The preliminary commercial auction results for the week ending 5th of May indicate there were 22 commercial auctions held across Australia, with a successful clearance rate of 77.27%. This is lower than the previous week of 28 auctions at a clearance rate of 82.14%.
The number of results is surprising given the corresponding week in 2016 saw almost 70 auctions take place across Australia. Historical sales data suggests that commercial auctions should be much higher during this time of year. However, consistently high clearance rates over 2017 suggest the low figures could be the result of a lack of stock, as opposed to a lack of demand.
The total value of commercial real estate auctions over the week was $26.6 million and comprised 6 retail sales, 6 industrial sales, four office sales and a medical centre. Of the cleared auctions, 8 sold in NSW, 7 were in Victoria and 2 were in Queensland.
The table below indicates National Auction Clearance Rate figures.
Commercial Research Analyst, CoreLogic