Perth and Brisbane: Surge Demand Drive

by joy.manginsay 28. February 2012 19:12

Based on the Property Council of Australia reported last February 2012, a surge in demand in Perth and Brisbane helped push Australian office vacancies to a three year low. Vacancies in Perth’s center more than halved to 3.3% while in Brisbane fell to 6.2% from 7.4%.

According to Sydney-based Regional Director for office services at property broker CBRE Inc, James Patterson said, “Perth and Brisbane outperformed expectations with the resources sector continuing to expand strongly in both cities.” Brisbane and Perth are tenant demand in which the two cities are given strong mining employment growth and re-assured that there will continue benefited on the flow-on to domestic economy.

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Perth and Brisbane change in Status

by joy.manginsay 19. December 2011 18:27

Perth is now returning to growth after three years of declining markets. Brisbane and Perth are the weakest city markets this year but the weakest cities are expected changed ins tatus to the strongest city markets next year.The two cities namely Perth and Brisbane have much in common, both are seeing growing airport to traffic from fly-in-fly-out workers. Both cities are boosted by emerging resources boom and have CBD office vacancies contract and for industrial property grow. They are both seeing improving sales volumes and rising rents for residential property. In Brisbane City, the number of house sales is 13% but the median house price reduced 2%. The vacancy rate in Brisbane city is 2.3%, while Logan city is 1.8%. The REIQ says, the state's tourism centers of the gold, sunshine and Fraser coasts, as well as Cairus, are sill experiencing oversuply of stock.

According to Andrew Wilson, Economist for Australian Property Monitors, says, " Perth has the potential to go on one of its notorious price benders next year. I wouldn't be surprised to see double-digit price growth in Perth in 2012." Perth is already the capital int he office, industrial and hotel markets. One indicator is data on fly-in-fly-out workers passing through Perth Airport. Perth Residential Property will follow in 2012.


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