Retail sales grew by 9.2% y-o-y (3mma) in the 12 months to August 2020.


Deal volumes remained constrained but incentives have risen and net face rents have softened slightly.


Consumer confidence has shown a strong recovery from its trough in April but remains in negative territory (below 100)


Investment activity in the nine months to Q3 2020 totalled $2b, down on the $4.6b recorded in Q1-Q3 2019. Investment volumes are likely to remain constrained in Q4. 


Yields expanded a further 6bps for Prime CBD retail in Q3 2020, totalling 35bps yield expansion since Q4 2019. Yields expanded 4bps for Regional Shopping centres, totalling 25bps since Q4 2019.