The preliminary auction results for the 18th-24th of February saw 12 commercial properties go up for auction. Of the 12 properties, 9 sold at auction, 2 sold prior to auction and 1 property passed in. This represents a preliminary clearance rate of over 91%.
Of the sold auctions last week, 6 were in Victoria, 4 were in Queensland and 1 was in Tasmania. The combined worth of these cleared auctions was $22,137,000. This is a 3% increase on the value of the previous week’s auctions.
The auction activity across Australia is starting to ramp up as we reach the beginning of March. CoreLogic collected 47 auction listings with a clearance rate of 61.7% in February, as opposed to just 12 listings with a 41.2% clearance rate over January.
The table below indicates National Auction Clearance Rate figures.
Commercial Research Analyst, CoreLogic