According to JLL's latest Retail Market Overview, retail transaction volumes for the past twelve months have exceeded over $7b, an increase of some 10% compared with the twelve months prior, whilst retail turnover also increased 9.6% annually to record it's highest annual growth rate in 34 years.

Key highlights of the report also found:

"There have been 11 sales over AUD 100 million recorded in 2021YTD, with nine of these occurring in 2Q21, representative of the greater certainty around pricing and income for medium-sized assets. After being on market for an extended period of time, the sale of Clifford Gardens (AUD 145 million), Oasis Shopping Centre (AUD 103.5 million) and Rundle Place (AUD 210 million including car park) over the quarter represents a the gradual convergence of buyer and vendor expectations".

"Turnover in all states has now rebounded to above prepandemic levels in all categories (excluding clothing, footwear and personal accessories in Victoria)".

"Retail rents have been declining across the majority of subsectors and markets over the last 12 to 24 months, with the national average falling by 0.8% over the quarter and 5.9% in the year to June 2021".

"The impacts of COVID-19 restrictions, along with international and domestic border closures has had a material impact on the vacancy rate in all retail markets. The CBD vacancy rate in all markets has deteriorated most notably since pre-COVID levels, with vacancy rates increasing by 2.0 pps (Canberra) to 8.7 pps (Melbourne CBD) in the 18 months to June 2021".

"The medium term supply pipeline continues to be revised down, with many regional and larger subregional projects being deferred or scaled back. Scheduled completions over the 2021 to 2023 period (including projects complete, under construction and with plans approved) total 813,700 sqm".

View the full report here.