Commercial property auctions saw their second week of extremely subdued sales activity, according to the CoreLogic preliminary results. The last week with a substantial number of preliminary observations was the week ending 22nd of September, which saw 61 auction events.
The week ending the 6th of October saw just 8 auctions events collected across Australia. Of the 8 properties that went to auction, 4 were in Victoria, 3 were in Queensland and 1 was in South Australia. Overall, there were 6 successful sales. While this suggests a high clearance rate of 75%, there are not enough observations to get a sense of demand in this space. Indeed, the lack of auction results in the preliminary CoreLogic findings suggests that the commercial auction market is highly sensitive to holiday events.
The highest of these was a $2.1 million office and warehouse space in Ashmore, Queensland. The total sales value of properties at auction was $7.3 million, suggesting an average sale price of $1.2 million The range of prices was $305,000 to $2,075,000.
The table below indicates National Auction Clearance Rate figures.