A new McGrath Estate Agents office has opened in Sydney’s eastern suburb of Paddington, where John McGrath first opened a McGrath office.
The Announcement:
Leading residential agency McGrath Estate Agents has reaffirmed its commitment to Paddington in Sydney’s Eastern Suburbs as the new office focuses on the area’s resurgence. The suburb’s growth is in line with the popularity of neighbourhood living, as highlighted in the McGrath Report 2022.
The move is somewhat nostalgic for the company as Paddington is the newest and oldest link within the ever expanding network with McGrath remembering its origins.
John McGrath founded McGrath Goodhope Realty in 1988 at 53 Jersey Road, a stone’s throw from its new custom designed office which stands on a prominent corner of the landmark Five Ways village.
“Paddington has always been part of the McGrath DNA,” says John McGrath. “We started with a small office where we had great success. Now 34 years later, we’re going back to where we started, but with what has evolved into a mature business.
Heading up the team are three of the area’s most experienced agents, Luke Hogan, Fraser Turvey and now Georgia Cleary. John McGrath is delighted to have them onboard saying, “We’ve assembled a brilliant team to focus on this exciting market.”
Mr McGrath adds, “Georgia has been one of the the country’s best real estate agents for many years. Over 31 years ago I had the pleasure of hiring her for her very first real estate job and I’m delighted to reunite with her again. She is the consummate professional with an attention to detail like no other and she has proven over time that her professional approach continually delivers her Clients superior results. Her ‘Georgia Sold It’ stickers are a promiment fixture around the area. Georgia will be warmly welcomed back by the whole McGrath team.”
Georgia Cleary explains her excitement of this new alliance. “My decision to return to McGrath was two-fold. As a Woollahra resident, I am truly immersed in the community and have sold thousands of properties over the years, some 3 and even 4 times. The opportunity to be based in the heart of Paddington while servicing and selling properties throughout the Eastern Suburbs where so many of my clients live and work, was a definite drawcard in my considered decision making” she says.
“In addition, I’ve always had a great respect for John and what he has created with the brand. The opportunity to partner with Luke and Fraser and create something really special made McGrath a very simple choice.”
Luke Hogan says the McGrath brand is synonymous with Paddington. “We believe there is a great opportunity to focus on this very special area of Sydney,” says Mr Hogan. “We are committed to delivering an exceptional and transparent service for our clients in the area.”
He adds, “Paddington is one of the best suburbs in the country in terms of what it has to offer and is in the top three researched suburbs on realestate.com and Domain.com,” says Mr Hogan. “It has a welcoming village atmosphere coupled with a cosmopolitan lifestyle and one that has come back into its own post pandemic with a healthy sense of community at the forefront of people’s lives and desires.”
“We’re finding 50 per cent of our buyer pool already lives in Paddington or within a two-kilometre radius,” reports Mr Hogan. “Our online listings are also attracting strong offshore interest with expats making plans to repatriate. Paddington is more often than not their first choice.”
The other significant market the team is seeing is downsizers from the North Shore moving to Paddington to take advantage of the lifestyle. “In many cases, their adult children have moved to the East and started families so, as grandparents, they want to move closer.”
Already some strong recent sales activity include 5 Stewart Place for $8,550,000 prior to auction, 256 Glenmore Road for $5,350,000, 121 Windsor Street Paddington for $6,200,000 and 2 Queen Street Woollahra for circa $5,500,000.
In a very short period of time, Luke and Fraser have listed 43 properties and sold 37 since teaming with McGrath. Their auction clearance rate stands at a robust 95 per cent. With an average days on market of 36 days, Mr Hogan says their focus is on achieving the best possible result for their vendors and running a transparent and fair process for their all parties involved.
“We don’t work a large volume of listings at any one time as it’s simply impossible to service our vendors and buyers the way that they should be,” he says. “We focus on working closely with our buyers, gaining their trust and guiding them through the sales process.”
Fraser Turvey says Paddington’s trajectory and gentrification in the property market is extraordinary. “When McGrath was founded in the late 1980s, Paddington offered mainly cheap, rundown and unrenovated terraces. That was the appeal to many buyers,” he says, “especially as the suburb is within walking distance to the city.” The arts scene flourished along with ethnic diversity and a growing gay community providing a bohemian, cosmopolitan lifestyle.
“Home-owners in Paddington have experienced huge growth in values, especially in the last year,” Mr Turvey reports. “During the pandemic in 2020/2021 we witnessed the most significant jump in median house values increasing by approximately 38 percent. If you are one of our long-standing property owners, you’ll have seen median house values increase by more than 3000 per cent since the eighties.”
Interestingly, one of John McGrath’s first sales in Paddington was in Underwood Street. It sold for $107,000 in 1984. Luke Hogan and Fraser Turvey recently sold the same now beautifully renovated house at 107 Underwood Street for $3.6 million.
Paddington is a suburb always in favour for its midway point between Bondi Beach, the harbour and CBD. It is known for its signature architectural style of Victorian terraces and its eclectic neighbourhood of fashion boutiques, cafes, corner pubs and art galleries. The team at McGrath Paddington are focussing on where the story started. McGrath with all of its growth success and 110 offices throughout Australia’s East Coast, has now come full circle and it’s great to be home.
Source: McGrath Estate Agents
