Friday, 25th August 2017
New South Wales
Sydney Office Market Update (Property Observer)
Supply and Demand imbalance in Sydney and Melbourne is pushing up office rents.
Face rent growth of 10.3% in Sydney and 13% in Melbourne is forecasted for the year.
Newtown Development/Investment Site Sold (Real Commercial)
An undisclosed buyer has acquired a 622m² Residential Property with Development Potential for Townhouses at 20-28 Munni street, Newtown for around $4,000,000 million ($6’430/m² per permissible Land Area).
Drummoyne Retail Outlet Sold (Real Commercial)
An undisclosed buyer has acquired a 500m² Mixed-Use Building at 137 Victoria Road, Drummoyne for $3,400,000 million ($6’800/m² GBA).