M:
Research
Spring/26 Sydney Residential
Headlines Sydney recorded a higher number of residential sales over the past year, whilst homes are taking less time to sell than one year ago.
The number of residential rental homes in Sydney is currently undersupplied. Sydney rental vacancy was recorded at 1.8% at the end of Q2/26.
Less Sydney homes have been newly listed for sale than this time last year. Overall, the total number of homes listed for sale in Sydney is up on last year.
Residential rents across Sydney trended 6.2% above last year's weekly rate, with rents forecast to rise 5% at the end of 2026.
Sydney residential property prices have trended 2.9% lower than a quarter ago, with 3.1% annual growth. Price change of -9% is forecast by the end of 2026.
The construction delivery of new homes in NSW was 1.5% below a year ago, whilst the cost to build in Sydney escalated 4.6%.
Economy Key drivers
Interest rate
Spring/26
4.35%
Interest rates were last set at 4.35% after the Reserve Bank of Australia (RBA) lifted the cash rate target by 25 bps in May 2026. At this time, most lenders adjusted their mortgage lending rates for homeowners and investors accordingly. By setting borrowing costs, interest rates strongly influence both housing affordability and demand for home loans. Westpac forecasts the cash rate target to be 4.60% by the end of 2026 and 4.10% in 2027, with inflation, energy costs and the global economy being closely monitored as a leading indicators for any possible adjustments during this time.
Population growth
4.1%
Unemployment
Sydney's unemployment rate of 4.1% at the end of Q2/26, was tracking lower than the Australia average at 4.3%. Looking back, the five year average unemployment rate has been 3.9% across Australia. Employment conditions shape the ability for a household to enter the housing market and service mortgages over time, with a healthy labour market typically below 5%. With economic headwinds and technological disruption to a growing number of industries on the horizon, the RBA forecasts unemployment to soften to 4.7% by the end of 2027.
+1.4%
+4.6%
New build costs
Population growth has ramped up housing demand, placing pressure on existing housing supply and infrastructure. Sydney's total population growth was 1.4% in 2025. This came after the population rebounded 1.9% in 2024, after growth had slowed to 1.0% in 2022, as a consequence of slower migration throughout the pandemic. The Australian Bureau of Statistics (ABS) have projected the long-term population growth for Sydney at 1.4% per annum.
The construction delivery of new homes in NSW was 1.5% below the last reported year, whilst residential building approvals trended 6.0% higher. Over this time, Sydney house approvals were up 9.8% and apartment approvals were 2.7% higher. The cost to build in Sydney escalated 4.6% in 2025 according to WT, which was below the 5.5% five year average. Considering the economic outlook, WT forecasts building escalation to lift by 4.8% in 2026 and rise 4.2% in 2027.
Economic outlook, Q2/26
2021
2022
2023
2024
2025
2026F
2027F
Interest rate target
0.10%
3.10%
4.35%
4.35%
3.60%
4.60%
4.10%
Economic growth in Australia
4.9%
3.3%
1.3%
1.2%
2.6%
1.5%
1.7%
Unemployment rate in Australia
4.0%
3.3%
3.8%
3.8%
3.9%
4.7%
4.7%
Population growth in Sydney
1.0%
2.7%
1.9%
1.4%
1.4%
1.4%
1.4%
Building cost escalation in Sydney
6.0%
6.5%
5.2%
5.0%
4.6%
4.8%
4.2%
Source: McGrath Research, RBA, WT, ABS, Westpac
2
Residential sales Update
Sales
Spring/26
+2%
Rolling tally of annual residential sales Sydney
Sydney recorded a higher number of residential sales over the past year. Sales trended up 2% with a total of 96,816 transactions in the year ending Q2/26, outpacing the five year annual average of 94,460 sales. A change in sales activity can be influenced by interest rates, economic confidence, housing supply, government policies and shifting population trends which impacts buyer demand. Isolating the 20,717 sales in the Q2/26 quarter, this was 4% below the previous quarter, whilst lower than the 23,445 five year quarterly average.
Source: McGrath Research, Cotality
Auctions
563 51.6%
In the last active week of Q2/26, 563 residential auctions were held across Sydney. According to Cotality, 51.6% of these homes were sold under the hammer. Clearance rates above 70% suggest strong demand and a seller’s market, while a rate below 60% indicates weaker demand and a buyer’s market. This result was lower than 53.4% one quarter ago when 389 auctions were held. By comparison, the same quarter last year saw 67.2% homes sold, from 771 auctions.
Auction clearance rate Sydney Source: McGrath Research, Cotality
Sydney, Q2/26
Houses
Apartments
Residential
Number of homes sold in past quarter
10,596
10,121
20,717
Change from a quarter ago
-4%
-3%
-4%
Number of homes sold in past year
51,228
45,588
96,816
3%
1%
2%
Change from a year ago
Source: McGrath Research, Cotality
3
Residential sales, by local area Based on the geography boundary defined by the Local Government Area
Spring/26
Houses
Apartments
Number sold in past quarter
Change from a quarter ago
Number sold in past year
Change from a year ago
Number sold in past quarter
Change from a quarter ago
Number sold in past year
Change from a year ago
Bayside (NSW)
188
-9%
924
5%
556
-5%
2,593
5%
Blacktown
819
-3%
4,049
-7%
369
-18%
1,851
2%
Blue Mountains
313
0%
1,440
4%
30
0%
123
38%
Burwood
58
-2%
283
1%
104
17%
443
-10%
Camden
478
-6%
2,390
-4%
40
8%
172
5%
Campbelltown (NSW)
419
-13%
2,191
-2%
123
-13%
605
-9%
Canada Bay
142
43%
582
2%
257
-2%
1,200
-6%
Sydney Q2/26
Canterbury-Bankstown
607
11%
2,970
-1%
530
19%
2,162
-11%
Central Coast (NSW)
1,149
-14%
5,611
0%
398
-17%
1,841
9%
Cumberland
326
-6%
1,689
0%
531
-2%
2,521
6%
Fairfield
303
-8%
1,601
0%
145
12%
658
8%
Georges River
235
19%
1,070
-4%
293
-9%
1,335
-8%
Hawkesbury
221
-12%
1,143
4%
34
21%
138
-18%
Hornsby
261
-4%
1,298
6%
218
-8%
987
-7%
Hunters Hill
30
15%
115
-5%
6
-45%
61
-12%
Inner West
414
13%
1,844
3%
398
7%
1,684
-3%
Ku-ring-gai
253
-12%
1,369
-6%
225
5%
1,016
7%
Lane Cove
56
-11%
255
-5%
128
-16%
606
11%
Liverpool
517
12%
2,541
-2%
230
-24%
1,230
-9%
Mosman
39
-26%
208
-9%
94
15%
355
9%
North Sydney
45
-44%
279
-2%
411
4%
1,852
-2%
Northern Beaches
483
-9%
2,369
3%
545
8%
2,277
1%
Parramatta
342
4%
1,582
3%
836
-4%
3,964
4%
Penrith
486
-1%
2,366
-6%
254
-24%
1,315
-7%
Randwick
176
-13%
889
1%
304
-6%
1,393
0%
Ryde
241
2%
1,122
1%
482
7%
2,133
0%
Strathfield
39
-28%
209
-18%
197
-6%
855
-2%
Sutherland
509
6%
2,281
3%
509
-4%
2,307
-4%
Sydney
198
15%
818
10%
1,047
4%
4,500
1%
The Hills
543
-5%
2,784
1%
278
-8%
1,360
3%
Waverley
94
-15%
413
5%
163
-11%
771
1%
Willoughby
113
-1%
518
-15%
124
-20%
680
2%
Wollondilly
252
-21%
1,315
19%
14
17%
64
-11%
Woollahra
97
-33%
569
-2%
189
6%
794
-6%
Source: McGrath Research, Cotality
4
Residential sales Update
Sales velocity
Spring/26
-4 days
Average days on the market Sydney
Sydney homes are taking less time to sell than one year ago. Residential homes averaged 30 days on market in Q2/26, from the time they were listed, to the day they went under contract. This average duration was 30 days the quarter before (+0 days) and 34 days one year ago (-4 days). A lower number of days on market typically indicates that homes are selling more quickly, often reflecting strong buyer demand and well‑priced, desirable properties. In contrast, a higher number of days on market may signal slower buyer activity or that homes are priced above current market expectations. Looking back over the past five years, it has taken 30 days on average, to sell a home.
Source: McGrath Research, Cotality
New listings Sydney
-8.2%
+12.4%
Total listings Sydney
Less Sydney homes have been newly listed for sale than this time last year. Newly advertised listings in Sydney were 8.2% lower in the month of June 2026 than the equivalent period last year, according to Cotality. This change in new listings trended below the Australian average of 2.1% and below the 2.0% across Australian capital cities.
Overall, the total number of homes listed for sale in Sydney is up on last year. Sydney's total number of listings in the month of June 2026 were 12.4% above the equivalent period last year, according to Cotality. By comparison, the Australian average change for total listings was 8.4% and across Australian capital cities was 15.9%.
Sydney, Q2/26
Houses
Apartments
Residential
Number of days homes on market
30 days
30 days
30 days
Change from a quarter ago
+0 days
+0 days
+0 days
Change from a year ago
-4 days
-4 days
-4 days Source: McGrath Research, Cotality
5
Residential sales velocity, by local area Based on the geography boundary defined by the Local Government Area
Spring/26
Houses
Apartments
Number days on market
Change from a quarter ago
Change from a year ago
Number days on market
Change from a quarter ago
Change from a year ago
Bayside (NSW)
36 days
-4 days
-5 days
31 days
+0 days
-5 days
Blacktown
26 days
+1 day
-2 days
31 days
-4 days
-5 days
Blue Mountains
26 days
-3 days
-9 days
33 days
+17 days
-6 days
Burwood
40 days
-2 days
+1 day
35 days
-5 days
-3 days
Camden
23 days
+0 days
-4 days
29 days
+3 days
+5 days
Campbelltown (NSW)
19 days
+0 days
-3 days
15 days
-2 days
-8 days
Canada Bay
50 days
+5 days
-16 days
37 days
-5 days
-11 days
Sydney Q2/26
Canterbury-Bankstown
32 days
-1 day
-5 days
26 days
+2 days
-3 days
Central Coast (NSW)
38 days
-3 days
-5 days
31 days
-5 days
-15 days
Cumberland
34 days
+0 days
-3 days
32 days
-1 day
-3 days
Fairfield
36 days
+1 day
+3 days
27 days
+3 days
0 days
Georges River
43 days
+6 days
-2 days
27 days
+1 day
-3 days
Hawkesbury
52 days
+1 day
-4 days
16 days
-5 days
-15 days
Hornsby
39 days
+0 days
-1 day
39 days
+5 days
+1 day
Hunters Hill
41 days
+7 days
+1 day
na
na
na
Inner West
36 days
+0 days
-5 days
32 days
+2 days
-6 days
Ku-ring-gai
47 days
+5 days
+12 days
43 days
+0 days
+0 days
Lane Cove
na
na
na
38 days
+6 days
+9 days
Liverpool
27 days
+1 day
-2 days
27 days
+3 days
+2 days
Mosman
40 days
+1 day
-1 day
39 days
+1 day
+4 days
North Sydney
36 days
-2 days
-3 days
37 days
-3 days
-2 days
Northern Beaches
49 days
+6 days
+2 days
35 days
-3 days
-5 days
Parramatta
39 days
+2 days
+0 days
32 days
-1 day
-4 days
Penrith
21 days
+1 day
+1 day
18 days
-3 days
-8 days
Randwick
38 days
+2 days
-3 days
36 days
+0 days
-3 days
Ryde
44 days
+0 days
+2 days
35 days
-1 day
+0 days
Strathfield
39 days
-3 days
-2 days
32 days
-2 days
-6 days
Sutherland
35 days
+2 days
-10 days
28 days
+4 days
+3 days
Sydney
32 days
-2 days
-1 day
43 days
+1 day
0 days
The Hills
48 days
+3 days
-2 days
59 days
+6 days
+15 days
Waverley
31 days
-7 days
-23 days
31 days
-4 days
-17 days
Willoughby
39 days
+4 days
-3 days
38 days
+1 day
-2 days
Wollondilly
41 days
+4 days
-4 days
16 days
0 days
-10 days
Woollahra
38 days
-5 days
-2 days
33 days
+0 days
-6 days
Source: McGrath Research, Cotality
6
Residential prices Update
Median price
Spring/26
$1,260,700
Tracking median prices Sydney
Sydney residential property prices have trended higher than a year ago. Prices across Sydney rose by 3.1% in the year ending Q2/26, with a 2.9% decrease recorded in the most recent quarter. As a result, the median residential value reached $1,260,700. Residential values shift with changes in interest rates, supply and demand, economic conditions, population trends and local infrastructure which influences market appeal and buyer capacity. Annual residential price growth has averaged 7.1% over the past five years.
Source: McGrath Research, Cotality
Price outlook
-9%
Forecast for median prices Sydney
Looking ahead, Sydney residential prices are likely to contract over the coming year. McGrath Research forecast Sydney residential property prices to decrease by 9% at the end of 2026, followed by -3% in 2027. Residential price forecasts consider borrowing capacity, the balance of supply and demand, economic conditions, population trends and local infrastructure which shapes affordability, demand and market direction.
Source: McGrath Research
Sydney, Q2/26
Houses
Apartments
Residential
$1,549,500
$890,500
$1,260,700
Change from a quarter ago
-3.4%
-1.9%
-2.9%
Change from a year ago
3.0%
3.3%
3.1%
Median price
Source: McGrath Research, Cotality
7
Residential prices, by local area Based on the geography boundary defined by the Local Government Area
Spring/26
Houses
Apartments
Median price
Change from a quarter ago
Change from a year ago
Median price
Change from a quarter ago
Change from a year ago
Bayside (NSW)
$2,017,900
-5.2%
-1.7%
$918,300
-0.4%
5.3%
Blacktown
$1,174,100
-3.6%
5.7%
$770,700
-0.6%
10.6%
Sydney Q2/26
Blue Mountains
$1,057,200
-7.5%
5.8%
$840,800
-0.5%
8.9%
Burwood
$2,505,900
-2.2%
-0.1%
$846,000
-3.1%
5.1%
Camden
$1,461,200
-1.6%
6.2%
$843,800
-1.1%
9.0%
Campbelltown (NSW)
$1,124,500
-1.6%
9.1%
$724,000
-2.4%
2.7%
Canada Bay
$2,987,500
-3.0%
-5.3%
$1,251,300
-0.8%
2.2%
Canterbury-Bankstown
$1,622,700
-4.8%
3.8%
$823,400
-2.9%
7.1%
Central Coast (NSW)
$1,286,500
3.4%
5.4%
$784,800
-0.5%
13.2%
Cumberland
$1,402,000
-4.5%
4.4%
$632,000
-0.5%
4.0%
Fairfield
$1,493,400
-1.1%
5.9%
$798,200
0.2%
16.9%
Georges River
$1,949,900
-5.4%
-0.4%
$973,400
-2.2%
3.9%
Hawkesbury
$1,340,800
-0.6%
-1.2%
$1,604,400
-1.5%
-4.0%
Hornsby
$1,926,700
-1.8%
4.5%
$1,031,100
-2.5%
-4.6%
Hunters Hill
$4,281,900
-10.4%
-14.4%
$1,415,900
0.4%
17.4%
Inner West
$2,373,800
-4.6%
-2.1%
$1,134,600
1.8%
3.9%
Ku-ring-gai
$3,234,900
-3.9%
-3.3%
$1,356,100
-11.4%
3.3%
Lane Cove
$3,781,200
-1.9%
-1.3%
$1,111,000
-6.3%
-6.3%
Liverpool
$1,521,800
3.9%
14.4%
$906,500
1.4%
12.1%
Mosman
$5,455,300
-3.2%
-14.7%
$1,424,600
-3.7%
-0.6%
North Sydney
$3,782,400
-4.2%
-9.1%
$1,417,900
-2.3%
0.8%
Northern Beaches
$2,888,000
-5.7%
-1.6%
$1,613,100
-18.3%
6.2%
Parramatta
$1,729,500
-3.0%
-2.2%
$750,700
-0.4%
3.9%
Penrith
$1,470,400
-2.5%
8.5%
$887,900
3.6%
15.4%
Randwick
$3,190,600
-5.8%
-3.2%
$1,432,300
-2.7%
5.7%
Ryde
$2,443,400
-7.3%
-5.6%
$1,156,600
-3.9%
6.2%
Strathfield
$2,721,500
0.1%
-2.5%
$717,900
-2.4%
3.9%
Sutherland
$2,083,200
-2.5%
3.1%
$1,391,200
3.6%
13.2%
Sydney
$2,692,300
-10.1%
-13.9%
$1,186,100
-5.8%
-5.0%
The Hills
$2,294,000
-5.4%
-1.5%
$1,218,400
12.9%
8.5%
Waverley
$4,820,900
-1.8%
-2.2%
$1,535,900
-5.6%
-1.1%
Willoughby
$3,732,300
-1.5%
-1.5%
$1,305,400
-3.3%
-3.3%
Wollondilly
$1,506,000
3.2%
2.4%
$838,000
-1.1%
0.8%
Woollahra
$7,924,100
-2.8%
-3.7%
$1,822,400
-8.5%
0.5%
Source: McGrath Research, Cotality
8
Residential rents Update
Vacancy
Spring/26
1.8%
Residential rental vacancy Sydney
The number of residential rental homes in Sydney is currently undersupplied. Sydney rental vacancy was recorded at 1.8% at the end of Q2/26, changing 0 bps in the quarter whilst rising 10 bps over the past year according to REIA. Generally, around 3% vacancy is considered a balanced market between rental supply and demand. Below this equilibrium is considered to be an undersupplied pool of rental homes, which places upward pressure on weekly rents. For the past five years, Sydney residential rental vacancy has averaged 1.9%.
Source: McGrath Research, REIA
Yield
-23 bps
Gross rental yield Sydney
Sydney gross rental yields have trended lower over the past year. Residential yields fell 23 bps in the Q2/26 quarter to be 3.26% across Sydney, whilst 23 bps lower compared to a year ago. A yield pushing beyond 4% is more desirable for investment properties located in capital cities, while below this, tends to show higher property values relative to rental income. Sydney gross rental yields have averaged 3.26% over the past five years.
Source: McGrath Research, Cotality
Sydney, Q2/26
Houses
Apartments
Residential
Gross rental yield
2.59%
4.12%
3.26%
Change from a quarter ago
-9 bps
-41 bps
-23 bps
Change from a year ago
-10 bps
-40 bps
-23 bps Source: McGrath Research, Cotality
9
Residential rents Update
Median weekly rent
Spring/26
$775
Tracking median weekly rents Sydney
Residential rents across Sydney trended above the weekly rate recorded a year ago. Sydney rents rose 1.3% in Q2/26, whilst increasing 6.2% over the past year, to stand at a median $775 per week. Rent changes are driven by rental supply, tenant demand, migration trends, economic conditions and investor activity which together impact the vacancy rate. For the past five years, Sydney rents grew an average 7.4% per annum.
Source: McGrath Research, Cotality
Rental outlook
+5%
Forecast for median rents Sydney
The Sydney residential market is continuing to experience upward pressure on weekly rents. McGrath Research forecast Sydney rents to rise 5% at the end of 2026, with a further 6% rise likely in 2027. The rental forecast takes into consideration new and existing supply levels, population changes, economic conditions and upgraded local infrastructure which can influence future tenant demand, vacancy rates and rental growth.
Source: McGrath Research
Sydney, Q2/26
Houses
Apartments
Residential
Median weekly rent
$800
$740
$775
Change from a quarter ago
0.6%
2.1%
1.3%
Change from a year ago
6.7%
5.7%
6.2% Source: McGrath Research, Cotality
10
Residential rents, by local area Based on the geography boundary defined by the Local Government Area
Spring/26
Houses
Apartments
Median weekly rent
Change from a quarter ago
Change from a year ago
Median weekly rent
Change from a quarter ago
Change from a year ago
Bayside (NSW)
$1,060
3.9%
20.5%
$770
0.7%
4.8%
Blacktown
$675
1.5%
3.8%
$610
1.7%
0.8%
Sydney Q2/26
Blue Mountains
$655
1.6%
0.8%
$560
6.7%
14.3%
Burwood
$1,005
2.6%
28.8%
$715
1.4%
5.9%
Camden
$745
0.0%
3.5%
$555
-0.9%
5.7%
Campbelltown (NSW)
$685
0.7%
5.4%
$525
1.0%
1.9%
Canada Bay
$1,270
3.3%
36.6%
$830
1.8%
5.1%
Canterbury-Bankstown
$880
1.1%
10.0%
$645
0.8%
4.0%
Central Coast (NSW)
$720
2.1%
8.3%
$585
2.6%
7.3%
Cumberland
$760
0.0%
7.0%
$615
1.7%
4.2%
Fairfield
$710
0.0%
4.4%
$555
-0.9%
6.7%
Georges River
$965
1.6%
7.8%
$705
4.4%
5.2%
Hawkesbury
$735
0.7%
4.3%
$550
0.9%
3.8%
Hornsby
$910
2.8%
11.0%
$695
-1.4%
1.5%
Hunters Hill
$1,500
0.0%
25.0%
$645
8.4%
4.9%
Inner West
$1,080
2.9%
18.7%
$705
0.7%
2.9%
Ku-ring-gai
$1,470
2.8%
11.4%
$815
3.2%
6.5%
Lane Cove
$1,455
4.7%
23.8%
$725
2.1%
5.1%
Liverpool
$740
1.4%
5.0%
$625
-1.6%
-0.8%
Mosman
$2,200
0.0%
10.0%
$800
0.0%
3.9%
North Sydney
$1,455
10.6%
72.2%
$840
1.2%
5.7%
Northern Beaches
$1,575
3.6%
21.6%
$840
3.7%
5.7%
Parramatta
$835
3.1%
16.0%
$680
1.5%
3.8%
Penrith
$710
1.4%
8.4%
$560
0.9%
3.7%
Randwick
$1,665
1.2%
37.6%
$895
4.1%
5.9%
Ryde
$1,155
0.4%
30.5%
$735
5.0%
6.5%
Strathfield
$1,030
0.0%
32.1%
$705
0.7%
5.2%
Sutherland
$1,160
0.9%
17.8%
$755
0.7%
4.1%
Sydney
$1,155
3.6%
26.9%
$940
0.5%
1.6%
The Hills
$920
-2.1%
0.5%
$725
3.6%
3.6%
Waverley
$2,120
0.5%
51.4%
$1,035
2.5%
3.0%
Willoughby
$1,480
1.7%
15.6%
$810
2.5%
5.9%
Wollondilly
$695
3.0%
10.3%
$435
0.0%
1.2%
Woollahra
$2,400
7.6%
92.0%
$1,020
1.5%
5.7%
Source: McGrath Research, Cotality
11
Definitions
Sydney Sydney refers to the Greater Capital City Statistical Area or ‘Greater Sydney’ as defined by the Australian Bureau of Statistics (ABS).
Local Government Area A Local Government Area (LGA) is a defined geographic region administered by a local council responsible for community services, planning, and local regulations.
Interest rate target The cash rate target is the interest rate set by the Reserve Bank of Australia to influence borrowing costs, economic activity, and inflation across the economy.
Economic growth Economic growth is the rise in a country’s production of goods and services over time, reflecting how much the economy is expanding.
Unemployment The unemployment rate measures the share of people in the labour force who are willing and able to work but currently without employment.
Population growth Population growth increases the number of people needing homes, boosting housing demand and influencing supply, prices, and future development needs.
Sales Sales of residential homes refers to the number of houses or apartments sold within a specific area and time period, most commonly being reported within the quarter or year.
Auction clearance rate Auction clearance rates show the percentage of properties sold at auction compared with those taken to auction over a given period.
Sales velocity The length of time a property spends on the market from listing to exchange, with the duration measurement represented as being number of days.
Listing New listings are recently advertised homes, while total listings represent all properties currently for sale in the housing market at a given time.
Median price The median price is the midpoint of all property sale prices, where an equal number of homes sell above and below that value.
Vacancy Total residential vacancy refers to the proportion of rental properties unoccupied and available for tenants at a specific point in time.
Yield Gross rental yield is the annual rental income of a property divided by its market value, showing the return before expenses.
Median weekly rent Median weekly rent is the midpoint of all weekly rental prices, with half of properties renting for more and half for less.
Guiding you home
Michelle Ciesielski National Head of Research, McGrath Research www.mcgrath.com.au/research
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