This article is from the Australian Property Journal archive
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
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These auction results are as reported to Australian Property Monitors on or before 24 May 2006
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Auction Results
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Suburb: Address
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Property Type
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Yield
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Price
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Event type
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Agent
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New South Wales
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ARTARMON: 60-62 Hotham Pde
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industrial
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N/A
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HB
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Colliers International
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AUBURN: 23-25 Byrne St
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industrial
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VP
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825
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sold
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Colliers International
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AUSTINMER: 1 Yuruga St
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tourism & leisure
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VP
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N/A
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No bid
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CBRE Sydney
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BANKSMEADOW: Lot 9/19a Baker St
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industrial development site
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N/A
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HB
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CBRE Sydney
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BANKSTOWN: 10 Arkley St
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industrial
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VP
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1700
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sold
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Colliers International
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BAULKHAM HILLS: 10 Century Cct
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retail
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6.86
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700
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sold
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Burgess Rawson Sydney
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BAULKHAM HILLS: 8 Century Cct
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retail
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T
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N/A
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HB
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Burgess Rawson Sydney
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CHESTER HILL: 1 Leicester St
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retail
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N/A
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No bid
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Jones Lang LaSalle
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DOUBLE BAY: 1/38 Bay St
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retail
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T
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N/A
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HB
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Colliers International
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EARLWOOD: 13-15 William St
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retail
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540
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HB
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R&H Marrickville
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ENGADINE: 51-53 Lantana Rd
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retail
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N/A
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HB
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CBRE Sydney
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GLADESVILLE: 232-234 Victoria Rd
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retail
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N/A
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HB
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CBRE Sydney
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INVERELL: 4 Mansfield St
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commercial development site
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VP
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Not disclosed
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sold
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Brian Baldwin RE
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KINGSGROVE: 4 Garema Cct
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industrial
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N/A
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HB
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Colliers International
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LEICHHARDT: 134 Marion St
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retail
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N/A
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HB
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R&W Leichhardt
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LEICHHARDT: 371 Parramatta Rd
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retail
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T
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N/A
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HB
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Burgess Rawson Sydney
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MACQUARIE PARK: 12 Lyonpark Rd
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industrial
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6200
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sold
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KF Nth Sydney
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MARRICKVILLE: 35 Farr St
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medical
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T
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N/A
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HB
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CBRE Sydney
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PADDINGTON: 13 Gurner St
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retail
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1940
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sold
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Laing RE
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PARRAMATTA: 55 Aird St
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office
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VP
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N/A
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HB
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CBRE Parramatta
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STRATHFIELD: 181 The Boulevarde
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office
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N/A
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HB
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T&C Strathfield
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SYDNEY: 99 Bathurst St
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office
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7.39
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3000
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sold
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CBRE Sydney
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SYDNEY: 5/2 Circular Quay E
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retail
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N/A
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HB
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Colliers International
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SYDNEY: 119 King St
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retail
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T
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7108
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sold
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Colliers Intl. Nth Sydney
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