CoreLogic’s preliminary commercial real estate auction results for the latest reporting period show there were 108 properties taken to auction of which 45 sold providing a clearance rate of 41.6%. Whilst this figure is lower than recent results, the longer term trend remains close to the median clearance rate of 56.6% for the last 12 months.
Initial auction volume results recorded across the nation are in keeping with usual market activity.
The lower clearance rates are considered to be a result of delays in auction result reporting and not the result of a pull back in properties sold at auction.
The highest reported sale at auction for the fortnight was a petrol station located at 86 Murphy Rd Geebung in Qld. The prominent site on Brisbane’s Northside, recently underwent a $1.5m refurbishment and is leased to Puma Energy until 2034.