Meta Ads Audit Report

Account: Lux Living (Real Estate Lead Generation)
Region: Sydney, Australia | Currency: AUD
Reporting Period: Nov 15, 2025 - Feb 15, 2026 (90 days)
Audit Date: February 15, 2026

Meta Ads Health Score: 46/100 (Grade: F)

Pixel / CAPI Health: 55/100  ██████░░░░  (30%)
Creative:            45/100  █████░░░░░  (30%)
Account Structure:   30/100  ███░░░░░░░  (20%)
Audience:            50/100  █████░░░░░  (20%)

Verdict: This account has a strong-performing anchor ad set (Waterloo) but is severely undermined by budget fragmentation across too many underfunded ad sets. The majority of spend outside Waterloo is generating leads at 3-10x the cost, and two ad sets have produced zero leads. Consolidation is the single highest-impact action available.

Account Overview

Campaign Performance Summary

Ad Set Performance Ranking

Wasted spend (zero-lead ad sets): $78.56 AUD (7.4% of total budget) **Non-performing spend (zero leads + CPL >3x account avg):** $242.66 AUD (22.8% of total budget)

Section 1: Pixel / CAPI Health — 55/100

Key Finding: Using on-platform lead forms is smart — it avoids many iOS 14.5+ tracking issues. However, if you're doing any website retargeting, lookalike audience building from website visitors, or tracking the lead-to-sale journey, Pixel + CAPI are still essential.

Recommendation: Provide Events Manager screenshot and EMQ scores to complete this section. Even with lead forms, Pixel/CAPI data feeds the algorithm better optimization signals.

Section 2: Creative — 45/100

Placement Performance (Waterloo ad set — best data):

Key Finding: Instagram Stories delivers the lowest CPL ($3.82) at 44% lower cost than Feed ($7.14). However, Feed gets ~69% of the spend because it has the most inventory. This is likely Advantage+ Placements working correctly — letting Meta optimize across placements.

Recommendation: Export at the ad level (not placement level) to enable full creative audit. Include columns: Ad name, Creative type, Thumbnail/preview, and date range breakdowns.

Section 3: Account Structure — 30/100

Budget Fragmentation Analysis (CRITICAL ISSUE)

The minimum daily budget per ad set should be 5x your target CPA to exit Meta's learning phase.

Not a single ad set meets Meta's learning phase budget requirement. The algorithm cannot optimize effectively at these spend levels. This is the root cause of the high CPLs across newer ad sets.

What "Good" Looks Like

With $11.80/day total budget and a target CPL of ~$10:

• Ideal structure: 1-2 ad sets maximum
• Required daily budget per ad set: $50+ (5x $10 CPL)
• Current reality: $11.80 split 9 ways = $1.31/ad set average

Section 4: Audience & Targeting — 50/100

Key Finding: Frequency is healthy across the board (1.0-1.9), meaning you're not over-saturating audiences. However, there's no retargeting campaign visible. People who engaged with your lead forms but didn't submit, or who visited your website, should be retargeted.

Section 5: Advantage+ Assessment

Findings Summary

CRITICAL (Fix Immediately)

1. Budget fragmentation is destroying performance. 9 ad sets share ~$11.80/day. No ad set can exit learning phase. Consolidate to 1-2 ad sets immediately.

2. Two ad sets have zero leads after 17 days. Serendipity ($44.86) and Macquarie Rise ($33.70) have spent $78.56 with zero results. Pause immediately.

3. 70% of spend outside Waterloo generates leads at 3-10x the cost. Waterloo CPL is $6.46. The next best active ad set (Macquarie Collection) is $20.20 — over 3x higher.

HIGH PRIORITY

4. No retargeting campaign exists. Website visitors and form abandoners should be retargeted. This is typically the lowest-CPL audience for real estate.

5. Pixel/CAPI status unknown. Even with on-platform forms, Pixel + CAPI are essential for building website custom audiences, lookalikes, and tracking the lead-to-inspection-to-sale journey.

6. Campaign structure needs consolidation. 4 active campaigns with 8 active ad sets should consolidate to 2 campaigns with 2-3 ad sets max at this budget level.

MEDIUM PRIORITY

7. No creative-level data available for audit. Re-export at ad level with creative type to assess format diversity, fatigue, and copy quality.

8. Consider CBO over ABO. Campaign Budget Optimization would let Meta auto-allocate budget toward the best-performing ad sets within each campaign.

9. Audience composition unknown. Verify whether you're using Lookalike Audiences, Custom Audiences, or broad/Advantage+ Audience targeting.

LOW PRIORITY

10. EMQ scores not provided. Even with lead forms, EMQ affects how well Meta can match your leads back for optimization.

Quick Wins (Sorted by Impact)

1. Pause Zero-Lead Ad Sets — Save $78.56 immediately

Impact: HIGH | Effort: 5 minutes
Pause Serendipity and Macquarie Rise ad sets. They've spent $78.56 over 17 days with zero leads. Reallocate this budget to Waterloo.

2. Consolidate to 2 Ad Sets — Improve algorithm optimization

Impact: HIGH | Effort: 30 minutes
Restructure the account:

• Ad Set A (Primary): Broad Sydney Inner South targeting (replicates Waterloo's success)
• Ad Set B (Test): Next best geography (North Sydney or Epping)
• Allocate 70% of budget to A, 30% to B
• This gives each ad set ~$4-8/day — still below ideal but far better than $1-2/day

3. Increase Daily Budget — Exit learning phase

Impact: HIGH | Effort: Budget decision
With a $10 target CPL, each ad set needs **$50/day minimum** to exit learning phase.

• Current total: ~$11.80/day
• Recommended minimum: $50-100/day (1 ad set) or $100-200/day (2 ad sets)
• If budget can't increase, consolidation (#2) is even more critical

4. Launch Retargeting Campaign — Capture low-funnel leads

Impact: MEDIUM-HIGH | Effort: 1 hour
Create a retargeting ad set targeting:

• Website visitors (last 30 days)
• People who opened but didn't submit lead forms
• Video viewers (75%+ completion)
  Typical retargeting CPL is 40-60% lower than prospecting.

5. Scale Waterloo — Your proven winner

Impact: MEDIUM | Effort: 10 minutes
Waterloo delivers $6.46 CPL — nearly half the account average. Increase its daily budget by 20-30% every 3-4 days (gradual scaling to avoid resetting learning phase).

Recommended Account Restructure

Current Structure (Fragmented)

5 Campaigns → 9 Ad Sets → ~$1.31/ad set/day
Result: Algorithm can't optimize, CPLs range from $6-$67

Recommended Structure (Consolidated)

Campaign 1: "Lux Living — Sydney Lead Gen" (CBO, $70/day)
  ├── Ad Set A: Inner South (Waterloo/Botany) — Broad targeting
  │   └── 5+ creatives (mix of image, video, carousel)
  └── Ad Set B: Greater Sydney Test — Rotating test geography
      └── 5+ creatives

Campaign 2: "Lux Living — Retargeting" ($30/day)
  └── Ad Set: Website visitors + Form abandoners + Video viewers
      └── 3-5 creatives (testimonials, property details, urgency)

Total: 2 Campaigns → 3 Ad Sets → ~$33/ad set/day

This structure:

• Gets closer to learning phase exit ($33/day vs $1.31/day)
• Lets Meta's algorithm optimize across the best audiences
• Separates prospecting from retargeting
• Still covers multiple properties within each ad set's creative rotation

Operational Rules (Implement Immediately)

Had these rules been in place, Serendipity and Macquarie Rise would have been paused at ~$25 spend instead of running to $44.86 and $33.70. Senso, La Vera, and Cielo would also have been flagged.

Statistical Significance Caveat

At $2-8/day per ad set, the newer ad sets (17 days active) have generated only 0-3 leads each. This is **not statistically significant**. La Vera's 2 leads at $48.85 CPL could theoretically become 6 leads at $16.28 in the next 17 days due to pure variance. However, the structural problem (budget fragmentation) means these ad sets will likely never accumulate enough data to optimize properly, regardless of time.

Data Gaps — What's Needed for Complete Audit

Providing these would move the audit from 46/100 to a fully scored assessment. The structural issues identified above will remain regardless — they're clearly visible in the performance data.

Appendix: Performance by Geography

The Inner South (Waterloo) generates leads at $6.46 — that's 4.5x cheaper than North Sydney, 6.6x cheaper than Macquarie Park, and 6.7x cheaper than Epping. This suggests either stronger demand, better creative, or better audience fit in the Inner South market.

Report generated February 15, 2026. Score: 46/100 (F). Primary issue: severe budget fragmentation. 12 of 46 checks could not be assessed due to missing Events Manager, creative, and audience data.