Buyer confidence buoys sales

CB Richard Ellis recorded more than $120 million in property sales in 2010, thanks to increasing liquidity and buyer confidence.

CBRE associate director Harry Bui said as bank lending criteria began to ease in 2010, local investors had moved to capitalise on the stronger market fundamentals in western Sydney.

“We have definitely experienced an increase in buyer activity and levels of enquiry for retail assets, when compared with the previous year,” Mr Bui said.

“Our biggest auction result for 2010 was the acquisition of the Cabramatta City Centre for $18.1 million at a tight initial yield of 5.7 per cent by a private Asian syndicate in October 2010.

According to Mr Bui, Asian investment syndicates and high net worth individuals have been especially active in the western Sydney investment market over the year.

“The Cecil Hills Shopping Centre was acquired was acquired by a private Asian investment syndicate in the first half of 2010 for $10.8 million,” he said.

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