Commercial property in Australia's central business districts has experienced something of a surge of interest recently, an expert has claimed.
Matt Whitby, national research director at real estate firm Knight Frank, told the Australian newspaper that the office markets in Sydney, Melbourne and Perth had witnessed an increase in demand.
Not only this, but rents have increased and vacancy rates have declined, leading to stronger markets in all three of the Australian cities.
The recovery in Perth was largely due to the increase in the sustainability of the resources boom, Mr Whitby explained.
He went on to say that rents in Melbourne's central business district were expected to increase by 14.8 per cent by 2012 and vacancy rates in Perth would fall to 6.6 per cent by this July.
Earlier this month, WBP Property Group told the Australian newspaper that buyers in Melbourne should take advantage of the current favourable conditions but should research the market thoroughly before making a purchase.
Posted by Ravin Chatlani
