Sydney mega site sales trend ramps up since 2014

Sydney mega site sales trend ramps up since 2014
Staff ReporterJanuary 31, 2017

New research into 'mega site' purchases around Sydney - buys greater than $100 million - has found a total of 50 residential development site transactions since 2014.

The emerging trend, according to Charter Keck Cramer's national director Bennett Wulff, is underpinned by buoyant market conditions and supported by factors including state and local government planning initiatives as well as the increasing activity of offshore - particularly Chinese - developers with the appetite and capacity to deliver projects of such scale.

“Since 2014, a total of 50 residential development sites transacted throughout the Sydney metropolitan area at price points each exceeding $100M, equating to a cumulative land price of over $9.4B and an average site sale price of circa $189M” said Mr Wulff. 

"This far exceeds sales of similar sites within the other major east coast capital cities of Melbourne (7 equivalent site sales) and Brisbane (no such site sales) during the corresponding period."

The research notes Sydney has an undersupply of dwelling stock, exacerbated by a growing population. 

Click to enlarge

Editor's Picks

First home buyer turned investor: How young teacher Elycia bought her home at LUMA in Sunshine North
Northland launches Central Quarter, Merrylands' first new apartment development with Resilience 10-year Latent Defects Insurance
Aniko Group breaks ground on $2.5 billion The Landmark in Mermaid Beach
From passing curiosity to first home buyer: Josh’s journey to Olio Officer
First look exclusive: GRAYA expands Hamilton presence with The Gallery apartments