These can range from the suburban centres in the city and out to the country,  but all are predominantly food-anchored and are the epicentre of the area.

Some of the largest sales have been the Auburn Central mall, Sydney for $68 million through Steven Lerche​ at Savills and Simon Rooney from JLL.

The Croydon Shopping Centre in Melbourne was also through Simon Rooney at JLL for $40 million, the Kings Cross Centre, Potts Point for $37 million, advised by Warren Duncan and Stanley Wang at LJ Hooker Commercial.

Sentinel Property Group has settled the first acquisition for its new Sentinel Homemaker (Open Ended) Trust at Nowra on the NSW south coast.

The Sentinel Homemaker Trust is Sentinel's third open-ended pooled trust following on from the recently launched Sentinel Industrial Trust, which secured its first asset in Newcastle last month, and the Sentinel Countrywide Retail Trust, which comprises seven neighbourhood-style shopping centres in key regional locations.

Sentinel's total national property portfolio now comprises more than 30 retail, industrial, land and office assets in QLD, NSW and VIC and the company is closing in on $1 billion in total assets under management.

Sentinel's purchase of Nowra House & Home from Arkadia was negotiated by Carl Molony of Stonebridge Property Group.

Savills' Australian Neighbourhood and Sub-Regional Shopping Centre Spotlight report has found at the same time private investors were cashing in taking substantial profits as they sell down assets, purchased at 9 per cent, at yields approaching 6 per cent.

Savills' national head of research, Tony Crabb, said institutions scouring the country for assets, accounted for 65 per cent of the $2.5 billion national spend on neighbourhood shopping centres and 67 per cent of the $2.l billion out layed on sub-regional assets over the period.

"Neighbourhood shopping centre transactions totalled $2.5 billion in the 12 months up a staggering 180 per cent on the $886 million recorded in the previous year and similarly up on the five-year average of $895 million," Mr Crabb said.

"Of  those sales, funds, trusts and syndicates have accounted for $1.625 billion in neighbourhood shopping centre transactions and $1.407 billion in sub-regional sales.

Savills' national director retail investments, Steven Lerche​ said the figures could be explained by the shortage of quality stock at the top end of the market with institutions holding tight and forcing buyers to look at other options. "This has been an extraordinary period of activity culminating in what has been a record year of turnover with institutions needing to spend but unable to purchase regional assets in a very tightly held market, scouring the country for sub-regional centres."