Investors target Australian retail assets
Investors spent A$11 billion ($8.4 billion) on Australian retail assets in the 12 months to June, up 35 percent from the A$8.1 billion ($6.2billion) recorded in the previous corresponding period, and up A$4 billion ($3 billion) on the A$6.9 billion ($5.2 billion) five-year average, according to Savills Australia’s latest research.
Surveyed cities include Adelaide, Brisbane, Melbourne, Perth and Sydney, which recorded significant rises. In particular, the state of New South Wales, home to Sydney, was up A$2 billion ($1.5 billion) to A$4.23 billion ($3.2 billion), closely followed by Victoria, home to Melbourne, at A$2.6 billion ($2 billion), up from A$1.99 billion ($1.5 billion), and Brisbane at A$2.7 billion ($2.1 billion), up from A$2.58 billion ($2 billion).
“The figures are huge and reflect significant pent-up demand driven by retail property’s safe-haven status amid continued global economic turmoil. Global cash has and will continue to f