The most elevated residential tower in Palm Beach, <a href="https://www.apartments.com.au/new-apartments/corallo-palm-beach-5-palm-beach-avenue-palm-beach-qld-4221">Corallo</a>, has officially launched this week, however only a handful of buyers will have an opportunity to buy in to the 17-storey project.

The $200 million mixed-use project includes ground floor dining and retail and is considered so valuable its developer, <a href="https://www.apartments.com.au/developers/changfa-group">Changfa Group</a>, will be staging its release of one-, two- and three-bedroom apartments and penthouses to the market.

[smartcode_project:default project_id=112194 project_image_fid=806]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> International, Director, David Higgins, said the development’s location just metres from the beach on the corner of Palm Beach Avenue and the Gold Coast Highway influenced the sculptural design by the acclaimed Plus Architecture studio.

“<a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a> locals understand the rare opportunity here at Corallo, particularly being the tallest building in the suburb and its proximity to the beach and local restaurants, and they’ve represented the bulk of pre-launch enquiries,” Higgins said.

“The orientation of the apartments captures views of the coastline from Surfers Paradise to Currumbin, and the diversity of floor plans and apartment types provide an exceptional level of choice.

“The first release includes just 59 one-, two and three-bedroom apartments and two half-floor penthouses, with flexible use designed to appeal to both owner-occupiers and investors."

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=799]

In addition to the ground floor amenity, residents will also have access to a private dedicated wellness level offering 734 sqm of resort-style amenities including a pool, cold plunge, wet deck, steam room, sauna, gym, day bed, fire pit, barbecue area, dining area and yoga/stretch deck.

The project is located within walking distance of Tallebudgera Creek, Burleigh Heads village, Currumbin Alley and Palm Beach Currumbin High School. The Gold Coast Airport is under 10 minutes away.

[smartcode_project:default project_id=112194 project_image_fid=814]

Higgins said Palm Beach remained a hotly contested suburb for home buyers, with prices doubling in the past five years.

“What makes Corallo so appealing to the local market is the diversity of apartment types and pricing, with one-bedroom apartments starting from $841,000 and two-bedroom apartments starting from $1.34 million,” he said.

“The ground floor retail and dining offering will further expand on Palm Beach’s village atmosphere and create a meeting place for locals, and those opportunities for connection are highly valued.”

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=807]

The on-site sales display, which includes a fully fitted kitchen, bathroom and bedroom, will be open until early works commence in Q1 2026. Each residence at Corallo will feature premium finishes including natural stone, artisanal brickwork, and warm copper accents.

Changfa Group has a two-decade history of delivering premium developments in Australia and internationally, having recently completed its collection of premium townhomes at Lyra, Hope Island, as well as apartment projects in Leichhardt, Carlingford, and Chatswood in New South Wales.

[smartcode_project_cta:default project_id=112194]

Joel Robinson

$200 million Corallo Palm Beach launches with limited apartment release

In a move that aligns with NSW's accelerated planning incentives for affordable housing, developer&nbsp;<a href="https://www.apartments.com.au/developers/the-one-collection">One Collection</a> has revised its Hills District apartment plans, and taken it to the NSW Government, to secure approval.

The developer, which is currently delivering Horizon Hurstville, is seeking to add 80 more apartments to its <a href="https://www.apartments.com.au/new-apartments/the-one-castle-hill-16-dawes-avenue-nsw-2154">Castle Hill development</a> near Castle Towers. They already have approval for 280 apartments across eight six-storey buildings.

<img alt="One Collection" data-entity-type="file" data-entity-uuid="b3c298ba-1cc5-4db7-9872-607c75f8ceca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.22%E2%80%AFAM.png?VersionId=wN9KpFIu5ENSGZLLsaZgXQHrXcwEO3Vd" />

Now on the desks of the NSW Department of Planning is 360 apartments, 48 of which will be dedicated to affordable housing.&nbsp;Affordable housing is to be “fully integrated within the building and visually indistinguishable,” according to the planning submission.

The 15,697 sqm block, an amalgamation of 16 sites, spans across Dawes Avenue, Hughes Avenue, and Camdan Crescent, sits 550m from Hills Showground Metro Station.&nbsp;

"The existing context is quickly changing from free-standing homes into residential flat buildings in line with the Hills Showground Precinct planning framework," Place Studio noted.

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="3ec24948-c185-48fa-af8b-ed25adf302bf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.04%E2%80%AFAM.png?VersionId=zNDX.IeRROX1RlDeYcS38xn8w_dqgU2t" />

They said the design was informed by the site's unique condition of having three street frontages and was developed to to respond sensitively to iots surrounding context.

"The design adopted a conventional perpendicular alignment to the primary street frontage. The massing of the development was carefully modulated to align with the evolving character of the neighbourhood. The design ensured that the scale was not excessive or out of context, but instead contributed to a cohesive urban form consistent with emerging developments in the area."

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="f83ffdaa-f960-469d-b6fe-abcece57c9ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.09%E2%80%AFAM.png?VersionId=4oKlCyfaKes7jLi1_EMoqa46w2h_YvDZ" />

The apartment mix will be 46 one-beds, 168 two-bed apartments, and 146 three-bedroom units, with 631 parking spaces proposed.

Along the street frontages, the building heights are four storeys with a 7.5 metre setback, and eight storeys with an 11.5 metre setback. It should cost about $150 million to build.

One Collection works hand-in-hand with the respected development and construction firm Masscon, which has built a reputation for leveraging its expertise in the built environment to take on developments others can't. That's what they're achieving at Horizon Hurstville, having taken over the project to deliver it.

First look: One Collection advances plans for Castle Hill apartments

At Yarra’s Edge, <a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a>’s newest tower under construction, <a href="https://www.apartments.com.au/new-apartments/trielle-at-yarra-s-edge-docklands-16-point-park-crescent-docklands-vic-3008">Trielle</a>, sets a new benchmark for elevated living. Rising 45 storeys, 12.5 metres from the Yarra River, the landmark building offers residents access to a private wellness retreat and spa, a resident-only golf simulator, and an elegant lounge, dining and bar complete with a self-playing piano, all without ever having to leave home.

Now, that sense of elevation has reached new heights with the Aerus Sub-Penthouses, a limited release of half-floor riverfront residences on the Collins St axis where the sought-after street meets the Yarra River.

Each Aerus Sub-Penthouse, located across levels 42 and 43, represents the most expansive offering within Trielle, aside from the yet-to-be-revealed crowning penthouses. Spanning between 269 and 301 sqm, these residences are designed to capture natural light and uninterrupted views of the city skyline, Yarra River, and Port Phillip Bay.

[smartcode_project:default project_id=114216 project_image_fid=3784]

Among the collection are three-bedroom sub penthouses, complemented by a media room, and expansive four-bedroom layouts. All include panoramic living areas and oversized master suites with luxury ensuites reminiscent of a five-star hotel, complemented by dedicated dressing rooms finished in timber and natural stone.

The interiors have been crafted by <a href="https://www.apartments.com.au/architects/mirvac-design">Mirvac Design</a>, the developer’s award-winning in-house architecture and design team. Every material has been chosen for quality and longevity, from sculpted stone island benches with feature soft wash LED lighting to bespoke joinery and chevron timber oak flooring.

Kitchens are fitted with a BORA induction cooktop with integrated downdraft extractor, alongside Gaggenau appliances, including a fridge, freezer, and wine fridge. The adjoining butler’s pantry incorporates the exclusive Gaggenau Minimalistic Series including oven, steam oven, microwave, coffee machine and warming drawer, all concealed behind handleless glass panels for a clean, integrated presentation. Bathrooms feature custom Apaisar freestanding baths and basins and natural stone benchtops, continuing Mirvac’s design emphasis on tactile, timeless materials.&nbsp;

<img alt="Trielle at Yarra's Edge, Docklands" data-entity-type="file" data-entity-uuid="c00be724-b0f1-47c0-afed-54f829870704" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Aerus%20sub-penthouse.png?VersionId=Uktd61kpLSqNjwJeDFs7IaZ3xgLlDQmu" />

Michael Wiener, Design Director at Mirvac, says The Aerus Sub-Penthouse embodies the apex of Mirvac’s design ethos.

“Moving through your home is like walking on air - a private sanctuary where the craftsmanship is refined, the proportions generous, and the flow so effortless, you feel completely at ease in the sky,” Wiener says.

“In Aerus, we wanted to create a sense of weightlessness - a home that feels suspended in the skyline, full of light, grounded in luxury.”

[smartcode_project:default project_id=114216 project_image_fid=3777]

The Aerus Sub-Penthouses are expected to attract a mix of local and international buyers seeking a long-term residence of scale and quality in a riverfront setting, from returning expats to established families and business owners who value privacy, craftsmanship, and convenience within walking distance of the CBD.

With an unmatched suite of amenities, Trielle is the most extensively appointed development Mirvac has created to date at Yarra’s Edge. Within the tower will be The Oasis, a 900 sqm podium rooftop wellness retreat designed in collaboration with spa expert Naomi Gregory. Located seven storeys above the Yarra River promenade, it features a 25-metre lap pool, spa and sauna, hot magnesium spa, biophilic gym, yoga and Pilates studio, cold-pail contrast treatment, and day spa treatment rooms. Further amenities include a piano lounge, bookable dining room, cinema room, golf simulator studio, games room, teppanyaki bar, dog wash bay, and two flexible work hubs, The Biblioteca library and Mills Place office space, catering to residents’ evolving lifestyle needs.

Construction of the $350 million tower is underway through Mirvac’s in-house construction arm, with completion anticipated for mid-2027.

[smartcode_project_cta:default project_id=114216]

Sky-high sanctuaries: Mirvac unveils The Aerus sub-penthouses at Trielle

<a href="https://www.apartments.com.au/developers/jwland-development">JWLand</a>’s De Burgh, the final residential release within the Northbourne Village precinct in Lyneham, is nearing completion just as the Federal Government’s Home Guarantee Scheme prepares for its most significant expansion to date.&nbsp;

From October 2025, the scheme will allow first home buyers to enter the market with just a five per cent deposit and no lenders mortgage insurance (LMI), removing some of the most common barriers to ownership.

With <a href="https://www.apartments.com.au/new-apartments/de-burgh-at-northbourne-village-40-de-burgh-street-lyneham-act-2602">De Burgh</a> on track for residents to move in by late spring 2025, the timing creates a strong opportunity for first home buyers seeking brand-new apartments in Canberra’s sought-after Inner North.&nbsp;

[smartcode_project:default project_id=139989 project_image_fid=212888]

The project delivers 350 residences across two buildings, with layouts ranging from compact studios through to one, two, and three-bedroom apartments.

JWLand has tailored the development for long-term liveability, integrating natural light, privacy and outdoor space into each home. Ground-floor residences feature private courtyards, while upper levels benefit from generous balconies.

Kitchens are fitted with Fisher &amp; Paykel appliances, and all apartments include ducted reverse-cycle air conditioning with smartphone app control for lighting and climate.&nbsp;

Shared resident facilities include a rooftop garden, gym, lounge and parcel lockers, alongside landscaped green space within the precinct.

[smartcode_project:default project_id=139989 project_image_fid=267376]

For buyers, the expanded Home Guarantee Scheme removes income caps and introduces unlimited places, making it more accessible than ever. With most De Burgh apartments priced under $1 million, they fall well within the updated eligibility thresholds.

The policy changes provide first home buyers with greater certainty and a smoother path to finance. Combined with the quality and location of De Burgh, the expanded scheme is expected to draw a new wave of buyers to Canberra’s Inner North.

Residents will benefit from the project’s central setting, just 600 metres from the light rail and three kilometres from Canberra’s CBD. The precinct is bordered by the <a href="https://www.apartments.com.au/developments/lyneham-act-2602">Lyneham</a> wetlands and sits within easy reach of cafes, restaurants, schools and the ANU.

With completion scheduled for late 2025, De Burgh is set to be among the first major apartment projects to meet the expanded scheme head-on, offering first-time buyers a realistic pathway to ownership in one of Canberra’s most connected neighbourhoods.

[smartcode_project_cta:default project_id=139989]

JWLand’s De Burgh aligns with expanded Homebuyer Scheme, opening doors for first home buyers in Canberra’s Inner North

A subtropical pair of residential towers are in planning for a key South Brisbane site neighbouring the iconic Expo ’88 Skyneedle, with new documents revealing a vertically layered vision designed to respond to the precinct’s evolving high-density character.

The proposal has been lodged by&nbsp;Darveniza Group, which is also is behind the 400-apartment Station Quarter precinct in Alderley.

Darveniza Group, led by Jane Darveniza, the Brisbane-based investor and Queensland rich-lister and widow of the late property magnate Bojan Darveniza, is seeking approval for a mixed-use project encompassing 204 apartments, ground-level retail, food and drink tenancies, and office space across two architecturally integrated towers at 37–39 Manning Street.

Occupying an 1,822 sqm site, the proposed towers would rise above a sculptural podium base, with a recessed landscaped centre, rooftop communal areas, and a total of 220 car parks and 256 bicycle bays. The apartment mix spans one- to five-bedroom dwellings, with a design emphasis on generous balconies, cross-ventilation, and climate-responsive materials.

<img alt="First look: Twin towers proposed for Manning Street site beside Skyneedle" data-entity-type="file" data-entity-uuid="42c1f501-2afd-440b-af49-67c257123ea7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Manning%20podium.png?VersionId=KFlksfWzmDRD.VIYxd_1q3VAel.nN3TH" />

“The development is conceived as two slender twin buildings that meet at a lushly landscaped central recess,” the Finegrain design report states. “The façade is highly articulated with the plan form stepping back and forth to reduce visual bulk and maximise internal occupants’ access to natural light and air”.

A hallmark of the proposal is its integration of greenery, both visually and functionally. Around 77 per cent of the site’s green plot ratio is delivered through vertical planting spines, a green podium wall, and rooftop amenity. Ground-level deep planting and landscaped communal zones aim to create a shaded, walkable interface along Manning Street.

“The stepped plan form introduces variation in balcony setbacks and enclosed apartment areas, enriching both the façade expression and the resident experience,” the design team notes. “At ground and podium levels, this stepping also enhances permeability, maximising pedestrian view lines to the neighbouring Skyneedle and reinforcing a strong sense of local identity”.

<img alt="First look: Twin towers proposed for Manning Street site beside Skyneedle" data-entity-type="file" data-entity-uuid="b3f26dfc-6b93-465c-9ffb-0a2530372a23" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Manning%20site.png?VersionId=JflvKdqDxcaHTFbb9HL5TwoiRgeQ2LqA" />

The site directly adjoins the heritage-listed Skyneedle at 35 Manning Street, an enduring legacy of World Expo ’88. The accompanying heritage impact report by Pendergast Architects contends that the proposal has been carefully conceived to protect the cultural significance and landmark visibility of the structure.

“The design provides setbacks, tower separation and podium articulation to maintain the visibility and landmark role of the adjoining Skyneedle,” the report states. “The significance of the Skyneedle lies principally in its landmark visibility and cultural symbolism, rather than in detailed fabric or architectural setting”.

The proposal sits within the Kurilpa Sustainable Growth Precinct, under Brisbane’s TLPI 02/2023, where revised planning controls support high-density, mixed-use development integrated with subtropical design and increased public realm contributions.

Finegrain’s design reflects this intent, drawing cues from the site's adjacency to Musgrave Park, the subtropical landscape of South Brisbane, and cultural landmarks such as QPAC and South Bank.

Twin green towers proposed for Manning Street, South Brisbane site beside Skyneedle

Revenue Growth

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EXPERT OBSERVER
According to data recently released by the Australian Bureau of Statistics (ABS) property taxation revenue increased further over the 2017-18 financial year to reach $30.293 billion.
State and local governments collected a whopping $30.293 billion worth of property tax revenue over the 2017-18 financial year. If you were to compare these statistics to what was published last year, the figures would be vastly different.
Previously, the ABS included stamp duties on conveyances as taxes on property however, in this year’s release this has been moved to a different section of taxation – taxes on the provision of goods and services.
Nevertheless, the $30.293 billion in property tax revenue was 5.6% higher over the past year with the annual increase lower than the 7.9% increase over the previous year.
 <img src="https://www.urban.com.au/images/2019/5/2/Property%20Taxation%201.JPG" alt="">
Within total property taxes, land taxes ($9.153b) increased 9.0% over the year, municipal rates ($18.451b) increased 4.3% and other taxes ($2.689b) increased 3.4% over the year.
Through analysis of the results, it was confirmed that revenues from property taxes are now the highest in the most populous states.
Across the states, total property tax revenue in 2017-18 was recorded at: $8.382 billion in NSW, $8.778 billion in Vic, $5.658 billion in Qld, $2.433 billion in SA, $3.654 billion in WA, $549 million in Tas, $133 million in NT and $705 million in ACT. 
Taking a look at stamp duties, which although they are no longer defined as part of ‘taxes on property’, they are a tax paid when a property when is transacted.
<img src="https://www.urban.com.au/images/2019/5/2/Property%20Taxation%202.JPG" alt="">
When the housing market is seeing increased transactions and rises in values, stamp duty generally rises and vice versa. The national housing market started to see values fall late in 2017 and as a result, stamp duty revenue is largely unchanged in 2017-18 from the previous year.
Stamp duty revenue over time across each state and territory shows the most populous states derive the most revenue from stamp duty, however, the chart also shows how volatile revenue from stamp duty can be based on the performance of the housing market. Over the most recent year, stamp duty revenue fell in NSW, Qld, SA, WA, NT and ACT while it rose elsewhere.
With the national housing market now seeing values and transaction volumes continuing to decline, it is to be expected that the 2018- 19 financial year will see a much lower value of stamp duty revenue.
While non-transactional based property taxes provide state and local governments with consistent revenue streams year after year, transactional-based stamp duty is much less guaranteed and harder to forecast for budgeting purposes.
Over recent years as the housing markets in Sydney and Melbourne have boomed, the NSW and Vic state governments have benefitted greatly from a significant increase in stamp duty revenue.
<img src="https://www.urban.com.au/images/2019/5/2/Property%20Taxation%203.JPG" alt="">
Stamp duty revenue in NSW is 89.7% higher over the past five years and in Vic it is up 116.0%. By comparison, in WA where the housing market has largely been falling over the same period, stamp duty revenue is down -18.9%.
With the NSW and Vic Governments seemingly going to be hit by a loss of stamp duty revenue over the coming years it would seem that now is as good a time as ever to look to move away from this transactional tax.
Although no one likes additional taxes, a tax on all residential properties is more equitable than a tax on the 4%-6% of properties that transact in any given year. Furthermore, it provides a more guaranteed revenue stream to state government so they can better plan their expenditure into the future.
In closing, it should be noted that the ACT Government announced in 2012 that it was going to remove stamp duty over a 20 year period.
<img src="https://www.urban.com.au/images/2019/5/2/Property%20Taxation%204.JPG" alt="">
CAMERON KUSHER is the head of research for the Australian branch of CoreLogic
Kusher regularly posts on the <a href="https://www.corelogic.com.au/taxonomy/corelogic-people/cameron-kusher" target="_blank">CoreLogic website</a>.
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ckusher-ujnxiKuFQs

Property tax revenues continue climb in 2017/18 despite downturn: Cameron Kusher

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Domain Group trading in the FY20 March quarter saw a small revenue increase of 1% for the quarter, and 10% in the month of March.
Digital revenue also increased, 3% for the quarter and 15% for the month of March despite the shutdown being introduced.
Domain has strengthened its liquidity position by reaching agreement with its banking group for a new debt facility of $80 million, with a term of 18 months.
The facility is in addition to the $225 million facilities announced to the market on 8 November 2019, with terms of three and four years.
Domain’s banking group has also agreed to a waiver of the group’s financial covenants as at June and December 2020. Domain’s net debt at 31 March 2020 was $149.5 million compared with $147.9 million at December 2019.
Domain has launched a voluntary staff program to deliver a 20% reduction in staff costs, while retaining employee talent and business momentum for the long term.
Employees were offered the opportunity to participate in a Share Rights program whereby they could receive a percentage of their salary package over the next six months in share rights (Rights), or alternatively elect to reduce working hours.
Both options have the effect of reducing staff costs over the next six months.
The plan has been overwhelmingly supported by Domain employees, with the majority electing to take a percentage of their salary in Rights.
Domain’s Leadership Team has elected to participate at higher rates: 30% for executive leaders and 50% for the CEO and Board members. The plan will take effect for six months from May 2020.
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j.ballantyne1990-6AQqhLzZaK

Domain has announce surprise March revenue growth

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McGrath Estate Agency have posted a revenue rise of 15 per cent over the first half of the 2020 financial year.
Chief executive Geoff Lucas said that, subject to economic conditions, they expect the turnaround of the business to continue throughout the year.
"[This] will manifest in the FY2020 results", Lucas said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/24/McGrath%20revenue.jpg" alt="">
McGrath's number of properties sold jumped from 4,862 in the first half 2019 to 5,768 in the first half 2020, up 19 per cent.
Lucas noted this was achieved "in a period where market listings have been consistently below the prior year." The average rise was four per cent across markets.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/24/McGrath%20properties%20sold.jpg" alt="">
Lucas still cited the "challenging property environment".
"As the market conditions improved in Q2 of FY20, we were well placed to capitalise on these positive tailwinds", Lucas said.
“We have seen a strong start to activity in January 2020 with an increased number of vendors who have gone to market early and benefitted from strong demand and continued rising values during the last quarter of CY2019.
"We believe this will have a positive impact on vendor sentiment for the second half."
McGrath noted that an uplift in market sentiment and strong clearance rates, notwithstanding the market’s lower listing numbers has contributed to the business performing significantly better in the first half of FY20. 
Over 32 of McGrath staff who had previously left the company have returned over the last 18 months.
McGrath shares opened trading at ¢30 on Monday. They rose to ¢34 in morning trading.
 
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jrobinson-rf4aSBido9

McGrath revenue up 15 per cent, with "business turnaround expected to continue"

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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.
<h2> </h2>
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REA Group report continued listings decline into 2020

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The listed real estate agency McGrath have signalled their expected revenue for the FY18 to be half their forecast.
Their latest trading update put the revenue within the $5 million to $5.5 million range.
The incoming chief executive called it "the right baseline financial position."
McGrath shares closed at 43 cents on Monday, no change from the Friday close, and opened Tuesday at 42 cents.
The announcement comes just two months after the then board suggested they would be targeting between $10 million to $10.6 million.
CEO Geoff Lucas, who is back at the agency having left in 2016 just after the company floated, cited the impact of reduced sales volumes.
 “It is important that the market is aware of the right baseline financial position that appropriately reflects the current status of the McGrath business and trading conditions.
"The impact of reduced sales volumes has affected the company more significantly than the prior forecast contemplated.
"We are pleased that this period is behind us, and are encouraged by current activity levels generating improved results.
“At the core of the McGrath business is a high quality and well respected real estate agency with a market leading position.
'The new Board and CEO are harnessing the capacity and skills of the existing management team which has injected a revitalised energy into the business and we are encouraged by the support, enthusiasm and momentum of team members.
“The cost cutting program put in place late last year is starting to generate the financial benefits expected, and we are seeing an uplift in performance so far this month, with expectations of continued rebuilding to the end of this financial year.”
McGrath have lost a number of key staff to various agencies over the past two years.
The review comes after Lucas, who was previously the COO before his 2016 departure, undertook an initial review of the company's accounts and operations.
The company says it generated underlying EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) for the eight months to the end of February of $720,000, before $3.2 million of one‐off costs. 
Last month John McGrath revealed his new board of directors, with Andrew Robinson and Peter Lewis.
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McGrath halves 2018 forecast earnings 

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Sydney and Melbourne retain the first and second ranks respectively in terms of revenue per available room (revPAR), according to Colliers International’s latest figures.
Sydney’s revPar grew 9.3 percent for the year up to July. The city also leads Melbourne in occupancy rate with nearly 90 percent occupancy rate, while the Victorian capital was in the high 80s.
Sydney also tops in the average daily rate, followed by Melbourne and the Gold Coast.
The hotel market snapshot also noted that Perth took the biggest fall in rankings, from third to sixth place.
Canberra was the biggest mover, from sixth to fourth.
<a href="https://www.propertyobserver.com.au/images/2017/09/11/HotelSnapshot.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/09/11/HotelSnapshot.jpg" alt="">
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jonathanchancellor-7SQnKwU6yx

Sydney keeps up strong growth in hotel sector: Colliers 

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Commission-free real estate company buyMyplace has achieved record results in revenue, gross profit and listings, with revenue growth up 111 percent on Q1 2016 and 23 percent on the prior quarter.
Thy suggest its commission-free proposition for Australian property vendors.comes with savings of around $20,000 on commissions and fees.
Despite a total market downturn of 4.9 percent on the same period last year, buyMyPlace had an extremely productive quarter, Paul Heath, chief executive office of buyMyplace said.
<a href="/images/2016/10/24/BMP%20revenue.jpg" target="_blank">Click to enlarge</a> 
<img src="/images/2016/10/24/BMP%20revenue.jpg" alt="">
“We have essentially doubled the business in just two quarters,” he suggested.
buyMyplace is also heavily promoting its national auction capabilities from October, giving vendors throughout Australia a wider suite of options to sell their property themselves.
“Auctions are an increasingly important element of our services and key to our growth in Sydney, Melbourne, Brisbane and Gold Coast, where auctions are more common”, says Heath. 
“We can provide virtually any vendor in Australia some of the best Auctioneers in their local area who will not only auction the property, but will also oversee the signing of the contracts, once the property is sold’, Heath continues. 
In line with its promises at listing on the ASX in March, buyMyplace has previously announced strategic partnerships with AFG to offer mortgages, finance and insurance, plus Movinghub for utilities connection services.
It has now added <a href="https://beforeyoubid.com.au" target="_blank">beforeyoubid.com.au</a> to the partnership stable, offering vendors and buyers the option to arrange independent pest and property inspections for the property and recover a portion of the cost to other potential buyers requiring the reports. 
From October, buyMyplace launched the “Ultimate Exposure” package to vendors at $1795 which will include professional photography, copywriting, vendor support from one of our licensed real estate agents, professional negotiation and a feature listing on <a href="https://realestate.com.au" target="_blank">realestate.com.au</a> or priority placement on <a href="https://domain.com.au" target="_blank">domain.com.au</a>.
“For under $2,000, we want to provide vendors virtually everything they might expect from a traditional real estate agent, and remove the stress of negotiations, which some people may feel uncomfortable managing alone,” says Heath. “Not surprisingly, we have already had strong interest in this package, as well as sales to a number of vendors.”
BuyMyplace has recorded a 238 percent increase in leads on Q1 FY16 indicating the record breaking quarters it has achieved are projected to continue in the future.
It gross profit is up by 31 percent on prior quarter and more than 3,000 vendors have successfully sold their properties via buyMyplace.
“We are also very pleased with how our increased marketing has performed with unique visitor traffic to our site in Q1 up 88 percent on prior corresponding period and up 17 percent on prior quarter”, Heath advised.
<a href="/images/2016/10/24/BMP%20visitors.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/24/BMP%20visitors.jpg" alt="">
 
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