Commercial property values in the South Sydney/Inner West areas are expected to rise by around 8.0-10.0% this year, noted Luke Smith, Director of Raine & Horne Commercial South Sydney/Inner West.
He explains, “Supply levels remain tight, and demand is strong, particularly as it relates to South Sydney and Inner West industrial stock.”
To illustrate the strength of the industrial market in the region, an industrial site at 72-82 Addison Road, Marrickville sold under the hammer for a suburb record $7 million.
“The property which previously housed a printing business attracted 150 enquiries and five committed bidders to the auction,” said Luke.
Raine & Horne Commercial South Sydney/Inner West also sold a 545 square metre block of land at 10-12 Sarah Street, Mascot for $3.3 million in the middle of April. Luke noted, “We will still see growth, however at more normal, sustainable levels rather than the 20%-plus growth we saw in our industrial markets in 2017.
Our full-service commercial real estate network can provide in-depth knowledge of local and regional property markets, with insight and understanding that comes from being a part of a long-established national and international property group. Committed to personalised service and achieving unsurpassed results, our clients continue to benefit from our network strength, which allows substantial cross-flow of international referral, advice and investment.
The Raine & Horne Commercial network is comprised of 100% owner-managed offices and includes numerous industry leaders and award winners. We employ agents who are empowered, encouraged to share and who maintain first rate communication to deliver the best possible outcome with every transaction. We pride ourselves on staying abreast of local and national trends and developments in the property industry, resulting in consistently cutting-edge services and holistic solutions for our clients.
Our industry experts embody and respect the family-oriented values synonymous with the Raine & Horne Commercial brand, allowing us to provide a complete range of professional services for all aspects of commercial, industrial, retail sales, leasing and specialist properties.