This edition of Ray White Commercial Auction Insights showcases the first quarter of auction results for 2016. During the three months to March 2016, over $32million has sold across the Ray White Commercial network via Auction campaigns; 23 sales of a possible 29 auctions.
Despite some shift in market sentiment this year, the auction clearance rate remained high at 79.31%, a vast improvement from the 1Q 2015 result where despite a larger pool of properties offered to market, only 58.82% sold. To date, all of the sales for 2016 were sold prior to auction or under the hammer, highlighting another strong year of investment demand fuelled by low interest rates.
The high number of registered bidders during this quarter (average 6.15 bidders) further emphasises this strong demand for investment stock, with the greatest number of bidders registering for Retail stock. Activity during this period was heavily weighted towards Queensland investments, with strong demand for tenanted small retail and industrial holdings with an average sale price of $1.25million and $650,000 respectively across the country.