CoreLogic collected a preliminary 53 auction results in the week ending the 1st of December, which saw far more stock on the market than in the previous week, when the number of preliminary auction results collected was 21. However, of the 53 auctions held, 25 sold at auction, suggesting a preliminary clearance rate 47.2%, down slightly from 58.7 % in the previous week.
As in the previous two weeks of commercial auction activity, New South Wales saw the highest number of auction events held. 30 auction events were recorded in NSW, 15 in VIC and 8 in QLD.
Share of Commercial Property Sale by Type, Australia Wide – Week ending 1st December
Of the auctions held in NSW, 15 sold, providing a preliminary clearance rate of 50% in the state. Of these sales, 5 were industrial, 3 were retail (including the highest auction result of the week), and 7 were office spaces.
Office real estate was the most ubiquitous sale type (12 of the 25 sales), breaking a typical trend that has carried over most of the year, in which industrial real estate is most common. There were a further 7 retail sales, and 6 industrial sales among the preliminary results.
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