The investment market has increased in demand over the past three months, and it keeps getting hotter and hotter. There is a lot of money to be invested into the market, but not a lot of properties for sale. That means if you’re a seller, you’re in the box seat at the moment. If you’re a buyer, you’re buying in a rising market. Investment has proven to be a very active and healthy area so far this year.
We’re still a long way off saying tourism is ‘hot’, but ever since the Easter period when tourism numbers picked up and there have been a lot more people around town, the reports back to us are that trade has improved. We’re hoping for a very strong winter season as domestic tourist numbers improve throughout the year, and I think there is a degree of optimism out there as long as we don’t have any more lockdowns.
Generally speaking, businesspeople can see a light at the end of the tunnel, although it’s a long tunnel with a skinny end. There is definitely reason to be hopeful, but there’s no doubt that it will be a long and bumpy road back for businesses.
Retail is well and truly still in recovery mode. Every sector is different: suburban retail seems to be doing okay, while shopping centres are a very mixed bag with some doing better than others.
With the exception of some food operators and coffee shops who have a very strong local following, retail in the CBD is not doing very well at all. They’ve lost quite a few office workers out of the city with the relocation of Centrelink to the Draper St centre, and that certainly won’t help.
There has been very little change in the market over the past three months and there are no signs of new activity; it’s really just those that are in retail are solidifying their business and have somewhat adjusted to what they are calling the ‘new norm’.