The boss of the online vehicle classifieds group,Cameron McIntyre,says used cars are a big drawcard for consumers in tough economic times.
Vacancy in city fringe office markets is expected to almost double by the end of next year.
New and used car dealership giant has cut 1,200 jobs and negotiated widespread rent relief on sites as car sales slump due to the coronavirus pandemic.
Listed online auto classifieds company moves to cut costs as some dealers report a 40-60 per cent drop in new car sales in April.
Carsales benefited as Australians increasingly look to second-hand cars,putting off buying new cars due to economic reasons or the prospect of electronic vehicles on the horizon.
The local bourse edged higher on Friday but ended the week deep in the red following sharp sell-offs on Tuesday and Wednesday.
Carsales has received a first strike with 32 per cent of shareholders voting against its remuneration report.
The smart money is backing a new generation of Australian businesses expanding offshore according to fund manager Ophir Asset Management.
In a'challenging period'for the automotive industry,the head of Automotive Holdings Group said its used car sales increased 3.6 per cent.
Shares in classifieds behemoth Carsales ballooned over 13 per cent on Wednesday on the back of solid results and a recent hike in interest in used car sales.
The finance brokers were hit hard by regulatory changes during the banking royal commission that clamped down on so-called"flex commissions".