$21,633 spend is being carried at 32.5% GP margin. 1w -$8,677 / 4w -$4,880 / 8w +$1,583; 1w -30.1% / 4w -18.4% / 8w +35.2%.

$7,021 Intro GP with 29.8% lead-to-intro and 1.4% click-to-intro. The funnel is still producing intros, but margin is not keeping pace with spend.

Agent (National) is 82.9% of spend and produced $2,195 at 12.2% GP margin. This is the account control point, not a side issue.

Agent exact match is carrying $1,973 at 12.8%; phrase match is $222 at 8.6%. Treat them as different businesses with different budget rules.

localagentfinder.com.au is still dominating premium placement at 51.7% absolute-top share versus WREA at 15.3%.

GP margin has fallen from 122.0% on 23 Feb 2026 to 32.5% now; Intro GP has dropped from $47,595 on 16 Feb 2026 to $7,021 now.