Sydney Retail Figures Report Q4 2023

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).