The National Australia Bank (NAB) survey for September 2011 period provides very interesting milieu. NAB “Quarterly Australian Commercial Property Survey” reveals that retail property vacancy rates rose to 5.5% in the September 2011 quarter. Vacancy rates for office and industrial assets fell to 6.9% and 5.8% respectively. Hotel property was the best commercial property sector during the quarter. According to a leading property survey, Victoria is now a powerhouse of the nation’s commercial property sector within two years and it is expected to be overtaken by Victoria as the strongest market by September 2013.
Despite a softening in the pace of recovery, there are signs that vacancy rates will fall over the coming two years. The industrial market is expected to have strong recovery in 2012 and NAB Industrial Property forecast to increase +38 by September 2012 and +53 by September 2013 which sees it as one of the strongest performers. The report said “Western Australia continues to be identified as the strongest market. WA is expected to significantly out perform the other states and the national average, with prices rising by 3.4%, while Victoria is the only state expected to record negative price grow (-2.1%)." House prices in WA have rising slightly with improving conditions expected to lift the local values.The report is optimistic with strong impact on global markets.
Commercial Property Survey _September 2011_.pdf (475.03 kb)
Tags: nab survey
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Comments
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fred borge
Can house prices continue to go up?
Sammie Timson
House prices in London are still very high. Can't see them going up now that we are heading to another recession.
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