Norwest Property Factsheet 1st Half of 2019
Positioned around 30km north-west of Sydney, Norwest is an area which encapsulates the suburbs of Baulkham Hills, Rouse Hill, Castle Hill, and Bella Vista. These suburbs are noted particularly for their commercial precincts, which include office and retail uses, as well as strata industrial property.
The median sale price for commercial property in Norwest was $7,700 per sqm as of Q4 2018. This represents an annual (Q4 2017 – Q4 2018) price change of 1.4%. In contrast, the median price per sqm for industrial properties was $4,275 per sqm during Q4 2018. This represents a price softening of -5.1% annually. Sales of industrial properties have declined by -28.6% over the past 12 months to Q4 2018, whilst commercial sales increased 71.4% over the same period. There has been a clear shift in activity to favour commercial stock in the sales market in Norwest.
Leasing activity in both the commercial and industrial markets in Norwest increased over the 12 months to Q4 2018, with total activity across both markets up by 88.2% across this period. A median price of $388 per sqm was recorded for commercial leases in Norwest across Q4 2018, whilst industrial properties recorded a median price of $188 per sqm over the same period. The preferred lease type for both commercial and industrial leases in Norwest was a net lease agreement, with 71% of commercial transactions and 78% of industrial transactions conducted in this manner. Average days to let have seen strong decreases over the 12 months to Q4 2018 for both commercial and industrial property types, down 67.8% to 38 days for commercial leases and down 70.5% to 46 days for industrial properties leases.