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Auction sales are on the up

THE percentage of commercial properties which were sold at

auction jumped in October when compared with September figures, according to research compiled by the Commercial Property Monitor.

In September, only 25 per cent of commercial properties were cleared at auction in WA – the worst result in Australia.

However, in October 36 per cent of properties put up for auction were sold.

CPM managing director John Wakefield said, as a general rule, the higher the percentage of properties cleared at auctions as opposed to those passed in, the greater the market demand.

He said the figures indicated demand for commercial property was strengthening in WA.

However, Mr Wakefield said demand was still weak compared with the Eastern States.

South Australia, considered to have a stagnant economy, unexpectedly achieved a 67 per cent auction clearance rate – the highest in Australia.

Adelaide real estate agents Brock Partners’ Paul McEwan said he was not surprised by the figures.

“The commercial market is as strong now as it has been for some years with a general shortage of all types of commercial and industrial properties in South Australia,” Mr McEwan said.

WA’s auction clearance rates, though increasing, still fell short of Australia-wide clearance rates of 55 per cent.

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