Victorian retail property sales up 26% over year

Victorian retail property sales up 26% over year
Victorian retail property sales up 26% over year

Retail property sales are up 26% on the same period in 2013, even which yields are sub-7%, according to Savills Australia.

The Melbourne Retail Sales Summary data has found that bulky goods sales had doubled from $52 million in the 12 months to June 2013, to $106 million this year.

Meanwhile, shop transactions were up from $252 million to $261 million.

Regional retail centre sales were a stand out, accounting for 29% of the total retail activity in the state.

Glenn Lampard, Victorian head of research for Savills, said that the figures were boosted by some significant transactions, with prices up but number of sales down. There were 77 properties sold this year, compared to 106 last year.

“Sales are up on last year in dollar terms by more than a quarter and that reflects an investment market which recognises that retail property possesses sound fundamentals and presents well as a long term play,’’ Lampard explained.

Funds have been the most active – purchasing 47% of stock.

However, private investors purchased the most in terms of numbers of properties – with 52 sales.

Here are the standout enclosed centre sales from Savills:

Victorian retail property sales up 26% over year

Source: Savills

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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Melbourne Retail

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