Ann: Interim Financial Report 31 Dec 2022 & Appendix 4D, page-6

I agree they are paying out way too much money.

Speaking with principals of agencies around my area last few weeks they are reporting a very dire landscape.
An agent said to me yesterday that his agency on average is getting 1 or 2 buyers on each property so if they can put a deal together before the auction day they are doing exactly that.

A property tsunami is approaching and many just can not see this.

Watch the redundancy numbers continue to rise and sentiment fall off a cliff.
AU1 management will be looking to raise capital during a very challenging time IMO.

This has way to much downside risk now even for me, so I am now no longer a buyer at lower levels as I think things could turn out really badly here now due to high expenses and massive debt levels.

10x