Australian Retail Figures Q3 2021 (CBRE) 26 October 2021
Retail sales fell -1.7% (m-o-m) in August. This fall was off the back of lockdowns in Sydney, Melbourne and Canberra which resulted in a sharp decline of consumer spend on clothing and footwear and at cafes and restaurants. This is expected to rebound strongly in Q4 once lockdowns lift.
Consumer confidence has shown continued recovery, in part driven by stronger than expected employment outcomes. Consumer sentiment index grew 2.0% m-o-m in September to measure 106.2 off the back of roadmaps out of lockdowns being released.
Rents were stable in most markets with large format retail recording strong net face rental growth of 9.9% y-o-y.
Yields sharpened across all assets classes as capital continues to look to the retail sector for solid returns.
Transaction volumes in Q3 2021 totalled $2.12b, up 91% on the same period in 2020 which was heavily impacted by COVID restrictions.
This article was originally published in https://www.cbre.com/
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