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Auction Results – May week 1

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Auction Results – May week 1

A mixed week of real estate saw a 2018 high for average selling price, but a middling clearance rate amid otherwise solid figures.

Of 104 scheduled auctions, 64 results are available, of which 38 homes sold. This produced a lacklustre clearance rate of 61% but also the formidable average selling price of $778,074.

All of these figures are very similar to those of the previous two weeks. There is a general uniformity observable, with clearance rates just above 60%, scheduled auctions in excess of 100 and auctions recorded in the 60 to 80 range.

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In particular, however, this week’s amount of auctions scheduled, recorded and resulting in sales vary little from those of two week’s prior, which saw 115 auctions scheduled, 69 results available and 43 properties sold.

In addition, this week’s clearance rate and average selling price closely resemble last week’s 62% and $744,842, bringing this trio of weeks into sharp alignment.

Last week’s clearance rate was the highest yet for the year, and this week’s is larger still, due to six sales which exceed $1 million selling prices.

Third-highest of these is 36 Cheltenham Street, in Highgate, which attracted a selling price of $1,320,000.

Bernie Altschwager and James Robertson of Ouwens Casserly Real Estate represented this 5-bedroom 1920s Bungalow – its period appeal found in fireplaces and cellar, its modern practicality manifesting itself in contemporary kitchen and heated in-ground pool.

Selling for $40,000 more, at $1,360,000, is 37 George Street, Norwood, Arthur and Chris Dimitrak of Dimitrak Real Estate representing the home.

A deceased estate, this two-title opportunity was on the market for the first time in 50 years, containing a 1910s cottage and extensive opportunity for construction and redevelopment, of one grand property or two separate ones.

Exceeding the previous sales by a wide margin, Steve Alexander of Klemich Real Estate attained a $1,650,000 selling price for 133 Swaine Avenue, in Toorak Gardens. Where the previous home was an opportunity for redevelopment, this home is a fully realised and complete project.

Decorative grandeur abounds, from the woven wire fence to high ceilings to polished Jarrah floorboards. Sleek modernity is found throughout the kitchen and bathrooms, vibrance in the thriving gardens, which feature a broad range of fruit trees – a salt-chlorinated pool is the icing on this highly lucrative cake, which caps of a week mostly comprised of stability and excellence.

The similarity of the past few weeks indicates stability, though it is not ideal, given the comparatively middling clearance rates. These figures are buoyed, however, by this slew of exceptionally lucrative sales.

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