Small warehouse units in Byron Bay are selling for $1.4 million, while a shop in Melbourne’s ritzy Toorak has changed hands on a yield below 2 per cent: the latest examples of how private investors are buying into commercial property despite the higher cost of money.

In Byron Bay, more than half the 26 units in the $40 million Depot Byron Bay have been pre-sold. The remaining units range in size from 147 square metres – priced from $1.38 million – to 305 square metres, which are $2.395 million.