Search volumes on realcommercial.com.au fell moderately again last week.
The volume of searches for commercial properties for sale fell by -1.5 per cent last week, following a -1.5 per cent fall the previous week.
For sale search volumes at the end of last week were -5.0 per cent lower than their peak, however, they were 14.2 per cent higher than they were over the same week last year.
Western Australia (2.6%) and Tasmania (3.5%) were the only states in which search volumes rose last week, with the largest declines occurring in Australian Capital Territory (-6.9%) and Northern Territory (-3.6%).
While the overall decline in for sale searches from the peak has been moderate, Australian Capital Territory (-15.2%) and Victoria (-13.5%) have recorded the largest falls and Northern Territory (-3.6%) and New South Wales (-4.3%) the smallest.
For sale search volumes are higher than they were a year ago across all states, with the largest increases in Northern Territory (98.5%) and Australian Capital Territory (71.3%) and the smallest in Victoria (1.7%) and New South Wales (17.4%).
Lease search volumes fell for the second consecutive week last week, down -1.0 per cent following a -2.5 per cent fall the week prior. Although lease search volumes are 18.5 per cent higher year-on-year, they have fallen by -12.3 per cent from their peak.
Victoria (2.3%), Western Australia (1.9%) and Tasmania (8.7%) were the only states in which lease search volumes rose last week, while Australian Capital Territory (-10.0%) and Northern Territory (-4.2%) recorded the largest falls.
Queensland (-8.0%), Western Australia (-7.7%) and Tasmania (-9.7%) are the only states to have recorded declines in lease searches from their peak of less than 10 per cent.
Victoria (-27.8%) and Australian Capital Territory (-20.5%) have recorded the largest falls.
On a year-on-year basis, Victoria is the only state with fewer lease searches than a year ago (-4.9%).
Growth in Australian Capital Territory (2.2%) has been modest, while the largest increases have occurred in Tasmania (39.6%) and Western Australia (27.4%).
As the economic weakness drags on, particularly in Victoria, I would expect businesses will increasingly focus on saving costs with regards to their accommodation. Although search volumes have eased I expect they will remain higher than a year ago as businesses continue to closely monitor the availability of properties listed for sale and lease.
The post August 7th REA Insights Weekly Commercial Search Report, 2020 appeared first on realestate.com.au.