Sydney mega site sales trend ramps up since 2014
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.
