Billed as the ‘biggest ‘ commercial auction of the year, Colliers International Sydney auction has failed to live up to its reputation, with more than 70 per cent of properties withdrawn or passed in.
Twenty-three properties out of 34 were passed in or withdrawn and much of the bidding was below the reserve price.
Only eight properties were sold under the hammer, with a Parramatta office recording the highest selling price of $12.2 million.
The properties auctioned were expected to sell for between $250,000 and $12 million.
Despite the disappoint auction result, Collier International investment sales national director John Chomley said many of the properties that were passed in would sell outside the bidding room.
“We will end up selling quite a few post-auction,” Mr Chomley said.
“Once vendors see what the buyers are prepared to spend, they will realign their expectations.”