The week ending the 13th of October saw 24 commercial auction events collected by CoreLogic. This marks a slight recovery from subdued auction activity following the long weekend at the beginning of the month.
Of the 24 commercial auctions, 20 were recorded as sold. This suggests a preliminary clearance rate of 83.3%. Most of the recorded auctions took place in NSW, where there were 13 auctions held. NSW showed a strong preliminary clearance rate of 76.9%. In Victoria, 8 auction events were recorded by CoreLogic, with all 8 auctions successfully selling. Queensland and the Northern Territory also saw a commercial property sale, while preliminary results suggest there was one commercial auction in South Australia, which passed in.
The most ubiquitous property sale type was industrial, with 55% of cleared auctions being a warehouse space. 4 of these industrial sales were in Victoria, 6 were in NSW and 1 was in Northern Territory. Where the sale price was disclosed, the preliminary average sale price of these warehouses was $2.2 million.
The table below indicates National Auction Clearance Rate figures.