A resurgence of Chinese property buyers in South West Sydney has brought in $44.45 million worth of commercial property transactions for real estate firm CBRE over the past four weeks.
“Over the past several months, there has been a significant uplift in enquiry from both local and offshore developers for secure opportunities in South West Sydney’s hottest growth areas,” said CBRE’s Thomas Mosca.
One of the recent sales in this Sydney region included a $14 million 10-acre site in Edmonson Park, which was mooted to be the location of a high-rise apartment and townhouse project. Another mixed development site worth $13.95 million was sold to a Chinese investor.
“The majority of recent property sales in the south western pocket have been secured by Chinese purchasers looking to land-bank these opportunities and bring them into fruition once the timing for these areas is right,” said Mosca.
He further added that the properties most in demand are the ones that can accommodate house and land style packages, as well as those that can be developed into high-rise apartments.
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