McGrath group residential sales better $12 billion in FY15

The McGrath estate agency group recorded $12.3 billion in residential sales from 11,760 properties for the year ending June 30, marking a 21.7% increase on the corresponding prior year.

The group sold 10,574 properties in the prior financial year for a total of $10.1 billion. Some 7,870 properties sold for a total of $7 billion in the 2013 financial year.

Headquarters McGrath Edgecliff made some 1,110 sales for a total of $1.61 billion - a 28% increase during the 2014/15 financial year. 

McGrath chief executive John McGrath  said Sydney, in particular, has proven to be one of the most resilient property markets in the world with long term fundamentals that underpin the marke 

"While the investors and upgraders have continued to dominate our markets along the eastern seaboard, the top end of the market is finally starting to see some good momentum," Mr McGrath said.

"As our dollar continues on a downward trend, I anticipate increased interest from expat and offshore buyers as they benefit from a 25% currency reduction on what they were paying 18 months ago.

"As Sydney’s auction clearance rates are holding steady in the 80% 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."

Ten offices across the McGrath network recorded in excess of 50% growth in sales in FY15:

• McGrath Buderim sold $113.1 million from 172 sales, compared to $49.3 million in FY14 (+129%) 
• McGrath Lindfield sold $450.4 million from 401 sales, compared to $200.3 million in FY14 (+125%) 
• McGrath Avalon sold $56.9 million from 45 sales compared to $29.2 million in FY14 (+95%) 
• McGrath Thirroul sold $111.6 million from 151 sales, compared to $63.8 million in FY14 (+75%) 
• McGrath Byron Bay sold $84.9 million from 104 sales, compared to $48.8 million in FY14 (+74%) 
•  McGrath Wollongong sold $106.3 million from 169 sales, compared to $61.5 million in FY14 (+73%) 
• McGrath Dickson (ACT) sold $117.9 million from 182 sales, compared to $77.1 million in FY14 (+53%) 
• McGrath Epping sold $478.1 million from 332 sales compared to $288.0 million in FY14 (+66%) 
• McGrath Parramatta sold $323.5 million from 372 sales compared to $210.4 million in FY14 (+54%) 
• McGrath Terrigal sold $271.7 million from 363 sales, compared to $178.6 million in FY14 (+52%)