CoreLogic’s preliminary auctions results indicate higher activity in the commercial real estate sector this reporting period. Initial reporting show there were 137 properties taken to auction of which 72 sold providing a clearance rate of 52.5%.
Victoria continues to deliver the strongest results with the highest number of auctions reported compared to the other states and achieved a clearance rate of over 50% for the past fortnight.
Retail property sales dominated the auction results this fortnight accounting for 42% of properties sold. Victoria led the way with 15 retail properties sold for a total estimated value of $11.4million, followed by New South Wales with 10 retail properties totaling approximately $6.2million.
The largest transaction reported for the fortnight was the sale of 553 Smollett St Albury NSW. Leased to the Commonwealth Bank of Australia until February 2025, the office block was reported sold at auction by Burgess Rawson for $5.1 million on 24th Oct 2018.