Tuesday, 13 April 2010

Parramatta. Dramatic increase in sales volume

Quarter four of 2009 saw investment activity in Parramatta closely mirror sales results in North Sydney with a dramatic increase in sales volume, according to the CB Richard Ellis Sydney Metropolitan Office, first quarter 2010 Marketview report The sales of 25 Smith Street, $48.4 million, 93 George Street $18.5 million, and 20 Charles Street, $20.2 million, all helped to confirm the current yield level in Parramatta. As at March 2010, grade A yields ranged between 8.75 per cent and 9.50 per cent, with the indicative rate of 8.75 per cent, compared with the 7.31 per cent recorded in December 2007. Grade B properties performed similarly over this period with indicative yields sliding out from 8.57 per cent to 9.89 per cent over the same period. The resultant drop in capital values between December 2007 and December 2009 is likely to have been 14.9 per cent and 10.7 per cent for grade A and B respectively, the report said.

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