Looking Up
As you can see, the Westpac-Melbourne Institute consumer sentiment index increased strongly by 9.5% for June.
And that means it has now leapt by some 23% since May — the largest 2-month increase for over 30 years.
First-home buyers have also been active, accounting for nearly 30% of all loans during May.
And this overall level of confidence follows an increase in retail sales, for three months in a row.
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But for the most of 2008, Australia has basically experienced what you might term a Goldilocks market for Commercial property … “not too hot, and not too cold!”
Despite Office, Retail and Industrial being near the top of their cycles … the global turmoil has prevented the usual runaway activity occurring — in most capital Cities.
Anecdotal evidence suggests that consumers are cutting back on their spending around Australia. And it’s likely that luxury items and overseas travel will be the most affected.
A recent article in The Age expounded “The Flight to Value” — where Australian Property Monitors reported a 24% drop in the median price for Toorak Homes, in the 6 months to September.
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With the recent financial turmoil, you’re seeing a number of potential buyers who have pulled back from the Commercial Property Market for the time being.
Therefore, for some properties, you are starting to see the “Neglect Effect” come into play.
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Even though things may be slowing in Queensland and over in the West … the Melbourne CBD Office market seems to be travelling quite well.
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