Real Estate

Auction clearance rates soar across Adelaide, new data shows

Hot auction
Written by The ReReport
As seen in the Source link, written by on 2019-10-25 00:30:00

Hamish Mill calls an auction on Seventh Ave, in St Peters. Photo: Tom Huntley.

Adelaide’s property auction market has recorded its highest clearance rates in 19 months, as buyers compete for limited stock.

Real Estate Institute of South Australia data shows auction clearance rates last week hit 78.4 per cent, compared with 50.8 per cent the same time last year – the strongest performance since just before the March 2018 state election.

The trend is expected to continue this weekend, with 88 auctions scheduled across South Australia this Saturday and Sunday, on

Harcourts Williams auctioneer and selling agent Hamish Mill said the start of spring had encouraged the market to finally blossom.


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31A Mersey St, Gilberton, will be auctioned this Saturday with a price guide of $999,000.

“It was tough for a long time, but we’re coming out of that now,” he said.

“It’s beautiful warm weather, the gardens are beautiful and it’s a very hot market place.

“The listings are a bit light on, but we’re seeing a huge demand – it’s a fabulous time of year.”

As agents call for more listings to keep up with demand, Mr Mill said this spurt proved a fantastic time for homeowners that are considering selling.

“It’s very positive for sellers with these auction clearance rates at the moment and they should continue all the way through to Christmas,” he said.

111 Semaphore Rd, Semaphore, will be auctioned this Saturday and is advertised without a price guide.

“If you’re going to be selling, now is the time to do it. People are feeling good, our numbers at opens are record high, as are our registered bidders.”

Mr Mill said auctions were once again a popular choice for vendors, as opposed to a private treaty.

“As a vendor you set the terms and conditions, an auction brings a sale to a head,” he said.

“It’s a cash unconditional contract, so it’s not subject to finance.

“That’s why we’re finding vendors want a public auction because it’s a clean contract and it puts the control back in their hands.”

118B Beulah Rd, Norwood, will go to auction this Sunday and is advertised without a price guide.

SA Treasurer Rob Lucas welcomed the REISA data, which showed Adelaide’s residential property market was outperforming Sydney, Melbourne and Brisbane in terms of stability.

“Once again, we have further evidence of the strength of Adelaide’s residential property market,” he said.

“Which is clearly attracting high levels of buyer confidence and strong sales activity, with auction clearance rates not seen for nearly two years.

“Claims that the government’s land tax reforms had destroyed investor confidence and were already forcing many investors to sell properties are clearly wrong.”

Top five auctions in SA this weekend

1. 31A Mersey St, Gilberton

3 bed, 3 bath, 1 car

Price guide: $999,000

Land size: 178sqm

Auction: Saturday, October 26, 10.30am

2. 111 Semaphore Rd, Semaphore

4 bed, 1 bath, 2 car

Price guide: contact agent

Land size: 974sqm

Auction: Saturday, October 26, 10am

3. 88 Victoria St, Prospect

3 bed, 1 bath, 2 car

Price guide: contact agent

Building size: 110sqm.

Auction: Saturday, October 26, 10.30am

4. 72 Monmouth Rd, Westbourne Park

5 bed, 3 bath, 4 car

Price guide: $1.25 million

Auction: Saturday, October 26, 11am

5. 118b Beulah Rd, Norwood

3 bed, 2 bath, 2 car

Price guide: contact agent

Auction: Sunday, October 27 at 10.30am