Original article by Nick Toscano
The Age – Page: 13 : 8-Jul-16
The Fair Work Ombudsman’s office has received a complaint from an employee of a real estate agency in Hawthorn, Victoria, about being underpaid. The worker was paid $A9 an hour, or less than $A375 a week, while the national minimum wage is $A17.70 an hour, or $A672.70 a week. The ombudsman is also investigating a number of other cases of underpayment of wages.
CORPORATES
AUSTRALIA. FAIR WORK OMBUDSMAN
Original article by Robert Harley, Larry Schlesinger
The Australian Financial Review – Page: 35 : 8-Dec-15
Shares in McGrath Limited closed at $A1.835 on 7 December 2015, giving the real estate group a market capitalisation of $A227.9m. The stock was issued at $A2.10 per share, with founder John McGrath reducing his stake from 58.4 per cent to 27 per cent in the IPO. McGrath Limited expects to post a net profit after tax of $A21.1m in 2015-16, compared with $A18.3m previously.
CORPORATES
McGRATH LIMITED – ASX MEA
Original article by Michael Bleby
The Australian Financial Review – Page: 35 : 26-Nov-15
Rival firms have questioned figures in the prospectus of McGrath Real Estate which suggest that the firm has a 3.2 per cent share of Australia’s residential sales market, ranking it the nation’s third-largest. Harcourts MD Mike Green argues that most of McGrath’s sales are in Sydney’s eastern suburbs and it would have a much lower ranking based on the number of properties sold rather than the dollar value. McGrath is slated to list on the sharemarket in December 2015.
CORPORATES
McGRATH REAL ESTATE PTY LTD, HARCOURTS REAL ESTATE PTY LTD, CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED, RAY WHITE REAL ESTATE, LJ HOOKER (AUSTRALIA) PTY LTD, FIRST NATIONAL REAL ESTATE GROUP
Original article by Samantha Hutchinson
The Australian – Page: 28 : 12-Nov-15
McGrath Real Estate will have a market capitalisation of around $A282m when it lists on the Australian sharemarket in December 2015. The real estate group is offering 134 million shares priced at $A2.10 apiece in its IPO. McGrath Real Estate has raised $A128.2m via an institutional bookbuild that closed on 11 November. Founder John McGrath will retain a 26.7 per cent stake in the business.
CORPORATES
McGRATH REAL ESTATE PTY LTD, JP MORGAN AUSTRALIA LIMITED, BELL POTTER SECURITIES LIMITED, REALOGY CORPORATION, BERKSHIRE HATHAWAY REAL ESTATE SERVICES
Original article by Larry Schlesinger
The Australian Financial Review – Page: 8 : 2-Sep-14
The Australian Parliament’s housing inquiry has heard claims about overseas buyers in the residential real estate market trying to circumvent Foreign Investment Review Board regulations. However, this is being dismissed by McGrath Real Estate Agents founder and CEO John McGrath and First National Real Estate CEO Ray Ellis. They argue against any push to lift stamp duty rates for such investors. Melbourne-based buyers’ agent David Morrell had alleged that Asian bidders were inflating prices by as much as 30% and acting illegally as they were not permanent residents
CORPORATES
MORRELL AND KOREN PTY LTD, McGRATH REAL ESTATE PTY LTD, FIRST NATIONAL REAL ESTATE GROUP, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, THE REAL ESTATE INSTITUTE OF AUSTRALIA LIMITED, PROPERTY COUNCIL OF AUSTRALIA LIMITED, HOUSING INDUSTRY ASSOCIATION LIMITED, LIBERAL PARTY OF AUSTRALIA
Original article by Larry Schlesinger
The Australian Financial Review – Page: 42 : 10-Jul-14
A takeover offer worth $A703m has been made for Australian online travel bookings group Wotif.com by US-based Expedia. Local accommodation operators say they will increasingly turn to direct reservations via upgraded in-house web sites, if Expedia attempts to raise commission rates after the acquisition. At present Wotif charges about 12% and the Australian unit of Expedia 18%. Industry expert Dean Dransfield likens the warning by the hotel businesses to the revolt against increased fees at property classifieds portal REA Group by real estate agents
CORPORATES
WOTIF.COM HOLDINGS LIMITED – ASX WTF, REA GROUP LIMITED – ASX REA, EXPEDIA AUSTRALIA PTY LTD, EXPEDIA INCORPORATED, MANTRA GROUP LIMITED – ASX MTR, ACCOR SA, DRANSFIELD HOTELS AND RESORTS PTY LTD
Original article by Darren Davidson
The Australian – Page: 19 : 9-Jul-14
Media buying agency Vizeum faces concerns that its representation of real estate agents breaches competition laws. It has confirmed that it is acting for Real Estate Digital Marketing Services to negotiate ad rates with online classifieds portal REA Group. Questions have been asked about the involvement of Norman Draper, who is linked to REA rival Domain. Vizeum said that there was no conflict of interests, as it was acting for a not-for-profit organisation
CORPORATES
REA GROUP LIMITED – ASX REA, VIZEUM, REAL ESTATE DIGITAL MARKETING SERVICES PTY LTD, DENTSU AEGIS NETWORK, DOMAIN.COM.AU, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, METRO MEDIA PUBLISHING PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, DEUTSCHE BANK AG
Original article by Samantha Hutchinson
The Australian Financial Review – Page: 39 : 8-Jul-14
Real estate agents may decide to boycott certain services provided by Australian-listed online classifieds group REA if no agreement is reached on charges. Media buying group Real Estate Digital Marketing Services (REDMS) stated on 7 July 2014 that it sought a meeting with REA, but the latter refused to discuss the matter of fees charged by its realestate.com.au portal. REDMS represents more than 400 Victoria-based agents
CORPORATES
REA GROUP LIMITED – ASX REA, NEWS CORPORATION – ASX NWS, REAL ESTATE DIGITAL MARKETING SERVICES PTY LTD, VIZEUM, FAIRFAX MEDIA LIMITED – ASX FXJ, DOMAIN PROPERTY GROUP, METRO MEDIA PUBLISHING PTY LTD, BIGGIN AND SCOTT PTY LTD
Original article by Samantha Hutchinson
The Australian Financial Review – Page: 15 : 25-Jun-14
Melbourne real estate agents are challenging the high prices charged by online property classifieds portal realestate.com.au. A group of 300 real estate agencies are angry about successive price rises. They have appointed a media buyer to negotiate with owner REA Group for fairer advertising rates. It is thought that Vizeum Australia will represent the group, which will be known as Real Estate Digital Marketing Services
CORPORATES
REA GROUP LIMITED – ASX REA, VIZEUM AUSTRALIA PTY LTD, AEGIS MEDIA AUSTRALIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, THE REAL ESTATE INSTITUTE OF VICTORIA LIMITED, REALESTATEVIEW.COM.AU LIMITED, RIGHT CLICK CAPITAL MANAGEMENT PTY LTD, CENTURY 21 REAL ESTATE, KAY AND BURTON, RAY WHITE REAL ESTATE, HOCKING STUART PTY LTD, MARSHALL WHITE AND COMPANY PTY LTD, BIGGIN AND SCOTT PTY LTD
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