Housing Assessment, Alexandria – Sydney
MacroPlan was engaged by McGrath Estate Agents to provide a housing assessment pertaining to a potential high-density development at a proposed site on Euston Road, Alexandria.
McGrath Estate Agents approached MacroPlan with a request to further understand the opportunities and risks of the study site, competing projects, current and future market supply, price point analysis, buyer profiles, vacancy rates and rental demand.
MacroPlan’s methodology for this project required six stages:
- MacroPlan reviewed the socio-demographic trends that have influenced the catchment’s housing market and that are expected to influence its market conditions over the immediate future.
- A competitive supply assessment was undertaken of comparable residential apartment projects in Alexandria, Erskineville and St Peters (Western), Beaconsfield, Mascot, Rosebery (Eastern) and Waterloo and Zetland (Central). This reconnaissance informed the supply characteristics of the catchment – dwelling yield, mix, height and price points for the potential apartment development at the Euston Road site.
- MacroPlan also delivered a residential demand assessment to identify, potential demand from university students, recent rental trends, local vacancy rates and the scale of demand across the catchment.
- A competitive pricing assessment was undertaken of comparable high-rise development projects in the catchment area, particularly developments in Alexandria and its nearby suburbs. This analysis helped to inform price points and sales rates for the potential apartment development at the subject site.
- When assessing the risks and opportunities, MacroPlan considered the implications of City of Sydney’s Southern Employment Lands Urban Strategy, various other matters that are likely to impact the viability and nature of development in the locality, including existing leasing values, the possible implications arising from WestConnex, as well as commercial floor space amenity expectations.
- As part of the final stage of the housing assessment, MacroPlan undertook an assessment of Market Conditions for Commercial Space. MacroPlan found that there were a number of characteristics of the current Princes Highway corridor that indirectly impact upon the commercial viability of non-residential development at the subject site.
MacroPlan helped McGrath to understand the current market and identified a feasible and competitive project at Alexandria. MacroPlan’s analysis of general demand and supply delivered a favourable outlook for a high-density development at the subject site.
One Sydney Park achieved solid sales rates in their first week of launch. Alexandria secured a new residential suburb record with an apartment sale for more than $3 million at One Sydney Park.
Recent media coverage for the development has been very positive.
Read here for more details: https://www.domain.com.au/news/threebedroom-offtheplan-apartment-in-alexandria-sells-for-more-than-3-million-20180212-h0vy40/?utm_source%3Dsmh.com.au%26utm_medium%3Dreferral%26utm_content%3Dlink-widget%26utm_campaign%3Dplista-smh