Over 1H 2024, the mid-market space (≤A$40 million), accounted for 70% of deals (39% by total volume), totalling A$254.9 million across 14 transactions. Many of these deals featured attributes such as large underlying land parcels, repositioning opportunities or alternative use potential, which are more actively sought in times of uncertainty.

“Our team has been very active in selling a number of notable assets in the mid-market space this year, which attracted significant levels of enquiries and bids. These include the sales of the Great Eastern (A$40 m) and Flag Motor Lodge (A$17 m) in Perth, and The Sebel Melbourne Ringwood (A$32 m).” 

“Additionally, we continue to see some states outperform others in regard to investment activity and current enquiry levels. This is being led by states such as Queensland and Western Australia which are bucking many of the trends being witnessed across the rest of the region,” says Harper.

South-East Queensland in particular has been very active, which is being driven by a combination of strong demand levels, and a significant infrastructure spend and pipeline of projects over the coming decade, in the lead-up to the Brisbane Olympic and Paralympic Games in 2032.

Similarly, Western Australia and in particular Perth, has also seen an uptick in transactions, on the back of its thriving hotel market, and is supported by a growing confidence in the overall market and WA economy.