Thanks MTC
Totally agree with you, would have been so much better to read via an announcement, as it is it's only because you picked it up that I was able to read it.
The Agency fills void as McGrath terminates franchisee agreement
The Agency network is set to take over two Illawarra real estate agencies south of Sydney, following McGrath’s recent decision to terminate its long running franchisee agreement.
Illawarra real estate agent Jordan Andonovski’s Wollongong and Thirroul offices, with 52 staff and about 800 properties under management, will now be run by The Agency.
The financial terms of the deal were not disclosed.
Mr Andonovski has also attracted high-profile Illawarra agent and auctioneer Justin Sydenham, previously with Bevans Thirroul, to The Agency network.
Mr Andonovski said in a statement yesterday there was increasing demand for Illawarra properties from Sydney-based and interstate buyers, adding that Illawarra house prices jumped 14.3 per cent in June while apartment prices rose 13.9 per cent. High Sydney prices are sending home buyers further afield, according to CoreLogic.
Yesterday’s announcement comes after Mr Andonovski’s previous agency McGrath recently terminated its two Illawarra franchises.
In a statement effective from October 23, McGrath said it had issued notices terminating the franchise agreements for three offices in The Illawarra region of NSW, in Wollongong, Shellharbour and Thirroul.
McGrath head of franchise network, Christopher Mourd, said there had been an “unfortunate situation’’ between two partners of a McGrath franchise, resulting in a dispute between the two franchisees.
“While we have tried to help resolve the issue and have encouraged mediation, we now have no choice but to terminate the franchise agreements,” Mr Mourd said in the statement.
McGrath said it was in the process of securing other franchise partners to continue its presence on the NSW South Coast.
McGrath has operated in the area since 2009 and said it was committed to the Illawarra.
AU1 Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
