Another high-volume week provides high averages but low clearances, in what is a lucrative but inconsistent period of real estate.
Several of last week’s figures are surpassed, though the more substantive numbers are not. 80 scheduled auctions took place this week and 58 were recorded, as opposed to 74 scheduled and 53 recorded last week. However, this week’s 36 sold and resulting 62% clearance rate falls short of the previous 39 sold and 74% clearance.
These shortcomings are not abysmal, though across July and August, the clearance rate has only dropped this low twice. Thankfully, this dip does not meet the low-50s nadir of early July.
The average selling price has cleared last week’s somewhat lacklustre $577,009, a quadrupling of million-dollar sales driving this week’s average to an impressive $628,065, the highest since mid-August.
The first of the gargantuan sales, clearing the one-million threshold with $1,030,000, is 104B Cross Road, Highgate, delivered to this lofty height by John McRostie and Alistair Loudon of Belle Property. Though initially passed in on a vendor bid, further negotiations sealed this lucrative price for the grand character home.
The next is 28 Clifton Street, the $1,230,000 sale overseen by John Smith of Klemich Real Estate. This spacious, luxury villa owes its lofty price in part to its suburb, ‘realestate.com.au’ listing the median price of Hawthorn properties of this kind at $1,000,000.
The desirability of the suburb is indicated again this week by the $970,000 fetched by 14 Devonshire Street, in Hawthorn. One of the contributing factors to suburb’s appeal is the sheer walkability of its streets. Hawthorn was recently included on a Redfin list of Adelaide’s most walkable suburbs, the details of which can be found here.
31 Ferguson Avenue, Myrtle Bank, is an example of a traditional home being bought cheap and renovated over time to lucrative final results. Data provided by CoreLogic indicates that the home was sold in 1993 and 2000 for $191,000 and $317,000, the price of $1,270,000 attained by Harris Real Estate’s Suellen Salt representing a stellar enrichment.
The most lucrative sale of the week surpasses the previous by a mere thousand, 10 Norwich Avenue, Burnside selling for $1,271,000. Julia Geer and Michael Brock of Harcourts Brock Estates oversaw this staggering sale, the prime location and high volume of luxury rooms spread across the two storeys of this ‘mini-mansion’ earning every dollar.
This week delivers in magnitude, but does not have the consistency of excellence that provides peaks such as last week’s. It is a solid conclusion to August and a promising start to September that will hopefully prove to be prosperous.