RESIDENTIAL PROPERTY

McGrath grows project marketing in anticipation

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LISTED real estate agency McGrath has bolstered its project marketing division to focus on the re-emergence of off-the-plan developments post COVID-19, as governments focus on fast tracking approvals for ‘shovel-ready’ projects.

McGrath Projects has appointed Colin Griffin and Murray Wood as associate directors.

McGrath CEO Geoff Lucas said the company saw excellent opportunities for growth in this area.

“We are making a strategic move to proactively invest in our business now by re-energising our projects division.

“We see great opportunity in the future of the development sector, notwithstanding the current environment. Australia has been in the world spotlight for the exemplary way it has navigated its way through the pandemic and will again be considered as the land of opportunity and a safe haven for many.

“We also believe now more than ever there will be a flight to quality in off-plan developments and buyers will seek projects of substance and high quality. As a company, we believe the time is right to position ourselves with the very best team in project marketing as we emerge from COVID-19,”

Griffin and Murray will report to Adam Sparkes, GM of the projects division. They bring a combined 40 years’ experience with project marketing firms including CBRE, Colliers, Knight Frank and JLL.

“Post COVID, the NSW government is now focusing on approvals for ‘shovel-ready’ projects. In line with UDIA’s recommendations, we anticipate this will have a positive impact on employment and construction,” Wood said. “We also anticipate that this will have a flow-on effect and will see commencement of larger residential projects adjacent to new infrastructure. Larger quality institutional developers that have the capacity to commence projects quickly without relying on pre-sales will look to start their builds. This will instil a confidence in the residential market that has been lacking,”

“As anticipated, over the last two months we have seen new project releases take a pause in the current COVID-19 environment. A number of developers who had new projects slated for the first half of 2020 are now looking for economic conditions to show signs of real improvement and a return in confidence before launching. However, for developers with a longer timeline in mind, we are seeing many focussed to be in a position to be ‘marketing ready’ in order to strike without delay; from what we are seeing that could be as soon as Spring 2020.

“We expect to see an increase in confidence from off-shore markets by the last quarter of 2020 with an invigorated appetite for off-the-plan sales into 2021 and beyond. Our connections into Asia and other regions can be reopened when the time is right. Careful planning needs to be put in place now so we can capture emerging markets likely to see Australia as the safe haven it is,” Wood concluded.

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