Auction results – July week 3
Another prosperous week in South Australia’s real estate market sees the clearance rate resting at 70%, on par with last week’s 71%. 31 of 44 scheduled auctions resulted in sales. This forms the suggestion of a favourable plateau and a welcome recovery from the recent several-week slump, though a total of 34 unrecorded results could shed a different light.
The average sale price was $770,772, marking a further increase from the $601,932 average of the week prior, which was in turn above the sub-$600,000 averages of several weeks previous. This high average is without a doubt boosted by the six properties which sold for over $1 million this week.
The last time such a deluge of million-plus sales occurred was early June, though the comparatively modest average price of $667,333 observed in this early June week’s data conveys that this week’s high average cannot simply be ascribed to a half a dozen outliers, but also to an overall trend of successful, lucrative sales.
The first four days of the week were all equally subdued, a property sold for each day, Monday through Thursday. It is Wednesday and Thursday which are of the most interest, as a striking dichotomy occurs across them; the highest and lowest sales for the week occurring on each day respectively. Wednesday held the lowest sale price of the week, LJ Hooker selling 40 Hambridge Road in Davoren Park for a modest $102,000.
By contrast, Thursday held the gargantuan sale of 1351 Goyder Highway, Baldina, which the owner parted ways with for $1,660,000 under the guidance of Landmark Harcourts Burra.
The 6,200 acres, containing extensive paddocks, dual dams, and subsequent agricultural opportunities, as well as a 140 year old homestead, make the gargantuan price tag no surprise.
On Saturday, as per usual, the majority of the auctions took place, 38 of the 44 in this case. It is on this day that the remaining five sales which cleared $1 million took place. Jason O’Halloran, Property Consultant of Ray White, facilitated the sale of 12 Kitchener Street, Netherby, for $1,050,000. He spoke to us about the success of his auction.
“It was a great turnout of close to 60 people, being a mix of local residents and registered buyers. The 8 registered bidding parties were active in their bidding, with all of them registering bids. Over 20 bids were taken and the property was sold under the hammer for $1,050,000. According to ‘realestate.com’, this is the highest price paid for a possible development site in the Netherby suburb so far in 2017, and exceeded the price paid for an almost identical allotment next door by over $150,000.”
Jason’s impressive result reflects the positive nature of this week’s real estate market in South Australia, the possibility of a plateau suggesting stable success moving forward.