Monday 21 Feb 2011
Leading residential real estate group McGrath Estate Agents announced that the opening this week of a new Coogee office to further expand its presence in the eastern beaches and south-east suburbs of Sydney.
McGrath Coogee is a satellite to the company-owned Edgecliff office, already a dominant force in the eastern suburbs, transacting a record $1.1 billion in real estate last financial year.
McGrath Chief Executive John McGrath said the expansion had been prompted by demand from clients who were increasingly looking for larger homes or to down-size for lifestyle reasons.
“We have been working in this region for more than 16 years and the McGrath brand is well recognised and respected,” said Mr McGrath. “However, with the growth in areas such as Maroubra, Little Bay and the wider Randwick municipality we believe a visible, physical presence in the area will better serve the needs of our clients.
“The eastern beach suburbs contain some of the most valuable real estate in Sydney mixed with a high number of 60s and 70s built apartments. The desirability of living close to the beach and city means that houses and units are being sought by a new wave of buyers who value the advantages of McGrath’s professional and service oriented approach to marketing and sales.”
The Coogee office will be headed by leading McGrath agent and partner Adrian Bo with a staff of 25, including 16 of its top sales professionals from the company’s Edgecliff office. Agents making the move will include area specialists Chris Volpatti, Trent Knox, Mary Howell, Donna Burke, Kel Gray and Nick Simitzis.
Said Mr McGrath: “The calibre of the team we are putting into Coogee indicates just how serious we are in our intentions for this market. The Edgecliff office already has a great track record having achieved several top sales in the area and we expect Adrian and his team to further build on our reputation for ground-breaking marketing that achieves excellent results.”
Notable sales include $7,550,000 for 40 Gardyne Street, Bronte, $4,300,000 for 54 Dutruc Street, Randwick, $3,400,000 for 87 Boundary Street, Clovelly and $1,135,000 for 37 Robey Street, Mascot.
McGrath General Manager of Sales for company owned offices, Matt Lahood, said the Coogee team’s familiarity with the area would allow it to hit the ground running.
“Adrian has spent 20 years specialising in the eastern beaches, 16 of them with McGrath,” said Mr Lahood. “He and his sales staff will focus on suburbs from Bronte south to Botany taking in all the beachside locales as well as Pagewood, Mascot, Eastlakes and Randwick.”
Alongside the multi-million dollar beachside homes, McGrath has achieved million dollar plus sales in locations such as Maroubra, Mascot, Pagewood and Botany, once considered affordable, and Mr Lahood expects this trend to continue.
“There is a diverse housing mix throughout the wider Randwick area which broadens the appeal to virtually every demographic group,” said Mr Lahood. “Young couples and singles are taking an interest in the walk-up units where they can see the potential to renovate and add value while empty nesters are seizing the opportunity to enjoy a coastal lifestyle without moving away from friends, family and good hospitals.
“Semis and free-standing houses, many of them outstanding examples of Californian bungalows, are highly sought after by families especially those who want their children to have the advantages of established schools and infrastructure yet still remain connected to the city.”
Of the 49,000 dwellings in the Randwick Council region, 52 per cent are apartments and units and close to half of these are rental premises. Vacancy rates range from just 0.6 per cent to 1.6 per cent, making it an extremely tight rental market.
McGrath Coogee will be looking to build on its property management services in the area. Said Mr McGrath: “This is one of the few locations in Sydney where investors can enjoy not only healthy yields but also capital gain.
“We have a strong foothold in property management here but we’ll be looking to further grow this side of the business along with our mortgage broking service through Oxygen Home Loans.”
The new McGrath Coogee office will opened its doors on February 21st and is located at
270 Clovelly Rd, Clovelly. Phone: 9386 3333