Commercial Market Confidence Slowly Returns
Commercial property sentiment has improved for a consecutive quarter.
Commercial property sentiment has improved for a consecutive quarter.
While Australia has fared better than most countries in its response to COVID-19, the commercial market has taken a hit.
The recovery from the pandemic amplified recession is now, slowly, starting to find the commercial property market sentiment according to NAB’s quarterly commercial sentiment survey which – through its Commercial Property Index – saw expectations for capital values and rents lift to a still weak -35 pts, well below the overage of 0 pts.
Overall sentiment towards the commercial property market lifted in all states in Q4, although still negative, ranging from -64 pts in VIC to -11 pts in QLD and WA. Market conditions are expected to remain negative in all states in the next 12 months except in WA (+8 pts), with VIC (-51 pts) the least confident.
Longer-term confidence however looks more positive in most states, except VIC (-16 pts) and NSW (-5 pts), with WA (+34 pts) highest.
Sentiment is not consistent across all commercial sectors, CBD hotels registered a score of -64 pts, Retail -58pts and Office -41pts, the industrial sentiment rose sharply (-25 pts) pointing to demand for online retail and requirements for warehousing and logistic spaces as the cause.
Expectations for a stronger near-term recovery in economic activity has boosted overall confidence levels in commercial property markets with an expectation to measure +2 pts in two-years.
On the development front, an above average 54% of property developers plan to start new works in the short-term (next 6 months), up from 39% in Q3.
Further, the rental outlook across commercial markets is less decisive, with Retail (-3.9% & -1.8%) and Office (-2.7% & -1.4%), with the outlook weakest in the Eastern seaboard states. The outlook for Industrial rents (1.4% & 2.1%) has however improved sharply.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
Home to Sir Robert Menzies and Dame Pattie, this grand Melbourne estate is a piece of Australian political history.
It may be a well-worn cliche, but if these walls could talk there would be plenty of state secrets to share. The landmark residence at 8-10 Howard St, Kew was once the private residence of Sir Robert Menzies and Dame Pattie between 1929 and 1949, during the Prime Minster’s first term in the top job. He later held the role again from 1949 to 1966, making him Australia’s longest serving Prime Minister.
Historical land records indicate that the Howard St property was sold to Leonard Clinton Shaw, brother-in-law of Pattie Menzies. Robert and Patti then moved to live into The Lodge in Canberra.
The stately arts and crafts era home was built in the 1910s and has reportedly played host to a long list of dignitaries and VIP guests. As rumour has it, the drawing room of the Kew property is where Menzies crafted his iconic speeches and held many clandestine meetings.
Today the imposing five-bedroom residence, which sits on a vast 1874sq m land parcel in the coveted Studley Park precinct, has come to market through Marshall White agents James Tostevin and Chris Barrett with a price guide of $8.3 million to $8.9 million.
According to CoreLogic, the property last sold in 2018 for $7.75 million.
Beyond the expansive parklike grounds that to pay homage to celebrated Australian landscaper Edna Walling, the two-storey house is packed with meticulously maintained period features.
Showcasing the best of arts and crafts design influences, the home has a charming tuck-point brick façade, a tessellated tile veranda, coloured leadlight glass windows, dark stained wood panelling inside, as well as high decorative ceilings and cornices.
The large foyer divides the lower level into two distinct zones; big formal rooms and more casual family-friendly spaces. Built for entertaining on a grand scale, both the lounge and dining rooms rooms have original fireplaces and open out to either the undercover veranda or enclosed sunroom.
Also on the ground level, a spacious family room with yet another fireplace connects to an everyday meals area, and the contemporary kitchen comes complete with granite surfaces, a Paul Bocuse stove, an integrated Miele dishwasher, a walk-in pantry and wine cellar. A home office, or potential guest bedroom, plus a large laundry and two powder rooms round out the lower level floor plan.
Up via a majestic timber staircase, four big bedrooms have fireplaces and built-in wardrobes, while the primary suite is home to a palatial ensuite and dressing room. This accommodation level also houses two family bathrooms and a rear balcony that overlooks the grounds.
Outdoors there are multiple lifestyle features including a north/south tennis court with lighting, a unique rounds swimming pool and all-weather terraces.
Other features include an alarm, hydronic heating, a 60,000L underground tank, a garden shed, a remote double garage and additional off-street parking.
Located on the old Oakland Estate, the Menzies’ former home is close to popular eateries, Xavier College, St Vincents Private Hospital and golf courses.
Expressions of interest close on March 11, at 5pm for 8-10 Howard St, Kew. The home is listed with a price guide of $8.3 million to $8.9 million through agents James Tostevin and Chris Barrett of Marshall White.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.