CoreLogic preliminary commercial auction results show 15 properties went to auction in the week ending the 16th of February, 6 of which sold.
While this suggests a preliminary clearance rate of 40%, the volumes are still too low this time of year to truly understand sentiment in the commercial market.
Interestingly, most of the properties which cleared at auction were retail premises, including a restaurant, two retail shops and a combined shop and residence. Indeed, the highest value sale recorded by CoreLogic was a retail shop in Oatley, Sydney, currently home to the Hummingbird Patisserie.
The other two sales were commercial premises, including a whole commercial office building in Kuluin, Queensland, for which the price was not disclosed.