While retailers struggle, Australian shopping centre property sales have fallen almost 30 percent year-on-year, according to Savills.
Savills recorded approximately $2.7 billion worth of retail property transactions nationally in the 12 months to June 2012, down from $3.8 billion in the previous year, and down on the $3.2 billion five-year average.
Tony Crabb, Savills national head of research, says consumers’ altered behavior has left retailers and retail property exposed to a slowdown.
Crabb says jobs and income growth have been ‘powering ahead’ in mining states Queensland and Western Australia, resulting in increased retail turnover.
Queensland accounted for 47 percent of shopping centre property transactions recorded, Savills found.
Other states and territories have been more subdued.
“New South Wales and Victoria are quite sluggish and this trend is expected to continue into the foreseeable future,” Crabb says.