Without the obstructive element that was last week’s AFL grand final, this week of real estate saw a return to the greatness of September. Over 100 auctions scheduled and a similarly high amount of auctions held, as well as a favourable clearance rate and sale average.
The specific numbers consist of 115 scheduled auctions, 72 of which were recorded. These numbers surpass the majority of August and September’s peaks, however, they cannot touch the colossal outlier of two weeks previous, which saw 132 scheduled auctions and 101 recorded. It is unlikely a week will surpass this for some time.
Despite sitting in the shadow of September, this week is by no means disappointing, if not overly exceptional. Of the 72 results recorded, 47 sold, resulting in a clearance rate of 65% and an average selling price of $648,837. The latter an unremarkable figure.
Predictably, the clearance rate sits in between the outliers of the previous two weeks. Last week’s low-volume week resulting in 78%, and the colossal week prior at 58%. This week’s rate is closer to that of average weeks, the most familiar being mid-September’s 67% clearance rate. This figure is by no means outstanding, but nor is it abysmal – it’s an average number in an enormous week.
Given these average numbers, a lack of exceptional sales might be expected. However, even the most sombre group of sales typically have a few heroes among them, and this week is no exception. 8 Portland Street, Seacliff, is the first of these, Bianca Browse of Harcourts Brighton facilitating the $1,080,000 sale. This 1963 four-bedroom home has seaside views and is infused with the flavour of the beach.
The median market price of Seacliff homes has increased largely. The price of a single unit going from $385,000 to $700,000, and luxury homes such as this clearing $1 million. For more on the Adelaide suburbs that have topped all others with major increases in value, see here.
The highest sale of this week doubles the previous and then some. 25 William Street, Norwood, climbing to a selling price of $2,440,000. Harris Real Estate representatives Nick Baranikow and Kathryn Roberts achieved this sale, in a suburb of which CoreLogic data attributes a $811,500 median selling price.
The property is exceptional in that it stretches from street to street, its extensive size currently housing a lucrative five units. In light of the fantastic investment opportunity this represents, its selling price is staggering but explicable.
This week saw a return to high volume but not to exceptional rates and averages. There are no abysmal failures, but nor are there extraordinary successes, save for some prominent sales. Regardless, there is little to complain of this week, and if the next conforms to this pattern, few will be disappointed.