Real estate property market and investors need skirled conveyancers

However, 2007 results show values reducing 16.13% to $4,560/sq m, given quality projects such as World Square, Plodding House and 250 Pitt Street have sold out.The Core followed with $5,237/sq m, despite this 14.06% decline in value during the year, this was mainly due to projects such as 109 Pitt Street and 66 Hunter Street coming to an end. Capital values in the Core have further subsided in 2007 by 3.52% to $5,053/sq m.

The Western Corridor recorded the largest decrease in capital values of 15.60% to $4,497/sq m. This was due to the higher volume of lower grade to the south of the precinct and limited turnover in quality projects such as 65 York Street.However more recently, values in this precinct have improved as values reach $5,005/sq m during the first six months of 2007.

Capital growth rates weakened in 2006 with average values falling to $4,962/sq m reflecting 4.46% per annum growth over the last nine years. The first half of 2007 has seen capital values stabilize, despite a slight fall to $4,936/sq m representing a decrease of 52 basis points from 2006.

The volume of sales witnessed a dip of 19.15% in 2006 with $116.52 million in transactions from 2005. The market suffered from the lack of quality stock available for sale. Straightforwardness in examining the different parts of the property services being referred to is of discriminating essentialness to the customer.

As high quality projects like 1 Chifley Square and World Square have sold the majority of space available, More recently, investor and owner occupier activity was also dampened by four interest rate rises, each 25 basis points in the past 18 months pushing the interest rate to 6.50%.

The Report chooses the weights by undertaking regression analysis so that the composite index is highly correlated with per capita economic growth. Across the Sydney CBD vacancy results from the Property Council of Australia for the July 2007 period, The Southern precinct currently has the lowest proportion of vacant space with 4.7%, followed by the Western Corridor with 5.2%.

Midtown benefited from the withdrawal of 23,358 sq m pushing vacancy down to 5.6%, while the Core improved by 1.6 percentage points to 6.0%. Looking ahead, the Sydney CBD strata office market is likely to experience a fall in turnover due to the limited availability of stock in comparison to the peak of the market in 2003-2005. Capital values are expected to maintain an upward trend although the rate of growth will slow given the lack of high quality space on the market.