Ann: Trading update and FY18 guidance, page-16

The problem in RE is the agency adds almost zero value to the transaction. If there is any value it is from the agent alone, not the agency. In my market the sellers follows the good agents (who are less than 5%) as they move from agency to agency. A good agent is worth the price, all the rest are a negative.

When you add in the likelihood of a slowdown in volume (volume is much more variable than price) in the Sydney market then you would have to be a fool to buy into MEA at any price. When both the long and short term prospects are against you and the management in turmoil then get out.