Resilience, tech advances, diversification and growth of the broker channel are putting the fastest brokerages at the vanguard of the mortgage sector’s evolution
The sale of high-end homes in Sydney’s Vaucluse and Bellevue Hill, and Perth’s Peppermint Grove, shows demand for trophy homes in blue-chip locations is continuing to buck the wider property downturn.
Consortium acquires majority shareholding in Oxygen
subscribe
A
A
McGrath has entered into a transaction that will provide a financial services and technology investor consortium with a 55 per cent controlling interest in the Oxygen Home Loans business.
Real estate group McGrath Ltd has announced that it has entered into an agreement to provide a new financial services and technology investor consortium, Oxygen Investment Corp Pty Ltd, with a 55 per cent controlling interest in its broking business, Oxygen Home Loans (Oxygen).
Oxygen Investment Corp is headed up by equity specialist and former CEO of consumer finance and vehicle company Eclipx, Doc Klotz; the general manager of the Australian operations of peer-to-peer lender Harmoney, Ben Taylor; and asset finance and investment business Sturt Capital Partners. Both Mr Klotz and Mr Taylor worked together at financial services company Flexigroup for a number of years, where they were head of global operations and head
McGrath rebounds on rising home sales
We’re sorry, this service is currently unavailable. Please try again later.
Dismiss
Normal text size
Advertisement
Listed real estate agency McGrath has seen a rebound in its underlying business with cash moving to new homes and renovations in lieu of people travelling and being locked in the house during the global pandemic.
While volumes of house sales were still lower than a year ago, sales price where higher and clearance rates averaged about 80 per cent, which had underpinned a 16 per cent jump in the group’s revenue to $56.7 million.
As a result, the business returned to the black with an interim net profit after tax of $8.1 million compared with a loss of $1 million in the previous corresponding half year.