> **来源：[研报客](https://pc.yanbaoke.cn)** # Australian Retail Sector Summary - April 2026 ## Core Content The Australian retail sector has shown strong performance in 2025 and carried this momentum into 2026, driven by rising household consumption and tighter supply. However, the Iran conflict has introduced new geopolitical risks that are expected to negatively impact the sector in 2026. ## Key Insights - **Retail as the Strongest Sector in 2025**: Retail was the strongest-performing sector in 2025, with total retail annual returns reaching 9.2%. - **Household Spending Growth**: Household spending rose by 4.6% in the year to February 2026, reflecting strong consumer demand and real wage growth. - **Interest Rates**: Interest rates increased by 50 bps in 2026 to 4.1%, with markets pricing in further hikes. - **MAT Growth**: Moving annual turnover (MAT) for 100 shopping centres held by listed companies/REITs grew by an average of 3.0% in CY25/FY25, up from 3% in 2024. - **EBIT Margins**: Average EBIT margins for major retailers rose to 8.9% in H1 2026, up from 8.5% in H1 2025. - **Investment Volume**: Total retail investment reached $14.4 billion in 2025, a 43% increase from 2024. - **Yield Compression**: Retail yields declined by 8 bps in Q4 2025 to 5.64%, driven by strong investor demand and improving fundamentals. ## Sector Performance - **Prime Centres**: Prime retail centres have shown strong performance, with continued rental growth and higher market rents, supported by tenant sales. - **Sub-Regional and Regional Centres**: These areas have experienced the most significant yield compression, with declines of 14 bps and 17 bps respectively in Q4 2025. - **Income Returns**: Regional and sub-regional centres delivered the highest income returns in 2025, around 6.9%, due to low vacancy rates and strong tenant performance. ## Risks and Challenges - **Iran Conflict Impact**: The conflict has introduced significant uncertainty and downside risks, with potential for higher inflation and interest rates, which could reduce consumer spending and tenant sales. - **Investor Confidence**: The A-REIT index has declined by 11% since 1 January 2025, with retail-focused A-REITs falling by 8%. - **CAPEX Delays**: A slowdown in capital expenditure (CAPEX) since the pandemic is creating long-term risks for retail assets, as deferred maintenance and upgrades may lead to higher future costs. - **Margin Pressure**: Some tenants are facing margin pressure due to rising costs and potential pullback in consumer spending, leading to more defensive strategies and rental concessions. ## Consumer Trends - **Strong Spending Growth**: Consumers have increased spending on recreation, culture, food, and hospitality, with growth rates of 8.8%, 6.6%, and 5.7% respectively. - **Divergent Spending**: Younger consumers are increasing spending on essentials, while older consumers maintain a more balanced approach between essentials and discretionary spending. - **Consumer Confidence**: Consumer confidence has fallen to an all-time low, signaling potential softening in household consumption. ## Investment Activity - **Transaction Volumes**: Retail investment volumes surged in 2025 to $14.4 billion, with strong demand for large-format assets. - **Notable Transactions**: Key transactions included Scentre Group's sale of Westfield Chermside to Lexus and MA Financial's acquisition of QIC's Hyperdome Shopping Centre. - **Buyer Diversity**: 2025 saw a diverse range of investors, with private capital being the largest buyer (31%), followed by public capital (27%), institutions (22%), and cross-border capital (19%). ## Outlook - **Near-Term Risks**: The Iran conflict is expected to slow transaction activity in early 2026 due to heightened uncertainty and expected interest rate hikes. - **Yield Stability**: Renewed interest rate rises may stabilize retail yields, as they have not yet fully adjusted to previous easing cycles. - **Future Yield Outlook**: Yields are expected to continue downward pressure from H2 2027 as interest rates are anticipated to fall. - **Logistics Integration**: Landlords are increasingly expected to provide click-and-collect facilities, especially for specialty retailers, as online and bricks-and-mortar retail converge. ## Summary of Key Metrics | Metric | Value | |--------|-------| | Household spending growth (2025) | 4.6% | | Interest rate increase (2026) | 50 bps | | Average MAT growth (CY25/FY25) | 3.0% | | Average EBIT margin (H1 2026) | 8.9% | | Total retail investment (2025) | $14.4 billion | | Retail yield decline (Q4 2025) | 8 bps | | Regional centre vacancy (Q4 2025) | 0.9% | | Sub-regional centre vacancy (2025) | 4.6% | ## Conclusion While the retail sector has demonstrated resilience and strong fundamentals in 2025, the Iran conflict introduces new risks that may affect consumer confidence and spending in 2026. Continued margin pressure, yield compression, and CAPEX delays are key challenges that investors and landlords must address to sustain long-term returns. Prime centres and large-format assets remain strong, but secondary assets are more vulnerable to these pressures.