Commercial real estate activity has dropped dramatically this reporting period.
The latest data collected for CoreLogic’s preliminary auctions results show just 43 properties taken to auction for the fortnight, the lowest number of commercial properties taken to auction in the last 5 years. Initial reporting indicates 25 sold at auction, providing a clearance rate of 58%.
New South Wales had the most active market recording 13 sales of the 24 properties auctioned.
Office building sales dominated the auction results this fortnight accounting for 36% of properties sold. Retail properties represented just over a third of reported sales whilst there were no auction sales recorded for Hotel & Leisure.
South Australia had the highest sale this reporting period. Ideally located close to both Adelaide’s CBD and airport, a 700sqm warehouse and office at 32 Maple Ave, Forestville, SA sold at auction on 8th Nov 2018 for just under $1.4M.