A local investor has purchased a DA approved residential development site within 48 hours of CBRE promoting the opportunity to its VIP Buyer Database.

The $5,850,000 transaction occurred as Sydney clearance rates increase to over 80 per cent and developers look to re-enter the residential property market. 

CBRE’s Nicholas Heaton, Toby Silk and Aaron Arias managed the sale of the 112 Sydney Road, Fairlight site on behalf of vendor Joes Vescio.

At a glance:

• CBRE sell 112 Sydney Road, Fairlight, within 48 hours of promoting the opportunity to VIP Buyer database
• The 1,005 square metre site has three street frontages with views over Manly and Sydney Harbour
• Developers re-enter the market following the recent drop in cash rate

Situated in an elevated position with views over Manly and Sydney Harbour, the 1,005 square metre site has three street frontages and is located a short distance from Manly Beach and Manly Wharf. 

Mr Silk said the speed of the transaction demonstrated the strength of the current market, with buyers acting quickly in fear of missing out on premium boutique development sites which are in short supply.

"With the cash rate dropping again this week, buyers now have improved access to finance, relieving demand in the property market, which has recently seen clearance rates reach over 80 per cent," Silk said.

"This has spurred developers to re-enter the market, seeking opportunities such as this which offer the ideal fundamentals for developers including views, proximity to amenity, access to transport and proximity to Sydney CBD."

Another residential development site at 2 Sutherland Street, Cremorne, has also recently been listed for sale by CBRE.

Mr Arias said enquiries had increased dramatically as the end of the year approached.

“The Christmas period often acts as a natural deadline for property transactions including developers meeting quotas," he said. 

"Compared to earlier this year, enquiry across all of NSW has increased by 40 per cent, which shows the market is strengthening with buyers keen to transact before the end of the year."

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