This week saw a spike in auctions recorded, all other figures impressive in the context of such high volume. There were 149 scheduled auctions and 108 available results; the highest yet recorded in 2018.
72 of the 108 sold, for a clearance rate of 67%, which is higher than the 62% clearance rate observed last week, but not as high as the mid-70s seen in February. Given the sizeable volume of this week, however, this is an impressive clearance rate.
The average selling price was $684,823, surpassing the sub-$660,000 averages of the two previous weeks, again more similar to the $680,000-plus figures of February.
Again, these figures are indicative of a cyclical ebb and flow to Adelaide’s real estate market. Overall consistency maintained and at the moment new highs being reached with each surge. This week creeping closer to the immense volumes seen towards the end of 2017.
Bolstering these figures are halfa dozen million-dollar sales, the third-highest of these being 53 Eton Road in Somerton Park. Brett McCammon of McCammon Real Estate, secured the $1,325,000 selling price for this property. Its spacious, flexible floor plan and beachside location rendering it a lucrative opportunity for redevelopment, which a buyer has certainly seen the merit of.
32 Fowlers Road in Glen Osmond, is the second-highest sale of the week, its $1,550,000 selling price facilitated by David Smallacombe and Sally Goode of Smallacombe Real Estate.
Going by the name Warrawee, the estate was first constructed circa 1853. Heritage grandeur elevates this home. The scale of its expansive lot, 11-room floor plan, and cavernous ceilings are breath-taking. This slice of history and the many redevelopment options provided, were well worth the many dollars spent on it.
Of greatest expense was 105 George Street, Norwood. The elegant villa sporting the same heritage appeal as the previous homes but with less tweaking required to modernise outdated elements, and bring the home to full contemporary splendor.
Pale, gorgeous stone exteriors, authentic touches such as cornicing and metal lacework, and a city-side location, gave David O’Grady of Toop&Toop Real Estate much to work with in acquiring the week-high $1,620,000 selling price.
Aiding in the consistency of Adelaide’s numbers is external influence – recent data suggests Adelaide’s interstate investment is up from last year, Adelaide’s steady growth contrasting with the troubles of Sydney and Melbourne.
This boom of interstate investors underlines and strengthens the strength of the South Australian real estate market. If this high volume week is an indicator of things to come, and 2018 shapes up to reach similar highs as 2017, there is a robust year of real estate ahead.