This article is from the Australian Property Journal archive
RAY White Commercial has achieved a 91.4% clearance rate and over $151 million in sales across its auction events for the first half of 2015.
Ray White Commercial senior director auctions and investments Richard Impiombato said total auction sales of $151.03 million were achieved over the six months.
In the June quarter, the clearance rate was 78.57% with 44 out of 56 properties sold, a significant rise from 55.18% in the previous quarter.
“Investment sale auction transactions were worth a total of $62,032,000 for the year to June with 32 out of 35 listings sold,”
Impiombato said notable auction sales for the June quarter included a $22.1 million sale price for a development site in the Belconnen Town Centre in Canberra, which attracted 11 registered bidders.
“Two large sales of $22.1 million in Canberra and $8.5 million at Vermont South in Melbourne underwrite the residential development site sector which had a clearance rate of 62.5% for the June quarter,” he added.
Impiombato said the clearance rate for vacant buildings soared from 53.6% in the March quarter to 82.6% in the second quarter.
“This result proves the effectiveness of the auction process for what are traditionally more difficult and time consuming assets to divest from,” he said. “It’s also worth noting properties in this sector averaged only 40.31 days on the market.”
Australian Property Journal
