10 September, 2011

Raine & Horne Commercial reports vacancy rates falling in some Australian CBDs

In good news for investors and owner-occupiers, Raine & Horne Commercial reports vacancy rates are beginning to fall, in a sign confidence is returning to some commercial markets around Australia.

While vacancy rates are some way from pre-GFC levels, in Melbourne commercial vacancies, according to the Property Council of Australia, fell to 5.8% in the six months to July 2011, while Perth (7.8%) and Brisbane CBD (7.4%) are also down.

At this stage, the picture is not as rosy in Sydney, with vacancies up from 8.3% to 9.3%, although across the harbour, vacancies fell to 9.2% in North Sydney. Canberra remains in double-digit territory, with vacancy sitting at 13.3% down from 14.1%.

At the same time, a report from leading financial research and ratings company CANSTAR CANNEX, indicates business lenders are starting to loosen their grip, with the margin between home loans and residentially-secured business loans down 50% since December 2009.*

Raine & Horne CEO Angus Raine said that with vacancy rates starting to fall and a more relaxed business lending environment, it appeared the worm was turning for some commercial property markets around Australia.

“It’s been a tough few years for the commercial property markets, but despite this we have continued to grow our commercial network with new offices added in Homebush as well as a specialist Business Recovery and Insolvency office," Mr Raine said.

“We are also about to open a new commercial office on the NSW Central Coast.”

The improvement in some commercial markets is also reflected in the spread of winners from various states and territories, who grabbed awards at the recent Raine & Horne Annual Awards, in Noosa Queensland.

Leading the way was Raine & Horne Commercial Brisbane North, which took first place in the hotly contested Top Commercial Office ($ value) category, while sales agent, Hudson Dale placed first in the Top Commercial Salesperson (Number of Transactions) category.

Other major winners included Frank Morella, Principal, Raine & Horne Commercial Canberra, who dominated the commercial sales and leasing categories, while Glyn Bosisto from Raine & Horne Commercial Victoria was named the leading sales person for number of sales.

Raine & Horne Commercial's Business Support and Development manager Ben Lindsay said that with more than 30 Raine & Horne commercial offices in Australia, it was a tremendous effort from the likes of Raine & Commercial Canberra and Raine & Horne Brisbane North to dominate these awards.

“These two offices have excellent energetic directors – Frank Morella at Raine & Horne Commercial Canberra and Trent Bruce at Raine & Horne Commercial Brisbane North – who lead from the front," Mr Lindsay said.

“Frank and Trent are both methodical and persistent and work very hard on behalf of vendors and owners.”

* Competition crash tackles higher interest rates, media release, Canstar Cannex, 1 September 2011

Raine & Horne National Award Winners 2011

Raine & Horne is an iconic Australian property firm, with more than 360 offices worldwide. Also an established Superbrand along with Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Rural and Raine & Horne Financial.

-ENDS-

For further media information contact:

Angus Raine, CEO Raine & Horne, 02 9258 5422/0409 920 697

Anna Truman, National Marketing & Communications Co-ordinator, 02 9258 5448