Adelaide Retail Figures Report 4Q 2023

February 19, 2024 7 Minute Read

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Rental Growth Highest in Upper-End of Adelaide's Retail Market.


Key Points

  • South Australian retail turnover showed a minor decline towards the end of 2023, with sales reaching $2,273m in December. This represented a -1.2% decrease quarter-on-quarter and 1.5% increase year-on-year.
  • The completion of 60 King William Street contributed to 3,600sqm of retail space in Q4 2023. Supply for 2024 and 2025 is expected to exceed the 5-year average. 2025 is due to see an even larger boost in supply, attributed to the extension of Burnside Village Shopping Centre, a Sub Regional centre bringing just over 20,000sqm in supply.
  • Regional net face rents outperformed other retail assets, on a quarter-on-quarter (6.9%) and year-on-year (11.1%) basis.
  • In line with strong rental performance, yields in Regional centres saw greatest expansion quarter on quarter and year on year.
  • Retail investment sales saw CBD assets solely contributing to sales in 2023, with $19m recorded, a decrease from $360m in 2022. Sales may see a moderate increase in 2024 as yields and interest rates are expected to stabilise.