Auctions Statistics Improve
Auctions raise bar… slightly
The dearth of commercial property auctions improved ever so slightly last week with more than $20 million worth of sales, according to leading property research house Australian Property Monitors.
In all, APM’s Commercial Price Guide, reported 42 commercial auctions Australia wide with 25 selling under the hammer with a clearance rate of just under 60%.
Lowest yield was 3.77% for a retail shop in historic Nelson Place , Williamstown, which was sold for $920,000 by Williams Real Estate.
APM found the highest yield was 18.98% for a tenanted tourism & leisure facility in Narrandera in New South Wales . The property sold for $1.58 million by MQA real estate.
The highest price was $4.3 million for a partially tenanted industrial property in Campbellfield , Victoria . The property at 183 Northbourne Road was sold by Sutherland Farrelly.
APM reported that 15 properties were auctioned in New South Wales with 9 selling; in Victoria 23 properties were offered with 17 selling (two sold after auction); and in Queensland, four properties were auctioned, but just one sold.
The average yield on investment stock last week was 8.25%.
by Ted McDonnell