10 Mirra Court

Limited supply underpins solid commercial market

Market Updates

Commercial

Spring


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The commercial market has experienced a limited supply of property in recent months, which has ensured property prices remain extremely solid due to the nominal amount of opportunities available to acquire in the current market place. 

The retail leasing market is relatively stagnant at present, however industrial leasing enquiry is considerably stronger than earlier this year. 

Commercial sales remain positive with some recent exceptional results. 

Four brand new office/warehouses in Mirra Court, Bundoora (pictured) were sold in July with prices ranging from $575,000 to $757,000, reflecting a rate per metre of approximately $2,200 - $2,700. 

Three shops in Chute Street, Diamond Creek sold at auction recently for $1,020,000, reflecting a yield of 5%, whilst a retail investment at 40 Burgundy Street, Heidelberg sold for $655,000, re ecting a yield of 4.8%. 

Miles Commercial has 10 auctions scheduled for October and November with strong interest anticipated for quality properties in traditionally blue-chip locations including a retail property in High Street, Westgarth and two factories on one title in Peel Street, Eltham.


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