McGrath posts record sales in November thanks to eastern Sydney deals

McGrath Estate Agents has defied the current gloom in Sydney’s market by posting record sales in November led by a 55% increase in Sydney’s eastern suburbs. 

The agency’s Eastern Suburbs office posted 140 sales with a cumulative value of $170.5 million, with 10 sales over $2 million. The office accounted for almost a quarter of the total sales achieved across the group in November. 

In total the agency recorded 758 sales worth $723 million during the month, surpassing the previous record set in March 2010 ($635 million from 572 transactions). 

Prestige eastern suburbs sales in the $2 million-plus category include a five-bedroom California bungalow in Cottingham Avenue in Kensington, which sold on November 4, marketed by McGrath agents Peter Delimitrou and George Faris.

McGrath chief operating officer Geoff Lucas says the strongest sector is the price range between $500,000 to $1.5 million, with 444 sales. 

“This has been a popular sector of the market driven largely by first home buyers and investor activity.” 

“Currently first home buyer activity comprises 16.4% of the market while investors hit a peak of 38.4% of the market in November according to AFG. 

“While there has been increased buyer activity in some regional areas such as Ballina, Byron and the Central Coast, our long standing Sydney metro offices have achieved some impressive gains while growing their market share”. 

Other regional offices to record strong sales growth over November included McGrath Inner West, which reported $75.7 million from 75 sales, with three sales over $2 million, (+21%) McGrath Lane Cove, which reported $32 million from 22 sales, with five sales over $2 million (+68%) and McGrath Cronulla, which reported $29.1 million from 34 sales, with one sale over $2 million (+9.9%). 

A returning confidence in the market has resulted in a record number of listings by the group in the past month with 1,019 listings across the network, compared with 651 for the corresponding period last year. 

Current average auction days on market were 36 for the group.