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MELBOURNE’S property market will remain strong along with Sydney, whilst Brisbane will continue to be patchy, according to the second 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.
Office vacancies in Melbourne declined notable throughout 2016, according to Herron Todd White Director and API Spokesperson Jason Stevens, and a strong inflow continues from the Asian region from investors looking abroad for better returns on investments in the sector.
Retail continues to perform well, with international tenants still attracted to the city, whilst the residential market will remain in a growth phase.
Brisbane remains affected by the mining downturn, with an oversupplied office market experiencing high vacancies and incentives.
Portions of its residential market have seen some form of recovery, with stronger demand for properties closer to the CBD in the low-to-mid price range.
Australian Property Journal
