Australia Retail Figures Q2 2024

Key Points: 

• Retail sales jumped in May, recording an increase of 0.6% m-o-m and 1.7%. This increase in spending was off the back of discounting from EOFY sales with clothing, footwear, and personal accessory and household goods retailing driving growth, increasing by 1.6% and 1.1% m-o-m respectively.
• Consumer sentiment rose to 83.6 in June 2024 from 82.2 in May, amid ongoing cost-of-living pressures. Despite the improvement, consumer sentiment remains below its March level and is below the neutral level of 100.
• Rents were broadly stable across the quarter, with all shopping centres asset classes recording growth. Sub-regional centres have seen the greatest amount of net face rent growth over the past 12 months, increasing by 3.6%.
• Yields for CBD assets expanded in Q2, with super prime, prime and secondary yields all increasing by 5bp q-o-q.
• In Q2 2024, there were 28 retail transactions totalling c.$850 million. Retail transaction volumes totalled $2,727 billion in the first half of 2024.