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Auction Results – October week 3

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Continuing the trend of immense volumes, this week saw a colossal 156 scheduled auctions and 116 available results, exceeding all of the results from recent months. The closest can be found at the end of September where 132 auctions were scheduled and 101 recorded, but even this is overshadowed by the enormity of this week.

As is often the case with such immense weeks, volume comes at the cost of consistency. Of the 116 recorded, 75 properties were sold, 20 of these prior to auction and 50 at auction, resulting in a clearance rate of 65%. This is a favourable figure, but falls below the September average of 75%, as well as last week’s similar 67%.

The average selling price achieved is $587,724, the lowest since late July, a week afflicted by a lack of million-dollar sales. This week does not suffer that affliction, and as such cannot hide behind that excuse. Instead, the blame rests on a plethora of comparatively low selling prices – however, when this comes in tandem with high volume, it is not necessarily negative.

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Nonetheless, this week might have seen an abysmal average were it not for a trio of highly lucrative sales. The first of these is 2/22 Grant Avenue, in Rose Park, for which Judy Morris of Klemich Real Estate attained $1,146,000.

The prime location of the house in Rose Park, having a median sale price of $1,421,000 according to data provided by CoreLogic, combines with heritage features and an impeccable floor plan to make this a sound investment for residence, renovation or both.4 Moore Avenue is planted in the suburb of Hazelwood Park, its $1,179,000 sale facilitated by Peter and Eloise McMillan of Toop & Toop Real Estate. This home has benefited from the renovation the previous home is so ripe for, its heritage features such as ornate ceilings while sleek modernities add the requisite luxury.

 

At the apex of this week is 6 Coreega Avenue, Springfield. Kay Morris of Toop & Toop Real Estate attaining the $1,430,000 price-tag. An immense allotment, generous layout and elegant design make this immense selling price little wonder, and the home thoroughly deserves to sit at the top of this week’s sales.

 

The volume of this week speaks of a healthy and thriving real estate industry in South Australia, the somewhat disappointing percentages and averages only shallow wounds in this juggernaut of a week. If next week is similar, October will have been a peerless behemoth of volume and prosperity, with the promise of two similarly enormous months to close out a remarkable year.

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