Australia’s commercial property auction market continues to be plagued by poor clearance rates which have fallen below the 50% mark for the second week in a row.
Sydney’s auction clearance rate fell to just 33%.
Of the 27 properties auctioned in and around Sydney, just nine sold, dragging the National clearance rate once again below the 50% mark.
In Melbourne, Australia’s auction capital, 11 of 14 properties offered at auction sold.
Australian Property Monitors, Commercial Price Guide shows that in the week to May 24, a total of 46 properties were auctioned nationally.
Twenty two properties were sold resulting in a National auction clearance rate of just 47.80%. The previous week’s clearance rate was 44%.
According to the Commercial Price Guide, a total of $25.99 million worth of commercial real estate was sold during the week.
APM’s Commercial Price Guide shows the average yield achieved was 5.65%, making it the seventh consecutive week that average yields have held above the 5% mark on the sale of commercial properties.
The lowest yield achieved was 4.15% from the sale of a $1.93 million mixed-used property at 952-960 Mt Alexander Road in Essendon, Melbourne by Allard & Shelton.
The highest yield achieved was 7.39% from the sale of a $3 million office building at 99 Bathurst Street, Sydney by CB Richard Ellis.
The biggest price achieved at auction was for a retail property at 119 King Street, Sydney, which Colliers International sold for $7.1 million.
The cheapest property sold was a mixed-used property at 23 Augusta Avenue in Campbellfield, Melbourne, which fetched $180,000. It was auctioned by Melbourne agent by Nalex Pascoe Vale.
By Nelson Yap
These auction results are as reported to Australian Property Monitors on or before 24 May 2006 | |||||
Auction Results | |||||
Suburb: Address | Property Type | Yield | Price | Event type | Agent |
New South Wales | |||||
ARTARMON: 60-62 Hotham Pde | industrial | N/A | HB | Colliers International | |
AUBURN: 23-25 Byrne St | industrial | VP | 825 | sold | Colliers International |
AUSTINMER: 1 Yuruga St | tourism & leisure | VP | N/A | No bid | CBRE Sydney |
BANKSMEADOW: Lot 9/19a Baker St | industrial development site | N/A | HB | CBRE Sydney | |
BANKSTOWN: 10 Arkley St | industrial | VP | 1700 | sold | Colliers International |
BAULKHAM HILLS: 10 Century Cct | retail | 6.86 | 700 | sold | Burgess Rawson Sydney |
BAULKHAM HILLS: 8 Century Cct | retail | T | N/A | HB | Burgess Rawson Sydney |
CHESTER HILL: 1 Leicester St | retail | N/A | No bid | Jones Lang LaSalle | |
DOUBLE BAY: 1/38 Bay St | retail | T | N/A | HB | Colliers International |
EARLWOOD: 13-15 William St | retail | 540 | HB | R&H Marrickville | |
ENGADINE: 51-53 Lantana Rd | retail | N/A | HB | CBRE Sydney | |
GLADESVILLE: 232-234 Victoria Rd | retail | N/A | HB | CBRE Sydney | |
INVERELL: 4 Mansfield St | commercial development site | VP | Not disclosed | sold | Brian Baldwin RE |
KINGSGROVE: 4 Garema Cct | industrial | N/A | HB | Colliers International | |
LEICHHARDT: 134 Marion St | retail | N/A | HB | R&W Leichhardt | |
LEICHHARDT: 371 Parramatta Rd | retail | T | N/A | HB | Burgess Rawson Sydney |
MACQUARIE PARK: 12 Lyonpark Rd | industrial | 6200 | sold | KF Nth Sydney | |
MARRICKVILLE: 35 Farr St | medical | T | N/A | HB | CBRE Sydney |
PADDINGTON: 13 Gurner St | retail | 1940 | sold | Laing RE | |
PARRAMATTA: 55 Aird St | office | VP | N/A | HB | CBRE Parramatta |
STRATHFIELD: 181 The Boulevarde | office | N/A | HB | T&C Strathfield | |
SYDNEY: 99 Bathurst St | office | 7.39 | 3000 | sold | CBRE Sydney |
SYDNEY: 5/2 Circular Quay E | retail | N/A | HB | Colliers International | |
SYDNEY: 119 King St | retail | T | 7108 | sold | Colliers Intl. Nth Sydney |
Leave a Comment       Welcome Back! | |||||