THE PROPERTY DEVELOPMENT REVIEW
How would evaluate the impact of the past eighteen months in your local market? We have gone from 11% office vacancy to less than 2% in the Maroochydore CBD, industrial land values have increased by about 100% and we have experienced a wider range of buyers active in our market. While this is all positive news for the market, it has resulted in drastic shortages of supply and it is hard not to feel for businesses that are getting priced out of the market. What are your expectations for the commercial property market over the next twelve months? We went into 2022 with a bit of caution with the threat of rising interest rates and the impact of rising construction costs starting to impact on buyer sentiment however, we have so far seen similar volumes of transactions to 2021. It is hard to see the rate of capital growth being maintained
but there is a backlog of demand in the both the office and industrial sectors from both a leasing and sale perspective so we remain cautiously optimistic about the next 12 months. Talk us through the most significant deals you have transacted transacted thus far in 2022. 2022 has seen a very strong start for us. Our most notable transactions so far include the sale of a major industrial site on the Bruce Highway at Chevallum for $10.25 million to a Sydney based investor/ developer. We also transacted a major development site up at Hervey Bay for $19.5 million. Other significant sales include a beachfront residential development site at Bokarina for $8.8 million and an industrial
property on Eumundi Road Noosaville for $8.25 million.
April / May 2022 – 59
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