National Australia Bank released the Commercial Property Survey last February 11, 2015. It shows the overall, sentiment now strongest in retail sector and weakest for office property.

Over the past years, construction has been strong with major office precincts especially in Perth. Australian office markets have been attracting international investment for the past years but nowadays, office property is the weakest. Sentiment in Commercial Property markets softened with dipping into negative territory.

Despite the sentiment is still at record lows in some states, Australian property market has remained strong through tough economic conditions.

 

According to NAB Group Chief Economics Alan Oster, “There was an increase in the number of developers looking residential and retail opportunities, with more also looking to acquire new properties for development.”

Commercial Property Survey Market Overview (Dec 2014).pdf (138.46 kb)


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Australian market is among the most expensive in the world. Australia is at the fore flat of slowing growth in housing sector. Many are expected that house prices will slump this 2015. The market shows cooling prices and affordability is likely to worsen. Will Perth market remains flat or continues to struggle?

According to REIWA President David Airey, “He did not expect the situation to change any time soon. This slowdown is likely to continue for some months yet; there really is no end in sight.”

The figures show that we have more vacancies and listed properties. It is expected to double the increase of vacancy rate within next 2 years. House prices rapidly affordability and expected to flat line in 2015. Mining boom slowly diminished which prospective buyer tapers off. House prices will continue to grow due to income growth which attracts renter to rent. By this data, housing market predicted to slow further in 2015.

http://www.abc.net.au/news/2015-01-14/prices-continue-to-drop-in-perths-rental-market/6015500


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