The decided consumers who snapped up a 1920s character residence at public sale outbid greater than a dozen different househunters for the property – which they don’t even plan to stay in.
There have been 15 registered bidders vying for the Edwardstown home at 25 Castle Street, which offered for $565,000 underneath the hammer on the weekend.
Promoting agent Jackie Bayly, of Bayly Actual Property, mentioned regardless of paying good cash for the drained and dated residence, the consumers deliberate to ultimately bulldoze it, construct two residences on the positioning and promote one.
“I believe their long-term intention is that they’ll knock it down,” she mentioned.
“However I perceive they’re going to get it tidied up and put household in for some time.”
The four-bedroom home on a 711sqm block, which was listed with a $485,000 value information, attracted lots of consideration all through its 20-day marketing campaign – largely due to its potential, Ms Bayly mentioned.
“We had greater than 120 folks examine the property and we might have had about 60 folks onsite (on public sale) day,” she mentioned.
“It had subdivision potential and it additionally had the renovation (potential) there.
“Most likely 70 per cent of potential consumers have been renovators.”
Ms Bayly mentioned properties throughout Adelaide have been promoting rapidly in the meanwhile.
That was actually the case for a Burnside home that additionally offered underneath the hammer on the weekend for $965,000.
Promoting agent Josh Edgar, of Turner Actual Property, mentioned robust demand for the three-bedroom residence at 1 Galaxy Court prompted him to deliver the public sale ahead.
“It was offered in 16 days,” he mentioned.
“We truly purchased the public sale ahead one week simply as a result of quantity of inquiries we had.
“We had presents proper from the get go however the proprietor actually wished the public sale to run its course.”
Mr Edgar mentioned about 18 potential consumers registered to bid on the property, with solely 4 actively bidding as most have been priced out too rapidly.
“It was actually fashionable proper from the start,” he mentioned.
“The situation backing onto a park was actually distinctive in order that attracted plenty of consumers, of all sorts actually.
“It’s household houses in nice areas, land dimension and character driving the market in the meanwhile.
“There’s a scarcity of high quality property in prime areas.”
In the meantime, a modernised Parkside cottage fetched $930,000 at public sale following robust curiosity on Saturday.
Harris Actual Property agent Scott Moon, who offered the three-bedroom residence at 13 Wilkinson Rd with Lucy Johnson, mentioned its up to date renovation and extension attracted folks.
“There’s nothing to do, it’s utterly renovated,” he mentioned.
“It’s a really warm-feeling residence.”
He mentioned most properties he had listed have been attracting robust curiosity from househunters as a result of there have been so few choices available on the market, however he believed that will change subsequent month.
“Give it one other three to 4 weeks and I believe it is going to be a much more balanced market,” he mentioned.