Centrale market outlook

OUTLOOK

OUTLOOK INSIGHTS – AUGUST 2015 STRATEGIC LOCATION

P5

NORTH RYDE

Good public transport accessibility to several major centres.

INFRASTRUCTURE INVESTMENT

P6

Over $12 billion of infrastructure investment in the region.

A CONTEXT ON BUSINESS, CULTURE, LIFESTYLE AND RESIDENTIAL

EMPLOYMENT GROWTH

P7

Ryde LGA forecast to accommodate an additional 40,100 new jobs by 2041.

POPULATION GROWTH

P8

North Ryde is an emerging apartment market that has been classified as a Priority Precinct by the NSW Government.

Ryde LGA is projected to grow by 2,280 residents per year over the next 20 years.

DEMOGRAPHICS

P9

North Ryde has a well-educated and affluent population.

SALES PRICE GROWTH

P10

Median apartment price growth of 8% per annum in the last five years

RENTAL GROWTH

P11

Median two bedroom unit rental growth of 6.1% per annum in the last decade.

THE NORTH WEST RAIL LINK WILL FURTHER IMPROVE THE ALREADY STRONG ACCESSIBILITY

NORTH RYDE TRAIN STATION

THE MACQUARIE CENTRE PROVIDES EXCELLENT RETAIL AND RECREATION AMENITY

MACQUARIE CENTRE

THE MACQUARIE UNIVERSITY HOSPITAL PROVIDES EXCELLENT HEALTH SERVICES TO RESIDENTS

MACQUARIE UNIVERSITY HOSPITAL

1

POP

2

INF

3

EMP

North Ryde accommodates all three of the Urbis economics and research fundamentals that make a sustainable suburb – Population, Infrastructure and Employment.

POPULATION, INFRASTRUCTURE & EMPLOYMENT

• Epping Town Centre: 3,750 dwellings within a 10 minute walk of Epping Station.

AT

IO

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ASTRUCTUR E

I

P E

NT

R INF

UL

Long-term value growth will be the most important motivator for buyers moving forward

• Herring Road, Macquarie Park: Up to 5,400 dwellings by 2031.

PO P

Urbis has investigated the trends that will deliver sustained and confident growth now and into the future. This involves recognising the key fundamentals that investors should seek to secure returns as well as identify regions that will be the most desirable to live, work and play. To help identify these locations, Urbis has concluded that the most desirable locations will be those locations accommodating “P.I.E.”: Population, Infrastructure and Employment.

• North Ryde Station: 3,000 dwellings and 1,500 jobs within a 10 minute walk of North Ryde Station.

ME

Finishes and views will no longer compensate for developments in marginal locations. Long-term value growth will be the most important motivator for buyers moving forward, and in today’s new market demand those regions accommodating a unique formula will perform better long term.

The NSW Government has identified ten Priority Precincts within Sydney with the aim to deliver more homes in places with access to infrastructure, transport, services and jobs. The Priority Precincts are generally located around a train station and facilitate the development of increased residential density to meet the needs of the growing Sydney population. Priority Precincts in proximity to North Ryde include:

OY

The underlying drivers of residential property value have been identified as ‘locational’, with the amenity derived from proximity and access to employment, public transport, services, recreation and social infrastructure. Product alone is unlikely to drive demand like it has in the mid 2000’s, with place superiority now a key driver behind the success of high density residential developments.

NSW GOVERNMENT PRIORITY PRECINCTS

PL

Residential property assets are a long term investment, with value underpinned by key fundamentals.

EM

POPULATION

INFRASTRUCTURE

EMPLOYMENT

Population growth is an underpinning factor in demand for the residential property market. Identifying regions with strong population growth improves the potential demand for new residential development though access to a growing market and future household formation.

Locations supported by adequate infrastructure and services improve the value derived from locational driven amenity. Key infrastructure including universities, hospitals and public transport increase the attractiveness of a location to renters and supports the local areas ability to sustain population growth.

Proximityand access to employment nodes is essential for strong residential growth. It supports future population as well as opens up a local worker market for residential developments, with workers seeking housing within easy transit to their place of work. This can be provided either through developing close to existing and planned employment centres or within easy access to major public transport nodes connecting local residents to their place of work.

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URBIS MARKET OUTLOOK - CENTRALE NORTH RYDE © URBIS.COM.AU

METROPOLITAN SYDNEY RESIDENTIAL DRIVERS SYDNEY POPULATION GROWTH

SHIFTING DEMOGRAPHICS

STILL GROWING – OVER 1,500 NEW RESIDENTS PER WEEK

FOCUS ON THE BIGGEST MARKETS – GEN Y

Sydney is Australia’s leading property market in size, value and quality of projects. The Sydney market is expected to continue to grow as population growth increases (projected at 1,530 per week for the next 20 years, as forecast by NSW Planning and Environment) and opportunities for infill development increasingly become rare. This aligns with historic actual growth observed between 2008 and 2013 which was 1,276 new residents per week, for a total increase of 66,350 per annum over this period.

Sydney is expected to see a shift of Gen Y’s into home ownership, however there are some affordability constraints for this segment of the market. This age group has certain characteristics:

According to the NSW Government, there were an average of 15,300 dwelling completions in Metropolitan Sydney between 2008 and 2013. However, based on actual population growth, there was demand for 24,700 dwellings per year. This equated to an undersupply of housing in Sydney over recent years, though it is noted that the imbalance has started to improve in 2014 with an increase in supply.

• They will marry later and have families even later.

• They are very accepting of density, however demand amenity.

• The majority believe they do not have to move to the outer suburbs once they have kids.

As such, large proportions are expected to remain in locations around key centres, notably the CBD and Inner/Middle Ring where they have a high level of amenity and accessibility to employment opportunities.

AGE DISTRIBUTION IN METROPOLITAN SYDNEY RESIDENTS IN 2011 GROWTH IN RESIDENTS TO 2016

SYDNEY POPULATION GROWTH

TG aged 85+ TG 80-84

6,500,000

TG 75-79 TG 70-74

6,000,000

Boomers 65-69 Boomers 60-64 Boomers 55-59

5,000,000 GENERATIONS

POPULATION

5,500,000

4,500,000 4,000,000 ACTUAL POPULATION

3,500,000

Boomers 50-54

BABY BOOMERS More Downsizing Low Maintenance Living Lifestyle Orientated Amenity Rich Locations

Gen X 45-49 Gen X 40-44 Gen X 35-39 Gen Y 30-34

1,530 NEW RESIDENTS PER WEEK

LARGEST MARKET Employment Proximity Civic Minded Maintain Social Networks Diversity is Key

Gen Y 25-29 Gen Y 20-24

Source: U rbis; Australian Bureau of Statistics 2013; NSW Planning and Environment 2014

2031

2030

2029

2028

2027

2026

2024

2025

2023

2022

2021

2020

2019

2018

2017

2016

2014

2015

2013

2011

2012

2010

2009

3,000,000

Gen Y 15-19 Gen Z 10-14 Gen Z 5-9 Gen A 0-4

50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000

NUMBER OF RESIDENTS

Source: Urbis; NSW Planning and Environment 2014

Sydney will continue to see population growth close to 80,000 per annum over the next 20 years.

Sydney has experienced an historical undersupply of dwellings with demand for 24,700 dwellings per year between 2008 and 2013 whilst only 15,300 dwelling were completed.

Generation Y will be the largest population cohort to enter the housing market, with this group anticipated to experience growth in demand from 2016.

URBIS MARKET OUTLOOK - CENTRALE NORTH RYDE © URBIS.COM.AU

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NORTH SYDNEY (16MIN)

ST LEONARDS (10MIN) CHATSWOOD (5MINS)

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13 14 22

21

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28 17 23 26

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MACQUARIE PARK (4MIN)

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NORWEST BUSINESS PARK (20MIN)

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North Ryde is located approximately 13km north-west of the Sydney CBD and boasts a high level of amenity and social infrastructure.

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R TO

EPPING ROAD

Macquarie Park is located approximately 3km from North Ryde and includes Macquarie University, Macquarie Shopping Centre and Macquarie Park Business Precinct

B PARRAMATTA (25MIN)

North Ryde is located approximately 13km north-west of the Sydney CBD. The area provides a high level of amenity for residents including several shopping precincts, schools, hospitals and recreational parks. The region also provides significant employment nodes including Macquarie Park Business Precinct, Chatswood and Lane Cove West Business Park.

SYDNEY CBD (20MIN)

LOCATION & ACCESSIBILITY

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27 6 31

33

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1.0KM

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3.5KM

Health

24

Education Retail & Entertainment

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25 29 19

1.4KM

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Image is a artists impression and indicative only. Distances are approximate

Parks and Recreation

SYDNEY OLYMPIC PARK (25MIN)

New apartment developments are increasingly being developed in North Ryde and Macquarie Park off the back off the creation of Priority Precincts, improving transport infrastructure and access to employment.

Other

The M2 motorway and the North Ryde Train Station provides residents of North Ryde with direct access to Chatswood, St Leonards, North Sydney, the Sydney CBD as well as the Northern Sydney region.

1

Macquarie Shopping Centre

2

Westfield Chatswood

3

Chatswood Chase Shopping Centre

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Top Ryde Shopping Centre

5

Home HQ Homemaker Centre

6

North Ryde RSL

7

Ryde East Public School

8

North Ryde Public School

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Mowbray Public School

10

Lane Cove West Public School

11

Ryde Secondary College

12

Chatswood High School

13

North Sydney Boys High School

14

North Sydney Girls High School

15

Saint Ignatius College Riverview

16

Macquarie University

17

UTS Kuring-gai

18

Macquarie University Hospital

19

Macquarie Hospital

20

Ryde Hospital

21

Royal North Shore Hospital

22

Mater North Sydney Hospital

23

Lane Cove National Park

24

Magdala Park

25

Bleinheim Park

26

Rotary Athletics Field

27

Boobajool Reserve

28

Chatswood Golf Club

29

North Ryde Golf Club

30

Lane Cove River

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Nundah Reserve

32

Yinnell Reserve

33

North Ryde Park

34

Riverside Corporate Park

35

Lane Cove West Business Park

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Macquarie Park Business Precinct

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Train

37

Macquarie Park Cemetery

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Bus

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INFRASTRUCTURE & INVESTMENT NORTH WEST RAIL LINK $8.3 BILLION The North West Rail Link is currently Australia’s largest public transport infrastructure project and a priority rail project for the NSW Government. When completed, the rail link will be the first fully-automated rapid transit rail system in Australia. The project will deliver eight new railway stations and 4,000 commuter car parking spaces to Sydney’s growing North West and is estimated to be completed in 2018.

The rail link will connect with the Epping to Chatswood rail link and pass through North Ryde and Macquarie Park.

M2 MOTORWAY UPGRADE $600 MILLION The M2 Motorway forms part of the Sydney Orbital Network and connects North Ryde to the rest of Sydney. A major upgrade of the Motorway was completed in 2013 which included widening the road and construction of additional exit and entrance ramps.

MACQUARIE SHOPPING CENTRE EXTENSION $440 MILLION The expansion of the shopping centre including a new 5-storey building containing a full line David Jones and Myer department stores, major supermarkets (Woolworths, Coles and Aldi), Big W and Target discount department stores, international retailers (Zara, H&M, Uniqlo, Forever 21), speciality stores and approximately 1,000 car parking spaces. The expansion was completed in October 2014.

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Over $12.7 Billion in infrastructure investment to benefit the region

NORTHCONNEX $2.65 BILLION The development of a 9km tunnel linking theM1 Pacific Motorway at Wahroonga to The Hills M2 Motorway at West Pennant Hills that will provide improved linkages to the National Highway route.

The project is estimated to be completed in 2019. The project is important infrastructure for freight traffic and the wider connectivity within NSW to reduce congestion and improve traffic flow along Pennant Hills Road.

NORTH RYDE STATION PRECINCT $500 MILLION A mixed-use precinct with a focus on residential development as well as retail, commercial and community uses to stimulate activity around North Ryde Station. There is high pedestrian and bicycle connectivity from North Ryde Station to nearby employment centres.

LACHLAN’S LINE $150 MILLION Lachlan’s Line is a transit oriented development that is centrally located between Macquarie Park and North Ryde train stations. The development will provide housing for over 5,000 residents. A key feature of Lachlan’s Line is a significant ‘green spine’ that stretches from one end to the other, as well as a new pedestrian and cycleway bridge connecting the site directly to North Ryde Train Station. This development will also feature a supermarket based shopping centre and community facilities.

EMPLOYMENT GROWTH

The Ryde LGA is expected to provide upward of 40,000 new jobs by 2041

PROXIMITY TO GROWING EMPLOYMENT CENTRES The Macquarie Park Business Park has recorded significant growth in the last decade and is now the second largest business district in Sydney. The precinct hosts a range of corporations in industries including telecommunications, technology, pharmaceutical and electronics such as Microsoft, Sony, Optus, Johnson & Johnson and Goodman-Fielder.

The precinct was estimated to accommodate almost 54,000 workers in 2011 and is forecast to increase by 24,000 by 2041.

NEW JOBS BY 2041

Overall, there is forecast to be 40,100 new jobs within the Ryde LGA by 2041. In addition, the good transport links provided by the M2 Motorway and North Ryde Train Station provide residents with good access to major employment centres such as the Sydney CBD, Chatswood, St Leonards and North Sydney CBD. The investment in the North West Rail Link will also make the area more accessible to a number of key employment nodes such as the Norwest Business Park.

Employment growth is an important driver of residential demand with workers looking to live in close proximity to where they work. Forecast employment growth in Macquarie Park and nearby centres will potentially drive demand from new workers.

EMPLOYMENT GROWTH WITHIN THE SURROUNDING CENTRES

NORWEST BUSINESS PARK 26,500 NEW JOBS MACQUARIE PARK, BUSINESS PARK 24,000 NEW JOBS PARRAMATTA 33,400 NEW JOBS

CHATSWOOD 7,300 NEW JOBS

ST LEONARDS 12,900 NEW JOBS

SYDENY OLYMPIC PARK 8,700 NEW JOBS

NORTH SYDNEY 15,000 NEW JOBS SYDNEY CBD 130,500 NEW JOBS

Source: NSW Bureau of Transport Statistics (2014) URBIS MARKET OUTLOOK - CENTRALE NORTH RYDE © URBIS.COM.AU

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POPULATION GROWTH

120,000 100,000

2029

2030

2031

2030

2031

2028

2027

2029

2026

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2011

2,280 NEW RESIDENTS PER YEAR

2012

2010

2008

2007

2006

60,000

2009

ACTUAL POPULATION

80,000

Source: U rbis; Australian Bureau of Statistics 2013; NSW Planning and Environment 2014

CATCHMENT POPULATION GROWTH 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000

ACTUAL POPULATION

10,000

1,145 NEW RESIDENTS PER YEAR

2028

2027

2026

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2013

2014

2012

2011

2010

-

2009

5,000 2008

The North Ryde Catchment recorded a high proportion of Gen Y residents in 2011, equating to 32.9% of residents. This was well above the Metropolitan Sydney average of 28.7% and reflects the employment opportunities and amenity offered by the location. Conversely, the Catchment recorded a relatively lower proportion of Baby Boomer residents, accounting for 18.9% of residents.

140,000

2007

Applied to the average household size in the 2011 census this equates to 890 new dwellings required per annum to accommodate projected demand. This increase in underlying demand could potentially underpin residential property in this area over this timeframe.

160,000

2006

The wider Ryde LGA has recorded steady population growth during recent years from 100,300 in 2006 to 112,500 in 2013 at an average growth rate of 1.6%. Similar population growth is projected over the next 20 years with the Ryde LGA population forecast to increase by an average of 2,280 residents per year.

180,000

POPULATION

The population of the North Ryde Catchment is forecast to increase by more than 20,000 people between 2013 to 2031. The forecast growth equates to an average of 1,145 new residents per year at a growth rate of 3.2% per annum.

This is double the population growth rate forecast for Metropolitan Sydney.

RYDE POPULATION GROWTH

POPULATION

For the purpose of this profile, the North Ryde Catchment has been defined as the suburbs of North Ryde and Macquarie Park. This reflects the significant growth potential within the two suburbs through the North Ryde Station and Herring Road, Macquarie Park Priority Precincts.

North Ryde and the wider Ryde LGA are projected to record significant population growth

Source: U rbis; Australian Bureau of Statistics 2013; NSW Planning and Environment 2014

AGE DISTRIBUTION CATCHMENT METROPOLITAN SYDNEY NORTH RYDE CATCHMENT

The age profile of residents in the North Ryde Catchment indicates that younger buyers and renters are likely to represent the majority of growth in contrast to Baby Boomers looking to downsize and/or participate as investors.

TG aged 85+ TG 80-84 TG 75-79 TG 70-74 Boomers 65-69 Boomers 60-64 Boomers 55-59 Boomers 50-54 GENERATIONS

Government population projections for the Ryde Local Government Area estimate that the population will grow by approximately 2,280 new residents per annum to 2031.

Gen X 45-49 Gen X 40-44 Gen X 35-39 Gen Y 30-34 Gen Y 25-29

Ryde will experience growth in its Generation Y population who are expected to be the largest age cohort in the property market as renters and purchasers from 2016 onwards (Generation Y comprises people born between 1980 and 2000).

Gen Y 20-24 Gen Y 15-19 Gen Z 10-14 Gen Z 5-9 Gen A 0-4 0

2

4

6

NUMBER OF RESIDENTS (%)

Source: Australian Bureau of Statistics 2011, Urbis

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DEMOGRAPHICS

North Ryde is an affluent area with a high proportion of well-educated and professional workers

A high proportion of the population have a tertiary qualification with 38% having a bachelor degree or higher. This is supported by Macquarie University, with a large number of students also living in the Catchment area.

MEDIAN INCOME North Ryde Catchment Sydney $120,000

MEDIAN INCOME ($)

The North Ryde Catchment has a significant white collar labour force, comprising 84% of employed residents, which is well above the Sydney average (74%). This includes a high proportion of professionals, accounting for approximately 33% of workers. This reflects the numerous business parks and commercial centres located in close proximity to North Ryde.

$100,000

$102,323 $94,428

$87,974 $76,651

$80,000

$65,179

$57,921

$60,000 $40,000 $20,000

The North Ryde Catchment is very multicultural with approximately 46% of residents born overseas. This is well above the Sydney average and includes almost 9% of residents born in China.

The well-educated and professional workforce is reflected by a high average annual income in the North Ryde Catchment of over $120,000, which is 8% above the Sydney average.

The significant proportion of affluent white collar residents within the North Ryde Catchment represents a key demand driver for apartments in the area.

WHO LIVES IN NORTH RYDE

AVERAGE AGE OF RESIDENTS FAMILY HOUSEHOLDS

2001

2006

SYDNEY

38

37 73%

BORN OVERSEAS

46%

36%

EMPLOYED IN WHITE COLLAR JOBS

84%

74%

BACHELOR DEGREE OR HIGHER

38%

24%

EMPLOYED RESIDENTS BY OCCUPATION, 2011 SYDNEY

NORTH RYDE CATCHMENT

7%

LABOURERS

5% 6%

MACHINERY OPERATORS & DRIVERS

3% 9% 9% 16% 18%

CLERICAL & ADMINISTRATIVE WORKERS

9% 8%

COMMUNITY & PERSONAL SERVICE WORKERS

12% 10%

TECHNICIANS & TRADES WORKERS

26%

PROFESSIONALS

33% 14% 13%

MANAGERS

0%

AVERAGE HOUSEHOLD INCOME

$102,323

$94,428

HOUSEHOLD INCOME ABOVE $130,000 INCOME

32%

26%

Source: Australian Bureau of Statistics 2011

The North Ryde Catchment is affluent with average incomes above the Sydney average.

2011

Source: Australian Bureau of Statistics 2011

SALES WORKERS

NORTH RYDE CATCHMENT

65%

$0

5%

10%

15%

20%

25%

30%

35%

40%

SHARE OF POPULATION (%)

Source: Australian Bureau of Statistics 2011

Well educated white collar residents account for a higher proportion of the North Ryde Catchment compared to the Sydney average.

People born overseas make up almost half of residents in the North Ryde Catchment, which tends to drive higher demand for apartment living.

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INVESTMENT MARKET

North Ryde has recorded strong price growth over the last five years

APARTMENT MARKET

RENTAL

During 2014 the North Ryde Catchment recorded a median apartment price of $600,500 based on 218 settled transactions. Activity peaked in 2011 and 2012 with over 300 sales in both years, which represented a significant increase from the previous decade where sales averaged around 150 per year.

While much of the existing rental stock within Ryde is comparably affordable to inner ring rental stock, the graph illustrates that there is a premium for new rental stock within Ryde. Urbis market research indicates that on existing unit stock new 1 bed stock achieves a 25.6% premium and 2 bed stock achieves 40.9%.

SYDNEY

NORTH RYDE CATCHMENT

SYDNEY

8%

7%

10%

9%

Source: RPData

CATCHMENT APARTMENT SALES CYCLE NUMBER OF SALES MEDIAN SALE PRICES

$700,000

300

$600,000

250

$500,000

200

$400,000

150

$300,000

100

$200,000

50

$100,000

2014

2013

2011

2012

2010

2009

2008

2007

2006

2004

2005

2003

2002

2001

2000

1999

1998

1997

$0 1996

0

Source: RPData, Urbis

FUTURE APARTMENT DEVELOPMENT IN THE CATCHMENT NEW PRODUCT VERSUS EXISTING PRODUCT

NUMBER OF DWELLINGS PER YEAR 1,690

CATCHMENT - EXISTING PRODUCT CATCHMENT – NEW PRODUCT $700

$620

$600 $500

1,430

$528 $420

$440

$400

373

164

$300

7

$200 $100

0

$0

1 BED

2 BED

Source: Housing NSW, Urbis

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2015

2016

Source: Cordell Connect

2017

2018

2019

2020

MEDIAN SALE PRICE

350

1994

Approximately 400 apartments are anticipated to be completed in 2015 to 2017 indicating that the majority of proposed supply is still in the planning stage. Overall, the North Ryde Station and Herring Road, Macquarie Park Priority Precincts are anticipated to accommodate 8,400 dwellings, creating a lively dynamic community. Looking ahead, the North Ryde Catchment will continue to evolve with new residential apartment developments to enter the market as well as the construction of new commercial and infrastructure projects.

This continued investment will further enhance the amenity and employment opportunities for existing and new residents.

NORTH RYDE CATCHMENT

1995

The creation of Priority Precincts at North Ryde Station and Herring Road, Macquarie Park by the NSW Government has generated significant interest from developers to develop new apartment buildings. Data compiled by Cordell Connect indicates that there are an estimated 3,664 residential apartments proposed to be completed in the Catchment area over the next five years.

MEDIAN PRICE GROWTH - 5 YEAR

NUMBER OF SALES

Apartment product within the Catchment has historically shown consistent and confident price growth recording a ten year median price increase of 4.4 % per annum. Price growth has been significantly higher in the last five years with a growth rate of 7.9 % per annum. The increase in the median apartment price over the last five years has been similar to the growth recorded throughout Sydney.

RELATIVE PRICING COMPARISON

Centrale is competitively priced compared to other projects in similar locations

North Ryde is located within 13 kilometres of the Sydney CBD and has good access to key employment and infrastructure nodes. It is interesting to compare the relative price of product proposed for Centrale to other key areas of apartment development within Sydney. The map below demonstrates the relative price range of an average new 2 bedroom, 2 bathroom, 1 car park apartment within Centrale, Meadowbank, St Leonards, Macquarie Park, Chatswood, Lindfield, Epping and Rhodes. Asking prices for Centrale are generally lower when compared to sales prices achieved in 2015 across similar locations.

INDICATIVE AVERAGE PRICE – NEW 2 BED, 2 BATH, 1 CAR APARTMENTS $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000

O

CH

AT

SW

DF

O

IE

RD LIN

NA

D

LD

S

S DE O LE ST

M

M

O

NK

DO EA

Q AC

RH

BA

NG

W

EP

PI

PA E RI

UA

CE

NT

RA

RK

LE

$0

Source: Australand, Urbis

PRICE RANGE FOR NEW TWO BEDROOM STOCK

CENTRALE

EPPING CIRCA $830,000 TO $940,000

CIRCA $770,000 TO $900,000

LINDFIELD CIRCA $1,090,000 TO $1,320,000

CHATSWOOD CIRCA $1,225,000 TO $1,500,000

MACQARIE PARK

ST LEONARDS

CIRCA $790,000 TO $980,000

CIRCA $930,000 TO $1,12,000

MEADOWBANK RHODES

CIRCA $840,000 TO $1,050,000

SYDNEY CBD

CIRCA $860,000 TO $970,000

5km 10km Note: The prices are indicative only. 2015 off-the-plan sales for 2 bedroom, 2 bathroom apartments with 1 car space URBIS MARKET OUTLOOK - CENTRALE NORTH RYDE © URBIS.COM.AU

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Sydney Tower 2, Level 23, Darling Park 201 Sussex Street Sydney, NSW 2000 02 8233 9900

SPE0505

This publication is prepared on the instruction of Frasers Property Australia and is not suitable for use other than by the party to whom it is addressed. As the publication involves projections and assumptions it can be affected by a number of unforeseen variables. The forecasts and assumptions are a prediction and whilst Urbis has made every effect to ensure that the forecasts and assumptions are based on reasonable information, they may be affected by assumptions that do not necessarily eventuate or by know or unknown risks and uncertainties. It should be noted that past performance is not necessarily a reliable indication of future performance. The information in the publication does not represent financial advice and should not be regarded as such. It has been prepared without taking into account your financial situation or investment objectives. You should consider the appropriateness of the information in regards to your current financial situation or needs. Urbis accepts no responsibility for the accuracy or completeness of any such material. The information is subject to change without notice and Urbis is under no obligation to update the information or correct any assumptions which may change over time. This study has been prepared for the sole use of Frasers Property Australia and is not to be relied upon by any third party without specific approval from Urbis. This publication is subject to copyright. Except as permitted under the Copyright Act 1968, no part of it may, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) be reproduced, stored in a retrievals system or transmitted without prior written permission. Enquiries should be addressed to the publishers.