The week ending 11th of August saw an increase in the number of properties at auction over last week. The preliminary results suggest 47 properties went to auction, up from 39 in the previous week. The preliminary clearance rate fell, however, to 56.5% down from 64.1%.
Of the cleared properties in Australia, 15 sold in New South Wales, 6 sold in Victoria and 6 sold in Queensland, and the type of sold properties were fairly evenly distributed between industrial, retail and commercial property in each state.
There were 13 sale price results collected of the 27 sold commercial properties. The average sale price was $2.1 million. A notable trend of commercial sales in New South Wales in particular, is that commercial property purchases are common along regional, coastal parts of New South Wales. Many commercial opportunities exist in these regions, such as the establishment of medical facilities for an increasing retiree population. In the week ending August 11th, the highest value sale was a $4.5 million service station in Woy Woy, just south of the Central Coast.
The table below indicates National Auction Clearance Rate figures.
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