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Auction Results – May week 4

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A drop in volume pulls this week to disappointing depths, some figures nonetheless positive in comparison to similar recent weeks.

This week saw 88 scheduled auctions, the lowest amount since mid-April. Like April’s similarly low-volume week, this week saw a spike in clearance rates which, while not reaching exceptional heights, does stand above much of 2018 so far.

Of the 88 scheduled auctions, a slim 56 results are available. Even with this lower volume, this week did not manage to exceed a 70% clearance rate, as with May and much of April. 37 of the 56 results were sales, resulting in a clearance rate of 66%.

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This figure is up from 54% last week, and the low 60s of the two weeks prior.

This week’s average selling price was $654,660, again exceeding the past few weeks without reaching immense heights. It is the volatility of a small sample size that has driven up this average, with three sales exceeding $1 million where previous weeks have all sat closer to half a dozen.

The first two of these are villas from the suburb of Goodwood. The $1,010,000 sale of 9 Owen Street was attained by Judy Morris of Klemich Real Estate. The spacious allotment containing a five-bedroom villa that is ripe for renovation.

Judy Morris has spoken to SA Real Estate News about the methods she employs to achieve sales such as this.

Second of Goodwood’s million-dollar sales is that of 38 Essex Street, Matthew Paternoster of Harcourts Williams achieving a $1,030,000 selling price.

This 1890s Bluestone villa is blends heritage with modernity, old-style grandeur in its cavernous hallways melding with sleek modernity in gleaming black tiling and Smeg kitchenry.

The most lucrative sale of the week is 1-3/2 Richardson Avenue, in Tranmere. Situated across from lucious creeks and reserves, sprawling across over 1400 square metres, this property represented an excellent redevelopment opportunity, its value amounting to the $1,116,000 sum fetched by Stephen Ong and Lavender Le of Belle Property.

This week’s highest would-be sale is that of 6 Holder Parade, Marino, this home passing in with a vendor bid of $1,750,000. The 2009-built seaside home is back on the market, with open inspections on June 3rd – with luck, it will be appearing at the top of a future week’s highest sellers.

A spike in clearance rate and average selling price are counter-weighted by drop in volume – a steady but unexceptional period of real estate continuing for South Australia.

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