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SYDNEY property continued to reach new strengths throughout the year, whilst Perth and Adelaide experienced more mixed results, according to the first part of the Australian Property Institute Herron Todd White 2016 Property Market Wrap.
The Wrap looks at how each of the major capital cities’ key property sectors – residential, office, retail and industrial – have performed in 2016, and what’s in store over the coming year.
Rents in the bullish Sydney office market are set for more growth, according to Herron Todd White Director and API Spokesperson Jason Stevens, as B and C-grade buildings are withdrawn for residential projects and Metro Rail works.
He said Perth’s markets have perennially faced challenges, although the residential market has probably seen the worst of its softening.
In Adelaide, office rents will remain under downward pressure, whilst strong demand is being seen in the lower end of the residential market.
Melbourne and Brisbane will be under the spotlight in Part 2 tomorrow.
Australian Property Journal
