Workers swapping kitchen tables for office desks

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CBD occupancy rates have been trending up during 2021, especially in Sydney and Melbourne, according to the Property Council of Australia. Between January and April, occupancy rates increased in six of the eight capitals:

  • Darwin = 80% to 84%
  • Hobart = 80% to 82%
  • Perth = 66% to 70%
  • Adelaide = 69% to 70%
  • Brisbane = 63% to 63%
  • Canberra = 68% to 63%
  • Sydney = 45% to 59%
  • Melbourne = 31% to 41%

Property Council chief executive Ken Morrison said the results demonstrate welcome progress towards the reactivation of our city centres.

“The benefits of bustling CBDs are significant, not just for the small businesses that rely on city foot traffic, but for the broader Australian economy,” he said. To entice workers back to the city, the Property Council has helped coordinate a series of activities, events and freebies in different cities, including FOMO Fridays in Melbourne and Fridays in the City in Brisbane.

RBA Leaves Cash Rate Unchanged at 0.1%

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The Reserve Bank of Australia (RBA) left the cash rate unchanged at 0.10% for June, following its monthly board meeting. The decision was widely anticipated, as the RBA’s board has repeatedly maintained it will not increase the cash rate until actual inflation is sustainably within the 2-3% target band. The Reserve Bank expects inflation in underlying terms to be only 1.5% in 2021 and 2% in mid-2023, despite recently increasing its forecasts for economic growth.

READ RBA OFFICIAL ANNOUNCEMENT

 

 

Businesses hunting for showrooms, warehouses and offices

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After a record-breaking March, the number of ‘Buy’ searches fell slightly in April – but was still the second-highest month on record.

Total ‘Buy’ searches for April 2021 were 61% higher than the year before. The increase for each category was:

• Showrooms = up 147%
• Retail = up 143%
• Warehouses = up 143%
• Land = up 137%
• Medical = up 131%
• Offices = up 112%
• Hotel/leisure = up 61%
• Commercial farming = up 19%

Meanwhile, ‘Lease’ searches recorded an even bigger year-on-year increase, of 65%.