News roundup: Australian savvy buyers grab autumn window of opportunity, and other headlines

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For PropertyGuru’s real estate news roundup, savvy Australian buyers take advantage of the window of opportunity this autumn – a three-week gap bookended by two public holidays – to pounce on properties. In other headlines, Colliers reported the rents in Singapore’s office market rose in the first three months of the year, while the property consultant also noted that the Metro Manila office market performed better compared to initial expectations.

Savvy buyers looking to take advantage of the window of opportunity between autumn’s public holidays – Raine & Horne

Mr. Angus Raine, Executive Chairman of Raine & Horne, believes the real estate market in Australia presents a unique window of opportunity for homebuyers this autumn.

Moreover, astute buyers have already recognised this opportunity and are actively engaged in the market. An analysis by Raine & Horne found that the number of groups at open inspections has increased by over 25 percent compared to early autumn 2023.

According to Mr. Raine, the three-week gap bookended by the two public holidays at the beginning and end of April creates a favourable environment for homebuyers looking to secure a suitable property.

“The timing of the public holidays has also coincided with a steady flow of listings into the market,” Mr. Raine noted in a report in The Real Estate Conversation. “Homeowners are opting to sell buoyed by the improved property returns over the last year, with values up by an average of over 9 percent nationally and much higher in some states. The steady flow of properties for sale provides choice, making the three-week window in April between the public holidays an ideal time to pounce, especially for first-time buyers or families looking to upgrade to their next home.”

Singapore office rents rebound as tenants from law firms to finance companies snap up space in main business zones

According to Colliers, rents in Singapore’s office market rose in the first three months of the year, shaking off two consecutive quarters of declines as some tenants snapped up limited premium spaces and others renewed their leases instead of relocating owing to cost considerations.

In the January-to-March period, premium and central office rents in Southeast Asia’s main financial hub rose 0.7 percent every quarter to SGD11.57 (USD8.58) per square foot, the property consultancy said in a report in SCMP.

From a year ago, they were higher by 1 percent. Vacancy rates remained steady at 2.6 percent, it added.

“Singapore office rents have displayed their mettle with a rebound this quarter,” said Bastiaan van Beijsterveldt, managing director of Singapore, at Colliers. “Given that office footprints have remained largely unchanged or that occupiers have [down-sized], relocation and expansion moves could gradually pick up, especially towards the end of the year, when the economy is poised to rebound and cost concerns recede.”

Expansions and upgrades fuel Manila office market: Colliers

The Metro Manila office market performed better than expected compared to Colliers’ initial projections, according to a report in BusinessWorld. Net take-up in 2023 more than doubled compared to the previous year, with transactions continuing to outpace lease surrenders. Despite the new supply driving its marginal increase, the vacancy posted at the end of 2023 has averted the 20 percent level. The property consultancy continues to note deals from traditional and outsourcing firms implementing a mix of flight-to-quality and flight-to-cost measures. The office market has also seen more expansions (50 percent of transactions) and new entrants (10 percent of transactions).

Colliers encourages occupiers to continue taking advantage of the current market conditions and investing in modern workspaces to benefit their employees. With sustainability now becoming a minimum requirement, landlords are encouraged to incorporate green features and secure certifications in both existing and future developments. Some landlords with a presence in better-performing submarkets may consider building more high-quality and green spaces to capture future demand.

The Property Report editors wrote this article. For more information, email: [email protected].

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