The southern end of the Sydney CBD saw its commercial property prices hitting record highs, with more than $78 million worth of assets sold in recent months, according to The Real Estate Institute of New South Wales (REINSW).
Haymarket and surrounding suburbs were noted to show signs of significant improvement, driven by new infrastructure and development, with recent changes to planning controls attracting a new wave of buyers.
David Hickey, Executive for Metropolitan and Regional Sales at Savills Australia, said that the Sydney CBD’s southern corridor is on its way to becoming one of the city’s “most dynamic locations”.
This claim came along with the strong sales recorded in various areas, namely 410 Pitt Street ($22.5 million), 810-812A George Street ($14.65 million) and 94 Hay Street ($16.3million) in Haymarket, and 332 Kent Street ($25million) in Sydney CBD.
“Haymarket is known for its proximity to the southern end of the CBD and all the amenities that it has to offer, including major colleges and universities, Chinatown and Central Station,” says Hickey.
“The recent changes in planning controls give incoming purchasers and developers a substantial opportunity to maximise the uplift and achieve greater density in new projects, providing they can amalgamate adjoining properties.”
In addition, residential sales in city and fringe suburbs have remained extremely strong. This positive result was associated with the places’ livability.
“Living in the Chinatown precinct, you could enjoy premium lifestyle amenities, surrounded by endless options for shopping and dining out, 24 hours a day, seven days a week,” concluded Hickey.
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