Australian retail asset investments increased to $12.7 billion last year following strong investor and consumer confidence reports.

Colliers’ Retail Capital Markets Investment Review found that there was an 82-per-cent increase in the number of retail assets sold this year compared to the previous period, jumping from 91 to 166. The average asset price was estimated at $76 million.

Lachlan MacGillivray, Colliers’ head of retail investment in Australia, said that the recovery of consumer confidence following their eager return to brick-and-mortar stores contributed significantly to asset turnover during the period, leading to potential investment opportunities. 

“Across the retail market, we have seen high net worth investors and major superannuation funds looking to deploy capital into land or development-rich assets,” he said.

“The consumer’s preference for social interactions and experience has reinforced asset performance and fuelled a recovery in spending,” he added.

Last year, regional transactions were valued at $3.772 billion across four assets. This represented a large shift in a strong vote of confidence for major retail centres. 

“All four assets were prime and well located, making them highly attractive to major superannuation fund investors who could see a pathway to add incremental alternative use value,” said MacGillivray.