Property NSW has announced the appointment of McGrath Estate Agents as the exclusive sales agency for the next phase of the Millers Point terrace sales program in Sydney.
The appointment of McGrath followed a select tender issued to prequalified agencies on the NSW government’s Real Estate Agents Panel and will see the agency market the sale of 175 dwellings.
Property NSW chief executive Brett Newman said the appointment of a single agency to undertake campaign marketing for a large number of properties for a similar target market is common market practice.
“A single agent delivers many benefits, including savings in advertising and marketing costs through an improved scale of activities, greater consistency when dealing with interested parties and the flexibility to alter the mix and timing of properties subject to market appetite,” he said.
The appointment of McGrath comes as the terrace sales program begins to wind down, with 10 properties due to go to auction on 8 June and only a small number of vacant terrace properties remaining.
McGrath was appointed as the exclusive sales agent in January to market the sale of up to 50 government-owned terraces.
A total of 80 Millers Point properties have been sold to date, delivering more than $218 million for reinvestment into social housing.