May 17 REA Insights Weekly Commercial Search Report, 2021
Improving business conditions are continuing to support growth in searches to buy and lease commercial property
The volume of ‘for sale’ searches on realcommercial.com.au increased by 1.2% over the past week, supported by growth in every state except the Northern Territory. Compared to 12 months ago, ‘for sale’ searches are 38.8% higher.
Queensland recorded the strongest uplift in buy searches over the past week, up 6.1%. Victoria and Western Australia followed, up 1.8% and 1.2% respectively. The Northern Territory was the only location where buy searches fell, decreasing by 6.8% over the week.
Compared to 12 months ago, however, buy search volumes are at least 25% higher in every state, with the strongest year-on-year growth in the Northern Territory (39.2%) and the Australian Capital Territory (36.3%).
‘For lease’ searches on realcommercial.com.au also increased over the week, with volumes up 1.3%. Lease search volumes are now 19.4% higher compared to the same period last year.
The Australian Capital Territory (-0.4%) was the only location to see lease searches decline over the past week, with the strongest growth seen in the Northern Territory, Tasmania and South Australia.
Comparing year-on-year, lease searches are up in every state. Once again, the Northern Territory has seen the largest uplift in for lease searches, up 28%, followed by South Australia (22.6%) and Tasmania (21.2%).
Helping to support demand for commercial property, business confidence is continuing to improve, hitting its highest level in seven years according to Roy Morgan’s April survey. Business investment has also been buoyed by an improved economic outlook and low interest rates.