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Commercial property sales fell 60 per cent in the first half of 2008 compared to the first half of 2007, according to preliminary data from CB Richard Ellis.
Total commercial property sales for the six months to 30 June were just $3 billion.
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The data, released today, showed that retail property was impacted most significantly over the period, with sales volumes down 84 per cent.
Industrial property sales and office sales were also down by 68 per cent and 28 per cent respectively.
The data was based on sales that were above $5 million.
Kevin Stanley, CBRE Research & Consulting executive director, said the results showed a level of investment activity not seen in the commercial sector for 15 years.
“Buyers appear reluctant to commit at this time, uncertain whether prices may fall further on the back of an increasing cost of borrowing,” Mr Stanley said.
“Exacerbating this situation is the large amount of property currently on the market for sale,” he said.
Published: 03-07-08
