Speaking at a First National Commercial conference in NSW late last week, BIS Shrapnel senior projects manager Maria Lee forecasted good times ahead for the commercial real estate market despite overseas volatility.
“The risks of overvaluation are gone and most property sectors are now undervalued.” Ms Lee said.
“Instead, there is now the prospect of rising, not falling prices over the next few years,” she said.
According to Ms Lee, Melbourne has taken the capital city lead in the office market sector, followed by Sydney and Adelaide. Meanwhile, Ms Lee said Canberra has taken a step backwards, while Brisbane and Perth “look as though they are heading in the wrong direction at the moment”.
“However, the point is that they’re all going to get to the finish line but it’s just a question of timing,” she said.
Ms Lee said there is also good news for agents.
“There should be great opportunities for agents to assist landlords and their tenants in leasing space as demand recovers, and also to broker investment deals as property fundamentals continue to improve so we can look forward to much more idyllic surroundings for the next few years at least,” she said.