This week saw an increase of auctions held and auctions recorded, but a slight slump in the average and clearance rates this yielded. 87 auctions were scheduled, the highest amount in roughly a month. Of the 87, 62 results are available, the standard 20 or so auctions going unrecorded.
The clearance rate of the 62 is 63%, 32 sold at auction and 7 sold prior. This is something of a drop from the 70-plus clearance rates of the previous 2 weeks, but not touching the depths of the sub-60 results of the 2 weeks prior to that.
The average price of sale is $564,464, over $200,000 less than the week prior, and marginally lower even than the notably low $565,675 of early July. This is the lowest average since $546,067 in late April, and this is the result of a lack of high, million-dollar outliers, to boost the average.
However, when comparing these results to those of week straddling June and July, linked here, in which a similarly high 89 auctions took place, similar numbers can be observed, a lower clearance rate of 59% and a higher average of $592,650 observable. This suggests that these low figures are the result of a larger than usual sample size, and not some slump in the market.
A dozen recorded auctions were held on Thursday, where usually there are only a handful, if any. Of the twelve, nine properties were sold, two passed in and one was withdrawn. Thursday held the two highest sales of the week.
Charles Booth of Bernard H Booth facilitated the $844,000 sale of 16 Foster Street, Norwood, Leon Yuan did the same for 2A Austin Crescent, Saint Georges, resulting in a $915,000 sale, the highest of the week.
The Saint Georges 2008-built home is French-style and multi-storeyed, its near-city location, open living spaces and the attention paid to rooms such as the spacious, luxury bathrooms, all contribute to the price attained.
Quality bathrooms can be essential to a potential buyer’s impression of a home. SA Real Estate news have produced a guide to the successful renovation of a bathroom for resale, which can be found here.
Data provided by CoreLogic suggests that the median price for the suburb of Saint Georges is $930,000, though the median for a three-bedroom home in the suburb, like 2A Austin Crescent, is $845,000. As such, the $915,000 sale exceeds the average for its type and location, and Leon Yuan is to be commended on the sale he achieved.
On Friday, six auctions were held, and another 50% clearance rate achieved. Of the three sales, only one price was disclosed, this being the $452,000 LJ Hooker attained for 5/13 Torrens Street, Linden Park.
Over half of the recorded auctions took place on Saturday, 38 of 62. Of the 38, 23 properties were sold, just under half. The highest Saturday sale was $838,000 for 2 Carunta Street, Wattle Park, Harris Real Estate presiding over the sale.
Another property sold on Saturday was 5 Barrow Road, in Golden Grove, the price for which was not disclosed. Paul Whitney, agent for Harcourts Sergeant Property, sold the home, who SA Real Estate News has noted as being a prolific user of social media in real estate. Read how Paul uses social media to achieve sales such as this here.
The low figures in this week do not reflect any great dip in real estate productivity, the number of sales exceeding the number of recorded auctions for some weeks. Instead, this data is a result of a lack of lucrative outliers and a larger sample size than normal. This is a productive week in real estate, which next week will hopefully match.