Monday 12 Dec 2011
Leading residential agency, McGrath Estate Agents, have reached a significant milestone despite a softer residential market. The company’s November sales figures have surpassed the previous record set in March 2010 ($635 million from 572 transactions) with a healthy 758 sales worth $723 million.
Current average Auction Days on Market were 36 for the Group.
According to McGrath Chief Operating Officer, Geoff Lucas, “The strongest sector was definitely between $500,000 to $1.5 million with 444 sales. This has been a popular sector of the market driven largely by first home buyers and investor activity.”
Currently first home buyer activity comprises 16.4% of the market while investors hit a peak of 38.4% of the market in November according to AFG.
Mr. Lucas adds, “While there has been increased buyer activity in some regional areas such as Ballina, Byron and the Central Coast, our long standing Sydney metro offices have achieved some impressive gains while growing their market share”.
Record performances across McGrath network in November:
• McGrath Eastern Suburbs reports $170.5 million from 140 sales with 10 sales over $2 million, (+55% on corresponding period last year)
• McGrath Neutral Bay/Mosman/Northbridge reports $86.3 million from 66 sales, with 11 sales over $2 million (+57%)
• McGrath Inner West reports $75.7 million from 75 sales, with 3 sales over $2 million, (+21%)
• McGrath Lane Cove reports $32 million from 22 sales, with 5 sales over $2 million (+68%)
• McGrath Cronulla reports $29.1 million from 34 sales, with 1 sale over $2 million (+9.9%)
Mr. Lucas said that a returning confidence in the market has resulted in a record number of listings by the company in the past month with 1,019 listings across the network, compared to 651 for the corresponding period last year.
