Melbourne Retail Figures Report Q4 2023

February 15, 2024 6 Minute Read

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Key Points:


  • Victorian retail turnover moderated in December, with a recorded $9,019m in sales over the month. This represents a -2.2% decline quarter-on-quarter and 1.1% increase year-on-year.
  • CBRE’s migration related demand estimates indicate more than $4.3bn in additional retail expenditure will be seen in Victoria per annum because of record-high migration nationally over the 2023-2025 financial years.
  • Retail supply over 2024-2025 is expected to reach 275,000sqm across CBD and Shopping Centre assets. Supply over this time is expected to remain slightly above the 5-year historical average of 115,000sqm.
  • Melbourne CBD Vacancy in H2 2023 is recorded at 7.4%, a 330bps decrease from H1 2023.
  • Melbourne Super Prime CBD face rents continue to see underperformance, driven in part by a slow return-to-work, with a year-on-year decline of 10.3%.
  • Retail investment sales have seen strong performance over 2023, with $1,038m recorded, with 95% of total sales volumes by dollar amount being accounted for in shopping centre assets.