Melbourne's retail property sector is performing well in spite of budget-conscious shoppers, new research has indicated.
The latest Spotlight on Melbourne CBD Retail report by Savills Australia found the overall vacancy rate for stores in the city's central business district is still less than four per cent, the Sydney Morning Herald reports.
Vacancies in Melbourne's main Swanston Walk shopping precinct currently stand at just 1.2 per cent, despite the reluctance of many people to spend in the current economic climate.
Tony Crabb, author of the report and national head of research at Savills, said the resilience of the retail sector in Melbourne has not gone unnoticed by investors.
"CBD retail, in particular, has attracted multiple buyers, not only for individual stores but also for larger enclosed centres and arcades," he commented.
The September quarter market update from the Real Estate Institute of Victoria recently revealed that the median house price in metropolitan Melbourne is now $551,000 (£357,000).
Posted by Ravin Chatlani
The latest Spotlight on Melbourne CBD Retail report by Savills Australia found the overall vacancy rate for stores in the city's central business district is still less than four per cent, the Sydney Morning Herald reports.
Vacancies in Melbourne's main Swanston Walk shopping precinct currently stand at just 1.2 per cent, despite the reluctance of many people to spend in the current economic climate.
Tony Crabb, author of the report and national head of research at Savills, said the resilience of the retail sector in Melbourne has not gone unnoticed by investors.
"CBD retail, in particular, has attracted multiple buyers, not only for individual stores but also for larger enclosed centres and arcades," he commented.
The September quarter market update from the Real Estate Institute of Victoria recently revealed that the median house price in metropolitan Melbourne is now $551,000 (£357,000).
Posted by Ravin Chatlani
