Commercial auction clearance rates fell to a record low 39 per cent in May, with only 83 of 213 properties selling nationally.
New South Wales recorded the weakest result of just 28 per cent while Victoria performed strongest over the month with a clearance rate of 60 per cent.
According to RP Data, this was the “saving grace” for the month.
“Despite pretty gloomy and disappointing results around the nation, Victoria is still holding strong, although only 43 properties were offered in May, which is about half of what was offered in March,” said Richard Crnek, general manager of RP Data Commercial.
“When compared to the rest of the country, however, the fact that Victoria’s clearance rate fell only three points from April is pretty outstanding,” he said.
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