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BOTANY MARKET OUTLOOK
C L I C K A B OV E TO CO N T I U E
ARTIST’S IMPRESSION. INDICATIVE ONLY
OUTLOOK
BOTANY
A CONTEXT ON BUSINESS, CULTURE, LIFESTYLE AND RESIDENTIAL
Botany is strategically located in
proximity to the Sydney CBD and
major employment hubs such
as Sydney Airport, with the area
benefiting from urban renewal
and infrastructure development.
THE UNIVERSITY OF THE BUS NETWORK
NSW IS A MEMBER PROVIDES ACCESS TO
OF THE LEADING THE SYDNEY CBD,
GROUP OF EIGHT EMPLOYMENT
UNIVERSITIES. CENTRES AND
SURROUNDING
AMENITY.
UNIVERSITY OF NEW SOUTH WALES BUS NETWORK
PROXIMITY TO BEACHES
SUCH AS LITTLE BAY 1 POP 2 INF 3 EMP
BEACH.
Botany accommodates
all three of the Urbis
C ALL 13 38 38
economics and research
TA I L O R S W A L K . C O M . A U fundamentals that
make a sustainable
VISIT THE SALES CENTRE suburb – Population,
67 WIL SON STREET Infrastructure and
O P E N D A I LY 1 1 A M – 5 P M Employment.
LITTLE BAY BEACH
POPULATION, METROPOLITAN SYDNEY
INFRASTRUCTURE & EMPLOYMENT RESIDENTIAL DRIVERS
Residential property assets are a long URBAN RENEWAL SYDNEY POPULATION GROWTH FOCUS ON THE BIGGEST MARKETS – GEN Y
STILL GROWING – OVER 1,500 NEW RESIDENTS PER WEEK Sydney is expected to see a shift of Gen Y’s into home
term investment, with value underpinned The Botany Bay and South Sydney area is undergoing
ownership, however there are some affordability constraints
significant urban renewal as redundant employment lands are Sydney is Australia’s leading property market in size, value and
by key fundamentals. being converted into residential and mixed-use developments. quality of projects. The Sydney market is expected to continue for this segment of the market. This age group has certain
The underlying drivers of residential property value have The urban renewal also comprises new retail and recreation to grow as population growth increases (projected at 1,535 characteristics:
been identified as ‘locational’, with the amenity derived from facilities that are improving the amenity of the area. This per week for the next 20 years, as forecast by NSW Planning • They will marry later and have families even later, with
proximity and access to employment, public transport, services, includes the rezoning of industrial land in the Wilson/ and Environment) and opportunities for infill development these families therefore likely to be smaller
recreation and social infrastructure. Product alone is unlikely Pemberton industrial estate to Medium Density Residential. increasingly become rare. This aligns with historic actual
• They are very accepting of density, however demand amenity
to drive demand like it has in the mid 2000’s, with place This reflects economic trends that are resulting in industrial growth observed between 2009 and 2014 which was 1,285
superiority now a key driver behind the success of high density businesses relocating out of the area to take advantage of new residents per week, for a total increase of 66,800 per • The majority believe they do not have to move to the
residential developments. lower operating costs and better access to like businesses. annum over this period. outer suburbs once they have kids (particularly with
Urban renewal in the area is creating new communities in smaller families).
Finishes and views will no longer compensate for developments According to the NSW Government, there were an average of
in marginal locations. Long-term value growth will be the most proximity to the Sydney CBD with good access to transport 17,400 dwelling completions in Metropolitan Sydney between As such, large proportions are expected to remain in locations
important motivator for buyers moving forward, and in today’s and amenity, such as the beaches of the Eastern Suburbs. 2009 and 2014. However, based on actual population around key centres, notably the CBD and Inner/Middle Ring
new market demand those regions accommodating a unique growth, there was demand for 24,700 dwellings per year. This where they have a high level of amenity and accessibility to
formula will perform better long term. equated to an undersupply of housing in Sydney over recent employment opportunities.
years, though it is noted that the imbalance has started to
Urbis has investigated the trends that will deliver sustained
improve in 2014 with an increase in supply. AGE DISTRIBUTION IN METROPOLITAN SYDNEY
and confident growth now and into the future. This involves
recognising the key fundamentals that investors should seek RESIDENTS IN 2011
to secure returns as well as identify regions that will be the SYDNEY POPULATION GROWTH GROWTH IN RESIDENTS TO 2016
most desirable to live, work and play. To help identify these TG aged 85+
locations, Urbis has concluded that the most desirable locations 6,500,000 TG 80-84
TG 75-79
will be those locations accommodating ‘P.I.E.’: Population, 6,000,000
TG 70-74
Infrastructure and Employment.
5,500,000
Boomers 65-69 BABY BOOMERS
More Downsizing
POPULATION
Boomers 60-64
Low Maintenance Living
5,000,000 Boomers 55-59 Lifestyle Orientated
Boomers 50-54 Amenity Rich Locations
Long-term value growth will be the most important
GENERATIONS
4,500,000
Gen X 45-49
motivator for buyers moving forward 4,000,000
Gen X 40-44
Gen X 35-39
ACTUAL 1,535 NEW RESIDENTS PER WEEK
3,500,000 POPULATION Gen Y 30-34 LARGEST MARKET
Gen Y 25-29 Employment Proximity
3,000,000 Civic Minded
POPULATION INFRASTRUCTURE EMPLOYMENT Gen Y 20-24
2011
Maintain Social Networks
2009
2010
2012
2013
2014
2016
2017
2018
2019
2020
2021
2022
2023
2024
2026
2027
2028
2029
2030
2031
2015
2025
Gen Y 15-19 Diversity is Key
Population Locations Proximity and access Source: Australian Bureau of Statistics 2014; NSW Planning and Environment 2014; Gen Z 10-14
growth is an supported to employment Urbis Gen Z 5-9
underpinning by adequate nodes is essential Gen A 0-4
factor in demand infrastructure for strong residential 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000
for the residential and services growth. It supports NUMBER OF RESIDENTS
property improve the future population Source: NSW Planning and Environment 2014; Urbis
market. Identifying regions with strong value derived from locational driven as well as opens
population growth improves the amenity. Key infrastructure including up a local worker market for residential
developments, with workers seeking Sydney will continue to see Sydney has experienced a historical Generation Y will be the largest
potential demand for new residential universities, hospitals and public transport
housing within easy transit to their place population growth close to 80,000 undersupply of dwellings with population cohort to enter the
development though access to a growing increase the attractiveness of a location
market and future household formation. to renters and supports the local areas of work. This can be provided either per annum over the next 20 years. demand for 24,700 dwellings per year housing market, with this group
ability to sustain population growth. through developing close to existing and between 2009 and 2014 whilst only anticipated to experience growth in
planned employment centres or within 17,400 dwellings were completed demand from 2016.
easy access to major public transport on average, resulting in a growth in
nodes connecting local residents to their average household size.
place of work.
2 URBIS MARKET OUTLOOK - BOTANY URBIS MARKET OUTLOOK - BOTANY 3
© URBIS.COM.AU
CONTENTS © URBIS.COM.AU
LOCATION &
ACCESSIBILITY
SYDNEY CBD (10KM) 7 26 27 28 29
19 18 8
32 20
30
25 21 31 2KM
16 15
6 13
17 38 3
MASCOT TRAIN STATION 24
14 34
22
33 2 23
12
SYDNEY AIRPORT
37
35
11 10
Botany is located approximately 10km
south of the Sydney CBD and is in
close proximity to employment centres,
9 schools, parks and beaches.
5
BUS ROUTE
4
36
Botany is located approximately 10km south of the Sydney CBD. The area is located
Health
Prince of Wales Hospital
Retail & Entertainment
2 Westfield Eastgardens 26
Education
14 Mascot Public School
close to significant employment centres including Sydney Airport, Port Botany and the 3 Pacific Square 15 Daceyville Public School 27 Sydney Children’s Hospital
28 Royal Hospital for Women
Randwick Education and Health precinct. 4 Botany Village 16 St Spyridon College Primary
29
Parks and Recreation
5 Local Botany Shopping 17 JJ Cahill Memorial High School Bondi Beach
Buses along Botany Road and Mascot Train Station provide Botany is well serviced by retail including the Westfield 30
6 Eastlakes Shopping Centre 18 Sydney Girls’ High School Coogee Beach
residents in Botany with direct access to the Sydney CBD, Eastgardens that is located around 1km away. Urban renewal
Sydney Airport as well as the Eastern Suburbs and Inner West. in Botany is also resulting in improved retail amenity including 7 Royal Randwick Shopping Centre 19 Sydney Boys’ High School 31 Maroubra Beach
Botany is also located in close proximity to the M5 Motorway, cafes and restaurants. 8 Entertainment Quarter 20 Randwick Girls’ High School 32 Royal Randwick Race Course
which provides good road access throughout Sydney.
Botany is located close to popular beaches including Coogee, 21 Randwick Boys’ High School 33 Eastlake Golf Club
9 Banksmeadow Public School
Education
The area is well serviced by local infrastructure and amenity Maroubra, Little Bay and Brighton-Le-Sands, which provide 34
10 St Bernard’s Catholic Primary 22 Champagnat Catholic College Bonnie Doon Golf Club
including schools, parks and retail. An increasing number of access to an excellent outdoor lifestyle.
School Botany Pagewood 35 Garnet Jackson Reserve
new apartment projects are being developed in Botany and
surrounds, creating new communities and amenity. 11 Botany Public School 23 Our Lady of the Annunciation School 36 Sir Joseph Banks Park
12 Pagewood Public School 24 South Sydney High School 37 Booralee Park
13 Eastlakes Public School 25 University of NSW 38 The Lakes Golf Course
4 URBIS MARKET OUTLOOK - BOTANY URBIS MARKET OUTLOOK - BOTANY 5
© URBIS.COM.AU
CONTENTS © URBIS.COM.AU
INFRASTRUCTURE The Botany Bay LGA is expected to provide
upward of 15,500 new jobs by 2041
EMPLOYMENT
& INVESTMENT GROWTH
Botany and the surrounding area will PROXIMITY TO GROWING EMPLOYMENT CENTRES The Sydney CBD is a major employment hub and a global
gateway for Sydney with over 105,000 additional jobs
benefit from significant infrastructure Employment growth is an important driver of residential
projected to 2041. Bus and road linkages from Botany to the
demand with workers looking to live in close proximity to
projects across education, transport, where they work. Forecast employment growth in the Botany
Sydney CBD provide residents with good access to the CBD.
health and recreation. This will improve Bay LGA and nearby centres will potentially drive housing Bus and road linkages also provide residents with good access
demand from new workers. There are 15,522 new jobs to other major employment centres such as the Randwick
the amenity for local residents as projected for the Botany Bay LGA by 2041, centred around Education and Health precinct, which include areas such as the
well as create more employment Sydney Airport, Mascot and Port Botany. University of NSW and Prince of Wales Hospital.
opportunities for prospective residents.
Major projects include: SYDNEY AIRPORT EXPANSION NEW JOBS BY 2041
EMPLOYMENT GROWTH WITHIN THE SURROUNDING CENTRES
The federal government has approved the Master Plan 2033
for Sydney Airport, which includes a new 4 or 5 star hotel with
430 rooms, new car parks and new commercial office buildings
in the International Terminal Precinct. The Plan also includes a
new road and other upgrades, which will improve access and SYDNEY CBD
reduce congestion to the airport, including upgrading public 105,238
transport facilities to improve public transport services. NEW JOBS REDFERN AND
CENTRAL PRECINCT
10,036
NEW JOBS
UNIVERSITY OF NSW PROJECTS RANDWICK EDUCATION
UNSW is a leading international university and continues to AND HEALTH PRECINCT
grow and develop. Current major UNSW projects include the 6,568
recently completed Materials Science and Engineering building, SYDNEY AIRPORT NEW JOBS
the future new Mechanical and Manufacturing Engineering
precinct and the new Biomedical precinct extension, which will 8,946
provide modern facilities and infrastructure for students and PRINCE OF WALES HOSPITAL REDEVELOPMENT NEW JOBS
researchers for collaboration and research. Construction commenced in 2012 on a new $80 million
Nelune Comprehensive Cancer Centre facility at the Prince
of Wales Hospital. The project is expected to be completed in
WESTCONNEX STAGE 2
2016 and will provide a wide range of medical facilities and PORT BOTANY
WestConnex is a major $15 billion transport project for services. The facility will also provide training for nurses and
Sydney. Stage 2 of WestConnex, also called the new M5, will specialists and will further progress medical research in NSW. 3,610
run from Beverly Hills to St Peters and will provide improved NEW JOBS
access to the airport and the south Sydney and Port Botany
areas. The New M5 will feature new tunnels, interchanges GREEN SQUARE AQUATIC CENTRE AND
and connections, which will improve motorway access, GUNYAMA PARK
provide connections to key roads and reduce impacts on The proposed project includes a new park, swimming pool and KOGARAH TOWN CENTRE
residential areas. recreational space in the Green Square Town Centre precinct.
It will feature a heated 50 metre outdoor swimming pool, a 25
4,234
NEW JOBS
metre pool, an indoor leisure pool, a hydrotherapy pool, a fully
equipped gym, a full-size outdoor sports field and indoor and
outdoor recreational open space areas.
Source: NSW Bureau of Transport Statistics 2014
6 URBIS MARKET OUTLOOK - BOTANY URBIS MARKET OUTLOOK - BOTANY 7
© URBIS.COM.AU
CONTENTS © URBIS.COM.AU
POPULATION The Botany Bay LGA is projected
to grow by 737 new residents
Botany is becoming increasingly affluent,
with an increasing number of white
DEMOGRAPHICS
GROWTH each year to 2031 collar professionals
POPULATION GROWTH BOTANY STUDY AREA The number of people in white collar occupations such as MEDIAN INCOME
professionals and managers has increased in Botany from 2006
For the purpose of this profile, the Botany study area has been 12,000
to 2011. In contrast, there has been a decline in the number Botany
defined as the suburb of Botany. Population growth in Botany 10,000
Sydney
of people in blue collar occupations from 2006 to 2011, which $120,000
has steadily increased from 2006 to 2014, at an average
likely reflects the decline in industrial activity in the area.
POPULATION
8,000
annual growth rate of 2.6%. The growth exceeded the Sydney $100,000
$97,784 $94,428
6,000
average of 1.7% during the same period and reflects the urban Historically, the average household income in Botany has been
slighter higher than the Sydney average and this trend has
MEDIAN INCOME ($)
renewal and development activity in Botany. 4,000 $80,000 $73,508 $72,730
continued in 2011. The average household income in Botany
The population in the wider Botany Bay LGA has increased 2,000
$60,000 $56,755 $55,716
in 2011 was $97,784 compared to the Sydney average of
from 37,453 in 2006 to 44,742 in 2014, at an average growth 0
$94,428. The Botany area is becoming increasingly affluent
2011
2006
2007
2008
2009
2010
2012
2013
2014
rate of 2.2% per annum. The population of the Botany Bay $40,000
and households with incomes over $130,000 have significantly
LGA is projected by the NSW Department of Planning and Source: Australian Bureau of Statistics 2014; Urbis
increased from 2006 to 2011 from 17% to 29%. $20,000
Environment to increase by an average of 737 new residents
BOTANY BAY LGA The percentage of people with bachelor degrees has increased
per year from 2014 to 2031. $0
70,000
from 15% in 2006 to 18% in 2011. The proximity of Botany to 2001 2006 2011
There are a high proportion of Gen X, Gen A and Gen Z in
60,000 renowned universities such as the University of NSW, University Source: ABS Census 2011; Urbis
Botany compared to the Sydney average. Combined, these
of Sydney and University of Technology Sydney will continue to
three groups make up over 40% of the population in Botany. 50,000
support this trend.
This suggests that there are a high proportion of family
EMPLOYED RESIDENTS BY OCCUPATION, 2011
POPULATION
40,000
households in Botany.
The Botany Bay Council Development Control Plan (DCP) has
30,000
WHO LIVES IN BOTANY 2011 2006
historically required larger minimum sizes of apartments in the 20,000 ACTUAL
737 NEW RESIDENTS PER YEAR
POPULATION
Botany Bay LGA than Sydney on average. This is likely to have 2006 2011 Labourers
7%
10,000 9%
resulted in larger apartment sizes that have made the area
Average Age
attractive to family households. - of Residents 37 37 Machinery Operators 7%
2011
2006
2007
2008
2009
2010
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
& Drivers 9%
Source: Australian Bureau of Statistics 2014; Department of Planning Family Households 72% 75% Sales Workers
9%
& Environment 2014; Urbis 9%
Botany has recorded average population growth of
Employed in
2.6% per annum over the last eight years, above the AGE DISTRIBUTION IN BOTANY White Collar Jobs 67% 73% Clerical & 19%
Administrative Workers 20%
Sydney average of 1.7%. SYDNEY
Bachelor Degree
BOTANY
or Higher 15% 18% Community & Personal 10%
TG aged 85+ Service Workers 10%
Average Household
TG 80-84
TG 75-79
Income $73,508 $97,784 Technicians & 13%
Government population projections for the Botany Bay trades workers 15%
TG 70-74
Local Government Area estimate that the population Household Income
Boomers 65-69
Above $130,000 17% 29% 21%
will grow by approximately 737 new residents per Boomers 60-64
Professionals
17%
annum to 2031. Boomers 55-59
Source: ABS Census 2011; Urbis 13%
Boomers 50-54 Managers
GENERATIONS
11%
Gen X 45-49
0% 5% 10% 15% 20% 25%
Gen X 40-44
Gen X 35-39 SHARE OF POPULATION (%)
Generation X have been the largest age cohort in Botany
Gen Y 30-34
and are expected to represent a large proportion of Gen Y 25-29
Botany is becoming The proportion of Source: ABS Census 2011; Urbis
purchasers and renters in the Botany market along Gen Y 20-24 an increasingly affluent people in white collar
with Generation Y who are currently under represented Gen Y 15-19 area average household occupations have been
in the area. Gen Z 10-14 income increasing by increasing in Botany,
Family households make up the majority of households
Gen Z 5-9
33% between 2006 reflecting the changing
Gen A 0-4 in Botany and will benefit from the larger-sized
to 2011 nature of the area.
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% apartments provided in the Botany Bay LGA.
NUMBER OF RESIDENTS
Source: ABS Census 2011; Urbis
8 URBIS MARKET OUTLOOK - BOTANY URBIS MARKET OUTLOOK - BOTANY 9
© URBIS.COM.AU
CONTENTS © URBIS.COM.AU
INVESTMENT Botany has recorded strong
apartment price growth of 21%
Tailor’s Walk is competitively priced
to other projects in nearby locations
RELATIVE PRICING
MARKET over the 12 month period from COMPARISON
August 2014 to July 2015
APARTMENT MARKET The map below compares the relative pricing of apartments
in key areas of apartment development within Inner Sydney. INDICATIVE AVERAGE PRICE
Botany recorded a median apartment price of $765,000 based CATCHMENT APARTMENT SALES CYCLE NEW 2 BED, 2 BATH APARTMENTS
The map demonstrates the average relative price range of a
on 85 settled transactions for the first six months of 2015.
160 $900,000 new 2 bedroom, 2 bathroom apartment within Tailor’s Walk
Activity peaked in 2012 and 2013 with over 200 sales each Number of Apartment Sales Median Apartment Sale Price $1,800,000
140 $800,000 and surrounding areas including Mascot, Waterloo, Rosebery, $1,562,500
year. This represented a significant increase from the prior five $700,000 Kensington and Sydney CBD. $1,600,000
MEDIAN SALES PRICE ($)
120
years where sales averaged around 90 per year. $600,000
SALES (NO.)
100 $1,400,000 $1,225,000
The graph highlights that the asking prices for Tailor’s Walk $1,161,667
Apartments in Botany have shown consistent price growth 80
$500,000
$1,200,000
$400,000 are generally lower when compared to sales prices in 2015 $1,063,000
historically, recording a ten year median price increase of 3.4% 60 $1,000,000
$300,000 across other nearby apartment development locations. It is $1,000,000
$860,000
per annum. Price growth has been higher in the last five years 40
$200,000 noted that the sales ranges are based on data from April $800,000
with a growth rate of 5.1% per annum. The increase in the 20 $100,000
2015 to November 2015 from the Urbis Apartment Essentials $600,000
median apartment price over the last five years has been similar 0 $0
and consultation with agents. It is noted that the size and
JUN-11
DEC-11
JUN-96
JUN-97
JUN-98
JUN-99
JUN-00
JUN-01
JUN-02
JUN-03
JUN-04
JUN-05
JUN-06
JUN-07
JUN-08
JUN-09
JUN-10
JUN-12
JUN-13
JUN-14
JUN-15
DEC-96
DEC-97
DEC-98
DEC-99
DEC-00
DEC-01
DEC-02
DEC-03
DEC-04
DEC-05
DEC-06
DEC-07
DEC-08
DEC-09
DEC-10
DEC-12
DEC-13
DEC-14
$400,000
to the growth recorded throughout Sydney.
characteristics of apartments differ between projects and
$200,000
There has been significant price growth in the past year in PERIOD (SEMI-ANNUAL) caution should be taken when comparing prices.
Source: RPData; Urbis $0
Botany for both houses and apartments. Houses grew by 14%
Tailor's Walk Mascot Waterloo Rosebery Kensington Sydney CBD
in Botany compared to 11% for the Sydney average in the 12
Source: Tailor’s Walk prices provided by Frasers Property; Other prices sourced
months to July 2015, while apartments grew by 21%, which PRICE RANGE FOR NEW TWO BEDROOM STOCK from Urbis Apartment Essentials and agents
was double the Sydney growth rate of 10%. This likely reflects
the increased demand for apartments in Botany and planned NEW PRODUCT VERSUS EXISTING PRODUCT
urban renewal.
Botany
Industrial sites which are being rezoned to residential uses Sydney
are driving new apartment developments in the Botany area. $700
$620 CBD
Data compiled from Cordell Connect indicate there are around $600
$520
$580
CIRCA $1,000,000 – KENSINGTON
$490 $2,000,000
1,661 new apartments, townhouses and terraces proposed to $500 CIRCA $950,000 –
be developed in Botany over the next four years. $400 $1,500,000
$300
Looking ahead, there are over 1,000 dwellings that are 5km
$200
proposed to be completed in 2019 in Botany, which indicates
$100
that the majority of proposed supply is still in the planning
$0
stage. The Botany Bay LGA will continue to evolve with new 1 2
10km
residential developments entering the market as well as
redevelopments, creating new lively and dynamic communities
that will also support added vibrancy in local retail strips.
Source: Housing NSW; Realestate.com
ROSEBERY
MASCOT CIRCA $985,000 –
RENTAL $1,500,000
CIRCA $800,000 –
The graph illustrates there is a premium for new rental stock $1,250,000
within Botany. Urbis market research indicates new one FUTURE APARTMENT DEVELOPMENT
bedroom stock achieve a premium of around 6% above IN THE CATCHMENT
1,184 WATERLOO
existing stock, while new two bedroom apartments achieve a NUMBER OF DWELLINGS PER YEAR TAILOR’S WALK CIRCA $940,000 –
premium of 7%. $1,250,000
CIRCA $800,000 –
$1,000,000
MEDIAN PRICE GROWTH
247
METRO METRO 159
BOTANY SYDNEY BOTANY SYDNEY 71
21% 10% 14% 11% 2016 2017 2018 2019
Source: Cordell Connect ; Urbis
Source: APM Pricefinder; Urbis
Note: The prices are indicative only. 2015 off-the-plan sales for 2 bedroom, 2 bathroom apartments.
Source: Tailor’s Walk prices provided by Frasers Property; Other prices sourced from Urbis Apartment Essentials and agents
10 URBIS MARKET OUTLOOK - BOTANY URBIS MARKET OUTLOOK - BOTANY 11
© URBIS.COM.AU
CONTENTS © URBIS.COM.AU
Sydney
Tower 2, Level 23, Darling Park
201 Sussex Street
Sydney, NSW 2000
C ALL 13 38 38
02 8233 9900
This publication is prepared on the instruction of Frasers Property Australia by Urbis for a fee. This publication is not an opinion or representation by or on behalf of Frasers Property
TA I L O R S W A L K . C O M . A U
Australia and Frasers Property Australia accepts no responsibility for the content of the publication and any reliance upon it. This report does not represent financial or investment advice
Sydney
as the publication involves projections and assumptions that can be affected by a number of unforseen variables, any investment decision must allow for the risk that, the accuracy of
the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. It must also be remembered that past performance is not a reliable indication
VISIT THE SALES CENTRE
of future performance. The information in the publication has been prepared without taking into account your financial situation or investment objectives. You should consider the
Tower 2, Level 23, Darling Park
appropriateness of the information in regards to your current financial situation or needs. Neither Urbis nor Frasers Property Australia accepts any responsibility for the accuracy or
completeness of this publication for your personal circumstances and you should take independent advice before making any decision to invest. The information is current as at the
201 Sussex Street 67 WIL SON STREET
date of publication August 2015 but subject to change without notice and Urbis and Frasers Property Australia are under no obligation to contact recipients of this report to update the
information or correct any assumptions or inaccuracies which may prove to be incorrect at a later date so any matter of particular interest should be checked prior to any decision to
Sydney, NSW 2000
invest. 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,
O P E N D A I LY 1 1 A M – 5 P M
recording or otherwise) be reproduced, stored in a retrievals system or transmitted without prior permission. Enquiries should be addressed to the publisher, Urbis..
02 8233 9900
This publication is prepared on the instruction of Frasers Property Australia by Urbis for a fee. This publication is not an opinion or representation by or on behalf of Frasers Property
EMR0314
Australia and Frasers Property Australia accepts no responsibility for the content of the publication and any reliance upon it. This report does not represent financial or investment advice
as the publication involves projections and assumptions that can be affected by a number of unforseen variables, any investment decision must allow for the risk that, the accuracy of
the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. It must also be remembered that past performance is not a reliable indication
of future performance. The information in the publication has been prepared without taking into account your financial situation or investment objectives. You should consider theCALL 13 38 38
TA I L O R S WA L K . C O M . A U
C L I C K H ER E TO R E T U R N
TO T H E B EG I N N I N G
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