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Commercial property sales slumped around 65 per cent in 2008 as global debt froze and the cost of capital soared.
A review of the year released today by CB Richard Ellis (CBRE) showed total turnover was just $5.9 billion in 2008, compared to $16.8 billion in 2007.
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Retail property sales were the hardest hit, slumping 80 per cent year on year, while New South Wales recorded the biggest reduction in sales activity of 70 per cent.
Despite this New South Wales still recorded the largest share of sales for the year of 32 per cent.
Just when the market would improve remained difficult to judge, Kevin Stanley, CBRE executive director of research and consulting said.
Confidence to lend and purchase would need to return, he said, as must an increase flow of debt and an adjustment in pricing.
