McGrath Estate Agents, which sold $5.9 billion worth of property in fiscal year 2012, has opened its seventh Queensland office, with CEO John McGrath expecting big results from the Brisbane market.
The fourth Brisbane office in nine months from the McGrath Estate Agents group opened in the riverside suburb of Bulimba yesterday.
The new agency, which is company owned, joins the group's other Qld offices located in Ascot, Paddington, Wynnum/Manly, Toowoomba, Palm Beach and Surfers Paradise/Broadbeach.
Mr McGrath said despite the city experiencing its second flood in as many years, the Brisbane property market should bounce back and continue to grow.
“The resilience of Queenslanders is inspirational,” he said. “There is no doubt Brisbane has been through some tough times in recent years but Queenslanders have demonstrated their ability to get on with things.
“I am in no doubt as to the growth potential of the city’s residential property market.”
The average house price remains very affordable in Brisbane and south east Queensland but according to RP Data is expected to hit $1 million by 2018, which Mr McGrath claims indicates a new wave of growth on the horizon.
“The Brisbane property market has been knocked around a bit in recent years, in part by the floods, but also by factors that have impacted most of the nation’s property markets,” Mr McGrath said.
“But the fact remains that more than a quarter of Australia’s population growth over the next 25 years is expected to occur between Noosa and Coolangatta and it is likely that Brisbane will continue as the second fastest growing Australian capital city."
According to the Real Estate Institute of Queensland (REIQ), Bulimba is one of only three Brisbane suburbs, including New Farm and Pullenvale, with a median house price of over $1 million.
McGrath Bulimba co-principal Matt Lahood said the suburb was a natural fit for McGrath, matching the demographics of areas in which the company was well-established
“Having recently acquired a property management business in Bulimba we are looking forward to now adding our signature sales offering,” Mr Lahood said.
“It is a vibrant and desirable area popular amongst young and well-established professional families, with great schools and services close to the river and the city of Brisbane.”
Other team members include Gemma Kunst, Mandy O'Neil, Marc Sorrentino, Scott Durham and Glenn Bool in the sales department, while Julia Lerner and her sister Suzi Slattery also joined the team in December from Belle Bulima Property when McGrath purchased the rent roll of 280 properties.