After nearly two decades working across South Sydney’s commercial real estate market, William Gathercole has taken the helm as the head of Ray White Commercial City South.
The move marks a natural progression for a trusted expert who knows the region better than most.
“I’ve been fortunate to work with some of the leading international real estate firms,” Mr Gathercole said.
“That experience has given me the insight and expertise to deliver some of the largest real estate transactions in South Sydney.”
He said joining Ray White was the obvious next step.
“Owning my own business has always been a goal, and RWC gives me that platform, with the strength of a family-owned brand with more than 120 years of trust behind it,” he said.
“I love what I do, and this gives me the backing to do it at the highest level.”
Owner-Occupiers Driving Demand
In South Sydney’s industrial market, business owners are outpacing investors in both urgency and spending power.
A recent campaign led by Mr Gathercole saw five of six assets in a tightly held portfolio sold to owner-occupiers, highlighting a broader market shift.
“Owner-occupiers are consistently outbidding investors,” he said.
“They’re paying premiums to gain long-term control over their operations, especially in locations critical to their business.”
This urgency has defined the past year, with no signs of slowing.
“These buyers are decisive, well-capitalised, and ready to act quickly to secure the right footprint,” he said.
“In a competitive market like this, quality assets don’t last long.”
Investors Re-Emerge with New Priorities
While owner-occupiers are dominant, investors are cautiously returning to the South Sydney market, with a tighter focus on risk and return.
“We’re seeing renewed interest, especially in assets with long leases and stable income,” Mr Gathercole said.
“Prices are stabilising, confidence is building, but investors are being more selective.”
Rising operational costs - particularly land tax - are forcing a rethink across the board.
“For landlords on gross leases, rising land tax is a significant challenge because those costs can’t always be passed on,” he said.
“Tenants are also under increasing pressure, with statutory outgoings climbing and affordability becoming a real concern.”
In this environment, the numbers have to make sense.
“The cash rate remains the benchmark. If the yield doesn’t hold up, investors are stepping back.”
Confidence Returns, But Strategy is Key
Looking ahead, Mr Gathercole expects momentum to build in 2025, fuelled by easing interest rates and improving market conditions.
“We’re seeing more motivated vendors, more realistic pricing, and growing buyer confidence,” he said.
With development activity still hampered by high construction costs, the spotlight will remain on quality existing stock.
“There’s still considerable risk in taking on a build or redevelopment,” he said.
“That’s why we’re seeing a clear flight to quality, with buyers prioritising established assets in prime locations.”
As competition intensifies and client needs evolve, Mr Gathercole believes tailored strategy and trusted advice will be more important than ever.
“Every client has unique goals, and every transaction should reflect that,” he said.
“I take the time to understand their outcomes and tailor the approach to deliver the best possible result.”
