Sydney no 4 for international property investors
Sydney is the fourth most popular destination for offshore commercial property investors internationally, research reveals.
Property advisor, CBRE Group, reported that the Australian market was on track for another record breaking year of commercial sale, exceeding the $29.6 billion spent last year.
CBRE Pacific executive managing director, capital markets, Mark Granter, said US$10.3 billion was invested into Australian commercial property in the first half of the year.
"The decline in the AUD and the higher yields/returns in this market are continuing to attract offshore buyers," he said.
"Given the current level of transaction activity in Australia, we are on pace [to match], if not exceed the record $29.6 billion in annual sales recorded during 2014."
CBRE data found that US$407 billion was invested in global commercial property in the first half of the year, the strongest first half to a year since 2007.
The US, UK and Germany were the largest commercial property investment markets globally, the report revealed.
A combined total of US$301 billion was transacted in these three countries in H1 2015—representing an unusually high (74 per cent) share of the global market and 10 per cent above the long-term average of 64 per cent.
When it came to specific destinations, London topped the list, followed by New York and Paris, with Sydney the fourth most popular destination for global commercial property investors.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
