This week’s figures surpass the entirety of November, though falling short in some regards. This week represents what may be the peak of Adelaide’s real estate market, the end-of-year drop imminent, and predictions from Australian hedge fund Watermark Funds Management suggesting the market may be seeing a significant blow to figures soon.
175 auctions were scheduled, exceeding even the spike of late November, with 173 scheduled auctions. Where the final week of November saw 108 results available, this week provides 127 available results, this figure again exceeding any in recent months.
Given these immense figures, other values are subject to skewing – 20 properties sold prior to auction and 60 sold at auction resulting in a 63% clearance rate, down 2% from last week and the lowest since late September.
The average selling price is $657,624, falling roughly $30,000 short of the previous week. Though last week’s figure was boosted by a $2,500,000 sale, this week also has half a dozen million-dollar sales boosting its averages, and so this figure is somewhat disappointing.
However, the figures holding the average below the lauded $700,000-plus figures of October are primarily above $500,000; 14 of the 25 properties selling for less than $600,000, selling for more than half a million. As such, this figure cannot be said to be a result of low selling prices, just an abundance of those falling just short of the average.
The aforementioned half a dozen million-dollar properties served to keep this week within favourable values, the highest of these climbing to exceptional heights.
64 Brigalow Avenue, Kensington Gardens, was sold for $1,217,000 by Tim and Megan Thredgold of Toop & Toop Real Estate.
The property representing a valuable opportunity for the home-buyers, with it’s prime location of Kensington Gardens, in addition to an sizeable lot and a solid foundation on which to build, makes this property a renovator’s dream.
The highest sale of the week is 24 Seafield Avenue, Kingswood, with Steve Alexander of Klemich Real Estate fetching a selling price of $1,420,000. The sandstone bungalow sports five bedrooms and two bathrooms, character features adding charm to the grandeur created by size and luxurious execution.
With the new year imminent and predictions of a possible crash we could see an end to this fantastic streak of high-volume weeks soon. With any luck, this will represent a return to normalcy rather than a significant slump.