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Australian commercial property will follow global markets in a downward slide over the next 12 months before bottoming out in 2010 a report has said.
According to DTZ’s annual Money into Property report, resource-dependant Perth and Brisbane will bear the brunt of the downturn which may last for or several years. Sydney is in better shape and will reach fair value by the end of the year.
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Globally, total office returns will be around negative 20 per cent this year, recovering to the region of zero in 2010 before climbing to 10 per cent from 2011, The Australian Financial Review has reported.
