McGrath rebounds on rising home sales
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Listed real estate agency McGrath has seen a rebound in its underlying business with cash moving to new homes and renovations in lieu of people travelling and being locked in the house during the global pandemic.
While volumes of house sales were still lower than a year ago, sales price where higher and clearance rates averaged about 80 per cent, which had underpinned a 16 per cent jump in the group’s revenue to $56.7 million.
As a result, the business returned to the black with an interim net profit after tax of $8.1 million compared with a loss of $1 million in the previous corresponding half year.