An “aggressive bidder” blew the competition out of the water, securing this pretty Mile End home at auction for a price about $15,000 above expectations.
Selling agent Justin Peters of LJ Hooker Mile End advertised the 1913-built stone-fronted cottage for $500,000 and said he was expecting it to go in the $500,000 to $550,000 range, but it ended up selling for $565,000.
According to CoreLogic, Mile End, which is on Adelaide’s western city fringe, has a median house price of $586,000.
The auction at 39 Bagot Ave took place in front of a crowd of about 100 onlookers, in Saturday’s 37C heat.
“There were eight registered bidders – that’s pretty good,” Mr Peters said.
“But only two or three of those groups bid.
“The bidding strategy of the actual buyer was quite aggressive – their first bid was $545,000 – they didn’t come to lose – they took control of it and probably intimidated a lot of people.”
Mr Peters said “lack of similar stock” probably pushed the price up in this instance.
“There’s not a very high turnover in Mile End and it’s hard to find a property that fits everything on the list,” he said.
The home’s zoning on the edge of the Adelaide High School and the new Adelaide Botanic High School was another of its strong features, he said.
Read more on how the Adelaide Botanic High School is impacting the real estate market HERE.
The three-bedroom home was renovated and very well presented, with floorboards and a small courtyard as well as a large, modern kitchen.
Yet it was Torrens-titled and set on a relatively small block of about 350sqm, with a driveway that was shared with another home.
“There was a house built on the back of this house – they basically shared a driveway and were both Torrens titled homes,” Mr Peters said. “It wasn’t for everyone.”
The home was SA’s most-viewed listings scheduled for auction last week on realestate.com.au and Mr Peters said it had been very popular throughout its marketing campaign.
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“There were over 100 groups through the opens – that’s huge,” he said.
“That’s probably well over double what we see on average.
“It wasn’t for everybody but it did have a number of groups quite interested in it.
“It was just well-presented and updated in certain places but it wasn’t priced out of the market.”
Mr Peters said interest in the home came largely from young couples, first home buyers and investors – including some from interstate.
“We had a few interstate investors inquiring about the property but none ended up registering to buy,” he said.