Retail sales grew by 3.4% y-o-y (3mma) in the year to November 2018.

National retail rents experienced slight softening in Q4. With in-store sales growth often failing to keep pace with fixed rental increases, rents are beginning to fall in secondary locations. 

In December consumer confidence rose to 104.4 from 104.3 in November. 

Investment activity in 2018 totalled $9.4b, down 10% on the $10.4b recorded in 2017. 

Across the board yields remained stable in Q4. Yields are widely believed to be at the bottom of the cycle and some markets may experience expansion in 2019.