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Auction results – October week 2

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With a sizeable tally, a moderate clearance rate, and an immense average price, this week continues the trend of a robust real estate market.

99 auctions were scheduled, resulting in 82 available results. This surpassed the September average of 75% without clearing its lofty peaks. The results on ‘realestate.com.au’ are slightly askew due to a duplication, the true ratio being 58 out of the 82 scheduled auctions sold.

The resulting clearance rate is 67%, marginally higher than last week’s 65% but falling significantly short of the week prior’s 78%, the latter admittedly being a quirky outlier of a week.

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The average selling price achieved was $696,946, an enormous figure that has not been surpassed since the end of April, and which is driven by a concentration of immensely lucrative sales, four of which surpass $1 million.

 

4 Barr-Smith Avenue, Myrtle Bank, is the first of these remarkable sales, Constantine Pappas of Gary J Smith getting a toe over the seven-figure threshold with $1,035,000. The 1900 villa combines sandstone, greenery and classical elements for a winning aesthetic which earns the lofty price tag.

Catherine Crease of Ouwens Casserly facilitated the third-highest sale of the week, 50 Pulsford Road in Prospect selling for $1,270,000. Unlike the previous home, this is a property of newly uncovered luxury, having sold for just $201,000 in 2000, according to data provided by CoreLogic. In the ensuing 17 years, 50 Pulsford Road has become a million-dollar 4-bedroom home with stellar location and impeccable restoration and luxury.

54 First Avenue, St Peters, sold for an impressive $1,300,000, another circa 1900 villa featuring extension by Troppo Architects and boasting heritage features and enviable location.

Matt Smith of Klemich Real Estate delivered this sale, Matt being one of the most successful agents in South Australia – in a recent article, SA Real Estate News asked Matt about his tips for success and work life, and his answers can be found here.

The highest sale for the week, not content with surpassing $1 million, surges all the way to $2,175,000. 13 – 15 Jellicoe Street, in Linden Park, was sold by Nick Baranikow and Kathryn Roberts of Harris Real Estate. This immense land holding covers two allotments, one of them containing a well-maintained 1955 home.

In a suburb of a $766,000 median selling price, according to ‘realestate.com.au,’ this is a colossal sale, and represents one buyer’s astute recognition of the excellent opportunity the land represents. The sale is also a driving force in the immense figures this week has yielded.

These million-dollar properties are the most striking of the week’s achievements, but the influence of six-figure sales on the averages of this week are not to be discounted. Just below the million-dollar mark, three properties exceed $900,000, another three surpassing $800,000. As such, even ignoring the monolithic outliers, this is a solid week overflowing with earnings.