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The fourth quarter of 2012 saw a reduction in commercial property sales, according to CBRE.
There were $2.9 billion worth of commercial property transactions across Australia in the later part of 2012, down from $4.3 billion in the same period in 2011, a statement from CBRE said.
Despite the reduction, annual sales volume for all of 2012 climbed from $13.2 billion in 2011 to $13.5 billion, aided by strong activity earlier in the year.
“The underlying level of transactions softened in the second half of 2012, reflecting the sideways nature of valuations and mixed readings on the economy,” said CBRE’s Australian head of research, Stephen McNabb.
“While lower interest rates are ordinarily a positive for transaction activity and valuations, mixed and sub-trend economic growth evidence, combined with subdued levels of consumer and business confidence, have held back growth assumptions and hence valuations, from both a purchaser and seller perspective,” he said.
CBRE’s sales data takes into account all retail, office and industrial sales over $5 million. CBRE tracks all retail, office and industrial property sales over $5 million throughout the Australia market.
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