According to CoreLogic preliminary auction results, the week ending 13th of July saw just 19 commercial properties go up for auction across Australia, following a trend of declining auction volumes over the last 6 months.
The preliminary figures suggest a clearance rate of just 36.8%, with 7 properties sold prior to, or at, auction.
This is the third week in the last two months that the auction clearance rate has dipped below 50%,taking the monthly average clearance rate below 50%, to 48%.
The data collected so far by CoreLogic suggests that the cleared auctions were concentrated in NSW, with 4 of 8 properties sold. However, the broader trend indicated by the preliminary data is a softening in commercial market performance.