McGrath establishing solid presence in Melbourne

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Sep 27, 2016

McGrath establishing solid presence in Melbourne

McGrath has achieved its strongest Melbourne sale to date, showing the agency is establishing a solid foothold in the Melbourne property market.

Image: McGrath.

McGrath Northcote Principal Gino De lesi sold a four-bedroom home at 167 Clarke Street, Northcote, for $4.3 million, or $760,000 higher than the previous suburb record.

McGrath Northcote has recorded McGrath's strongest Melbourne result since establishing a presence in the Victorian capital late last year.

McGrath Northcote Principal Gino De lesi sold a four-bedroom home at 167 Clarke Street, Northcote, for $4.3 million, or $760,000 higher than the previous suburb record, which was also set by De lesi in May (when he was with Barry Plant).

De lesi said family homes around Northcote are in strong demand, as local families choose to stay in the area and send their children to top local schools.

“There is a limited supply of large family homes in the local area and we are finding that this is pushing up the prices on these types of quality properties. From a demographic point of view we are finding that buyers want to stay in the area whereas in the past families would move out of the area to the eastern suburbs where schools were more renowned for producing great results. With Northcote High School now ranking highly with parents, its encourage families to stay local,” said De lesi.

The Northcote home is Federation-style, and has undergone a state-of-the-art renovation. Sweeping city views and a north-facing outdoor entertaining area round out the offerings of the family home.

McGrath Founder, John McGrath, said the sale showed the strength of demand for quality homes in top locations. He said Melbourne’s inner-north is likely to remain a sought-after location in Melbourne.

The result is the biggest Melbourne sale by McGrath since launching in Victoria late last year.

Three parties from De lesi's database inspected the property, which was not open for public inspections. A young local family upsizing from their current home was the eventual buyer.

Another significant sale for McGrath Northcote was the $1.57 million sale of 109 Rossmoyne Street, Thornbury by agents Luke Brizzi and Stephanie Lentini. The buyer was once again a young local upsizing from their current home, showing how strong this market is in the area.

The vendors were a young family who had lived in the house for seven years, and were going to buy another local property to renovate.

A statement from McGrath said, “The home had previously passed in at auction in March this year and fell short of the vendor’s reserve. The property was withdrawn from sale however our team continued to work with the vendors, keeping them updated of market conditions and any suitable buyers that we had in our midst. The sale price was $130,000 over the March reserve.”