Figures

Sydney Retail Figures Q4 2024

January 20, 2025 10 Minute Read

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  • New South Wales GSP increased 1.2% in 2023-24, following a rise of 4.2% in the previous year.
  • NSW retail turnover increased 0.5% m-o-m in November to a total of $11,441m.
  • Launched in August 2024, the Sydney Metro project is set to drive higher foot traffic in the CBD while encouraging quicker, convenience-driven journeys.
  • Development supply remained limited in CY24 with just c.33,000 sqm in completions, this will continue to support rental growth moving forward.
  • Sydney CBD retail vacancy in H1 24 was at 7.4%, 70bp decrease from H2 23 reflecting continued recovery in return to work and tourist numbers in Sydney’s CBD.
  • Over the quarter, rents fell by 2.5% for super prime CBD assets, while LFR’s and sub-regional shopping centres saw the highest increases, rising by 3.3% and 2.0% respectively.
  • Yields remained broadly flat across all asset classes in the December quarter except for prime large format retail asset that compressed by 13bp.