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Auction Results – June week 1

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A very reserved week of real estate yields consistently low figures, a public holiday leaving few in the mood for auctions.

Of 48 scheduled auctions, 31 results are available – by comparison, the Easter long weekend saw 32 auctions scheduled and 28 available, the Queen’s Birthday having a comparable but less severe effect.

Of the 31 results available, 19 resulted in sales, making for a clearance rate of 61%. Where Easter plunged the clearance rate to close to 50%, this week’s rate does not fall markedly below recent weeks. Much of May saw clearance rates in the low 60s, one week in particular slumping to 54%.

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Where that week held the excuse of a very high volume of auctions, this week has the opposite problem, and the average selling price reflects this difference.

$481,929 was the average price of homes sold this week, June already falling below May which saw average selling prices above $600,000 for the entirety of the month.

In comparison, Easter saw an average of $679,400, proving the volatility of these low-volume weeks – a handful of highly lucrative sales can make all the difference, this week featuring few.

The auction of 1 Arthur Street, in Semaphore South, is the only sale to come close to $1 million, Sharon Gillard of Harcourts Packham facilitating the $802,500 figure.

Northerly rear aspect, proximity to the Esplanade and a sizeable 680 square metre allotment make this an extremely attractive opportunity that even this lacklustre period could not dissuade the buyers from.

Save for this sale, there is little to be said for this predictably subdued week. As June continues, a week unsullied by public holiday will provide a more accurate picture of what mid-2018 holds for South Australia’s real estate sector.

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