Toss up between Hornsby or Silverwater commercial property - auctionWORKS

auctionWORKS offered 42 properties for sale with a combined total of sales almost reaching $70 million yesterday.

They noted the clearance rate of 76% was significantly above the commercial auction market averages. 

"Today is testament of the strength of our market," said Burgess Rawson director, Dean Venturato adding many were buying for the underlying value of buildings and land, not yield.

"Government tenancies were also a big factor," he told the Australian Financial Review.

The auction secured $26 million in government-tenanted sales. 

A 4590-square-metre, commercial property with residential development potential, in Hornsby in Sydney's north, sold for $5.92 million at a yield of 1.89 per cent.

The site which has a NSW government-tenanted 636 sqm building achieved the highest price at the auction. 

Apparently a private Asian family who missed out on the Hornsby sale fought back to buy a 5952-sq-m industrial property in Silverwater in the west for $5.85 million – the second most expensive property sold.

auctionWORKS in total, over the to days in Sydney and Melbourne, sold $95,574,000 worth of property with a clearance rate of 81.8%.