More than $75 million changed hands at Burgess Rawson’s first portfolio auction event of the year, with strong bidding and competitive yields achieved.

Burgess Rawson Partner and Queensland Managing Director Adam Thomas said the three-day event saw intense competition, with yields as sharp as 3.3 per cent.

“The overall success rate was 78.26 per cent with the blended yield an impressive 5.41 per cent, down from 6.29 per cent at the December auction event.”

Other highlights of the event include a 100 per cent success rate in Sydney while Melbourne recorded a blended yield of just 5.08 per cent.

Mr Thomas said confidence has surged with the interest rate cut and declining inflation, driving exceptionally tight yields across the eastern seaboard.

Mr Thomas said that the early education sector continues to be one of the hottest asset classes, with yields continuing to fall.

“We are seeing unprecedented demand for well-leased centres, with sub 4.0 per cent yields becoming the norm,” he said.

Top sales in Queensland include two Goodstart Early Learning Centres in Brisbane which sold on sharp sub 4.0% yields.

The centre at Redcliffe sold for $3.131 million providing a return of 3.63% while the Wavell Heights centre transacted for $4.12 million reflecting a yield of 3.72%.

Elsewhere in Queensland, an asset leased to Fellowship Queensland in Kearneys Spring sold for $1.826 million while an investor snapped up a Newtown property leased to United Housing Australia for $1.851 million.

At the Melbourne auction, the Pets Domain in Legana, Tasmania was first off the rank selling under the hammer for $3.855 million reflecting a return of 5.45%.

Bidding wars erupted prior to auction with more than $23 million of the $35.68 million worth of assets selling on sharp yields including the 7-Eleven in Mambourin, Victoria which exchanged for $6 million on a return of 5.89% while an asset leased to AMA Group sold for $4.55 million showing a yield of 5.51%.

Other notable transactions include Kinderoo Childcare Centre at Rosehill which sold under the hammer for $3.78 million while a Norco & Winc asset in South Lismore transacted for $5.05 million.