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Growth catalyst for new McGrath team

McGrath Parramatta has expanded its operation adding the previously company-owned Blacktown business to its franchise group and operating the two offices as McGrath West Group. 

Led by Kon Stathopoulos, the business has strategically aligned itself with key talent in Sydney’s Greater Western region with Joel Hollings and Amit Nayak joining as partners in the new business structure. 

The announcement follows a record month for listings from McGrath’s Parramatta and Blacktown teams.

The newly combined team has listed 72 properties for sale off the back of McGrath’s successful January Super Saturday auction campaign where 31 properties were scheduled for auction and all but two have sold to date. 

Robust activity and recent sales results by the McGrath Parramatta and Blacktown teams have cemented the agencies’ dominance in the local market over five consecutive months as Number 1 for sales and listings in the region. 

McGrath West Group Principal Mr Stathopoulos is excited by the growth opportunities in the Parramatta and Blacktown areas. 

“Joel Hollings has been a million-dollar agent with McGrath for over five years, leading its dominance in the Blacktown market and holds multiple accolades and awards,” Mr Stathopoulos said. 

“Equally, Amit Nayak has been the top agent in Westmead and Wentworthville since 2015 and I’m excited to welcome both Joel and Amit as my partners in the newly established McGrath West Group.” 

Along with new business partners, Mr Stathopoulos has spearheaded a recruitment drive, and has added 10 top-performing agents to its existing Parramatta team. 

“I also welcome Rowan Thredgold, Arthur Kolovos and Brad Panayiotou, Emma Watson, Anita Mirosevic and Magdalene Mitsis to our expanded team of 24 highly trained property professionals,” said Mr Stathopoulos. 

“We have definitely seen a gap in the marketplace to lead a customer-centric, technology focused, high-speed and high-performance culture.” 

“Our focus revolves around servicing the agent,” Mr Stathopoulos said.

“In our business, the agent is the customer as it is the agent that holds the relationship with both the vendor and the buyer.

“Our ‘Engine Room’ removes all administrative tasks from the agent enabling them to list and sell more property, more efficiently. We have invested in technology that allows the agent to perform faster offering enhanced service to their clients,” he added. 

McGrath West Group has built an innovative ‘Lead Lab’ that drives more buyers to agents’ listings and creates more listing opportunities, which in turn grows the Property Management portfolio and resultant revenue streams for the business. 

Mr Stathopoulos pointed to the growing attraction of Sydney’s Greater West as a key business driver. 

“We have seen a 500 per cent increase in sales listings and volume since June 2020.

“One of the key attraction points for top-performing agents partnering with us is their ability to significantly grow their sales business due to the culture, training and coaching platforms,” he said.  

Joel Hollings has extensive experience in the growth corridor suburbs of Westmead, Wentworthville, Seven Hills, Blacktown and Toongabbie, which the expanded McGrath West Group region will cover. 

A suburb record was broken for apartments in Wentworthville and another record smashed for three-bedroom homes in Blacktown. Inquiry numbers have skyrocketed while days on market have declined. 

“Selling stock is up to 40 per cent lower than traditional stock levels and there is a strong push for quality homes from first home buyers or upgraders,” Mr Hollings said.  

“Buyers are after homes needing less work. Investors have been cautious, preferring completed houses and granny flats, or potential to easily build a granny flat. They are chasing the desired 5 per cent net returns,” he noted. 

“Sellers however are being cautious. For each sale last year there were between four and seven offers made per property. This year we are seeing more offers than ever.”  

The Parramatta CBD Property Market 

The multi-billion transformation of Parramatta City will deliver Sydney’s second CBD with 23 new towers to be built by 2023, a light rail and new civic buildings, allowing for 50,000 new jobs and 14,000 additional dwellings in the Parramatta CBD.  

When completed, the masterplan will feature the largest commercial office building in Australia and 6000sq m of public domain to rival Sydney’s CBD. 

Mr Stathopoulos has been invited onto NSW Light Rail Business Committee to help steer increased business in the area and provide a voice in the delivery of the project. 

Mr Stathopoulos believes that a current oversupply of apartments will correct in the next 12 months as the Parramatta transformation progresses. 

“Whilst the office market is holding strong during these times, what we are seeing is that there currently is a 30 per cent oversupply of apartment stock. There will be a catch-up period for six to 12 months.

“COVID-19 has seen a lot of people fast forward their decisions,” Mr Stathopoulos said.

“Downsizers making their next move or inner-city owners are looking to move to the west for better affordability with the flexibility of working from home. This is an exciting time to be in Sydney’s Greater West,” he concluded.  

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