The number of auctions scheduled this week does not quite match the exorbitance of the previous two weeks, failing to clear 100 as the others did. Nonetheless, an impressive 74 scheduled auctions yields 53 recorded results – of these, 39 homes were sold, resulting in a clearance rate of 74%.
This is a substantially higher clearance rate than the 60% of last week’s, and exceeds to sub-70% range of the rest of August. This can partially be attributed to the smaller sample size. Indeed, last week saw the exact same number of sales, but a higher number of auctions held resulted in a lower clearance rate.
However, even for more modest auction numbers, this figure represents a stellar rate. With luck, this forms the beginning of a plateau, and similar results can be expected moving forward.
The average selling price for this week was $577,009, the lowest average price since late July. The final week of July exhibited very similar figures all-round, down to the potential cause of the low figure.
While July’s final week held no million-dollar sales, this week held only one. Most weeks can rely upon multiple such sales, the reduction of such bringing the numbers down considerably.
The million dollar sale in question is 70 Devereux Road, Beaumont, Chris Raptis of Raptis Real Estate netting the $1,080,000 selling price. The home’s Beaumont location is one of its greatest selling points, the suburb being one of Adelaide’s greatest areas for capital growth.
The property is expansive, its real strength lying in the opportunity for redevelopment. Enough room exists for two houses to be built alongside each other, representing an investment opportunity that one buyer in particular seemingly recognised the worth of.
The second-highest sale of the week is not far shy of a million itself. $921,000 was paid for 4 Osborn Avenue, in Beulah Park, the sale orchestrated by Paul Arnold of Real Estate Partners. Located in another exclusive, sought-after suburb, this character home resides in another spacious lot and represents an excellent investment opportunity.
According to ‘realestate.com.au,’ the median price for a home of this nature in Beulah Park is $700,000, making this a stellar, lucrative sale. Paul Arnold has been a highly successful real estate agent in recent years, this sale just another example of this, resulting in SA Real Estate News recently interviewing the agent on his tips and working life – just how he manages such excellent results.
Despite a dip in the number of auctions held, this is a lucrative week in real estate, albeit not one with many million-dollar landmarks. A slight dip in some figures is counteracted by steady positivity in others, and if the majority of figures can hold steady, the coming weeks promise to be rich, profitable periods of real estate.