Buying and selling at the right time may just be the key to property success if the auction of a Campbelltown property is anything to go by.
The five bedroom home at 3 Seymour Grove sold for $1.375 million at its auction last week — a very impressive sum considering it previously sold for just $180,000 in 1997.
It made the second-highest residential sale price for the northeastern suburb, only eclipsed by 25 Hart St which sold for $1.75 million in March, last year.
According to CoreLogic, Campbelltown has a current median house price of $555,000.
The suburb’s median has increased by 30.2 per cent over the past five years and by 12.5 per cent in the past three years — well above the Adelaide-wide increases of 17.3 per cent and 9.2 per cent respectively.
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The home sat on a 1839sqm block with a 36.5m frontage and was marketed as having subdivision potential.
Selling agent David Scalamera of LJ Hooker St Peters/ Glynde/ Adelaide City said the Seymour Grove property attracted seven registered bidders at its Thursday auction and drew much attention from potential owner-occupiers as well as developers.
“Biding started at around $1.1 million and it ended up selling to a developer, which means that unfortunately the house will probably get knocked down,” he said.
“We had quite a bit of interest in the property, predominantly from developers as it sits on such a large block, but we also had people looking at it, wanting to live in it.
“Either way, it was great result for all parties and the property sold well above expectation.”
Set on a large 1839sqm block with a pool and a tennis court, the home featured five bedrooms, three bathrooms, two kitchens and multiple indoor and outdoor entertaining spaces.
It also had undercover parking for up to seven cars and a 13kW solar system.
Mr Scalamera said the home, which had been in the one family since it was built, came to the market at the right time, with numerous developers currently circling the area for investment properties.
“While it’s always been a significant property, there’s been some significant regulation changes in the area that have made properties like this one sought-after by developers,” he said.
“It’s been pushing up property values all across Campbelltown which is why we got such a good price.
“So hanging onto the property for as long as they did really paid. This was a really good time to sell for them.”