Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

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Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

The Agency

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The Agency has opened its first regional office in Victoria’s High Country at Mansfield.
The office will be headed by Allana Storer and Kate McDougall.
Peter Kakos, The Agency’s general manager in Victoria said The Agency had always wanted to expand to regional Victoria.
Mansfield is two and a half hours from Melbourne, with a burgeoning food and wine scene and adventure sports around Lake Eildon and the Delatite River.
“Mansfield is undergoing huge growth given its location at the foot of Victoria’s premier ski resort Mount Buller,” he said.
He added it was a busy town year-round: in winter during the snow season and in summer with mountain biking. 
Allana Storer was born and raised in the High Country, and worked at District Property Group.
They started working as a team two years ago and quickly became top selling agents in the area.
Kate has over two decades of experience in sales, marketing and guest services at Mount Buller.
Kate organised a black tie ‘buy a bale’ ball in 2018 where she and Allana first met Peter.
The event raised $190,000 for drought affected farmers all over Australia.
The Mansfield office already has two listings, <a href="https://www.realestate.com.au/property-acreage+semi-rural-vic-mansfield-131614346" target="_blank">99 Stoneleigh Road, Mansfield</a> and <a href="https://www.realestate.com.au/property-acreage+semi-rural-vic-mansfield-131627398" target="_blank">940 Mount Buller Road</a>.
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j.ballantyne1990-6AQqhLzZaK

The Agency opens office in Mansfield to service Victoria's high country

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The Agency have secured $5.6 million in funding, with Sydney-based boutique investment group Magnolia Capital becoming a substantial shareholder.
Magnolia Capital now have up to an 18 percent holding in The Agency, with their director Mitchell Atkins to join The Agency board as a non-executive director.
Honan Insurance Group were another to invest. They have entered a strategic relationship with The Agency.
The $5.6 million raised comes in the form of $1.1 million in placement and $4.5 million through entitlement offers.
The Agency's current $5.8 million debt will be converted into equity, reducing the total debt position by 27%.
Some $2.2 million of the funds raised have been allocated to fund further growth and acquisition initiatives.
The funds raised will be used to strengthen the company's balance sheet, with a further $1.7 million to repay existing loans and $1.1 million allocated for working capital.
The SMH reported The Agency's Top Level entity still had an obligation to pay $12.5 million to its lenders, Macquarie Group.
The report noted Macquarie agreed to extend the deadline to repay the $12.5 million.
 
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jrobinson-rf4aSBido9

The Agency secures capital raising from Magnolia Capital and Honan Insurance

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The national ASX listed real estate agency The Agency is seeking a fresh injection of cash.
Shares in the debt-laden group went into a trading halt on Monday, pending an announcement about a capital raising.
It is expected on Wednesday.
The shares have lost two-thirds of its value since February when it was trading at 22 cents. Now they're at seven cents
Nine Entertainment reports "concerns about its financial viability."
The Australian Financial Review called it a "capital funding lifeline."
There was a capital raising last November.
The group continue to expand its operations however.
The Agency now operates in Perth, Sydney, Melbourne, the Gold Coast, Newcastle and Illawarra after sizeable expansions.
They <a href="/news/cameron-mckillop-merges-with-the-agency-in-the-southern-highlands">recently partnered</a> with Southern Highlands veteran agent Cameron McKillop and his team at McKillop Property. 
The Agency Group's June quarter update saw 674 exchanges, their highest on record.
In March this year The Agency reported it expects its core business units to be profitable within the next 12 months.
Shares <a href="/news/andrew-jensen-appointed-interim-chairman-of-the-agency">fell 15 percent in February</a> around the time Philip Re tendered his resignation as chairman. He was replaced with interim chairman Andrew Jensen, The Agency's former chief financial officer.
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The Agency seeks fresh injection of cash

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The Agency have expanded their Southern Highlands footprint, joining forces with McKillop Property.
The Agency, led by Ben Olofsen, and Cameron McKillop, who led McKillop Property, will have a team of 15 agents and staff.
McKillop says joining The Agency not only provides enormous exposure for our properties in Sydney, but nationally.
“We find those clients who have already migrated from Sydney are more comfortable dealing with a brand that has a footprint in both locations, which we can now provide", McKillop said.
Ben Olofsen said uniting with Cameron McKillop and his team was a natural choice, as in his view, like attracts like.
“Cameron McKillop and his team are highly regarded, well-known and respected. The Agency attracts great talent and this partnership makes sense. We will be working across all market segments, from prestige residential to rural and commercial properties, delivering premium service at all times,” Olofsen says.
Matt Lahood, CEO of The Agency, said the deal is an important alliance between two prolific, premium agents in the Southern Highlands area and surrounds.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/25/McKillop%20The%20Agency%202.jpg" alt=""> From left; Cameron McKillop, Ben Olofsen, Thomas McGlynn, Matt Lahood.
“Ben Olofsen has already achieved incredible results with The Agency in the Southern Highlands, and now with the addition of Cameron McKillop and his highly talented team, we can help realise the expansion of these impressive real estate operations.”
Sydney agent Ben Collier says a number of his clients weekend in their Southern Highlands property.
“I have many Paddington and Woollahra clients who have downsized from the family home and live locally Monday to Friday but then spend their weekends in the Southern Highlands,” prestige agent Ben Collier says. “Strategically there is a strong connection between Sydney’s blue chip areas and the Southern Highlands. “It is not uncommon for clients who have homes in the Southern Highlands to ask for recommendations, they want an agency that can tap into the Eastern Suburbs, Lower North Shore as well as the Highlands. These types of clients are attracted to our brand and the premium level of service we can provide.”
 Director of sales Thomas<a href="https://theagency.com.au/team/thomas-mcglynn"> </a>McGlynn said the connection between Sydney buyers and the Southern Highlands market is an important one. “Given the Sydney buyer interest in the Southern Highlands region, being able to connect our high-performing Sydney team with both Ben Olofsen and Cameron McKillop’s team, is a very exciting next step for The Agency," McGlynn said.
 
 
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Cameron McKillop merges with The Agency in the Southern Highlands

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Matt Lahood, the chief executive of the ASX-listed real estate network, The Agency, and his wife Connie put their Maroubra home to auction yesterday.
But the downsizing couple had no joy. It was passed in on a $3 million vendor bid from the struggling auctioneer, who had just one registered bidder amid many longtime neighbours.
The Lahoods have owned the four-bedroom 1970s family home for eight years, bought when he was a McGrath Estate Agents executive. It cost $2.26 million in 2011 after its 2010 refurbishment.
The initial auction price guide was $3.2 million, which was revised to $3 million given his listing agent Tony Laing gauged buyer interest during the marketing campaign.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/4/1/Lahood2.jpg" alt="">
Lahood has a Coogee triplex development with plans to reside on the top floor.
Lahood departed McGrath after two decades in late 2016 to establish The Agency, which traded at a record low 12c on the sharemarket last week,
Like McGrath, which also traded at record lows last week, the two estate agencies are the bellwether stock on the patchy state of the property market.
The Agency’s own Coogee office recently shut its doors as a cost-cutting measure. 
This article was first published in the Saturday Daily Telegraph.
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The Agency boss Matt Lahood fails to find single bid

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Warwick in Centennial Park, which was due to go under the hammer this weekend, has been sold.
The Martin Road property was listed through The Agency’s Ben Collier, who quoted a price guide of $8 million.
It was sold by the Ross family who paid $5.1 million in 2005.
It had previously traded at $3.8 million when sold by the Kemeny family.
The buyer was the highest bidder of a home up for auction at 21 Robertson Road, according to the local paper, The Wentworth Courier.
<a href="https://www.realestate.com.au/property-house-nsw-centennial+park-130433310" target="_blank">Warwick, the modernised Federation</a> which resonates charm, was once owned by the University of NSW as its residence for its Vice-Chancellor.
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jchancellor-FAypfDUnLy

Warwick, Centennial Park sells pre-auction

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The emerging national estate agency The Agency has reported it expects its core business units to be profitable within the next 12 months.
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The network has expanded to 300 sales representatives across Perth, Sydney, Melbourne and the Gold Coast (across nine offices, following the closure of Coogee premises).
The company now has 4209 properties under management, 1394 listings and a mortgage book of over A$1.2 billion.
The Agency East Coast recorded 402 residential sales (with a combined value of A$805 million), along with a property management portfolio in excess of 3,300 properties, having a team of 117 sales agents.
Commenting on the results, The Agency managing director Paul Niardone said with a reduced cash burn rate, the expectations are its WA operations (real estate, mortgage, and settlement businesses) will be cash flow positive from the start of the 2019.
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It reported its national net revenue from continuing operations of $10,479,073 for the six-month period ending 31 December 2018, representing a 52 per cent increase on the previous comparative period 31 December 2017 revenue (HY2017: $6,877,278).
Its commissions for the six-month period totalled $7,011,868, representing a 46 per cent increase on the previous comparative period 31 December 2017 revenue (HY2017: $4,798,945).
It reported a loss before tax of $2.11 million which was lower that the prior period. (Dec 2017: $2,148,445 loss).
Some $615,000 were one-off costs associated with legal expenses and corporate advisory incurred in relation to the acquisition of Top Level Pty Ltd, the Matt Lahood lead Bondi Beach based agency. 
The reported to shareholders noted revenue and commission growth "will be maintained during the upcoming period and significantly enhanced as a result of the acquisition of Top Level Real Estate Pty Ltd which settled post 31 December on 11 January 2019."
On 17 January 2019, The Agency completed its acquisition and settlement of Top Level Pty Ltd (“Top Level”), by The Agency’s wholly-owned subsidiary Ausnet Real Estate Services Pty Ltd, after all conditions precedent to the transaction were satisfied. The total cost of the acquisition was $5,000,000.
As announced on 12 February 2018, the Company and its wholly-owned subsidiary, Ausnet Real Estate Services Pty Ltd, entered into an amended and restated option agreement with Top Level Real Estate Pty Ltd and Top Level’s majority shareholders for Ausnet to acquire all of the Top Level Shares held by the majority shareholders and offer to acquire all of the Top Level Shares held by the minority shareholders.
 The total cost of the acquisition was $5,000,000.
As part of the post-acquisition settlement process, the company has re-negotiated the existing Top Level Macquarie Bank financing, with a new debt facility executed, for a term extending from 17 January 2019 to July 2019. 
It advised the Macquarie Bank debt facilities total $12.65 million.
It reported it had also re-negotiated an extension of the repayment date on an existing $1,350,000 loan until June 2019The Agency also completed the acquisition of Vicus Residential - the residential sales and management division of The Vicus Property Group – in January 2019 with settlement of 2,666,667 shares and a $75,000 cash payment as payment for all of Vicus Residential’s issued shares.
The total acquisition cost was $875,000.
 
 
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The Agency renegotiates $12.65 million Macquarie Bank debt

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The Agency Group Australia has seen Andrew Jensen appointed to the role of interim chairman, effective immediately.
Jensen succeeds Philip Re who tendered his resignation as chairman and from the board of the listed estate agency.
The Agency has a $23 million market capitalisation, after shares fell 15 percent today. Jensen has previously held the position of chief financial officer at The Agency, with a strong prior commercial, strategic and M&amp;A experience.
Jensen was the CFO of Australasia’s largest real estate group Ray White for eight years.
He has also been the CFO of VGC Food Group Pty Ltd, a private diversified manufacturing and franchising group.
“I am delighted to accept the opportunity to be Chairman of The Agency Group at this stage of its development,” Mr Jensen said.
“Despite the current market downturn, this Company is ideally positioned as innovative disrupter in the national real estate market to continue its rapid growth and cement its position as the fastest growing real estate company nationally.”
The Agency fell to ¢19 in its trading on Monday afternoon.
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The Agency managing director Paul Niardone said Phil Re had played a "key role overseeing what has been a significant transformational period for the company."
“As chairman, Phil has steered the company from its infancy, operating from one office in Doubleview with next to no agents under the Ausnet Real Estate Services banner, to being the fastest growing national real estate company in Australia with 293 agents across multiple offices and unaudited group revenue of approximately $24.5 million.
“He has overseen the Company’s substantial growth in Western Australia via the acquisition of Sell Lease Propertyand other notable real estate agencies including Beaufort Realty and the transition to national real estate agency with the acquisition of Top Level Real Estate.
“The board wish to thank Phil for his significant contribution and commitment to the Company and wish him all the best in his future endeavours.”
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Andrew Jensen appointed interim chairman of The Agency

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The WA based listed property services company, The Agency has completed its drawn-out acquisition of east coast real estate firm Top Level Real Estate after acquiring all of the issued shares in Top Level.
It involved a capital raising of $8.4 million via the issue of 28 million shares at 30c per share and taking on $18.8 million of Top Level debt.
The Agency advised it now has 293 sales representatives across Perth, Sydney, Melbourne and the Gold Coast, the same figure it advised in mid-2018, after a number of quiet <a href="/news/the-agency-inner-west-loses-mark-bowis-to-cobden-hayson-balmain">departures</a>.
Its early target was to have eventually 600 sales representatives nationally. 
It has 4209 properties under management, up slightly on the 4175 as at June 30, 2018.
It currently has 1394 listings.
Its mortgage book is $1.2 billion in loans, up slightly on its $1.1 billion loan book from 2016.
The transaction sees Matt Lahood commence as an execuitve director of The Agency upon completion of acquisition.
He led the McGrath Rebels who departed the McGrath agency with the promise of very high commission payments.
It was two years ago they made the decision on tieing up with the little known ASX minnow with the backing of mortgage broker John Kolenda.
The Agency now comprises two brands, The Agency and Sell Lease Property.
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No. of Agents
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293
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No. of Properties Sold
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1121
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Value of Properties Sold
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$1.2bn
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Properties under Mgmt.
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4209
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Listings
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1394
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Group Revenue
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$24.5m
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Source The Agency: six month to December 31 unaudited data
The Agency will be opening second Melbourne office in Hawthorn and new office in Central Coast NSW with plans to expand into Brisbane, Canberra.
The Agency managing director Paul Niardone said the overnight company-making transaction was "a significant milestone in the short history of The Agency and further cements our position as the fastest growing disruptive real estate group in the country."
“We are only a start-up that has, in a very short space of time, achieved significant growth in terms of revenue, market share and recruitment.
"Our target now is to become cashflow positive within the next 12 months while also focusing on national expansion opportunities."
The half year group revenue for the past six months was put at $24.5 million. The annual revenues sat at $29.3 million as at June 30 last year. 
Shares were trading at ¢14 before its trading halt this time last week. This morning they showed a bid of ¢15, with offer ¢28. There were no trades this morning.
 
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The Agency completes acquisition of the McGrath Rebels

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