, said Wilson had played a critical role in the group’s growth.
“He has a deep understanding of the company, our long-term strategy and the importance of our customers in driving business success,” McLennan said.
"The board has a long-term commitment to succession planning, and I am pleased that this internal appointment reflects the strength of our REA Group talent,” he said.
He commences his new role on January 7 with plans to expand the real estate listings company’s Asia operations as part of his growth strategy.
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Owen Wilson promoted to replace Tracey Fellows at REA Group

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REA Group have announced the departure of Realestate.com.au chief executive Tracey Fellows, who will become the president of News Corp's global digital real estate based in New York.
She will start her new role early next year and will be responsible for driving strategy and growth across all of News Corp’s digital real estate interests.
Over her tenure, the REA Group share price has gone from $46 to $76, peaking at $94 in June.
Fellows, who took the helm in 2014 having previously been in senior positions at Microsoft and Australia Post, said it has been a privilege working the the team and the board at REA, which has News Corp as its majority shareholder.
“It’s one of the exciting things about the opportunity; it allows me to take on a new challenge while continuing to work alongside these incredible people - all in an industry I am so passionate about," Fellow said.
"I feel very fortunate. There could not be a more exciting time for a role like this.”
Fellows will stay on the REA Group board on behalf of News Corp.
News Corp chief executive Robert Thomson said Fellows is an inspiring leader and is able to bring out the best in teams and individuals.
“Tracey has driven the rapid expansion of the digital real estate business in Australia and Asia and we believe her leadership internationally will ensure that all of our digital property companies realize their extraordinary potential," Thomson said.
“Audiences, revenue and profits at REA Group have all expanded significantly during Tracey’s tenure as CEO. She has been an irrepressible innovator and has led the company into intelligent adjacencies, such as financial services and property data, which have broadened the revenue base and built a platform for future growth.
“We are keen to capitalize on our sterling success in digital real estate by driving even faster growth in our existing businesses, such as realtor.com®, where Ryan O’Hara and his team have successfully transformed the business, and in seeking out new investment opportunities.
"Tracey is the perfect person to deliver on both of those imperatives for our company and our investors.”
Hamish McLennan, chairman of the REA Group board of directors, said REA Group has seen exceptional transformation and growth since Tracey took the helm in 2014.
"She has the extraordinary ability to harness the power of people, technology and data and has built strong cultural and operational foundations that will drive our growth into the future.
"The Board and I are enormously grateful to Tracey for all she has done and wish her every success in her exciting new role and look forward to continuing to work with her.
It's the second major move by a real estate listing website this year.
Earlier this year Domain appointed former <a href="/news/domain-appoints-googles-jason-pellegrino-as-new-ceo">Google managing director Jason Pellegrino</a> after the shock departure of <a href="/news/melbournite-antony-catalanos-shock-departure-from-domain-as-family-demands">Anthony Catalano</a>.
 
 
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jrobinson-rf4aSBido9

Tracey Fellows steps down as boss of REA Group

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REA Group have announced a revenue jump despite Sydney listings shrinking over the last three months.
Listings were down eight percent in Sydney and one percent in Melbourne over the three months to September.
There was a three percent decrease in listings nationally in the September quarter.
Melbourne improved in the month of October, seeing a four percent increase in listings, while Sydney continued its downward trajectory at 12 percent less listings.
REA Group's submission to the ASX says "market conditions are not expected to improve in the short term."
They referred to the BIS Oxford forecast that new apartment commencements indicates a continued decline for the remainer of this financial year.
"Listings may be weaker in the lead up to the NSW election in MArch, while the impact of the Federal election is harder to predict," REA Group advised the ASX.
The realestate.com.au app was launched on average 27.2 million times a month during the quarter.
REA Group's revenue grew 17 percent to $221.9 million in the September quarter.
REA Group chief executive Tracey Fellows said the strong results demonstrate, despite tougher market conditions, our customers and consumers are clearly seeing value in the products and experiences we are creating.
"When it is time to buy or sell, Australians recognise they only need to visit one place."
Click here <a href="https://www.propertyobserver.com.au/images/2018/11/8/REA-Figures.jpg" target="_blank">to enlarge.</a>
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Last month Domain noted in the last financial quarter, Sydney new listings were down 8% and auction volumes down 22%. Melbourne results were 1% and 18% in these respective fields.
 
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Sydney property listings down eight percent: REA Group

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REA Group Limited has announced that realestate.com.au Pty Ltd has entered into an agreement to buy Hometrack Australia Pty Ltd.
The deal, subject to approval by the ACCC, is believed to be around $130 million.
Hometrack Australia is a residential property data company and a subsidiary of Hometrack Data Systems, which is owned by the UK listed ZPG Plc (Zoopla Property Group Plc).
It was only 15 months ago ZPG bought the research analysis business. They spent £120 million ($218 million).
Hometrack provides instant valuations of properties online without the need for a valuer to asses or visit the property.
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The Hometrack Australia management team will continue to be led by CEO Brendan Darcy.
Hometrack Australia is forecast to deliver revenue between $13 million to $15 million and EBITDA between $6 million to $7 million for their financial year ended 30 September 2018. 
There would also be cost synergies realised in the REA business once the Hometrack business is fully integrated into REA’s platforms.
REA Group CEO Tracey Fellows it represented a natural extension for realestate.com.au. 
"The acquisition allows us to deliver more property data and insights to our customers and consumers.”
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REA Group seeks to buy Hometrack Australia 

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The REA Group, parent group of realestate.com.au, posted double-digit rises in net profit and revenue for the year ended June 30.
“The revenue growth was driven by a 14% increase in Australia and the inclusion of iProperty revenue for the full year.
"The excellent result in Australia was achieved in a market of lower residential listing volumes and a significant decline in new dwelling commencements,” it said in an ASX announcement.
The group’s net profit rose 12 percent to $228.3 million during the period, while revenue grew 16 percent to $671.2 million.
“In Australia, we have extended our position as the clear market leader, with our audience growth reaching record highs against our nearest competitor,” said REA Group CEO, Tracey Fellows.
“We continue to diversify our business and deepen consumer engagement across the property journey. The most significant and exciting has been our move into financial services, through our partnership with NAB and our acquisition of the broking business, Smartline.”
Realestate.com.au acquired an 80% controlling stake in mortgage broking franchise Smartline. Earlier, it had announced a partnership with NAB to building a realestate.com.au-branded mortgage broking business for launch later this year.
<a href="https://www.propertyobserver.com.au/images/2017/08/11/REA.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/08/11/REA.png" alt="">
The REA Group is majority owned by News Corp.
REA Group operates realestate.com.au, realcommercial.com.au, and Flatmates.com.au. 
Its Australian revenue grew by 14% to $633.5 million, while agent numbers rose by 5% on the prior corresponding period, it said. 
It said realestate.com.au continued to be the number one property site in the country, with the largest and most engaged audience of property seekers. 
Average monthly visits to realestate.com.au grew 13% and were more than over 2.5 times than that of the number two site, it said.
“Australia’s listing depth revenue increased 18% to $481.8m. This was driven by the success of our residential Premiere All offering and increased yield, despite the decrease in listing volumes,” it said.
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REA Group's Australian revenue up 14% despite fall in listings and lower housing starts

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REA Group has agreed to buy a majority stake in mortgage broking franchiser Smartline and entered into a partnership for mortgage broking with National Australia Bank.
Realestate.com.au will purchase an 80.3 percent stake in Smartline.
Australian Broker report $67m will be funded from existing cash reserves and the minority shareholders hold a put option to sell the remaining 19.7 percent of shares which can only be exercised after three years, at a price dependent on the financial performance of Smartline. If not exercised, REA will acquire the remaining shares at the end of four years. The transaction is expected to complete in late July 2017.
Realestate.com.au and NAB have also agreed to build a mortgage broking service, with NAB offering its Choice Home Loans brokers to join this new broking solution.
Tracey Fellows, REA group CEO said building a strong presence in the broker market channel is an important part of our financial services strategy.
"These investments allow us to enter a new market with two of the industry’s most trusted and successful mortgage broking operations," she said. 
“Providing a broker solution will complement the digital search and finance experience we are building in partnership with NAB on realestate.com.au. It’s about giving people greater choice when selecting the right home loan for them." 
Chris Acret, Smartline executive director and co-founder said this investment is a great strategic fit for both businesses.
"It’s born from a shared vision to build a market-leading home loan offering, marrying our trusted network of brokers with realestate.com.au’s leading digital capability,” he said.
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Rea Group

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