#klemich real estate
Adelaide auction clearance rates catching up with powerhouse property markets
THE first weekend of the school holidays was a success for the Adelaide auction market, with clearance rates charging ahead last week to a solid 75.4 per cent.
The results saw Adelaide s clearance rates the third highest in the country last week, only 9.1 per cent behind powerhouse real estate market Sydney, 1.3 per cent less than Melbourne, and 6.5 per cent above Brisbane, despite significantly less homes taken to auction than all three cities.
According to CoreLogic RP Data, 86 homes went under the hammer in Adelaide, and of the 57 recorded results, 43 were cleared.
Realestate.com.au information further reveals 13 were passed in, seven were sold prior to auction and one was withdrawn.
A bluestone character cottage at 22 Little Sturt St, Adelaide sold at auction for $460,000 on Saturday. Source: Supplied
In Sydney, 711 properties were auctioned, with an 84.5 per cent clearance rate, in Melbourne, there were 617 total auctions with a 76.7 per cent clearance rate, and in Brisbane, there were 113 auctions, and a 68.9 per cent clearance rate.
Adelaide auction clearance rates have experienced a steady incline over the past couple of weeks, the previous week at 70.8 per cent, and the week before that at 62.3 per cent.
This time last year, the clearance rate was 64.6 per cent.
Among the properties successfully sold at auction over the weekend was a character bluestone cottage situated in the city s west end on Little Sturt St.
It was marketed by Toop Toop Real Estate agents Jordan Begley and Peter Brown, and sold for $481,000, above the advertised price of $460,000.
Meanwhile, a 1925-built bungalow at Millswood sold for $790,000, despite having an advertised price of $710,000.
It was sold by Patrick Haymes and Steve Alexander, of Klemich Real Estate.