Thursday 28 May 2009
May 28, 2009 – Sydney – Leading residential agency, McGrath Estate Agents, today announced the opening of a new office in the Blue Mountains of NSW.
McGrath Wentworth Falls/Leura is the latest office for McGrath’s expanding regional network outside of its traditional Sydney footprint. Other regional offices are situated at Bowral, in the NSW Southern Highlands; Terrigal and Gosford on the NSW Central Coast; and Warners Bay on the NSW North Coast.
John McGrath, Chief Executive of McGrath, said the Blue Mountains was one of the most spectacular regions in Australia with its majestic mountain peaks, deep green valleys, crisp clean air, leafy suburbs and streets and a country-style village atmosphere. With improving road infrastructure enabling easier and faster access to Sydney’s CBD, the Blue Mountains was poised for growth in the next property cycle upswing, he said.
“The Blue Mountains property market will undoubtedly benefit from Australia’s aging population as baby boomers continue to retire and leave Sydney either for a sea change on the coast or a tree change in regional areas,” Mr. McGrath said.
“The Blue Mountains has so much appeal and offers a vastly different lifestyle to Sydney and coastal areas. It has a relaxed pace, a tight-knit community and a strong historical feel. It boasts diverse architecture with many homes enjoying beautiful views.
“Thousands of Sydneysiders visit the Mountains each year, and given that it’s not uncommon for Australians to move permanently to favourite holiday destinations in retirement, I’d expect The Blue Mountains to benefit from our rising tide of retirees over the next 20 years, particularly as the region offers a level of affordability not usually seen in areas within 90 minutes of Sydney, with median house prices as low as the $200,000s.
”Principal Matthew Gale, a second generation sales agent for 20 years who has lived in The Blue Mountains all his life, said his office had been in his family for 35 years.
“Switching to McGrath was a logical choice as we consider it the benchmark in basically every facet of real estate business in Australia,” Mr. Gale said.
“McGrath offers world class marketing, exceptional systems, infrastructure and technology. It also has the best buyer database in Australia and we believe this will be a key element in achieving better prices in our local market. McGrath has such a strong presence in Sydney, and given that 65% of our buyers are coming from areas between Sydney and the Lower Mountains, being part of the McGrath network will enable us to better market our clients’ properties to motivated buyers from outside the local area.”
According to latest RP Data figures, median property prices have fallen in The Blue Mountains in line with the Sydney market during the softer property cycle, leaving plenty of room for growth in years to come. The median house price in Katoomba is $290,000; Wentworth Falls $375,000; Leura $405,000 and Blackheath $305,000.
McGrath Wentworth Falls/Leura has a growing property management division with 170 residential and commercial properties currently under management. Gross rental yields for houses in the region are around 4%.
McGrath Wentworth Falls/Leura has five staff, including Matthew Gale (Principal), Kerrie Roberts, Suzie Gale, Tom Hickey and Glen Ebzery. It will service Katoomba, Leura, Hazelbrook, Blackheath, Lawson, Wentworth Falls and Mt Victoria. The office is located at 18 Station St, Wentworth Falls. The phone number remains (02) 4757 1601.