This week saw a continuation of the trends of innumerable auctions and reasonably favourable clearance rates, but with a slump in an average selling price.
156 auctions were scheduled for the week, with 107 of those results recorded. These stellar numbers sit near the peak of the recent abundance in property, which are becoming the norm in this lucrative period.
Of these 107 auctions, 70 were sold, resulting in a clearance rate of 65%. This is keeping up with the trend established by the past few weeks, without touching the sub-60 lows or 70-plus highs of September.
These sales average $635,198, the lowest since this time last month. This figure is a result of comparative scarcity of million-dollar sales, of which previous weeks have been abundant.
The first of this week’s highest sales is 104 Pitman Road, in the suburb of Windsor Gardens.
Daniel Oliver and Bianca Denham of Ray White Real Estate, facilitated this $1,001,000 sale. Its 1910 heritage, immaculate traditional interiors, and the immense versatile allotment of 77 Pitman Road to sweeten the deal, the price is no surprise.
19 Grandview Grange in Toorak Gardens, was sold by Brenton Ward of Bowman Morse Real Estate. Initially passing in under the vendor bid, data provided by ‘realestate.com.au’ indicates the week-high sum of $1,200,000 was then negotiated.
This sandstone bungalow is a ripe candidate for renovation, with a prime location and ornate advantages such as high ceilings and original tessellated tiles.
This comes in the wake of median property prices skyrocketing in the suburb of Toorak Gardens, as another indicator of Adelaide’s optimistic real estate present and future.
With steady clearance rates and high volume, the only figure which could stand to improve next week is average selling price. Though not a disappointment, this average is not matching the lofty standards set by periods of this calibre.