The commercial auction market continues unabated, with strong results seen this week across several Australian capital cities, with the buying sight unseen, from interstate investors.

In just 72 hours, Burgess Rawson transacted 49 properties (out of 54 put under the hammer) for a combined value of $189 million.

The agency’s data showed that a buyer pool of 501 bidders was still looking to invest,  with $1.5 billion of potential capital.

Highlights included:


21 properties were (remotely) auctioned – 20 sold under the hammer for a combined $83 million.

  • Kingston Funerals, Cheltenham was sold for $3,830,000, on a yield of 3.78%. The auction was vigorous with 69 bids made before a Melbourne based, Chinese buyer secured the property.
  • In a fiercely contested auction, Coates Hire, Albert Park SA went for $16,100,000 achieving a yield of 3.59%. The successful purchaser was an Adelaide-based investor.
  • Sunbury Ford attracted a large number of bids (75), resulting in a Sydney-based buyer securing the property for $9,610,000 achieving a yield of 5.2%. The investor had purchased approximately $15 million in property this year, all sight unseen.  The underbidder was also Sydney-based.


18 properties went under the hammer in a remote auction, with a 94% success rate (17 sold).

The first two properties of the day sold for sub 4% yields:

  • Jax Tyres at Michelton sold to a Melbourne-based investor, sight unseen, 29% above the reserve at $4,520,000 on a yield of 3.1% with 53 bids from 25 bidders.
  • KFC and Pizza Hut at Uraween were sold 35% above reserve for $7,960,000 on a yield of 3.98%, with 84 bids.
  • A duo of Greencross Vets, both located in Toowoomba, successfully sold separately (and unseen) for a combined $3,365,000 achieving yields of 4.49% and 5.14%. The Dennis St vet sold for 23% above reserve, with 25 bidders.
  • Caboolture Coowinda Childcare broke records achieving the lowest ever yield for a childcare asset in Queensland – $2,175,000, on a yield of 4.41%


  • Turramurra Handprints sold for $1,850,000 – 30% over reserve – after 50 bids from 16 registered bidders.
  • Umina Beach Affinity Childcare sold for $2,050,000 or 38% over reserve after 50 bids from 22 registered bidders.

Charlie Gunningham, The Property Tribune