Auction Results – September – October (1)After a steady stream of high-volume weeks of real estate throughout September, the industry experiences whiplash this week as it collides with the AFL Grand Final – the result a reserved week in real estate. Whether watching the game or just enjoying the long weekend, few found the time for the buying or selling of houses. Those that did, however, saw a good chance for success with a favourable clearance rate.
Only 45 auctions were scheduled for this week, 32 of these results available. As is often the case with low-volume week, the resultant rates were solid – of these, 25 were sold and 7 passed in, resulting in the favourable clearance rate of 78%.
This rate is the highest in six months, the last week to clear this threshold being the similarly exceptional Adelaide Cup long weekend, with 83% clearance. The similarities between these weeks include the obvious, long weekends attached to some of the state’s biggest events, but also in the low volume resulting from these results. Only 24 auctions took place during this March week, and is far easier to sell 20 out of 24 houses, rather than the 82 out of 101 last week would have required to achieve such a rate.
The average selling price, is a figure which can be hurt or helped by low volume – less numbers allow for a handful of exorbitant or miniscule figures to sway the average. This week’s $595,684 is surpassed by last week’s high-volume $690,610 and March’s low-volume $848,000 – the latter boosted, however, by an immense $3.45 million sale.
This is not to say that this week is bereft of heroes. 24 Martin Road, Hahndorf, is the sole property to clear $1 million this week, with a selling price of $1,040,000. Arabella Hooper and Elle Seaman facilitated the sale of this picturesque homestead, placed favourably in resplendent farmland and within walking distance of Hahndorf.
9 Annesley Avenue, in Trinity Gardens, sold for just shy of the million-dollar milestone, at $990,000. Jarred Stamoulis and Tom Hector oversaw this sale, the 1900s villa surpassing the median Trinity Gardens house price of $830,000. Tom Hector is a real estate agent previously recognised by SA Real Estate News for his success in the industry, and he spoke to us earlier this year about the approach which yields such sales as this.
These two sales are the pinnacle of a strange and muted week in real estate. The low number of auctions have yielded a high clearance rate but an average selling price that cannot much some of the exceptional company it keeps. A more standard week to come will likely give a more accurate representation of what October has to offer.