Construction has commenced&nbsp;<a href="https://www.apartments.com.au/new-apartments/kew-palm-house-bellevue-hill-88-birriga-road-bellevue-hill-nsw-2023">Kew Palm House</a>, marking a significant milestone for the boutique Bellevue Hill apartment project on one of the suburb's best streets.

Developer <a href="https://www.apartments.com.au/developers/kew">KEW</a> recently hosted the traditional ground-breaking ceremony, joined by key project partners, officially turning the soil on what will become one of Bellevue Hill's most impressive new developments in one of&nbsp;Sydney’s most tightly held residential markets.

[smartcode_project:default project_id=133966 project_image_fid=352214]

Set across two low-rise buildings on the dress circle Birriga Road, Kew Palm House will deliver a mix of 16 two-, three-, and four-bedroom residences, including whole-floor homes and penthouses, responding to sustained demand from downsizers and owner-occupiers seeking high-quality apartment living without leaving the suburb.

The project occupies an amalgamated 3,000 sqm site bordering the Royal Sydney Golf Club, a rarity for new apartment development in <a href="https://www.apartments.com.au/developments/bellevue-hill-nsw-2023">Bellevue Hill</a>.

Architecture by Woods Bagot takes a townhome-inspired approach, with finely detailed façades and layered massing designed to sit comfortably within the established streetscape.

[smartcode_project:default project_id=133966 project_image_fid=352216]

The buildings are surrounded by landscaped gardens by <a href="https://www.apartments.com.au/landscape-architect/dangar-barin-smith">Dangar Barin Smith</a>, with communal pathways leading to a pool house and shared alfresco spaces intended to support a quieter, more residential form of apartment living.

Interiors will feature natural materials including travertine, stone and engineered timber, alongside V-ZUG kitchen appliances, with layouts prioritising generous proportions, privacy and indoor-outdoor connection.

Each residence has been designed to maximise natural light while maintaining separation from neighbouring homes.

[smartcode_project:default project_id=133966 project_image_fid=352222]

Kew Palm House forms part of KEW’s growing Eastern Suburbs portfolio under the Positive Investment Enterprise group. It follows the completion of Kew Bondi on Bondi Road, with Kew Hillcrest in Rose Bay also currently under construction. Palm House reflects the developer’s longer-term commitment to Bellevue Hill, where opportunities for new, design-led apartment projects remain limited.

Kew Palm House is targeting completion in late 2027, with construction to be delivered by Harvestland Construction. KEW also has Kew Hillcrest in Rose Bay under construction, just five luxury apartments near the beach.

[smartcode_project_cta:default project_id=133966]

Staff Writer

Construction commences at Kew Palm House in Bellevue Hill

Brisbane-based <a href="https://www.apartments.com.au/developers/spyre-group">Spyre Group</a> is continuing to bolster its impress SEQ development pipeline with one of its most ambitious projects to date.

The developer, led by Daniel Laruccia and Andrew Malouf, is planning just over 300 apartments across three towers on the prized beachfront side of Main Beach Parade in Main Beach.

The prized 3,344 sqm site at&nbsp;<a href="https://www.apartments.com.au/new-apartments/3640-main-beach-parade-main-beach-qld-4217">3640-3642 Main Beach Parade</a> also fronts Stafford and Montgomery Avenue and will offer street-level hospitality.

<img alt="3640 Main Beach Parade, MAIN BEACH QLD 4217" data-entity-type="file" data-entity-uuid="18bfcdb3-b958-4b20-a85b-c61e3dbf81b9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Spyre%20DA%20pers.png?VersionId=QvGNOHg6KDoScJZw2nAkvbun0DT2gUn1" />

The project has been designed by New Zealand-based architecture firm Monk Mackenzie, whose scheme references the fluidity of coastal forces. The smallest tower will be 37 storeys, with the other two topping out at 41 storeys. The sculptural form intends to "resonate with the site's unique peninsular position between the Coral Sea and the Broadwater."

The southernmost tower will have just 59 four-bedroom apartments, above two food and drinks venues. Towers two and three, the tallest, will have 125 two- and three-bedroom apartments in each.

“The towers stand not in opposition to the dynamic coastal landscape, but in dialogue with it,” the architects wrote in their Design Report.

“Like tide posts embedded in sand, they register change. The movements of water, light, air, and human circulation gather and disperse around them”.

<img alt="3640 Main Beach Parade, MAIN BEACH QLD 4217" data-entity-type="file" data-entity-uuid="cb2f3eb7-c517-47e5-afc8-01685c658a82" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/spyre%20podium.png?VersionId=hYe0w7UBEVNY7LPcoK9PnO9myEGn_xES" />

The podiums of each tower will feature landscaped communal open spaces, pools, and active wellness zones with spas, saunas and gyms with outdoor areas, as well a cinema and dining spaces.

Spyre's application describes the site as “uniquely positioned” to accommodate such scale, noting its separation from other towers, underutilised status, and alignment with the Gold Coast’s Light Rail Urban Renewal overlay. The staging strategy allows the towers to be delivered independently. Before it's amalgamation to make it a larger site, Spyre had approved plans for MARI, a 19-storey building with 15 apartments

<img alt="3640 Main Beach Parade, MAIN BEACH QLD 4217" data-entity-type="file" data-entity-uuid="ef40ca57-1c77-4568-a8aa-91c742334bef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/spyre%20amenities.png?VersionId=BcaHvU4UeLkabtNlqydmvkuTEyuYmpft" />

Spyre’s wide-ranging portfolio includes Watts &amp; Wright in Bulimba, Moray House in New Farm, and ARC Residences in Toowong, all of which are approaching completion. It also includes Hampden Ltd in Melbourne’s Bayside, marking the company’s first project in Victoria’s capital.

Spyre has previously achieved significant success on the Gold Coast, setting region-breaking records at Glass House by Spyre in Burleigh Heads, where apartments sold for $24 million and $24.54 million. Cala Dei in Coolangatta also sold out in record time.

Spyre will soon launch Echo by Spyre, a boutique development of just nine villas in Tugun.

Joel Robinson

Spyre's three-tower beachfront plans for Main Beach

IPM Property is progressing plans for its third development in Mona Vale in Sydney's Northern Beaches, and its latest will be the biggest yet.

IPM, led by Steven Sroba and Chris Webster, has filed a State Significant Development Application to the NSW Government's Housing Delivery Authority for 82 apartments on a prime 6,122 sqm site stretching across <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and just under 800m from Mona Vale town centre.

They've had <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> draw up the plans for the three-building development which will offer a mix of 26 two-bedroom units and 56 three-beds with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a>.

According to the Design Report by PBD, the built form "responds to the site’s natural fall, solar orientation, and established vegetation, creating a layered architectural expression that balances scale, materiality, and landscape”.

<img alt="159-167 Darley Street West, Mona Vale" data-entity-type="file" data-entity-uuid="44040ed2-13c6-4f18-8326-a51467cb8532" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Mona%20vale%20pers.png?VersionId=4H1gEiyyCX2yT_fYV6kAdWaaVlCttC6P" />

The proposal aims to maximise passive design outcomes, with the site’s northern orientation supporting solar access and cross-ventilation. Building footprints have been shaped to preserve high-retention trees and accommodate an overland flow path, which runs diagonally through the rear of the site.

The development includes several sustainability initiatives, such as full electrification, EV charging provisions, and generous communal open spaces integrated across the ground and rooftop levels. As outlined in the planning documents, the buildings have been stepped in both plan and elevation to reduce bulk and provide separation to adjacent dwellings, in line with the Apartment Design Guide and local controls.

The project site falls just within the 800-metre radius covered by the NSW Government’s Low and Mid-Rise Housing Reforms, which entered their second stage in February 2025. These reforms introduce specific planning controls that significantly increase the potential for medium-density housing growth within 800 metres of the Mona Vale town centre.

<img alt="159-167 Darley Street West, Mona Vale" data-entity-type="file" data-entity-uuid="5df61e6d-0696-4c1e-81c2-8d3535228878" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_9.png?VersionId=vWjI2oCZhAkCPKv4xMEVLdVNkn.keD6_" />

IPM has been active in the local market for several years. Its recent projects include Maya on Bungan Street near the town centre, a 33-apartment development completed in late 2024, and Iluka on beachfront Golf Avenue, a boutique project of just 14 apartments. Iluka set a local record in 2021 when a full-floor, three-bedroom apartment sold off the plan for $4.775 million.

Nearby in Palm Beach, IPM is also delivering Snappermans, a collection of just five luxury apartments designed by Koichi Takada Architects, located steps from Pittwater. The developer has also recently completed Como Coogee, a 20-apartment development on Carrington Road.

First look: IPM plans third Mona Vale project

With demand for high-quality family homes in the inner west continuing to rise, young families are increasingly turning to new forms of multi-generational living.

At <a href="https://www.apartments.com.au/buildings/ashbury-terraces-ashbury-165-171-milton-street-ashbury-nsw-2193">Ashbury Terraces</a>, Nikki Pham and Danny Lai are among the growing number of residents choosing the precinct for its space, design integrity and strong sense of community.

For Nikki and Danny, purchasing a three-storey terrace was about securing a long-term home for their young family. Having spent most of their lives in the inner west, they first discovered the project while it was under construction.

“We walked past and had a look during the build and instantly felt the vibe. It had everything we were looking for,” said Nikki.

A return to green, open spaces was a major drawcard after living closer to the CBD.

“We like going for walks, and here it feels like a mini oasis while still being central to everything we need,” she said.&nbsp;

[smartcode_project:default project_id=112253 project_image_fid=354944]

Inside, the couple were immediately drawn to the craftsmanship.&nbsp;

“I love the Calacatta marble and timber detailing. If I’d designed it myself, these are exactly the fittings and fixtures I would have picked,” Nikki said. “There’s actually very little I’d change.

“We’ve found the craftsmanship has been great and I believe the beautiful arches and curves, including on our stunning staircase, are all made by hand.”

Since moving in with their seven-month-old baby in mid-August, the family has been making the most of the amenities, especially the pool.&nbsp;

“We love using the shallow area with the baby. It’s great for kids, and the sunbeds are perfect when it’s not too hot,” Danny said.

[smartcode_project:default project_id=112253 project_image_fid=354939]

The home features kitchen, living and dining areas on the ground floor with courtyard access to the pool, two bedrooms and a study on the middle level, and a master suite on the top floor. The proximity to local parks, childcare, and schools also made it an easy choice.

Nikki has noticed the project is sparking interest from the extended families of new residents.&nbsp;

“Several of our neighbour’s parents have now bought here too. It’s ideal for multi-generational living because everyone has their own space but you’re still close by.”

<h2>A growing trend in the inner west</h2>

Aras Labutis, Head of Urban Transformations at <a href="https://www.apartments.com.au/developers/coronation-property">Coronation Property</a>, said families like Nikki and Danny’s reflect a broader shift.

“Ashbury Terraces was designed for families at different life stages who want to stay connected to the inner west, including multi-generational households," Labutis said.

"Some terraces even include lifts, which make them ideal for older residents who want to remain independent while living close to children or grandchildren."

[smartcode_project:default project_id=112253 project_image_fid=354936]

Recent ABS data shows around one in five Australian households is now multigenerational, following a 22 per cent rise in the five years to 2021.

“The demand we’re seeing aligns with broader national data showing ongoing growth in multi-generational living as families look for practical, long-term solutions in well-connected suburbs.”

<h2>Milton Estate launches as the precinct’s next chapter</h2>

Following this strong response, Coronation is now registering expressions of interest for Milton Estate, the next evolution of the precinct. Strong sales and sustained interest in family-focused inner west homes have underpinned the decision to bring this next stage to market sooner than anticipated.&nbsp;

[smartcode_project:default project_id=112253 project_image_fid=358839]

The new collection continues the same design principles, quality materials, heritage sensitivity and family-focused layouts, and its launch reflects demand from both local buyers and extended families who want to remain part of the growing community at Ashbury Terraces.

<h2>A new neighbourhood taking shape</h2>

Designed by award-winning architects <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, and brought to life with landscaping by <a href="https://www.apartments.com.au/landscape-architect/360-degrees-landscape">360 Degrees</a>, Ashbury Terraces comprises 136 residences across five low-rise buildings, supported by amenities including a pool, gym and landscaped communal spaces.

For Nikki and Danny, it already feels like a place to grow for years to come.

“We’ve found great childcare nearby, and Ashbury Primary and Trinity Grammar are within easy reach. There are other excellent public and private school options too,” Nikki said.

“It’s hard to find something like this in the Inner West,” she added. “It’s certainly unique in <a href="https://www.apartments.com.au/developments/ashbury-nsw-2193">Ashbury</a>. We’ve got everything we need here and it already feels like home.”

[smartcode_project_cta:default project_id=112253]

Ashbury Terraces proves a perfect fit for growing families and multi-generational living

An exclusive collection of luxury Sky Homes featuring sweeping water views, each with their own private rooftop terrace and marina berth, are part of the latest release at Lewis Land’s visionary <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplanned community.&nbsp;

The Sky Homes, which sit within the Signature Collection, have been designed by&nbsp;<a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>&nbsp;and&nbsp;feature contemporary light-filled coastal interiors, accented by natural textures of timber and stone. The homes range from 282 sqm to 367sqm and offer three bedrooms, three bathrooms, multiple living zones, three car parks, large private balconies, and their own rooftop terraces. &nbsp;

[smartcode_project:default project_id=113271 project_image_fid=359204]

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the three double-storey Sky Homes occupying the &nbsp;upper levels of The Waterline apartment building formed part of the masterplan’s Signature Collection of &nbsp;luxury residences. &nbsp;

“The exclusive Sky Homes are more than penthouses, they are double-storey homes featuring expansive living spaces and outdoor terraces,” Mr Long said.&nbsp;

“Located on levels five and six of The Waterline, each Sky Home includes its own private marina berth with direct Broadwater access and carefully curated high-end finishes throughout.”&nbsp;

&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=359206]

The launch of The Signature Collection coincides with the milestone topping out of The Waterline, the first of three residential collections being delivered in the first stage of Harbour Shores.&nbsp;

Residents will also have access to a private pool and other resident-only amenities including a large &nbsp;lagoon pool, social clubhouse, tennis court, gym, yoga and sauna facilities. &nbsp;

Prices for the Sky Homes start from $3.65 million. &nbsp;

&nbsp;

[smartcode_project:default project_id=113271 project_image_fid=290031]

The Signature Collection also features The Residences, an exclusive release of six premium waterfront villas, positioned directly on the 1.2km waterfront boardwalk.&nbsp;

The Residences offer more than 350 sqm of contemporary living with premium finishes throughout and &nbsp;dining spaces that flow seamlessly to the outdoor entertaining area on the ground floor. Each have their own private plunge pool overlooking the water, and a private marina berth.

All villas include two secure car parks and residents have access to the extensive amenities within the broader precinct. Prices start from $3.05 million. &nbsp;

[smartcode_project:default project_id=113271 project_image_fid=290030]

Harbour Shores is a resort-style community focused on lifestyle and wellness where neighbourhoods &nbsp;are connected by extensive landscaping, green spaces and pedestrian networks, including a 1.2- kilometre waterfront boardwalk.&nbsp;

Boasting a 6 Star Green Star Communities V1.1 rating, the highest level of sustainability of any project &nbsp;on the Gold Coast, Harbour Shores will deliver more than 2,000 homes over the next decade.&nbsp;

Colliers is marketing Harbour Shores, and has seen significant demand from local owner-occupiers.

[smartcode_project_cta:default project_id=113271]

Lewis Land unveils Harbour Shores’ double-storey sky homes with private marina berths

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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