NAB’s commercial property index recorded its first positive result since Q1 of 2011, but some markets are faring better than others.
For the first time since Q4 of 2010, retail sentiment is recording a positive reading on the index.
Stronger market conditions in Victoria and New South Wales are responsible for the shift in results.
Even though the overall results have improved, the picture remains mixed across Australia.
In Western Australia, sentiment reached an all-time low and it weakened in South Australia and the Northern Territory. The longer term outlook in Western Australia declined further, according to the latest results.
Large drops in rents and capital values in Western Australia were reported as downsizing continued in both the resources and resources-related sectors. This led to the crashing sentiment reported in the index.
Overall market sentiment has improved in all sectors, with CBD hotels leading the way.
