McGrath sees $12.3 billion in residential sales for the 12 months ending June 30, 2015 from 11,760 properties.
Sydney's hot property market has helped Sydney real estate luminary John McGrath oversee a record year at McGrath Estate Agents, the firm he started 27 years ago. The firm recorded $12.3 billion in residential sales for the 12 months ending June 30, 2015 from 11,760 properties, a 21.7 percent increase on the previous year's result of of $10.1 billion from 10,574 properties. These properties included 3,087 sales at $1 million or above, 955 sales above $2 million and 87 sales above $5 million.
McGrath Edgecliff in Sydney's eastern suburbs continued to be the office with the most sales, recording $1.61 billion from 1,110 sales, a 28 percent increase on the corresponding 12-month period. McGrath, the company's chief executive, said he believes Edgecliff is Australia’s highest performing residential office.
“Sydney in particular has proven to be one of the most resilient property markets in the world with long term fundamentals that underpin the market," said McGrath. "As Sydney’s auction clearance rates are holding steady in the 80 percent plus range, one of the things helping the Sydney market along is the strengthening NSW economy and high levels of migration. The boom will end at some point, but that doesn’t mean price growth will end, but rather continue in a more moderate fashion.”
With the current volatility in the sharemarket exacerbated by turmoil in the Eurozone, investment in residential property is set to continue. “The sleep at night factor associated with bricks and mortar investments proved reassuring to investors especially Baby Boomer who are focused on capital preservation," said McGrath.
McGrath Estate Agents opened ten offices during FY15, eight in NSW and two in Queensland, and now have 68 offices spanning NSW, ACT and Queensland. Ten offices across the McGrath network recorded in excess of 50 percent growth in sales in FY15. These are McGrath offices in Buderim, Lindfield, Avalon, Thirroul, Byron Bay, Wollongong, Dickson (ACT), Epping, Parramatta and Terrigal.