Inner West expert leads national commercial property market seminar
Industrial vacancy rates have fallen to the lowest levels in four years.
- Commercial property values have risen by 5.0% in South Sydney this year.
- Records continue to be broken with buyers actively competing at auction.
- Industrial property is the pick of the crop in the Inner West at present due to a reduction in supply and continued strong demand.
- Raine & Horne’s Commercial Insights Report, featuring expert views on the property market across Australia, is available to download.
Sydney, 16 November 2017: Early November saw the Inner West’s leading local commercial property expert – Luke Smith of Raine & Horne Commercial Marrickville/South Sydney, join other industry specialists at Sydney’s Westin Hotel, to share their views on commercial property with Ray Hadley, OAM, broadcaster on Radio 2GB Sydney.
The event, which coincided with the release of Raine & Horne’s Commercial Insights Report, attracted a large media contingent as well as a broad spectrum of commercial property investors from across New South Wales.
In reviewing the state of the Inner West market, Mr Smith said commercial property values have risen by 5.0% in South Sydney since January, and limited investment stock will help to support healthy yields.
Mr Smith noted, “While the slowing of the apartment market will likely affect land values in some parts of Sydney, the strength of recent sales in South Sydney and the Inner West is underpinning confidence that values and demand in stronger segments of the market will remain steady.”
As a guide to the continued robust health of the development site market in the Inner West, Raine & Horne Commercial Marrickville/South Sydney recently managed the sale of 401-405 Illawarra Road, Marrickville, achieving a sale at auction for $350,000 above the reserve. The sale equated to $280,000 per approved site.
Mr Smith believes industrial property is the pick of the crop at present, noting, “A reduction in supply and continued strong demand has seen industrial sale and rental values grow across the Inner West and South Sydney markets.”
He adds, “Records continue to be broken with buyers actively competing at auction.” This is evidenced by recent auction sales including 181 Kingsgrove Road, Kingsgrove, which sold for $5,714 per square metre on a 2.87% yield; and the sale of 4/95 Burrows Road Alexandria, which achieved $5,595 per square metre.
To download a copy of Raine & Horne Commercial’s latest property market report covering the Inner West and Australia as a whole, visit http://www.imags.com.au/rh_commercial_insights/.
For further media information contact:
Luke Smith, Co-Principal Raine & Horne Commercial Marrickville/South Sydney on 0416 281 577