Sydney and Melbourne have placed in the top 10 most favourable commercial property markets in the Asia Pacific region, according to a new survey.
The survey, conducted by PricewaterhouseCoopers, asked 270 property industry players to rank 20 cities across the region.
Of the 20 cities, Shanghai topped the list, with Melbourne and Sydney coming in at sixth and 10th respectively.
The PricewaterhouseCoopers and Urban Land Institute survey also showed that industry sentiment has improved steadily as the forecast sale of assets was largely averted across regional markets while capital liquidity has improved with stock prices.
“Australian and Asian property markets have seemingly dodged a bullet,” PricewaterhouseCoopers partner James Dunning said.
According to Mr Dunning, the 2010 outlook for Australia is one of cautious optimism.
“The fundamentals across commercial and retail property remain strong: relative economic stability, an undersupply of new developments, high quality tier -1 assets, and low vacancy rates,” he said.