Latest Cityscope News – January 2024

NSW

North Sydney Cityscope

The latest research from North Sydney Cityscope shows property sales for the quarter to January 2024 have significantly decreased in terms of total value. Sales recorded in the most recent quarter totalled $30.4 million from 15 sales, as compared to the $191.2 million from 26 sales in the quarter to October 2023 and from the $166.8 million from 39 sales recorded in the quarter to July 2023.  This quarter brings the twelve-month total value of sales to $988 million from 106 sales, a decrease from the $1.6 billion from 135 sales recorded for the previous year.

Notable Sale: 83 Walker Street, North Sydney, a three-storey office building with parking for eight cars; completed in 1974 and a net lettable area of 897 sqm on a 346 sqm block, was bought as a development site for $10.5 million.

Pyrmont/Ultimo Cityscope

The latest research from Pyrmont Ultimo Cityscope shows that commercial property sales value has increased in the past three months. Sales recorded in the quarter to January 2024 totalled $105.1 million from 16 sales, an increase compared to the $68.2 million from 38 sales recorded in the previous quarter and the $40.6 million from 20 sales recorded in quarter to July 2023. This data brings the twelve-month total to $242.2 million from 86 sales, a decrease from the previous twelve-month total of $677.6 million from 105 sales.

Notable Sale: The Old Clare Hotel at 20-24 Broadway, Chippendale, comprising the former Clare Hotel to Broadway and the Carlton United Administration Building to the south of the Clare Hotel, completed in mid 2015. The hotel comprises 62 rooms, retail space, conference facilities, a gym, restaurant space and a 14-metre pool on the roof of the former Administration building. The hotel was originally built as three storeys and had been extended by one level with the addition of a rooftop bar. The former Carlton United Administration building was also built as three storeys originally and extended by two levels as part of the redevelopment. The property was bought with 10 car parking spaces in One Central Park at 1 – 3 Carlton Street, Chippendale for $57.8 million through Colliers – Sydney.

Eastern Sydney Cityscope

The latest research from Eastern Sydney Cityscope shows commercial property sales values have decreased in the past three months. Sales recorded in the quarter to January 2024 totalled $33.1 million from 15 sales, a decrease from the $97 million from 19 sales recorded in the quarter to October 2023 and from the $121 million from 39 sales recorded in the quarter to July 2023.  This data brings the 12-month total to $474.1 million, a decrease from the $818.5 million recorded the same time last year.

Notable Sale: Albert Villa, 169 Albion Street, Surry Hills, a two-storey Victorian Filigree-style house with a carriageway to Albion Street at the western end, built circa 1892 on a block of 469 sqm, bought for $8.35 million through Sydney Sotheby's International Realty - Double Bay.

Sydney Units Cityscope

The latest research from Sydney Units Cityscope shows that apartment sales in Sydney’s CBD have decreased in total sales value in the last quarter. The last three months to January 2024 recorded 73 sales for a total of $143.5 million, a decrease from the 162 sales for a total of $249.1 million recorded in the quarter to October 2023 and from the 176 sales for a total of $297.9 million recorded in the quarter to July 2023. The 12 months leading up to January 2024 recorded 493 sales for a total of $815.1 million, a large decrease from the 809 sales for a total of $2.04 billion, for the same time period the year before.

Notable Sale: Lot 14, known as Unit 5403, at One Barangaroo Crown Residences, 1A Barangaroo Avenue, Barangaroo, a north and east facing 230 sqm residential apartment including 2 covered terraces on level 54 with 2 car spaces of 16 sqm and 17 sqm and a storage area of 7 sqm, all on basement level 2, which was bought for $17.5 million through McGrath Millers Point.

Norwest Cityscope

The latest research from Norwest Cityscope shows property sales for the quarter to January 2024 have increased in terms of total value. For the three months to January 2024, a total value of $154.5 million was recorded from 69 sales, an increase compared to the total value of $19.9 million from 21 sales in the three months to October 2023 and from the $49.1 million from 21 sales in the three months to July 2023. This increase is partially attributable to the inclusion of a new strata building, The Bond at 8 Elizabeth Macarthur Drive, Bella Vista. This data brings the 12-month total to $239.9  million from 125 sales, an increase from the $99.7 million from 83 sales recorded the same time last year.

Notable Sale: Unit 1, known as G01, a retail unit of 535 sqm comprising 317 sqm on the ground floor and 10 car spaces; Unit 2, known as G02, a retail unit of 680 sqm comprising 432 sqm on the ground floor and 16 car spaces; Unit 3, known as 1.01, a commercial unit of 1,084 sqm comprising 840 sqm on level 1, 14 car spaces and 1 storage space; Unit 4, known as 1.02, a commercial unit of 1,887 sqm comprising 432 sqm on level 1 and 38 car spaces; Unit 5, known as 2.01, a commercial unit of 1,038 sqm comprising 744 sqm on level 2, 16 car spaces and 1 storage space; Unit 6, known as 2.02, a commercial unit of 1,150 sqm comprising 822 sqm on level 2 and 37 car spaces; Unit 16, known as Suites 3.11, 3.12 & 3.13, a commercial unit of 1,413 sqm comprising 295 sqm on level 3, 730 sqm on basement level 2 and 14 car spaces and Unit 33, known as Suites 5.01, 5.02 & 5.03, a commercial unit of 979 sqm comprising 665 sqm on level 5 and 20 car spaces in The Bond at 8 Elizabeth Macarthur Drive, Bella Vista, sold together for $70,544,387.

VIC

St Kilda Road Cityscope

The latest research from St Kilda Road Cityscope shows property sales’ value has decreased in the past three months.Sales recorded in the three months to January 2024 totalled $92.8 million from 150 sales, a decrease compared to the $116.9 million from 58 sales recorded in the previous quarter and the $244 million from 165 sales recorded in the three months to July 2023. This data brings the 12-month total to $597 million from 543 sales, a decrease from the $633.3 million from 659 sales recorded over the previous year.

Notable Sale: The strata building at 437 St Kilda Road, Melbourne, unit 1, unit 2, unit 3, unit 4, unit 5, unit 6, unit 7 and unit 8, a 7-level office building constructed in 1964, refurbished in 1986, 1991, 1994 and 2003, providing 6,517 sqm net lettable area on a site of 3,035 sqm with 99 car parking spaces, which was bought as a development site for a proposed residential project with an end value of about $350 million.

Docklands Cityscope

The latest research from Docklands Cityscope shows that commercial property sales value has decreased with 8 sales for a total of $6.1 million for the quarter to January 2024, compared to the 7 sales of $36.8 million for the previous quarter and a large decrease from the 8 sales of $235.1 million for the quarter to July 2023. This brings the 12-month total of over $282.6 million from 34 sales, an increase from the $183 million from 39 sales for the previous year.

Notable Sale: Lot 411, Lot 412 , Lot 430 and Lot 431 in Lifestyle Working Collins Street at 838 Collins Street, four commercial units of 264 sqm collectively on level 4 of the six-storey building comprising 137 commercial suites, completed in 2013, which were bought for just over $1.5 million through Colliers – Melbourne.

SA

Adelaide Cityscope

The latest research from Adelaide Cityscope shows that commercial property in both sales value and volume have increased in the past three months. Sales recorded in the quarter to January 2024 totalled $60.2 million from 23 sales, an increase compared to the $29.2 million from 15 sales in the three months to October 2023 but a decrease from the $174.8 million from 29 sales in the three months to July 2023. This data brings the twelve-month total to $383.9 million from 81 sales, a decrease from the previous twelve-month total of $777.6 million from 100 sales.

Notable Sale: 46 out of the 93 apartments plus the bar and private function area on level 19 and commercial unit on ground level in Rowlands Apartments at 14-18 Rowlands Place, were bought together for $17.5 million.

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