December Auction Success

RAY WHITE COMMERCIAL AUCTION CLEARS 60%

A Ray White Commercial auction in Brisbane today resulted in 60 per cent of properties selling under the hammer.

Ray White Commercial CEO Mark Williams said the auction at The Strand, Rugby Club, saw some spirited bidding on a mix of South East Queensland properties including residential development sites, offices and warehouses.

Mr Williams said three of the five properties on offer were sold for a total of $1.71 million while negotiations are continuing with potential buyers of the remaining listings.

“There was strong bidding on most of the properties, from owner occupiers and investors,” he said.

“Lower interest rates will benefit commercial investment properties as the margin between cost of funds and net returns increase for investors."

The top price achieved at the auction was by Ray White Commercial Tweed Heads.

Principal Jared Hodge and agent Sam Johnson sold a Tweed Heads retail property for $890,000 at a net yield of 6.3 per cent. There six registered bidders for that partially tenanted property and 52 separate bids.

“That result today gives us a lot of encouragement for the year ahead,” Mr Williams said.