A record 882 cranes were operational across Australia during the September quarter, according to Rider Levett Bucknall (RLB). Of those 882 cranes, 554 were residential, which was a new record, and 328 non-residential, which was close to record levels. That included 77 cranes for mixed-use developments, 64 for commercial projects and 56 for civil projects. … Read more
Commercial property buyers made $11.8 billion of purchases in the first nine months of 2023, according to JLL, well short of the activity recorded in 2022, when $29.2 billion of transactions occurred throughout the entire year. Activity has fluctuated during 2023, with $4.3 billion of transactions in the first quarter, $3.5 billion in the second … Read more
For the past few years, Tesla has been synonymous with electric vehicles (EV) in both Australia and other markets outside China. But that may be changing. In the December 2023 quarter, Chinese manufacturer BYD sold more EVs throughout the world than Tesla, while in January BYD outsold Tesla in Australia, according to the Australian Financial Review. … Read more
Toyota was the clear market leader in 2023, in what was a record-breaking year for new vehicle purchases. Motorists bought 1,216,780 new vehicles last year, which was a 2.3% increase on the previous record, set in 2017, according to the Federal Chamber of Automotive Industries. More than one in six of those buyers, or 17.7%, … Read more
The federal Treasury has launched an inquiry into the buy now, pay later sector, which is likely to result in tighter regulation for BNPL services. “These products deliver real benefits to the vast majority of these consumers,” said Minister for Financial Services Stephen Jones. “But there is a regulatory gap that can leave some vulnerable … Read more
Industrial has been the best-performing commercial asset class during 2022, followed by medical and childcare, according to one of Australia’s leading commercial property analysts. Ray White Commercial head of research Vanessa Rader said demand for industrial property has grown hand-in-hand with the growth in logistics, distribution and transport. Supply, though, has not kept pace with … Read more
The federal government’s Home Guarantee Scheme (HGS) is helping an increasing number of Australians break into the market, research from Housing Australia has found. According to the Federal Government, more than 32,500 guarantees were issued in the 2022–23 financial year, an increase of around 39% on 2021-22, when 23,300 guarantees were issued. That included: 10,860 … Read more
Over the past three years, there’s been a significant increase in the number of new businesses, which may translate into increased demand for commercial property. Between the 2019-20 and 2022-23 financial years, the number of actively trading businesses in Australia rose 11.9%, from 2,314,448 to 2,589,873, according to the Australian Bureau of Statistics. Focusing just … Read more
The tourism sub-sector of the commercial property market has been an outlier over the past three years – for worse during the pandemic and now for the better. “For the rest of the commercial property market, volumes hit new highs as interest rates fell in 2020 through to 2022, with a range of new investors … Read more
Outgoing Reserve Bank Governor Philip Lowe has used a farewell address to deliver some insightful remarks about inflation, unemployment and productivity. Before Dr Lowe became governor, inflation was quite stable. But during his seven-year stint in the top job, inflation ranged from a low of -0.3% to a high of 7.8%. “My view is that … Read more
