McGrath launches lower cost mid-week auctions in Sydney's eastern suburbs

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Mar 28, 2018

McGrath launches lower cost mid-week auctions in Sydney's eastern suburbs

McGrath Coogee will hold its first mid-week auction event tonight, targeting investors in the sub-$1 million market.

Image: supplied by McGrath.

This two-bedroom apartment at 12 Ian Street, Maroubra, will be auctioned at McGrath's inaugural mid-week auction tonight. Price guide $1.5 million.

McGrath Coogee will hold its first mid-week auction event tonight, targeting the investor market for properties expected to sell for less than $1 million.

“While our focus as a company continues to be our Saturday onsite auctions, we’ve introduced mid-week auction events for our offices in Sydney’s east," said McGrath general manage of company-owned sales, Adrian Bo.

"Our inaugural event will take place at our Coogee offices’ designated auction room on Wednesday and will offer vendors a more affordable auction package."

This two-bedroom apartment at 12 Ian Street, Maroubra, will be auctioned at McGrath's inaugural mid-week auction tonight. Price guide $1.5 million. Image supplied by McGrath.

"The mid-week auction events are designed for properties in the sub-$1 million category, which is particularly strong for the investor market," said Bo.

“We recognised there was an opportunity to bring together like-minded buyers and we look forward to providing added value and convenience to our clients,” he said.

Top results for McGrath's 'Super Saturday'

The new mid-week auctions follow McGrath's success over last weekend's ‘Super Saturday’, during which McGrath recorded the highest volume of auctions booked since November 2015.

The company achieved total auction sales of more than $196 million over the weekend.

“We are finding that with more properties to choose from buyers are becoming more optimistic, particularly following the unusually low stock levels in 2017.

"Vendors are also more confident to list with many selling their home before buying, as they are now less concerned that the market will get away from them.

"Overall we feel that it’s now a healthier and more sustainable market for buyers and sellers alike," he said.

McGrath's top results last weekend were the $8.45 million sale of house in Vaucluse in Sydney's eastern suburbs, and the $3.601 million sale of a home in Denistone in Sydney's north west.

Listing numbers expected to rise again from late April

Bo said he expects listing numbers to ease off after Easter and over the school holidays, but from late April expects to see a surge of new stock coming onto the market.