CoreLogic preliminary commercial auction data indicates a clearance rate of 61.9%, surging from 38.7% in the previous week. While the week ending 4th of May 2018 has a lower clearance rate than the equivalent week in the previous year, there have so far only been 21 commercial auction events observed for the latest week. More data may affect the clearance rate result.
The commercial auction clearance rate in New South Wales was lower than across the country, at 53.9%. The 4-week rolling clearance rate has been trending down since reaching an 8-month high in the beginning of February (78.6%). While there are still strong economic drivers for certain commercial real estate types, the availability of credit may be softening demand in the commercial real estate space.