Australia: Commercial property markets sentiment falls to 2-year low of +8 in Q3 - NAB

Alan Oster, NAB Group Chief Economist, notes that the overall sentiment in Australia’s commercial property markets (measured by the NAB Commercial Property Index) fell 9 points to a 2-year low +8 in Q3, but is still well above long-term average levels (+3).

Key Quotes

“NAB Group Chief Economist Alan Oster said: “The fall was consistent with weaker business conditions also seen in NAB’s September Quarter Business Survey”.”

“Overall confidence in commercial property markets slipped to survey low levels, with the biggest falls in Retail property.”

“In other findings, the number of property developers who said they were planning to start new projects and targeting residential projects fell to a survey low 44% in Q3.”