Predictably, Easter has had a dampening effect on the surging real estate market Adelaide has seen thus far in 2018. A severe dip in scheduled auctions was to be expected, a corresponding dip in clearance rate inevitable.
With last week seeing a surge in volume, hopefully this week’s drop will not cut off the market’s momentum.
A slim 32 auctions were scheduled over the week, and of these 28 results were available. 15 properties sold for a clearance rate of 54%, far below recent 60-80% benchmarks. It is however quite similar to the clearance rate seen in the Easter of 2017, which saw a clearance rate just below 50%.
This week’s average selling price of $679,400 is among the higher results of late, but with such low volume (only 9 selling prices being recorded) this means little.
The single million-dollar sale of the week takes the credit for this impressive average. 37 Grandview Grove, Toorak Gardens, selling after auction for a price of $1,286,000. Ouwens Casserly Real Estate secured this selling price for the charming, brilliantly located, traditionally-adorned home.
Returning to market after a failed contract, this was a rare second chance that its new owner evidently jumped at, this sale a bright light in an otherwise humdrum week.
Sliding from the clutches of Easter, South Australia’s real estate market will hopefully return to dynamic and lucrative form next week, and beyond in 2018.