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.

&nbsp;

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 option held by Paul Nairdone's publicly listed Perth based estate agency to acquire the east coast Top Level estate agency has been extended yet again.
The managing director of The Agency says it remains "totally committed" to acquiring Top Level, though its plans to secure the burgeoning Bondi Beach based outfit appear hopeful with shares dropping to a record low in today's trade.
The elusive option was taken in January last year, as it envisaged having an combined estate agent of 600 sales representatives nationally.
But it told shareholders this week the agreement to buy the east coast business had been extended by another four months.
Top Level Real Estate, which trades as The Agency under a licence agreement, is run by high commission, ex-McGrath rebels led by Matt Lahood.
The sharemarket was told Agency Group Australia had "entered into an extension to the amended and restated binding option agreement."
It noted a "deed of variation has been entered into by Ausnet Real Estate Services and Top Level’s majority shareholders under which all parties have agreed the option agreement be extended for the period of four months from 11th June 2018 until on or before 5pm AEST on 11th October 2018."
Under the terms of the deed, the completion of a raising of no less than $10 million (a condition precedent under the option agreement) has been extended until 5pm AEST on 11th August 2018 or at a later date agreed to by all parties.
Its recent hopeful plans for a $10 million equity raising at 2¢ a share failed to get anywhere after The Agency parted ways with its Perth underwriter, CPS Capital Group, in April.
No replacement underwriter has since been announced.
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<div class="cq-article-content-media section">"We're totally committed to getting this deal done," The Agency managing director Paul Niardone told The Australian Financial Review.</div>
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<div class="related-quotes section">"There's quite a bit we need to do. It's not just about the raising but about merging two organisations and how that will take place. We don't want to be pushed to a timeframe."</div>
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Shares in The Agency have fallen to 1¢ in morning trade.
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Its WA-based business generated total revenue of $13.5 million in the year to May with the east coast Top Level network bringing in $16.1 million. Its latest sharemarket advisory claims The Agency Group is "achieving its stated goal of being the fastest growing real estate brand nationally."
Their recent WA acquisition Sell Lease Property (SLP), acquired in March 2018, saw 115 properties settled and 324 listings for the two months to May 2018.
In May 2018, The Agency and Sell Lease Property combined ranked fifth in Western Australia for $ value and fourth in number of sale.
It has advised the company is closing in on claiming number one ranking in WA for number and value of sales when compared with the top groups in the state.
The Agency Group Australia, formerly Ausnet Financial ServicesLimited, has also announced it has acquired Inglewood Estate Agency, further expanding its reach in the Western Australian market.
The transaction adds 80 property managements to The Agency.
Inglewood Estate Agency principal Mark Jewell will join The Agency Group team, with over 30 years’ experience selling properties.
Established in 1960, Inglewood Real Estate is a longstanding family business. The purchase price of $436,180 will be paid in three payments over two year, the first instalment representing 80% of the total purchase consideration which was paid at settlement.
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(Agency East Coast from April 1, 2017)
But it has recently borrowed $1.1 million in short-term funding (at annualised interest rate of 18 per cent) as working capital.
Niardone said the commercial loan, to be repaid in three months, would tide it over until the Top Level deal was sealed. 
The $1.1 million is being lent by a private lender, with Niardone declining to reveal the lender’s identity to The Australian.
The Agency real estate sales posted gross commission income of $7.55 million while SLP posted $1.5 million (March – May), totaling $9 million of commission income for YTD May 2018.
The Agency Property Management reported monthly income of $116,000 for May and added 96 new property managements.
Mortgage and Financial Solutions Australia posted a record month of $20 million in loan lodgments while the loan book grew 9.5% against a drop of 18% in the overall Western Australian lending market.
Commenting on the results, The Agency Managing Director Paul Niardone said these were "exceptional results" for its Western Australian operations, especially when considering the market is still down 1.8% in dwelling values to May 2018 and sales turnover, for the same period as last year, was down 5%.
"The numbers also demonstrate that the referral of clients into other business units is working.
"The results illustrate we have a proven model that is disrupting the traditional franchise model by giving power back to the real estate agent and providing a significant value proposition to agents.
"The traditional model has had its time and The Agency has proven this by showing that, combined with Sell Lease Property, we are knocking on the door of claiming number one ranking in WA for number and value of sales."
The group reported recently it had $1.1 million in cash at the end of the March quarter.
It forecast outflows of $4.9 million in the June quarter. Its March quarterly revenue was $4.2 million
The sharemarket values the company at $8 million.
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The Company is backed by Finsure Group, one of Australia's fastest growing retail finance brokerages writing over $1 billion in new mortgages every month across 850 brokers.
Ausnet Financial Services Limited, as The Agency Group was then known, advised the sharemarket in early 2017 that its east coast expansion involved as=n option agreement with Aura Principal Investments Pty Ltd (ACN 145 010 653), Top Level Holdings Pty Ltd (ACN 617 021 167) and Daring Investments Pty Ltd (ACN 059 818 807) to acquire 100% of the fully paid ordinary shares in the capital of Top Level Real Estate Pty Ltd.
Ausnet director John Kolenda holds an interest in Top Level via his 50% shareholding in (and directorship of) one of the vendors, Daring Investments Pty Ltd.
 
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jchancellor-FAypfDUnLy

The Agency again delays Top Level acquisition deal

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Gene Sherman, who runs the Sherman Centre for Culture and Ideas, and her husband Brian have snappily sold their Woollahra home which was listed with $16 million hopes.
Their home is Corinth, an 1880s home that set an $11 million record in 2007.
The grand Victorian has six bedrooms, four bathrooms and an internal courtyard on its 575 square metre Queen Street parcel.
<a href="https://www.realestate.com.au/property-house-nsw-woollahra-128450414" target="_blank">The Agency's Ben Collier</a> had a June 23 scheduled auction. No sale price has yet emerged.
Gene was an academic in French literature and languages, first in South Africa where she grew up, then in Sydney after emigrating here with Brian in 1972. Brian founded the funds management company Equitilink which sold for about $150 million in 2000.
They are the $16.5 million buyers of Braelin, the redundant Centennial Park home of tech billionaire Mike Cannon-Brookes, the Atlassian co-founder, and his wife, Annie. 
 
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firstname1-iYD4UYzvBa

Ben Collier sells Corinth, the Woollahra trophy home 10 days pre-auction

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Former Marshall White director Adrian Wood has joined The Agency's Albert Park office.
He teams up with recent addition Michael Paproth and Peter Kakos.
Last year Wood sold $70 million in residential property and has a 97% clearance rate over the last two years.
Just last week he transacted $13.6 million in off-market sales.
Wood has a reputation for achieving a high rate of off-market sales, and repeat sales of the same property.
Based in The Agency’s new Albert Park office, Adrian Wood specialises in the $2 to $6 million residential category across Port Phillip and the surrounding markets.
General manager Peter Kakos said Woods is one of the best agents in the area.
“Our focus from day one has been to attract the very best people who fit well culturally and will live our values,” Kakos said. 
“Adrian Wood’s exceptional customer focus marries beautifully with his 20 plus years of experience, incredible drive and significant level of success. 
The Agency’s model and inherent flexibility attracted Adrian Wood to the brand. 
“The Agency business model is the right model for real estate moving forward," Wood said.
"Agents run their own business within the model, representative of our view that brands don’t sell property, people do.
 “Buyers and sellers want transparency, they want an agent who understands current market trends and can be nimble, fresh and exciting enough to design a campaign focused on attracting and engaging the right buyers based on the client’s needs and not a company need.” General manager Peter Kakos said The Agency offers agents more freedom with agents "rewarded for their services and skills" through a number of verticals with The Agency, particularly the ability to build equity through property management asset sharing.
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jrobinson-rf4aSBido9

Former Marshall White director joins The Agency in Melbourne

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The publicly listed Perth-based real estate and financial services group, The Agency Group, formerly known as Ausnet, has dropped their underwriter for the proposed 550 million share issue which was to help buy a burgeoning Sydney based estate agency.
The company announced it had dropped the underwriter, CPS Capital Group, just seven weeks after their appointment which advised "the acquisition of Top Level was firmly on track."
The proposed raising of $10 million at 2 cents a share was to be used to assist the acquisition of Top Level Real Estate, trading under licence as the The Agency East Coast which is headed by Matt Lahood, and other McGrath rebels, Ben Collier, Shad Hassen and Stephen Chen.
The shares were trading at 1.6 cents today, as boss Paul Niardone indicated he hoped the termination allowed for "greater scope and additional capacity to raise additional funding."
Click here <a href="https://www.propertyobserver.com.au/images/2018/4/26/AgencyGroup1.jpg" target="_blank">to enlarge.</a>
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Attempting to become a national group, The Agency which is headed by Paul Niardone, saw its shares initially close down by 12 per cent at 1.5 cents.
The Fairfax Media business gossip column, CBD published an unconfirmed suggestion The Agency principals "have had to stump up their own cash to keep the operation afloat."
The Perth-originated Ausnet leadership have long aspired to secure the east coasters, but been unable to pull it off.
The last official update had indicated the east coast Top Level with some 90 agents was achieving "exceptional results."
The shareholders were told the east coast team had 380 settled sales, for the 11 month period from April 2017. 
It had "achieved exceptional results with total sales of $695 million, total commissions of $10.2 million and 380 settlements for the year up to March 2018." 
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The Agency Group utilised the shell company Namibian Copper, for its late 2016 ASX listing as Ausnet. The company raised $5.8 million as part of a backdoor listing and recapitalisation with shares initially trading at 3.3 cents on its 2016 listing. They shortly after hit 4 cents after the raising jointly underwritten by Patersons Securities and Transocean Securities and backed by retail finance broker Finsure Group, which took an initial 8 per cent stake in Ausnet. 
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The group has expanded mostly in WA with the SLP group now incorporated into its results.
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The Agency opened the doors of its Bondi Beach office early last year, billed as a “disruptive and fast growing real estate sales and property management business.”
It represented an experimental break from the traditional franchise model - aiming to be a true one-stop shop offering selling agents, property management services, as well as mortgage-broking services, settlement agents and insurance brokers. The stockmarket has been told agents have been referring around 60% of all sales for financing broking.
But the big difference was in contrast to the traditional franchise agency model, The Agency offered lucrative commission splits for the agents.
Franchise agencies usually take a 50:50 split on all the agents’ sales commissions, rarely with more generous 60:40 splits in the agents’ favour.However, The Agency offered agents a starting split of 75:25 split in the agents’ favour, rising to 80:20 and 85:15 as and when higher targets were met.
Agents are also offered a buy-in on the property management income stream.
That split lured top-performing selling agents away from leading east coast franchise groups.
On the announcement of CPS agreeing to get The Agency's fundraising underway, Paul Niardone said CPS Capital Group had "a strong track record of fundraising success and to have them support our capital raising is a significant milestone in the advancement of this transaction.
“We recently undertook a roadshow to meet with, and present to, a range of Australian small cap funds, institutions, and received overwhelmingly positive feedback."
But is appears the group is struggling to get east coast credibility. Established in 1996, its aim has been to become the "most reliable and trusted real estate and financial services company in the Asia Pacific region."
Subject to successful completion of the proposed capital raising, CPS Capital Group was to receive 6% of the underwritten amount, plus 2,000,000 ordinary shares in the company.
(An earlier version of this article indicated the Agency had lost its underwriter. It actually terminated its underwriter.)
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The Agency looking again for underwriter to help buy the McGrath rebels

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The Agency has partnered with the Australian Turf Club, and as part of its sponsorship, the prestigious George Ryder Stakes will now be The Agency George Ryder Stakes.
Matt Lahood has assisted the ATC for 20 years as a property advisor.
"I am thrilled to re-connect with this much-loved Australian sporting institution," he said.
He caught up with the ATC chairman Laurie Macri to celebrate their working together (above).
The Agency George Ryder Stakes – one of five Group 1 races on Longines Golden Slipper Day – is also ranked as one of the highest rated races in the world.
The world’s equal highest rated horse Winx has won the past two The Agency George Ryder Stakes and is again aiming for the $1 million Group 1 race.
 
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The Agency sponsors George Ryder Stakes

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The Agency has secured a top inner bayside Melbourne agent Michael Paproth from Marshall White.
Paproth helped sold $170 million worth of real estate last year to hold a number of suburban sale price records.
Some recent results included three sales over $6,500,000, eight sales over $5,000,000, 10 sales over $4,000,000, 23 sales over $3,000,000, 75 sales over $2,000,000 with a total sales volume of over $170,000,000 in 2017.
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His sales included the $6.6 million sale of a Port Melbourne penthouse in 2015.
The 20 year-plus real estate veteran, spent the past six of them at Marshall White.
Paproth joins The Agency's new Victoria Avenue, Albert Park office, led by Victorian director Peter Kakos, with whom he previously worked at Marshall White and McGrath (above).
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The Agency recruits inner bayside Melbourne agent Michael Paproth

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Former Simeon Manners agent Scott Thornton and wife Jade have joined The Agency.
Scott Thornton, a 20 year veteran, left the Simeon Manners franchise where he was briefly a partner according to his LinkedIn profile.
He was previously at McGrath and LJ Hooker.
He said he is looking for to being part of the company as real estate and technology grows.
“We are in such an interesting time, we are evolving as a city, as a landscape and as an industry," Scott said.
"I think we are going through huge change and that’s exciting. To be a part of a company that is connected in understanding that change, means we can service our clients in the best possible way."
The Agency's CEO Matt Lahood said he is looking forward to working with the couple. 
“Scott and Jade are immensely talented and we are so excited to have them on the team, they are also very well known and respected in their local area.”
National sales director Thomas McGlynn says that in the new age of real estate, agents require a broad skill set and an innovative approach which is what he see's in Scott.
 
 
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Scott Thornton moves to The Agency

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The Agency Group has further delayed announcements about intentions for the acquisition of two key real estate businesses.
The latest extension was notified to the ASX yesterday afternoon.
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The West Australian company was due to settle on its $950,000 acquisition of another WA estate agency Sell Lease Property last month.
The Agency was expected last month to exercise an option to acquire the Matt Lahood-led real estate group Top Level, which operates as The Agency East Coast under a licence agreement.
Instead it extended a trading halt in place until next week.
The trading halt started last month.
The Agency Group acquisition of the ServTech Global Limited subsidiaries Sell Lease Property Pty Ltd, Complete Settlements Pty Ltd and Value Finance Pty Ltd had been delayed due to a "small number of conditions" needed to be satisfied prior to settlement. 
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The acquisition of Top Level is reportedly delayed due to procedural issues relating to ASX compliance.
Earlier this week The Agency denied claims they were "scrambling for cash."
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The Agency Group further delay acquisitions update

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The Agency Group has denied a Fairfax Media report alleging it had delayed acquisitions "as it scrambles for cash."
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The burgeoning agency has told its shareholder it had delayed the acquisitions of two key real estate businesses.
The West Australian company was due to settle on its $950,000 acquisition of another WA estate agency Sell Lease Property last week.
The Agency was also expected last week to exercise an option to acquire real estate group Top Level, which operates as The Agency East Coast under a licence agreement.
Instead it extended a trading halt in place since Monday until this Tuesday.
The Agency Group acquisition of the ServTech Global Limited subsidiaries Sell Lease Property Pty Ltd, Complete Settlements Pty Ltd and Value Finance Pty Ltd had been delayed due to a "small number of conditions" needed to be satisfied prior to settlement. 
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The acquisition of Top Level is reportedly delayed due to procedural issues relating to ASX compliance.
The AFR advised acquisition of the two businesses "would transform the cash-strapped start-up from a cash-flow-negative operation to one that is cash-flow positive."
The Agency released a quarterly update of its financial position indicating the first quarter of 2018 could see a negative cash flow position of $3.1 million.
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The Agency raised $1.92 million through the issue of new shares. The acquisition of Top Level will be through the issue of around 366 million shares in The Agency which requires shareholder approval.
Previously called Ausnet Financial Services, The Agency is backed by mortgage broker Finsure, co-founded by mortgage broker John Kolenda.
An updated AFR report noted its report on the company had the words "as it scrambles for cash" removed from its online version.
In its half year report lodge with the ASX, covering the six month period to 31 December 2017, The Agency Group confirmed it had completed 322 settlements across their wholly-owned operations, valued at $190.5 million.
The number of listings grew to 492 listings during the period, a 30 percent increase on June HY2017.
Gross commissions for December HY2017 came in at $3.76 million, a 45 percent rise on June HY2017. 
“The six months to 31st December 2017 has been a pivotal time in the short history of the company as we continue our significant growth trajectory in both west coast and east coast property markets," said The Agency Group Australia managing director, Paul Niardone, adding that "the company’s unique business model works and will continue to provide significant revenues going forward.”
Top Level, which boasts some of Australia’s leading property professionals, is operating under licence to The Agency Group.
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The Agency Group denies it's scrambling for cash

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The Agency has entered Sydney's Northern Beaches with agents David Rothschild and Lincoln McCarthy.
"David’s market knowledge in the broader Seaforth area is unparalleled and in my view, he is one of the most experienced negotiators in Sydney,” says Matt Lahood, The Agency’s CEO.
“And when it comes to Lincoln McCarthy, well he is one of the future ‘super stars’ of real estate in my opinion.”
David Rothschild has specialised in the premium property market across Seaforth, Clontarf, Balgowlah Heights, Balgowlah, North Balgowlah, Fairlight and Manly, having transacted over $750 million in local residential sales. 
“The Agency’s innovative systems, and new approach to selling and listing real estate, translate into real value for the client by removing unnecessary red tape,” he suggests.
<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/2018/1/23/David.jpg" alt=""> Lincoln McCarthy has achieved results across the Northern Beaches setting multiple block, street and suburb records.
“We believe the uniqueness of The Agency offering is locked into its own motto, ‘people sell houses not companies or brands’, linking agent and client by creating a platform that is not an obstruction,” David Rothschild says.
 
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