Thursday 15 Nov 2007
November 12, 2007 – After celebrating its best sales month in 18 years of operation in September with $317.9 million worth of real estate sold, leading residential real estate group, McGrath Estate Agents, has achieved back to back records with $329.4 million in residential sales in October, with an average sale price of $1.1 million.
“We are absolutely delighted to achieve back to back sales records for the first time in our company’s history,” said Chief Executive, John McGrath.
Mr McGrath said there was a significant new trend in Sydney’s market with consumers now paying similar money for apartments as they would for houses.
“Traditionally, apartments have been the affordable alternative to houses – the second option for families and empty-nesters,” Mr McGrath said. “We are now seeing more people actually choosing to live in apartments over houses, which is in line with social changes that include people placing a higher value on lifestyle factors such as low maintenance, views and proximity to the city, transport and cafes.
“Although the house market remains strong with plenty of demand from young families for the quarter-acre block, apartments are increasingly attracting older couples with teenage kids, empty-nesters and professionals.”
Mr McGrath said this trend was occuring primarily in Sydney’s East, the Sutherland Shire, North Shore and Northern Beaches, and is being driven mainly by baby boomers.
“It is no longer unusual for people to pay $2 or $3 million for apartments because the lifestyle they offer is so valuable. We are seeing some spectacular apartments on the market and it’s not taking long to sell most of them either.
“Baby boomers in particular are embracing this new way of life, and we’re starting to see more acknowledgement from developers that there is a burgeoning demand for luxury apartments in lifestyle locations such as Sydney’s Northern and Eastern Beaches, the North Shore and along the Southern rivers.
“Many new apartments have very large internal spaces and large entertainer’s decks with serene views of beaches, the Harbour, rivers and bushland. Many also offer security and low maintenance, as well as common facilities for residents such as pools, gyms, saunas and tennis courts.”
In September last year, McGrath Eastern Suburbs specialist, Hamish Robertson, set a new Australian apartment record when he sold the Walsh Bay abode of Aussie Home Loans founder, John Symond, for more than $16 million.
“This record has been surpassed several times over in just one year, which demonstrates that there is a lot of money being shifted into the high end apartment sector as the population continues to age,” Mr McGrath said.
Further media information: Bronwyn Allen, PR Coordinator, 02 9386 3354; 0401 446 101