The latest data collected for CoreLogic’s preliminary auction results show there were 57 commercial properties taken to auction, of which 35 were recorded as sold at auction, providing a clearance rate of 61.4%.
New South Wales and Victoria continue to deliver strong results achieving auction clearance rates of 62.9% and 63.6% respectively.
Whilst torrens titled commercial property of broad use type industrial had the highest clearance rate in 2018, the start of 2019 has recorded office buildings and retail properties as leading the commercial property auction activity.
The highest selling commercial property at auction was an IGA supermarket in Emerald Victoria. With a land holding of 4,776 sqm and income estimated at over $300k pa, the property was sold at auction on 6th March 2019. On the same day, another IGA supermarket located at nearby Brighton Victoria was passed in at auction however later sold for just over $10m.