A favourable week in real estate sees some figures consistent and others exceptional, due to a concentration of impressive and lucrative sales.
78 auctions were scheduled to take place and in terms of volume, this week holds with the favourable trend of the previous few weeks; where 70 to 80 scheduled auctions take place and 50 to 70 are recorded. This week cannot match the 100-plus peak experienced mid August but represents solid quantities all the same.
Of these 78, 63 were recorded and 43 sold, resulting in a clearance rate of 67%. This is up 5% from the previous week, but falls 7% short of the week prior to that. 67% however, is barely inferior to the August average of 68.5%, and so represents a favourable consistent figure.
An average selling price of $657,953 was achieved, the highest since late July. Despite the average clearance rate, it is a concentration of highly lucrative sales which deliver this impressive average, as can be observed in the table of results.
Three million-plus results are complicit in this figure, the first being 52 Frederick Street, Unley, which yields a $1,050,000 sale at the hands of David Cocks and Tobi McFadyen of Harris Real Estate. The city-fringe home is located in one of Redfin’s most walkable suburbs, overlooking Unley Oval and sporting multiple stories of stunning decor, all contributing to this impressive total.
31 Ferguson Avenue, in Myrtle Bank, was sold prior to auction for $1,270,000, Suellen Salt of Harris Real Estate facilitating the sale. This result seems to be something of a duplicate, as it also appeared in last week’s results with the same selling price, but a different date and circumstances of sale – perhaps prematurely recorded last week or accidentally re-entered this week.
Whatever the case, eliminating this result would not change the 67% clearance rate, and would bring the average selling price down to $638,210, still the highest average for over a month.
8 Grandview Grange, Dulwich, is the final million-plus sale, Andrew Welch of LJ Hooker fetching a tremendous $1,483,000 for the home. This grand 1900 character home has 4 bedrooms, a pool area, and alluring frontage. Data provided by CoreLogic indicates the home last sold in 2011 for $1,290,000, this sale representing almost $200,000 profit. No doubt Andrew Welch’s sale has made its previous owners very pleased.
These sales cap off another favourable week of real estate, in which the numbers hold steady, with an consistent clearance rate and an exceptional average selling price. As we escape winter and temperatures increase, hopefully the real estate figures rise in tandem, and there are lucrative weeks ahead.