According to CoreLogic preliminary auction results, the week ending 6th of July saw just 15 commercial properties go up for auction across Australia, following a trend of declining auction volumes over the last 6 months.
The preliminary figures suggest a clearance rate of 53.3%, with 8 properties sold prior to, or at, auction. This has brought the rolling monthly average clearance rate down to just 50.3%.
This is far lower than the same week last year, which saw a clearance rate of 67.5% across 40 auction events. The decline in the clearance rate and volume of commercial auctions suggests a softening in commercial market performance.
The data collected so far by CoreLogic suggests that the cleared auctions were concentrated in NSW, with 5 of 8 properties sold.
