All the numbers are positive this week, in a sharp upwards curve from the slump previous weeks have fallen into. This is true of all figures save for reporting rates, as only 45 of 76 scheduled auctions reported upon. Despite this, clearance rates and averages are high.
The results which were recorded describe a rise from the recent slump, the clearance rate of 71% up significantly from 53% last week, the highest clearance rate since mid June. Hopefully, this arc will continue its trend, and next week’s clearance rate will be higher still. However, based on past data, the 70s represent a very healthy clearance rate, which is unlikely to be exceeded. As such, a plateau can be hoped for.
The average sale is valued at $601,932, exceeding $600,000 for the first time since early May, continuing this positive trend, the likes of which hasn’t been seen for months.
This high average has been boosted considerably by the colossal sale of 400 Kennys Road in Cadgee, for $2,280,000. The 556 hectare country home was represented by Camaro Gruny of SAL Real Estate, this being the highest of only four properties sold on Thursday, though all four actions held on this day were successful.
On Wednesday, only two auctions were held, one passing in, while 3 Standard Avenue in Croydon Park was sold for $465,000, the sale facilitated by Laurie Berlingeri and Michael Walkden of Ray White Real Estate.
As always, the majority of auctions are grouped at the end of the week. Friday saw a subdued set of seven auctions, six of which were passed in. The successful Friday sale was 6 Rodda Road, Penrice, sold by Peter Fairweather of Barossa Real Estate. This spacious home inhabits a huge block, swimming pool, cellar and enough garaging for 10 vehicles sweetening the deal for the new owner. 6 Rodda Road sold for $475,000.
The vast majority of auctions this week were held on Saturday, 32 of 45 falling on this day. The highest disclosed price was 29 Benson Street in Semaphore, for which Raine & Horne fetched $785,000. This is the next closest price to the weekly high of $2,280,000, and is slightly more than a third of the gargantuan sale.
No recorded auctions were held on Monday or Tuesday. These are never busy days in real estate, but it is somewhat unusual to see no auctions this early in the week. Recent weeks have all featured a handful of auctions in this time.
These results mark a happy recovery from the recent slump in real estate. However, due to incomplete recording of auctions, and a potential bias for the recording of successful sales in comparison to unsuccessful results, it must be asked whether this purported 71% clearance rate can be completely trusted.