Distressed commercial property listing on the rise: LandMark White
More than a quarter (26%) of all commercial properties listed for sale in October were either receivership sales or mortgagee-in-possession sales, according to the latest update from property valuers LandMark White.
The valuation firm says 82 out of 312 commercial properties advertised in the national press in October were distressed sales, with distressed sales starting to trend up in three states covered by the report – Queensland, NSW and Victoria.
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This was the highest number of distressed sales listings since May this year, when 86 commercial properties were listed as distressed sales and slightly up on the 79 distressed properties listed for sale in October last year.
Proportionally though, this is in line with the 12-month average of 27% of all commercial property listings being distressed.
In line with a longer-term trend, Queensland has the highest proportion of distressed sales listings relative to total listings at 40%.
This is above the 12-month average of 38% but lower than October 2011 (48%).
The proportion of properties advertised as distressed sales in NSW was 19%.
The proportion of properties advertised as distressed sales in Victoria was 13%