Sydney Retail Figures Q2 2024

Key points: 

• New South Wales GSP increased 3.7% in 2022-23, following a rise of 2.6% in the previous year.
•  NSW retail sales remain relatively stable since January 2024 (as at April 24).
• The major Sydney Metro City and Southwest line development is set to open in August 2024.
• Development supply increased over the quarter with c.32,000 sqm in completions.
•  Sydney CBD retail vacancy tightened over H124, now at 7.4%.
• Retail rents remained stable across all asset grades over the quarter.
• A total of $169 million of investment sales has been recorded in Q2 across a single major transaction in Sydney (for sales > $5 million).
• Regional shopping centre yields softened by 14bps over the quarter.