Previously sold in 2016 for $567,000, according to CoreLogic, a cute eastern suburbs “flip” home has just re-sold under the hammer for $932,000.
Selling agent Kirsty Davies, of Fox Real Estate said the four-bedroom 1940s home at 8 Burnham Ave sold well beyond expectations at last week’s auction.
Advertised with a price guide of $870,000, it attracted five registered bidders and quickly rose above its $910,000 reserve, Ms Davies said.
“We were thrilled by the (end) price.”
Ms Davies said she and the vendor were originally hoping the home would sell in the mid to high $800,000s, but they decided to set a higher reserve after it proved very popular at opens.
“We had fairly consistent interest — at the first open we had 33 groups through — and we had two building inspections (carried out) before the auction,” she said.
“It was mainly executive couples, newly married and planning to have a family.”
Ms Davies said the property was in “rack and ruin” condition when the vendor originally bought it.
They had subsequently made a host of stunning improvements, including reconfiguring the floorplan.
The home previously had two bedrooms plus separate living, dining and kitchen spaces and now features an open-plan living/dining/kitchen space, plus four bedrooms.
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The vendor also added two covered rear decks for alfresco living, as well as landscaping.
A comparison of new and older photographs on realestate.com.au shows the home’s decor was transformed to include white-toned spaces with feature pendant lights, large windows and wood-look floors.
An additional bathroom was also added, decorated in up-to-the-minute grey and white tones.
Ms Davies said the vendor was an experienced renovator who understood what the market wanted.
She said the home’s location on a wide tree-lined street on the city fringe contributed to its popularity.
Buyers also liked the home’s bright and airy feel, and the fact it was move-in ready, with no more work to be done.
“Myrtle Bank has always been very tightly held area and a great location, close to the city and the hills,” she said.
The suburb sits about 5.5km southeast of Adelaide’s CBD and has a median house price of $983,500, according to CoreLogic,