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Full lockdown won’t stop demand for NSW commercial property

The full NSW lockdown didn’t stop commercial buyers from turning up in force for the Ray White Commercial NSW auction portfolio online event, with an auction campaign clearance rate of 87.5 per cent.

Six out of the eight properties listed sold under the hammer during the online auction, with one property sold prior — totaling $15.958 million in combined sales.

More than 150 people tuned in online, with a total of 52 bidders registered for the auction.

Ray White Commercial Head of Agency Operations Andrew Freeman said competition was fierce, with multiple bids arriving within seconds of each other.

“The auction results are testament to the demand for quality commercial property in the marketplace,” Mr Freeman said.

“I am so proud of how our commercial agents embraced the online technology and their unwavering commitment to their sellers.

“Despite strict lockdown conditions the online platform proved to be the perfect environment for our buyers to bid from the comfort of their homes.

“With an average of 5.1 active bidders, and 54 average bids per property, we anticipate many sellers will be keen to get involved at our next Portfolio Auction.

“What a great time to reach out to our agents with 45 underbidders ready to buy now.”

A DA approved 22 lot subdivision located at 1 Forest Heights Estate, Forest Road, Nambucca Heads, sold for $873,000 with nineteen registered bidders and 10 active bidders.

There was strong competition for the coastal site which received 117 bids in total.

Ray White Commercial Metropolitan Sydney director Samuel Hadgelias said it was wonderful to see such great results during the full NSW lockdown.

“It was a fantastic result and it really does show the strength of the market in NSW, coastal markets in particular,” Mr Hadgelias said.

“Since lockdowns began last year, coastal and regional markets have seen an uptick.

“It’s a product in high demand and we helped supply the market.”

A mixed-use Roseville property located at 108 Pacific Highway, sold for $2,535,000.

The property, which comprises a retail space, an office, and an apartment on the second floor, received a fierce amount of competition with 136 bids from seven active bidders.

Ray White Commercial Sydney North lead agent Scott Stephens said, despite the lockdown, the auction provided a fantastic result for the vendors.

“I think it was the fact the property is in a fantastic location, and it has so much potential,” Mr Stephens said.

“Nothing had been done to the property for many years, and it presented a fantastic opportunity for someone else.”

The winning bid went to a local North Shore family.

“They really wanted to sink their teeth into a project,” Mr Stephens said.

“This mixed use property really leant itself well to a blank canvas for them to renovate and improve on.”

Other properties sold during the auction campaign include:

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Media Contacts:

Samuel Hadgelias

Ray White Commercial Metropolitan Sydney

Director

0403 254 675

shadgelias@raywhite.com

Scott Stephens

Ray White Commercial Sydney North

Manager

0409 960 006

scott.stephens@raywhite.com

Cassandra Glover

Ray White Group

Media Advisor

0447 000 472

cglover@raywhite.com

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