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News release

Sydney

Eastern Suburbs residential development site sells at auction for $5.51m

A residential development site at 278 Bunnerong Road, Hillsdale gets snapped up by a local developer


​SYDNEY, 29 August 2014 – An Eastern Suburbs residential development site at 278 Bunnerong Road, Hillsdale has been snapped up for $5.51 million by a local residential developer at a public online auction.

JLL’s Director in Charge – Parramatta and Regional Director of Sales & Investments, John Macree, managed the sale process with JLL’s Leslie Cheng and Dylan McEvoy.

According to Mr Macree, “It was a spirited auction, with 30 bids received, and came down to steep competition. The sale and interest in the property confirms the strength of the residential development market in Sydney.

“Sydney is currently experiencing an undersupply of housing, particularly in those suburbs located close to amenity and transport networks. A key component of this undersupply is the lack of new developments entering the market.”

Mr Macree said the demand fundamentals for residential property are strong in Sydney as a result of rapid population growth. “A lift in the birth rate and net migration inflow means that population growth is at the high end of the range in comparison with the past 40 years.”

According to Mr McEvoy, the residential property market is performing well. “While demand for residential property remains strong throughout Sydney, the highest demand exists within those suburbs close to public transport and within easy access to job centres. These suburbs remain the focus for developers, local governments and purchasers.”

The property at 278 Bunnerong Road is a substantial 4,603 square metre-sized parcel of vacant land, suitable for residential development. It is located in the prime-growth residential area of Hillsdale and Matraville in Sydney’s Eastern Suburbs, with close proximity to CBD transport links, beaches, golf courses, schools and universities. It is situated within walking distance to Southpoint Shopping Centre and Westfield Eastgardens.