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As we enter the second month of 2018, the real estate market is not hurtling between the immense peaks of late 2017. However, in lieu of titanic volumes, a highly favourable clearance rate and the hallmarks of an imminent spike, suggest that the best may be yet to come.
This week, 101 auctions were scheduled, of which 76 results are available. Last year’s exceptional period from late September onwards, in which the number of recorded auctions frequently exceeded 100, has not been matched here. Instead, these results are quite similar to those just preceding the spike.
57 of available results sold for a clearance rate of 75%. Ignoring the anomaly of the 78% clearance rate of the week of the 2017 AFL grand final, this is the highest clearance rate since early June, which was in turn a low-auction week. A high clearance rate with a week of reasonably high auction volume is very impressive.
The average selling price is $646,750, which is marginally higher than the 2017 average of $645,968. Boosting the average to this figure are half a dozen million-dollar sales, with the highest doing much of the heavy lifting.
25 Hart Street, Campbelltown, was sold by Marina Ormsby and Richard Hayward of Klemich Real Estate, the property reaching an immense selling price of $1,750,000. This wide and spacious allotment contains a bluestone cottage constructed circa 1895 and a separated granny flat. The existing excellence, many options for redevelopment, and renovation justifying the immensity of the price paid.
These lucrative sales come in the wake of 70 houses breaking suburb price records in Adelaide last year, this year looking to continue the trend with unprecedented figures.
In comparing this average to the previous year, it can be seen that this week shares some characteristics with the average values of September, which had an average selling price of $643,754 and weeks of similar volume.
However, the average clearance rate of September was 65%, markedly lower than this week’s. What this suggests is that this year is beginning with the high-volume potential that preceded 2017’s late-year spike, but with more stability and consistency.
What this could mean for the year ahead is a similar spike that does not compromise this stellar clearance rate. With luck, this will confirm the predictions of the optimistic, as South Australia is tipped to contain many stable and lucrative investment opportunities in 2018.