Commercial property agents Burgess Rawson completed a huge year of portfolio auctions last week, finishing the year with an impressive 71.5% average clearance rate across its premiere Sydney and Melbourne events for 2017.
During the year, more than $862 million of national commercial property was sold under the hammer across eight two-day portfolio auctions achieving an average yield of 6.4%.
Burgess Rawson Melbourne Director, Raoul Holderhead said the Portfolio Auctions were well-regarded as the premiere events for commercial property and that 2017 was proof that portfolio auctions were still highly successful.
“Burgess Rawson has been holding its Portfolio Auction for more than 15 years and we are the leaders in delivering strong results for both vendors and buyers,” Mr Holderhead said.
“We have achieved in excess of $862 million in property sales this year, with a robust average yield of 6.4% and a very high average clearance rate of over 71%.
“The final portfolio auction of the year was held yesterday in Melbourne which followed Tuesday’s event in Sydney. Both auctions attracted large crowds of investors looking to secure quality assets before Christmas.”
Burgess Rawson Sydney Director, Simon Staddon, said despite the holiday period fast approaching, the appetite for A Grade product was still growing.
“The Sydney market has continued to kick on this year, and Tuesday’s auction was a great example of the continued trend. Despite enquiry in some sectors being down on twelve months ago, there is still strong investor demand for A Grade product in most asset classes with a focus on quality,” Mr Staddon added.
The 2017 results were led by Fast Food & Childcare with the highlight being the Guzman Y Gomez sale in Coffs Harbour that sold for $3,110,000 on an aggressive 4.5% yield.
The first Burgess Rawson Portfolio Auction for 2018 will be held in Sydney on the 20th February and on the 28th February in Melbourne.