Figures
Melbourne Retail Figures Q4 2024
January 20, 2025 8 Minute Read
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- Victorian retail turnover experienced steady growth in Q4 2024, recording a 2.0% uptick over the past three months.
- Labour market conditions have tightened, with Victoria’s unemployment edging down to 4.2%.
- Retail supply over 2025-2026 is projected to reach c.268,000sqm across CBD, shopping centre and LFR assets. Supply is anticipated to align with the five-year historical average of c.160,000sqm p.a.
- Net face rents across Melbourne’s shopping centre and LFR assets showed modest growth in Q4 2024, while super prime CBD assets remained stable throughout the quarter.
- Retail investment sales in Melbourne dipped to a single transaction in Q4 2024. Cranbourne Park sold for $126.5m making it the largest transition in Victoria in 2024.
- Yields were broadly flat in most asset classes in the December quarter. Shopping centre yields were varied with sub-regional centres compressing by 8bp q-o-q and regional centres expanding by 6bp q-o-q.