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Clearance rates at a recent auction confirm commercial confidence in Sydney after a property portfolio enjoyed a 77% clearance rate.

This is the view of commercialVIEW.com.au, a stand-alone commercial real estate advertising portal, who said that the sale of over $33 million worth of commercial property indicated that the market is in good shape.

Highlights of the Burgess Rawson auction included a medical practice in Gosford which sold on a 6.17% yield. 

A government-tenanted investment in Gosford also sold on a yield of 6.68% which indicates that buyer interest on the central coast is strong.

A yet to be opened childcare centre in Dubbo recently sold for $5,215,000 (7.10%) and a centre in Morisset sold for $2,264,000 (6.78%).

Childcare specialist Michael Vanstone said the centre in Morisset was sold to a Sydney buyer looking to lock in a better return than the bank rate after recent interest rates cuts.

Several commercial properties also sold prior to the auction, including a Caltex service station on the New England Highway in Rutherford. It sold on a yield of 6%, reflecting an 18.5% increase in sale price compared to its previous sale less than two years ago.

A large BCF and Ultratune investment also sold prior auction for $3,330,000 (7.37%) as well as a main street retail investment in Bowral for $970,000 on a yield of 5.55%.