This article is from the Australian Property Journal archive
A LOCAL investor has snapped up an approved residential development site in Sydney’s northern beaches suburb of Fairlight, within 48 hours of targeted campaigning starting.
The $5.85 million deal occurs as Sydney clearance rates increase to over 80% and developers look to re-enter the residential property market.
CBRE’s Nicholas Heaton, Toby Silk and Aaron Arias managed the sale of the 112 Sydney Rd on behalf of vendor Joes Vescio.
On elevated block of 1,005 sqm with views over Manly and Sydney Harbour, the triple fronted property is located a short distance from Manly Beach and Manly Wharf.
Silk said the speed of the deal demonstrates the strength of the current market, with buyers acting quickly in fear of missing out on premium boutique development sites, which are in short supply.
“With the cash rate dropping again this week, buyers now have improved access to finance, relieving demand in the property market, which has recently seen clearance rates reach over 80%.
“This has spurred developers to re-enter the market, seeking opportunities such as this which offer the ideal fundamentals for developers including views, proximity to amenity, access to transport and proximity to Sydney CBD.”
CBRE is currently marketing 2 Sutherland St in Cremorne, which has a 22-unit apartment block on 1,235 sqm of land with R4 high density residential zoning. The agents said enquiry across all of NSW has increased by 40%.
