CoreLogic collected 57 commercial auction results in the week ending November 3rd, which is substantially higher than the preliminary result of 18 events captured in the equivalent week last year. Of the 57 auction events, 37 were reported as sold. This suggests a preliminary clearance rate of 64.9%.
The strongest results were in Victoria, where 21 properties sold at auction. However, NSW had a higher clearance rate of 72.3%, with 8 of 11 commercial properties sold, as reflected in the preliminary data collection.
Queensland also had a relatively strong week of commercial auctions, with 9 auction events noted, and 5 properties selling.
Of the properties reported as sold, 25 were recorded with a sale price. The average sale price recorded across all commercial property types was $3.2 million. The most ubiquitous sale type was retail, which saw 18 sales. The retail properties that sold were largely stand-alone shops or restaurants, with an average sale price of $3 million.
The table below indicates National Auction Clearance Rate figures.