McGrath clocks in strong growth
McGrath real estate reports on the latest growth in sales in the second quarter of 2010.
- (1888PressRelease) February 17, 2011 - Leading real estate agency, McGrath Estate Agents, have posted a record sales quarter in their 22 years of business. The group sold $1.605 billion in residential sales for the 2010 October to December quarter from 1,691 sales. This reflects an increase of 16% on the corresponding 2009 October to December quarter of $1.388 billion from 1,313 properties.
The sales for the group were diverse in price segments with 1,198 sales under $1M; 458 sales in the $1M to $3M bracket; and 37 sales above $3M. Average days on market were 38.
Chief Executive John McGrath said, "We saw a steady increase in confidence leading up to the Christmas break for many of Sydney's blue ribbon regions. There was a definite light starting to shine at the end of the tunnel as a number of astute top-end buyers re-entered the market in anticipation of an improving 2011 residential market.
"In particular areas like Hunters Hill and the Upper North Shore that had been greatly affected by the GFC, saw opportunistic buyers coming in at the current price levels. I think the smartest buyers have realised the economy is back on track and if they can buy quality property at 20-30% pre-GFC prices they have a window of opportunity that won't be open for much longer.
"I believe the same can be said for the Northern Beaches in so far as smart buyers are starting to circle and look for bargains before the market improves. I am confident we will see 7% to 10% prices increases in 2011 for many of Sydney's top end suburbs and homes as the economy moves up a gear. Areas like Hunters Hill, Pymble, Palm Beach and many more, were clearly oversold during the fear of the last two years and when the money comes back in, it will flow quickly."
Record growth across the McGrath network for the Oct - Dec 2010 quarter were in the Sydney regional offices of Hunters Hill, Pymble, St. George, Castle Hill, Parramatta and Sylvania.
- McGrath Hunters Hill real estate sold $101.8 million from 81 sales, compared to $60.8 million in 2009 quarter (+67%).
- McGrath Pymble real estate sold $64.5 million from 59 sales, compared to $42.4 million in 2009 quarter (+52%)
- McGrath St. George sold $51.2 million from 56 sales, compared to $24.7 million in 2009 quarter (+108%)
- McGrath Castle Hill sold $45.7 million from 50 sales, compared to $24.1 million in 2009 quarter (+90%)
- McGrath Parramatta sold $33.4 million from 60 sales, compared to $21.7 million in 2009 quarter (+54%)
- McGrath Sylvania sold $26.7 million from 30 sales, compared to $13.3 million in 2009 quarter (+101%)
In releasing his company's sales figures, Mr. McGrath said "Whilst clearance rates pre-Xmas were slightly down on the previous few months that was more due to the increased volume of listings than weaker buyer activity. Whilst only around 50% was selling by auction most of our listings were sold soon after and we only have 10% of our December listings still available this month."
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