Investment sales volumes grew 60% in the June 2024 quarter compared to the previous quarter, according to JLL Research. This was driven largely by office and industrial sales.
Office sales in particular were looking more positive as updated valuations had helped close the gap between asking and offering prices. And, as CBRE head of office and capital markets research Tom Broderick said, vendors have been more willing to meet the market.
Offshore buyers dominated the market in the March and June 2024 quarters, with around $2.8 billion in sales. Private capital was second, with around $2.25 billion followed by superannuation funds who invested $1.96 billion.
The growth bodes well for the rest of the year.
“Given the typical skew towards the second half of the full year calendar, we estimate approximately $28 billion of total volume in 2024, which would be up notably from $19.4 billion in 2023 and close to the long-term average of around $31 billion,” said JLL head of capital markets Australia and New Zealand Luke Billiau.
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