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Sale rates across the commercial auction houses reached 77%, a considerable improvement on the 64% achieved in Q4 2008. The number of properties offered in the auction room over this quarter increased by 81% to 746.
Yields across all types of properties fell this quarter. Prime yields fell by 42 basis points to 5.34% on Q3 2009. The majority of the retail properties sold in auctions this quarter had lease lengths over 10 years, representing nearly 65% of the entire retail total.
The fall in the Retail Property Price Index (RPPI) of 3.1% shows that investors are considering carefully the prices they are willing to pay in the current environment.
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08 April 2010