Brisbane Retail Figures Q3 2024

Key Points: 

• Queensland recorded $7,458m retail sales in July 2024, representing a 3.3% increase y-o-y.
• New floorspace added to the market in Q3 2024 totalled c.44,400 sqm, up from the c. 18,200 sqm completed last quarter (excludes non-metro). Despite the increase in new floorspace over the quarter, the CY2024 supply pipeline of c.108,900 sqm is below the 10-year average of c.139,300 sqm.
• Brisbane CBD retail vacancy increased in H1 2024 by 50bps to 19.2% vacancy.
• Net face rents have continued to increase across all retail categories in Q3 2024, driven largely by limited future supply.
• A total of $266m in transactions volumes (for sales > $5m) was recorded in Q3 2024, representing an increase of c.50% compared to the previous quarter.
• Retail yields were unchanged across all asset classes in Q3 2024, partly due to interest rates stabilising, which has subsequently boosted investor confidence.