Large Format Retail Australia 2024

Key Points:

• The LFR sector is seeing the emergence of a new retail category known as “lifestyle”, which represents a shift towards more day-to-day lifestyle offerings rather than traditional hardware or furniture categories.
• Currently, there are 332 LFR centres in Australia, with a total market size of approximately 5,345,000 sqm of floorspace.
• Despite slowed growth recorded in December 2023, demand for household goods is validated by the 10-year average annual growth of 5%
• Australia’s population growth is expected to exceed 15% between 2023-2033. This equates to an additional 4.43 million residents nationally by 2033.
• The proportion of larger private buyers in 2023 equated to 66% of transactions, compared to 2020 where only 36% of buyers were private.
• Rental growth will be led by Adelaide at 3.8% followed by Melbourne at 3.6% and Sydney rebounding to 2.6%. Brisbane and Perth are also forecasting healthy rental growth of 2.5% and 2.1% respectively in 2024