McGrath Estate Agents, today announced that it will open a new office in Surry Hills on July 1, as it witnesses further gentrification of Sydney’s inner east property precinct with major upgrades to “green” the iconic Crown Street high-street strip.*

Respected local real estate identity Mark Foy, who has been successfully operating under another franchise for over 12 years, will bring his team of 27 to open McGrath Surry Hills, incorporating both sales and a healthy rent-roll portfolio of 1,500 properties under management.

John McGrath, Managing Director and CEO of McGrath said, “Our connection with the inner-city market spans four decades and I’m thrilled to welcome Mark and his team as they join our company. He is one of the most highly regarded sales professionals in our industry today, and to have someone of his calibre partner with us is very gratifying. Our success as a brand is reinforced by having the best quality people serve our clients and give them a superior customer experience.”

Mr Foy explains, “In joining McGrath, we will be very focused on growing our footprint to reach a wider client base. John and his team have demonstrated a committed focus on regular training to ensure we are always providing our clients with the best possible experience. I’ve always admired the structure and depth of the McGrath model, and having access to John and his team is an exciting opportunity for our own business and our own growth plans. This was a very considered decision yet a very easy one to align with what I considered as the premium real estate brand in the country.”

The new office will service key suburbs of Surry Hills, Chippendale, Redfern, Waterloo and Zetland, and add to the reach of the company’s strong Paddington team also covering the areas bordered by Darlinghurst, Potts Point and Elizabeth Bay.

Mr Foy sees further potential for the area as he said the original culture of the inner city remains strong and continues to thrive.

“The inner city is known for its terrace houses on well-known streets and has established itself as a contemporary spot for coffee, food, fashion, pubs and wine bars. The planned upgrades that include extended footpaths, new garden beds, increasing tree canopy planting, will be a further enhancement to the area’s lifestyle offering and we believe will impact positively on the desire to live in close proximity to the area.”

Market Commentary:

Mr Foy says, “During Covid, we saw people moving away from the inner city, however in 2023, many of those who did relocate are now returning. They have been missing the connectivity that inner city living offers and the lifestyle it provides. There is a renewed buyer interest from downsizers and professional couples. There is also interest from growing families as well as a strong percentage of our buyers upsizing from their inner-city apartments into terrace homes where there are some good value opportunities.

“Interestingly, the urban lifestyle is the biggest drawcard to the area. We are starting to see increased tech/IT workers moving into the inner city as it is becoming more of a technology hub.”

Mark is a Potts Point local and has an intrinsic passion for real estate, having worked in the industry for over 23 years. His family has been involved in property since the 1800s with the building and ownership of the iconic Mark Foys department store (now the Downing Centre) on Sydney’s Elizabeth Street.

Under his leadership, his office has achieved sales volume of 176 sales for the last 12 months.

Simon Dahdah, whose family has a long history with the Surry Hills community, has worked closely with Mark for the past six years, and as General Manager of McGrath Surry Hills he will focus on the growth of the business, sales and projects. His 20 years' real estate experience across all asset classes and as a development manager, will add to the business capability of working closely with developers in areas of site acquisition and project sales.

Mr Dahdah said “There is a real opportunity for those who have large property management portfolios  to add value from an asset management, efficiency and capital growth perspective.” 

The office will be located at 148 Foveaux Street, Surry Hills.

* https://www.cityofsydney.nsw.gov.au/improving-streets-public-spaces/upgrade-crown-street-surry-hills