Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Australia?s commercial market hit by global crisis

Staff Reporter 1 minute read

Commercial property sales slumped around 65 per cent in 2008 as global debt froze and the cost of capital soared.

A review of the year released today by CB Richard Ellis (CBRE) showed total turnover was just $5.9 billion in 2008, compared to $16.8 billion in 2007.

Retail property sales were the hardest hit, slumping 80 per cent year on year, while New South Wales recorded the biggest reduction in sales activity of 70 per cent.

Despite this New South Wales still recorded the largest share of sales for the year of 32 per cent.

Just when the market would improve remained difficult to judge, Kevin Stanley, CBRE executive director of research and consulting said.

Advertisement
Advertisement

Confidence to lend and purchase would need to return, he said, as must an increase flow of debt and an adjustment in pricing.


Australia?s commercial market hit by global crisis
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
GlennGibson Cashback offers driving new consumer behaviour

More borrowers are looking at refinancing to take advantage of sh...

Peter White FBAA warns against volume-based incentives

The Finance Brokers Association of Australia has urged lenders to...

Sam white Why COVID-19 broking trends are here to stay

Loan Market executive chairman Sam White has commended brokers fo...

FROM THE WEB