Slump in property auction sales
PUBLISHED 11 September 2006
Australian Auction Info
OF THE more than 250 commercial properties sent to auction nationally in August only 58 per cent sold, despite a resurgence in the office rental market.
An increased volume of listings put pressure on the market, resulting in the lowest clearance rate for the year, says the latest report from the independent property analysis group CPM.
This was most evident in NSW, where the number of properties offered for auction doubled and the clearance rate fell 8 percentage points to 46 per cent, CPM’s managing director, John Wakefield, said.
About $170 million worth of property changed hands in August, he said, and roughly $70 million each in NSW and Victoria.
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