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Investor Report September 2014

By Ian Campbell

Successful CWA Property Sale

The Country Women’s Association (CWA) building was sold in mid September for $18.4 million – more than $5 million above original expectations.

Ray White Real Estate was one of only two agents selected to sell the building in Elizabeth Bay which doubled as an office and low cost accommodation centre for the CWA since 1955.

The sale of the building at 11-13 Greenknowe Avenue attracted strong interest with the successful overseas buyer planning to build luxury apartments, subject to council approval.

CWA members voted to sell the building in May. Ray White Elizabeth Bay was very proud to be part of a Ray White team – including Ray White Commercial – who was chosen from 17 agents to handle the sale. The other agent appointed to sell the building was CBRE.

The Changing Face of Kings Cross

The recent sales of two hotels in Kings Cross along with the closing of many retail outlets points to some major changes in Kings Cross.

Following the introduction of lockout laws to curb alcohol-fuelled violence, some businesses have reported up to a 40 per cent loss in revenue according to a recent SMH article. It is reported that pedestrian traffic is down 84 per cent from 2012 levels and many shops that once sold alcohol, fast food and convenience goods have closed their doors.

With strong retail demand from new businesses in the surrounding shopping precincts such as Macleay Street Potts Point, we expect that new retail outlets will continue to replace less desirable businesses in Kings Cross.

Meanwhile, a trend towards more residential development in the area is emerging. A row of terraces on Bayswater Road that was once housed nightclubs are being sold as mixed residential and commercial. The Crest Hotel, on the corner of Victoria Street and Darlinghurst Road, was sold in September and will be turned into apartments as will Darlinghurst Road’s Astoria Hotel which was also sold at auction recently.

Spring in the Market’s Step

Spring has started strongly for the Sydney property market with the city recording auction clearance rates of over 80 percent for six weekends in a row – with the last weekend in September looking set to make it seven.

Spring auction numbers have risen steadily over the month with the weekend of September 20 recording 620 listings – well up on the 565 auctions conducted over the same weekend in 2013.

With historically low interest rates now unchanged for more than a year, many are keen to buy, making it an ideal time to list your property. For more information about how we can help achieve an outstanding price for your prized asset, call our helpful team today on 9331 9600.

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