Heated competitors between three teams of decided househunters pushed the sale worth of a Westbourne Park character residence “means past” expectation at public sale.
The circa 1910-built villa at 12 Sussex Terrace fetched $1.235 million below the hammer on Saturday – greater than $200,000 above the decrease finish of its worth information.
Promoting agent Jills Wehrs, of Ouwens Casserly Actual Property, mentioned the outcome was a pleasing shock.
“It was means past my expectation,” she mentioned.
“All the suggestions (from potential consumers) actually mirrored our worth information of $1 million to $1.1 million.
“There have been six registered bidders and three of them have been bidding, one was new on the day however the different two had seen it a couple of instances.”
The 1012sqm property, which was listed with a $1 million information, features a five-bedroom character residence that has been sympathetically prolonged and a self-contained two-bedroom unit.
It was probably the most considered property going to public sale throughout South Australia final week and attracted plenty of curiosity all through its two-and-a-half week marketing campaign.
Ms Wehrs mentioned its character attraction and renovation potential was what attracted potential consumers.
“It’s actually very fairly and has plenty of potential there, that’s what it was actually all about,” she mentioned.
“It actually is a house you may make right into a landmark residence over time.
“The individuals who secured it have come from the hills and they will totally renovate it. They have been in search of a mission.”
Ms Wehrs mentioned whereas the property had loads to supply, the restricted variety of properties out there in the marketplace possible influenced the extent of competitors and outcome.
“I positively suppose that the shortage of inventory is what drove it,” she mentioned.
Newest CoreLogic information exhibits there are 5791 properties in the marketplace throughout Adelaide, which is 31.6 per cent down on the identical time final 12 months.
Public sale outcomes paint a clearer image of the competitors within the market – preliminary figures present an 83.3 per cent clearance price was recorded on 61 auctions final week in comparison with a 64 per cent clearance price on 125 auctions on the similar time final 12 months.