I read an article today on the Domain blog in Australia (owned by Fairfax Media) and I cannot believe the total rubbish it conveyed to people. I am so disappointed that I feel forced to discuss it. We can all recognize that someone has done well for themselves – we can praise and applaud that – well done John McGrath – to a point. We can also recognize when they have said something that is too hard to comprehend. So much as to make it simply unbelievable and it has to be discussed.
In a world that is missing realism at times and where the base expectations of the population are set according to media, lies – half-truths at best it is important to point out what is totally ridiculous. Not only do people feel inadequate but they lose sight of reality, feel unsuccessful and like in this case downright ill-informed.
John McGrath, founder of McGrath Estate Agents, stated in a recent blog that property in Australia fell into one of three bands. The Lower End (below $750,000), the mid range ($750,000-$3 million) and the upper end ($3 million to $30 million).
The pure facts are these. Anyone kidding themselves to think that $3m is mid-priced is either lying or living in a fantasy land. The facts are simple – 3.65% of all residential property in Australia in 2007 sold at or above $1million. In other words 96.35% of residential property sold was sold at or less than $1 million. $3 million is NOT mid priced – not in Sydney, not in Regional Australia – not anywhere in Australia. The information is so poor that it needs to be quickly corrected.
I’m not questioning that John McGrath has done well for himself over the years – but that simply does not excuse information that is blatantly incorrect. Since John McGrath has become a franchise agency, seeking to compete with the likes of LJ Hooker and Ray White, it is laughable that he should set such benchmarks given that the majority of the properties for sale through his franchise offices in New South Wales are of “the lower end”. I’m sure this isn’t the message his agents are conveying to their clients.
Why point this out? Simply people are given so much information that cannot be backed up by evidence and those that are unaware of the reality can at times feel inadequate. What do you need to do to be successful? What have you done wrong? How can you possibly achieve that? The reality is very different to the perception.
I am disappointed that John McGrath would publicly say something that is simply wrong – he is smarter than that and it concerns me that many people will read his material and question themselves thinking he is telling the truth – Shame on you John McGrath.