Peter Vines from Ray White joins the series to give his Market Wrap for the commercial property space in Western Sydney and shares with us why he joined Ray White.
Like our videos? Don’t forget to subscribe to our Proptech Carpool series here.
Here’s the transcript of the video:
Peter Vines from Ray White, thanks so much for joining the Carpool series with Soho. Thanks Trent. Thanks for having me. You recently joined Ray White. And yeah, I guess you're heading up the commercial division there. What were your motivations for joining Ray White? I think the biggest thing for me was I saw Ray White as an opportunity to have my own business. I also saw it as a brand that was, you know, coming up in the commercial space. It's a massive commercial brand in Queensland. And I think that it has a huge amount of potential in New South Wales. The whole family story really resonated with me as well. I'm a third-generation real estate agent. Oh true? And so I really, you know, having that connection with the White family and Jeff Moxham whose family was out in Western Sydney for a long time as well, was really something which excited me. Yeah, nice. I guess how is, talking a little bit more specifically, I guess, about the market, commercial market in particular. What do you like at the moment, what excites you? What are some opportunities that you're kind of seeing in the market? Look, I think it really depends on what you're trying to achieve. I think, you know, land with no income at the moment is much more difficult. It's more difficult to fund. It's more difficult to get pre-sales for residential or industrial. Anything with income at the moment is really where the market’s at. And because of the fact that interest rates are so low and, you know, just decreased yesterday. There is really a lack of stock out in the market. And so I think there is an opportunity for people out there to capitalise on that lack of stock and that huge amount of capital looking to place money. Yeah. So that's you know, I mean the ultimate is land withholding income. So if you've got a big piece of land with a small shopping center or something there where people can hold land with income, that really is the ultimate. I guess just touching on Parramatta a little bit more. I know we were talking off-camera about a lot of, I guess, infrastructure and transport modes and those kinds of things coming through. So yeah, what's in the pipeline there that you can see, I guess, for Parramatta in the short term. Yeah, well, they've started the construction of the light rail which will be a huge project to link, you know, Parramatta through to Westmead and beyond. So the hospital precinct really, you know, meeting with the Parramatta CBD, they've just finished the Bankwest Stadium, which is absolutely phenomenal to watch sport at because of its shape. Westfield's expanding, there's you know, a couple of hundred thousand square meters of space commercial space coming into Parramatta Square. And so all of that will bring in new retailers, it’ll bring in new offices and just you know, revitalise the area. Yeah. What's your advice for vendors at the moment or I guess looking, you know, Spring time is typically, I know on the residential side it’s good time to sell but I guess you’re speaking to vendors daily. What are you advising your vendors to do at the moment? Again, it really depends what their situation is and what their investment goals are. I personally feel that there's a huge opportunity out there at the moment to take advantage, particularly of stock which might be sort of what I would call “Fringee investment stock” which might have some hairs on it. People, particularly in a low-interest rate environment, will overlook some of those hairs because they're just desperate to place money at the moment. And I think that's really where the opportunity lies and who knows what’ll happen. I mean our market is very heavily driven by confidence like the residential market is. And you just don't know what world incidents or you know, political changes might cause to consumer confidence. So I think that's a real opportunity. You got some really interesting stock on the market at the moment for sale. Yeah, give me a run-through of what you like at the moment. We've got this amazing property, which have been marketing in Parramatta CBD. It's eight tenancies. About a forty metre frontage. About a thousand square meters of NLA. It's fully leased. The reason I like it so much is it's a very big corner location. It's kind of in that sort of 12+ million dollar price point which there hasn't been a lot of assets offered to the market like that in Parramatta. And there's, I don't know, 600-700 units coming in the direct area of it. As well as a new QT Hotel, Meriton serviced apartment. So I just think it's a phenomenal opportunity. Peter Vines, contact details if I'm a buyer or a seller. How do I get in contact with you? Myspace. Is that still going? Hit me up, Myspace. No. Either on my mobile is probably the best. Alternatively via email. If there's ever anything anybody would like to discuss about Western Sydney, I'm obviously more than happy to share what I know and assist you with anything I can. Awesome, Peter Vines, thanks so much for joining the Carpool series with Soho. Thank you, loved it.