Raine & Horne Commercial is pleased to announce its first National Auction Event for 2024, scheduled for Thursday, 14 March 2024. This event will showcase a portfolio of high-quality commercial properties collectively worth close to $80 million at a time when the availability of commercial inventory is scarce and buyer demand is on the rise.

Jesse Davidson from AuctionWorks will be the auctioneer for the Raine & Horne Commercial National Auction Event, which will occur both in rooms in a Sydney central CBD venue and online. 

The properties going under the hammer encompass a broad spectrum of investment opportunities, vacant possession assets, and outstanding development prospects ranging in value from $0.5 million to $15 million.

Chris Nicholl, Commercial Network Head at Raine & Horne Commercial, stated that the auction will showcase properties from various markets, encompassing both capital cities and regional areas. This event will introduce offerings from sought-after markets such as Liverpool in Western Sydney and Hervey Bay on the Fraser Coast of Queensland.

Mr Nicholl said, “The commercial district in Liverpool is highly sought-after, thanks to its proximity to the developing Aerotropolis at Badgerys Creek.

“In contrast, Hervey Bay is experiencing increased interest from investors in southern states, particularly those seeking quality retail opportunities. An example is the booming Springvale Garden Centre on Honey Eater Drive, Walligan, which will be auctioned with a price guide of $2.5 million.” Matt Dorrough from Raine & Horne Commercial Hervey Bay has scored this listing.

Among other auction highlights is a residential unit block at 31 -33 Hume Highway, Warwick Farm that will be auctioned in one line and with a price guide of $10 million. This property is being presented for auction by Klaude Rhus, Sales Manager at Raine & Horne Commercial Liverpool.

Another noteworthy auction listing is 13 Barclay Street, Marrickville, a unique property presented by Luke Smith and Dane Henrich of Raine & Horne Inner West/South Sydney. This exceptional property boasts a 1,641 sqm building, a high clearance warehouse, and container access, with a price guide of $12 million.

Auction Event to surpass previous edition by $30 million

Mr Nicholl expressed his confidence at the prospect of surpassing the total sales figure achieved during the inaugural National Auction Event in November 2023, which amounted to a combined $48 million.

“Looking back, the timing of the previous auction was challenging due to the November increase in interest rates. However, with the Reserve Bank's decision to maintain interest rates and the positive CPI data, along with the market activity we've observed in the early stage of this year, I believe both buyers and sellers have greater clarity with respect to the market and are more confident as a result which bodes well for a successful day."

Mr Davidson from AuctionWorks agreed interest rate stability along with a shortage of quality commercial property stock is set to drive strong buyer enquiries up until Easter.

“The stability in interest rates is fostering confidence, particularly in smaller industrial markets. Last year, rising rates led to a slowdown in this market, especially demand from small businesses.”

Consequently, enquiries for commercial auctions have been outstanding in the first four to six weeks of 2024, and this augurs well for the upcoming National Auction Event, Mr Davidson noted.

Lack of stock and stabilising interest rates fuel market activity

Daniel Krobot, Managing Director of Raine & Horne Commercial Macarthur said he was excited to participate again Raine & Horne Commercial’s portfolio auction after successfully selling under the hammer two medical suites and an industrial property at the last national event in November.

Mr Krobot has listed two properties: a freehold office opportunity at 86-88 Queen Street, Campbelltown, which boasts medical, consulting, or development potential, anchored by St. Vincent De Paul until 2025, and another at 7 Cobar Place, Gregory Hills, featuring industrial zoning and a 5,018 sqm site area, strategically positioned along Camden Valley Way for high visibility to passing traffic.

“Despite interest rates stabilising, the primary concern in the industrial property sector remains the lack of supply, particularly as buyer enquiries have surged by approximately 20% compared to the same period last year,” said Mr Krobot.

“The industrial property at 7 Cobar Place is attracting owner-occupiers because it’s in a tightly-held pocket with few blocks to choose from in that precinct.

Mr Krobot stated that enquiries being received for the office property located at 86-88 Queen Street, are from predominantly owner-occupiers seeking space for their professional services business or medical uses.

“We also anticipate interest from developers attracted by the 32-metre allowable height limit.”

The National Auction Event will take place both in person at AuctionWorks at the Mezzanine Level, 50 Margaret Street, Sydney, and online. To access more details about the properties available at the National Auction Event or to register as a bidder, please visit https://www.rhcommercial.com.au/national-auction-event.