CoreLogic has reported the following figures for recent National and Brisbane commercial property auction results:
The week ending 10th of August saw 25 commercial properties go up for auction across Australia.
The preliminary figures suggest a clearance rate of 56.0%, with 14 commercial properties sold prior to, or at, auction. The preliminary clearance rate was the lowest over the past three weeks, however the four week average clearance rate remains at a nine week high.
The 4 week average clearance rate is now 59%. The highest volume of sales was in New South Wales, where 5 of 10 auctioned properties sold.
The most common type of property sold over the week were office properties, comprising 46% of the results, followed by industrial properties (31%) and retail (23%).
The week ending 17th of August saw 12 commercial properties go up for auction across Australia.
Of these 12 auctions, 10 properties were sold. The preliminary figures suggest a clearance rate of 83%. This is the highest preliminary clearance rate in over a year.
11 of the 12 auctions were held in Victoria.
The week ending 24th of August saw 12 commercial properties go up for auction across Australia.
The preliminary figures suggest a clearance rate of 67%, with 8 commercial properties sold prior to, or at, auction.
The 4 week average clearance rate has been improving and since the second week of July and is now at 64.8%.
Industrial properties made up the majority for commercial property auctions this week.
Brisbane Commercial Auction and Commercial Property Market Update
The latest research from CoreLogic show Brisbane’s commercial property sale numbers and figures have increased over the past 3 months.
In the three months to the beginning of August there have been 38 sales totalling $155.6 million.
As a comparison, in the three months prior to the above, there were 9 sales totalling $62.9 million.
The biggest sale in this period for the Brisbane commercial auction and sales market was the Audi & Euromarque Centre on Wickham Street in Fortitude Valley ($91.2 million). The sale represented an initial yield of 5.8% on a passing income of $5,287,453 (net).