Sydney Retail Figures Report Q4 2023

February 14, 2024 6 Minute Read

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Key Points:


  • New South Wales GSP increased 3.7% in 2022-23, following a rise of 2.6% in the previous year.
  • Retail sales decreased by 1.9% q-o-q as of December, the highest quarterly decline recorded over 2023.
  • NSW will be a key beneficiary of population growth with a 10.7% increase forecast.
  • New floorspace added to the market over the quarter totalled c.32,000 sqm.
  • Sydney CBD retail vacancy tightened over 2H23, now at 8.1%.
  • Sydney average Super Prime CBD net face rents remained stable over the quarter, however they increased by 1.5% y-o-y.
  • A total of AUD 429 million of investment sales has been recorded in 4Q23 across 4 transactions (for sales > AUD 5 million).