The latest data collected for CoreLogic’s preliminary auctions results indicate the clearance rate slipped to 49.1% this reporting period.
While the volume of commercial auctions remains subdued, the current long term clearance rate of 54.7% is only marginally below the 12 month median of 56.4%.
Victoria’s auction clearance rate came in highest at 53.8%, followed by New South Wales and Queensland at 45.4% and 33.3% respectively.
Industrial use property was the most prevalent type of property sold, followed by properties of broad use types retail and commercial.
The highest reported sale at auction for the fortnight was a freehold property located at 137 Rowe St Eastwood in NSW.
The fully leased property has a reported net income of over $240k and sold at a public auction held in CBRE’s Western Sydney Office on 5th June 2019.