PLEASE NOTE: The original article incorrectly listed 429 Esplanade, Grange as sold. This property is still available on the market.
This week saw a continuation of the slowing-down of Adelaide’s real estate market, with fairly low figures producing a stable clearance rate but comparatively little to be excited about.
Of 91 scheduled auctions, 59 auctions were recorded, 40 of which were sold. This resulted in a moderately favourable clearance rate of 68%. Comparing these figures to those of a few weeks ago, they are down from 76 available results, 57 sales and a clearance rate of 75%.
This continual downturn suggests Adelaide may have a restrained year of real estate ahead, though these are precisely the kind of figures that preceded a positive spike mid-2017. With a general slowdown being observed throughout Australia’s real estate market, a spike seems unlikely unless a strong catalyst emerges.
Regardless of reduced volume and dipping prices, there remain high-achievers. Two of this week’s three most expensive properties sold, have bloomed in the suburb of Rose Park, both of these are four-to-five bedroom sandstone-fronted villas.
The first of these is 16 Grant Avenue, Sally Turner of Klemich Real Estate acquiring the $1,316,000 sale. The sandstone frontage flows into a home which integrates its 1900s heritage with crisp modernities, and original fireplaces contrasting with white walls adorned with traditional cornicing. Close proximity to thriving cafes, restaurants and the city, only enhance this home.
The second-highest sale is that of 18 Watson Avenue, also in Rose Park, represented by Oren Klemich of Klemich Real Estate. This home, despite being in many ways similar to the other, earned over $350,000 more with a selling price of $1,680,000.
With the same amenities as 16 Grant Avenue surrounding this property and mostly identical luxuries. It is boosted by the inclusion of an enclosed pool area and more thorough modernisation, sleek white permeating the entirety of the house, where the previous home allows its heritage to peek through more often.
This comes in the wake of a poll suggesting buyers will not pay extra for a pool in their home, but in this case, the inclusion has clearly had some effect on the price paid.
Should Adelaide’s real estate market hold to this plateau, it will be a consistent but unexceptional period of real estate ahead. Similar humble beginnings preceded last year’s spike, so the possibility of a sudden improvement still exists.