Sentiment in Australian commercial property markets softened a little, but remains well above long-term average levels. Despite some pull back, CBD hotels and office markets continue leading the way, with NSW still at the forefront by state and WA floundering.
Despite an overall improvement in commercial property market sentiment, the survey reveals that fewer developers are planning to start new works in the short-term.
Office property re-emerges as the strongest commercial property sector. Overall sentiment in Australian commercial property markets has moderated a little, but it remains at elevated levels and continues to vary widely across sectors and states.
More positive signs emerge as NAB’s Commercial Property Index rises for the second consecutive quarter. Encouragingly, sentiment is now positive in all commercial property market segments, but remains very divergent across states.