Coronavirus be damned!
Talk of a possible recession? Bunkum!
That was the attitude of investors at Bayleys' latest commercial property auction.
It was a big auction too with more than two dozen properties on the Order of Sale.
That was matched by a correspondingly big turnout by potential buyers, with not a face mask in sight.
And they weren't shy with their bidding either.
Of the 26 properties that were to be offered, one was sold prior to auction and one was withdrawn from sale, leaving 24 to go under the hammer.
Most were small to medium sized commercial properties of the sort that are popular with private investors and bidding on most of them was competitive.
Sales were achieved on 15 of the 24 that were offered, giving a clearance rate of 63%.
Of those, six achieved yields of more than 5%, four had yields between 4% and 5%, two had yields under 4% and three were sold with vacant possession.
The highest price on the day was $3.5 million for a vacant 566 square metre refurbished character building in Newmarket, while the lowest price was $522,000 for a 96 square metre retail unit in Henderson, which provided a net yield of 4.98%.
Details and photographs of all the properties offered at the auction, including the prices and yields achieved, are available on our Commercial Property Sales page.
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