The week ending the 27th of October saw 22 commercial auction results collected by CoreLogic. Of these, 11 properties were recorded as sold, suggesting a preliminary clearance rate of 50%. This is far lower than the 73 results reported in the previous week, and is the lowest number of auctions collected since the start of October.
The number of auctions held is very low compared to the equivalent week in 2016, when the preliminary results suggested there were 126 auctions held. However, the 2016 data does show a significant drop in the start of November. Therefore, this time of year may bring volatility or a drop off in sales as we enter the last few months of the year.
Of the 11 commercial properties that sold across Australia last week, there were two industrial and two retail sales in New South Wales, including a mixed site in St Peters of Sydney, which currently has a mix of residential and factory buildings. Victoria saw the highest number of sales, which included two retail spaces, two industrial spaces and one office space. Queensland had the lowest clearance rate, with two of five commercial properties sold at auction – one commercial and one industrial space.
The table below indicates National Auction Clearance Rate figures.