Welcome to the Commercial Market Update for May 2017. I'm Ted Hanson for First National Wollongong.
We're seeing an interesting shift happening in the commercial marketplace at the moment, being driven by business confidence. The National Australia Bank has just recently released their April addition and business confidence is the highest that they've seen since 2010. I believe that it would translate very soon into an uptick in interest in the commercial marketplace.
At the same time, we've got Sydney showing the way with the highest business GDP of any state in Australia. As a matter of interest, a bit of a trivia for you, their GDP is higher than semi-independent countries, like South Africa, Thailand and Malaysia.
Wollongong is seeing outside people coming down to investigate the commercial marketplace. That's being driven much by phenomenal growth in residential interest in the centre of town with 19 new buildings in the completed, scheduled or going through DA process just in the CBD alone. That's up to a thousand residential properties coming to the market, that gives business confidence that there would be something to occupy the properties and of course services, retail and cafes will follow.
That's just a start I believe so Wollongong will start to see this change over this coming four quarters.
This is Ted Hanson from First National Wollongong.