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Solid Western Sydney sales: CBRE
Released 16 December 2010

Increasing liquidity and buyer confidence resulted in over $120 million worth of property being transacted in western Sydney during 2010 by CB Richard Ellis’ Parramatta Metro team.

Demand for retail assets and residential development sites were underpinned by returning investor confidence and population growth in Sydney’s West.

CBRE Associate Director Harry Bui said as bank lending criteria began to ease in 2010, local investors had moved to capitalise on the stronger market fundamentals in western Sydney.

“We have definitely experienced an increase in buyer activity and levels of enquiry for retail assets, when compared with the previous year,” Bui said.

“Our biggest auction result for 2010 was the acquisition of the Cabramatta City Centre for $18.1 million at a tight initial yield of 5.7% by a private Asian syndicate in October 2010.

“Asian investment syndicates and high net worth individuals have been especially active in the western Sydney investment market over the year.

“The Cecil Hills Shopping Centre was acquired was acquired by a private Asian investment syndicate in the first half of 2010 for $10.8 million.”

Bui added the five retail investments sold in Beamish Street, Campsie for just under $6 million were another example of investor demand for retail assets in western Sydney.

Returning market confidence also enabled local developers to re-enter the market during 2010 after a period of reduced activity.