A disappointing week of real estate sees almost all values dropping, but with some remarkable sales to soften the landing.
102 auctions were scheduled for the previous week, 69 of these recorded. 39 sold for a clearance rate of 57%.
Ignoring last week’s results, which were warped by Easter holidays, these results represent a significant drop from the recent norms. Late March saw 149 auctions scheduled and 108 results available, as well as a clearance rate of 67%.
This week’s results are a drop in all values – not only in volume, with almost 50 less auctions scheduled and almost 40 less recorded, but also in the sales ratio within this volume. As such, it is not just a case of less homes on the market, but also of less buyers.
The average selling price, $726,794, sheds light on where this deficit is taking place. This average is significantly higher than the norm, meaning that what appears to be missing is a large amount of sales in the mid to low price range.
This average will also have been boosted a trio of million-dollar sales, which are impressive but not enough to fully account for this high number.
First of these is 19 Melrose Avenue, Beulah Park, its $1,141,000 selling price attained by Angela and Michael Stentiford of Ouwens Casserly Real Estate. This home is a source of extensive potential, in particular its exclusive Beulah Park location, open-plan interiors and ample free space in the backyard for a pool.
118 Sixth Avenue, in Joslin, is the second-highest sale of the week. Matt Smith of Klemich Real Estate achieved the $1,292,000 price-tag for this stone-fronted, city-side property.
With the same open-plan possibilities as the previous home and a backyard which is elegantly designed and perpetually drenched in northerly sunlight, there is much here to earn the money spent.
Matt Smith has previously spoken to SA Real Estate News on the approach he takes to achieving sales such as this. This article can be found here.
The most lucrative sale of the week is that of 423B Esplanade, Grange, a selling price of $1,970,000 falling just shy of $2 million. Sarah Sheppard and Malcolm Davidson of Harcourts Real Estate delivered this home to its immense selling price, the marvel of architecture, endless space and enviable location giving these real estate agents much to work with.
This is a property which was on our radar as well, a Property Spotlight written a few weeks ago, highlighting the spectacular nature of this sea-side home.
This is the grand capstone for an otherwise disappointing week in real estate. With the more sizeable sales seeming to hold steady, it is an increase in low-to-mid sales which will be needed to boost numbers back to the norm for next week.