Commercial real estate investors looking for property in Australia are increasingly looking at what Melbourne has to offer. The city, which is located in the state of Victoria, is now one of the best-performing markets in the Asia Pacific region.
Half of all the commercial property sales which took place in the fourth quarter of 2010 occurred within Victoria, the latest research from DTZ has revealed. In total, USD 2.2 billion worth of transactions across the office, retail and industrial sectors were recorded.
"As we enter 2011, there is widespread belief in the sector that the commercial property investment market is now fully recovered and is one of the most sought after in Asia Pacific," said David Green Morgan, head of Asia-Pacific research at DTZ.
He noted that foreign nationals remained keen to increase their exposure to commercial markets down under, with many encouraged by the economic situation and sustained demand from Asia for Australian exports.
As a whole, in 2010 Australia's commercial real estate market posted a 74 per cent improvement compared to the previous year, with USD 16.6 billion in transactions recorded nationally, DTZ added.