CoreLogic has not collected any commercial auction results for the week ending the 26th of January. Instead, the slow start to the year is a good time to acknowledge top sales that could indicate the direction of the market for the year ahead.
So far in 2018, the highest value commercial sale recorded by CoreLogic was an industrial site in Gregory Hills, New South Wales. The 7,738 sqm site sold for $4 million. The high value of the land reflects growth prospects for the south west, with Sydney’s second airport expected to commence later this year. The Badgerys Creek Airport site is approximately 17 km north of Gregory Hills.
The start of 2018 may see a continued popularity of industrial sites, particularly those near key freight infrastructure spots. Three of the top 5 value sales have been industrial so far in 2018. Interestingly, of the top 5 commercial sales so far this year, three were in Western Australia. This coincides with positive economic data from the state which suggest it could be in recovery.