Real Estate

Here’s an early Christmas present for Adelaide buyers…

Written by The ReReport
As seen in the Source link, written by on 2018-12-12 15:37:10

If you are looking to buy yourself a house in Adelaide for Christmas you may just be in luck.

REISA (Real Estate Institute of SA) president Brett Roenfeldt, who is also an auctioneer, says an unusually large last-minute rush of end of year listings is spoiling buyers for choice.

Mr Roenfeldt says December rushes for listings are common, but this year’s seems more extreme than most.

“This is very, very normal for this time of year, but it appears that there’s more vendors that have left it later this year (to list) than what they’ve done in the past,” he said.

“The stock seems to have come up about a week and a half later than in previous years. Many agents have commented about that.”

Mr Roenfeldt said the rush seemed to be occurring a week or two later than it usually does but did not know why the trend was occurring.

Latest CoreLogic data shows there were 2,149 new properties advertised for sale in the month to December 9 — a 1.6 per cent increase on this time last year.

Mr Roenfeldt said the influx appeared to be having an impact on recent auction clearance rates.

The real estate industry generally considers 100 auctions in a week with a clearance rate of at least 50 per cent to be ideal for Adelaide, but our auction numbers have been higher and our clearance rates lower in the past few weeks.

Preliminary CoreLogic figures show there were 154 auctions in Adelaide and a clearance rate of 46.2 per cent last week.

This compares with a clearance rate of 65.2 per cent from 165 auctions this time last year.

The previous week, meanwhile, Adelaide had 147 auctions and a clearance rate of 37.6 per cent.





In November, meanwhile, our clearance rates sat at 45.5 per cent, 59 per cent, 46.2 per cent and 50.8 per cent and there were well over 100 auctions held in each of those weeks.

“Buyers have a little bit more to pick and choose from and they tend to sit on the fence a bit more, ” Mr Roenfeldt said. But he pointed out Adelaide’s auction clearance rate was still among the nation’s highest.

Sydney and Melbourne’s clearance rates have been hovering around the low 40 per cents in the past six week.

Mr Roenfeldt said Adelaide was also continuing to experience a high number of pre-auction sales.

“We’ve seen a lot more properties sold before (going under the hammer) than in the previous couple of months.”

Mr Roenfeldt said character homes were particularly sought-after by Adelaide buyers at the moment.

Anything in the $450,000 to $650,000 price range was also selling “very well”,’ he said.

With just over a week of selling time to go before Christmas, Mr Roenfeldt expected many real estate agents would be “madly pushing” for sales right up until Christmas Eve.

“There’s going to be a lot of activity,” he said.


Ray White Adelaide and Ray White Norwood are holding a joint auction bonanza tonight (Wednesday, December 12) at the Arkaba Hotel.

The two offices will be separately auctioning 46 properties from suburbs right across Adelaide.

Director and owner of the Ray White Adelaide Group, Brett Pilgrim says buyers will have plenty of choice.

“There’s a great range of property on offer, from a really cool little one-bedroom apartment in the city, right up to a really high-end property in Norwood, so the event will appeal to a vast variety of buyer,” Mr Pilgrim said.

“Some of these properties have been on the market and now the vendors are motivated to offload, so there should be some good buys on the night.

“We’re also finding buyers are keen to find a home and have it wrapped up before Christmas.”

Registrations for the auction will be from 6pm, with the auctions starting at 6.30pm. It will also be streamed live on Gavi for online bidders.