News Corp Australia
First published 14 Nov 2024, 1:24am
An exquisite home renovation has earned its owner a whopping $1.22m gross profit in just one year and set a new residential price record in Adelaide’s west.
The spectacular property flip saw a local builder buy the character keyhole villa at 32 Wainhouse St, Torrensville for $980,000 in November last year.
After a remarkable transformation, the home changed hands again at auction earlier this month, where seven registered bidders pushed the purchase price to $2.2 million.
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Selling agent Jonathan Kiritsis, from Williams Luxury Property, said the sale surpassed the previous property benchmark for Torrensville of $2.15 million for a “substantially larger home”, albeit in an “inferior position”.
He said the vendor had done a magnificent job restoring and extending the formerly three-bedroom home, adding two more bedrooms and a luminous rear extension, with high ceilings and engineered herringbone timber floors.
32 Wainhouse St, Torrensville – before. Supplied
And after – the picture-perfect facade of 32 Wainhouse St, Torrensville. Supplied
The home’s backyard before the renovation.
The new rear yard. Supplied
A new kitchen with imported Hermes marble and bespoke joinery and an open-plan living area with an impressive 2.4m feature fireplace now flows to an undercover alfresco BBQ terrace.
Beyond that is a heated pool and outdoor shower, surrounded by landscaped gardens, and a sleek, self-contained studio with a kitchenette and a bathroom.
Mr Kiritsis said the renovation had sparked phenomenal interest not only among potential buyers but also “curious locals” looking for inspiration for their own home projects, with 150 groups attending the open inspections prior to auction.
The open-plan kitchen, dining and living area. Supplied
The original kitchen. Supplied
One of the home’s spacious bedrooms. Supplied
The bedroom before. Supplied
The light-filled poolside studio. Supplied
“The house was originally pretty rough,” Mr Kiritsis said.
“It was a very run-down villa. The back of the property was just a vacant yard with weeds and a shed at the back.
“My clients put all the character back in – they repointed the front exterior and restored the keyhole and continued the 3.6-metre ceilings from the original front part of the home right through to the extension.
“It’s now got big wow factor. Obviously, they spent a serious packet on the work but (the vendor is) in the (building) industry and had all the trades on site.
“They were rapt with the result, as is the purchaser. There were happy, big smiles from everyone.”
One of the luxe bathrooms. Supplied
Tell us that’s not a major improvement … Supplied
One of the living areas. Supplied
The rear yard with sparkling in-ground pool. Supplied
Mr Kiritsis said Torrensville was becoming a popular locale for homebuyers, who appreciated the mostly traditional-sized housing blocks, the short commute time to the city and also the nearby food and shopping outlets at Henley Beach Road.
“The character, quality homes are a big drawcard as well – they really want that character that’s offered in the area’s mix of villas, cottages and bungalows,” he said.
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