According to CoreLogic preliminary auction results, the week ending 18th of May saw just 18 properties go up for auction across Australia, as opposed to 68 in the previous week. The preliminary figures suggest a clearance rate of 66.7%, with 12 properties sold prior to, or at, auction.
The data collected so far by CoreLogic suggests that the cleared auctions were dominated by industrial property types, at 33%.
This is a reflection of broader commercial market trends; approximately 40% of the private treaty and auction transactions over a 12 month period are industrial, according to CoreLogic’s Property Information Monitor.
Interestingly, most properties up for auction were a range of properties across Victoria. This includes the top sale for the week, a $7.5 million hotel just north of the CBD.