Strong sales and a burgeoning prestige home market in the northern beachside suburbs of Wollongong have prompted McGrath Estate Agents to boost its presence in the Illawara region, with the opening of a new office in Thirroul.
“The Illawarra had long been part of our strategy for the roll-out of our premium franchise given the proximity to Sydney and lifestyle opportunities that exist in the beachside locations and escarpment areas,” McGrath chief executive John McGrath said.
This brings the total number of McGrath offices to 40, and follows the opening of a new office in Newcastle, to the north of Sydney, in June.
The new McGrath Thirroul is a satellite to the Wollongong office, which the company said has achieved a number of record sales since it opened in September 2009.
McGrath Wollongong was one of the standout performers in the group’s financial year 2011 sales record, transacting $77 million, up 266 per cent on the $21million in sales booked the year earlier.
“In just two years our Wollongong office has achieved extraordinary success and it was apparent that we needed a dedicated team of sales professionals located at the heart of this dynamic region,” said Mr McGrath.
“Our expectations for Thirroul are even greater as we see quite modest homes and holiday shacks being developed, updated and renovated to an extremely high standard. That investment is being converted to solid capital gain with at least three properties this year marketed by our Wollongong office selling for well in excess of $1 million.”
The company said the Thirroul office would be headed by principals Trever Molenaar and Jordan Andonovski, also franchisees of the Wollongong office.
“The buyer demographic, particularly in the northern suburbs, has changed immensely over recent years,” said Mr McGrath. “The value of property assets has increased and with it people’s expectations.
“Road improvements have reduced the travelling time to Sydney increasing the pool of potential buyers. With our brand presence in metropolitan Sydney and extensive database our vendors have a distinct advantage.”
The company said median house prices in the northern suburbs which will be serviced by McGrath Thirroul are Woonona, Bulli, Wombarra, $830,000; Stanwell Park, $815,000; Coledale $785,000 and Austinmer, $720,000.
McGrath Thirroul will also offer property management and home loans through Oxygen Home Loans.