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Property performer

08 Oct 2015

Property performer Image

When it comes to inner city property, Southbank has been the standout performing location in recent years, according to CBRE Real Estate.

City sales director Mark Wizel told a CBD property seminar on September 25 that Southbank had been “an incredible performer”.

“If you look at just the increase in Southbank land (value) over the past couple of years, it’s really done in two years what it took the CBD to do in five years,” Mr Wizel said.

“I think it’s a really interesting case study to look at.  You’ve obviously got one player in Southbank who dominated development for 15 or 20 years and they were able to control the messaging to the market in terms of vacancy and absorption, letting and rents, etc.”

“And then suddenly this wave of interest came from overseas who saw it as a real genuine CBD, city-fringe location and really didn’t differentiate about what they were prepared to pay in Southbank and what they’d be prepared to pay in the city.”

“So Southbank’s been a really great performer,” Mr Wizel said.

The September 25 event also heard from Roy Morgan Research that inner city residents were big spenders.

CEO Michele Levin said they spent more and borrowed more than the average Australian.  She said 33 per cent were “big spenders”.

“They are 68 per cent more likely to eat out, attend sporting events or festivals, bars and clubs,” she said.

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