Over $10bn in retail property transactions for the year

Westfield ChatswoodOver $10 billion of retail property transactions took place in the 12 months to June, according to Savills Retail Quarter Time Q2 report for 2018.

The majority of transactions occurred in regional locations, equaling $3.5 billion, while $1.77 billion was spent on neighbourhood properties.

In total, 192 sales of over $5 million took place over the period.

The largest recent individual sale was Pacific Werribee, Victoria at $598 million, at 109,997 sqm, in late June.

However, in dollars per sqm, Chatswood Chase is deemed the largest at $18,011 per sqm, or $562.3 million total.

Highpoint in Victoria is not far behind at $17,751 per sqm; or $660 million total.

The report found 78 property development projects underway over the period, equalling over 1 million sqm of development area.

The majority of property developments, 37.4 per cent, occurred in New South Wales, while Queensland accounted for just over a quarter, 25.3 per cent, with Western Australia at 23.5 per cent.

Retail trade trends & drivers

In total, the retail trade grew by 2.8 per cent to $105.17bn, with the largest growth by retail sector in Hardware & Garden which grew by 4.3 per cent between May 2017 – 2018.

Food is the second largest growth (3.8 per cent), followed by Supermarkets (3.5 per cent) and Clothing & Footwear (3 per cent).

Department stores fell by 0.4 per cent; the only sector unable to grow during this period.

New South Wales accounted for 32.2 per cent of quarterly retail trade (to May 18), with Victoria reaching 25.7 per cent and Queensland hitting 19.6 per cent.

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