VIC MARKET OVERVIEW
VICTORIA
Tim Grant - State Director - Commercial Sales - Savills
Thank-you for the opportunity to share your insights as part of The Property Development Review publication - walk us through the performance of your business from a State perspective this year, in which divisions have you seen the strongest growth in 2024. From an innovation standpoint, what are some of the new initiatives your agency is pursuing & how are these being received by clients. Despite the current headwinds and challenging market, the Savills Commercial Sales team is tracking well. As a business we need to continue to evolve to ensure we can retain and attract the best staff into the team, we are continuing to invest in staff and the development of our team to better position ourselves for significant growth. We have noticed increased activity in development site sales with experienced developers looking to capitalise on these opportunities in the market. From an office point of view, owner occupiers are the dominate buyer group as they look to purchase a property to operate their business from. We completed a number of key transactions with these groups over the course of 2024 and with the current level of enquiry we expect this trend to continue. Current requirements from buyers range from smaller strata office suites through to standalone freehold buildings of up to 4,000m2, most of these groups are using their SMSF to purchase the property. And then in terms of the key thematics driving investment into your State, what have been the key considerations made by sophisticated investors & developers when deciding where & how to allocate their capital from a real estate standpoint. With regard to public infrastructure, take us through some of the major projects that will transform your State & the impact you anticipate these projects will have in terms of driving new investment & development. With recent major projects such as the Metro Tunnel (Train) and West Gate Tunnel nearing completion buyers are looking for opportunities that will benefit from this new infrastructure. The City Fringe market continues to be a strong preference for buyers looking to invest or develop within Melbourne. Opportunities that are well located close to
TIM GRANT
54 – August / September 2024
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