Further signs are emerging that the commercial property market has stabilised after reports by the Commonwealth Bank-backed CFS Retail Property Trust that the value of its shopping centre portfolio remained flat for the half year.

The portfolio includes Melbourne's A$2.9bn Chadstone Shopping Centre that opened this month and Sydney's recently expanded Chatswood Chase mall, a project that cost A$185m.

The total value of the trust's shopping centres fell by just one per cent, or A$75.1m, for the six month period to December this year.

That compares to the half year to June 30, 2009, when the value of the assets dropped 5%, or A$332m.

The Australian