No panic: tried and tested McGrath continues to grow after 23 years

The sale of 5993 properties over the past financial year yielded $5.7 billion in transactions by the three-state McGrath Estate Agents group. The record tally eclipsed the previous financial year, when 5095 properties were sold for a $5 billion tally.

The average sale price eased from $981,000 to $951,000 between the two financial years.

“The past 12 months has been somewhat of a rollercoaster in the residential sector, with many locations experiencing the toughest of conditions for many years," chief executive John McGrath noted.

"However, I believe our results indicate good sales can still be made in less certain times," he says.

The agency, which opened four new offices to bring the company’s tally to 39, secured 1393 sales above $1 million and 375 sales above $2 million. There were 40 sales above $5 million.

"The top end of the market has been most challenging but we have still delivered some extremely strong results for properties above $5 million," he says.

"The market appears to be waiting for a bit more good news and evidence that the worst of the economic woes are behind us."

McGrath’s eastern suburbs office was the group's best performer, contributing $1.21 billion to the total.

The agency has company owned offices and franchise offices, with a presence in NSW, the ACT and Queensland.

Before its interstate expansion the group, which started 23 years ago in Paddington, Sydney, had notched up 3485 sales totalling $3.25 billion in the 2009 financial year. Many of the company’s original agents remain with the firm today.

"For many companies this is the first tough market they're endured.

"If you've been through a few periods like this, you learn not to panic, stick to the basics and stay the course,” McGrath says.

"I envisage, barring any macroeconomic disasters, we will see solid growth over the next 12 months in many of the best eastern state markets.”