September 13 REA Insights Weekly Commercial Search Report, 2021

Searches to buy commercial property remain well up from last year’s levels, while searches to lease have slowed.

The number of buyer searches on realcommercial.com.au dipped by 0.6% last week, with falls recorded in most states.

However, compared to 12 months ago, search volumes are 22.5% higher.

The Australian Capital Territory, which saw buyer searches plummet in August following the implementation of a lockdown, is starting to bounce back, with searches up 13.6% last week.

Despite ongoing restrictions, buyer confidence seems to be returning in New South Wales, with the state recording its third consecutive week of growth in buyer searches.

Lease searches showed mixed movement across the states last week, rising 0.6% at a national level. They remain subdued compared to last year’s levels, down 7.8%.

Compared to 12 months ago, lease searches are lower in every state and territory except for Victoria (5.8%) and South Australia (1.3%).

In contrast to buyer demand, leasing activity is less resilient to lockdowns. The Australian Capital Territory and New South Wales have seen the largest falls in lease searches year-on-year, down 26.7% and 23.8% respectively.

Currently, the vaccine thresholds that will allow the first stage of eased restrictions in New South Wales and Victoria are expected to be met in the second half of October. While leasing activity is predicted to remain subdued over the coming weeks, it is likely to pick up as we move closer to reopening.