A Medindie home expected to eclipse the state residential transaction record of $13.5m is under contract.
Jamie Brown of Booth Real Estate, who has thrice held the title of having SA’s top residential property sale, said he would achieve a fourth when 11 The Avenue, Medindie officially changes hands.
While Mr Brown would not disclose the home’s sale price, buyers or settlement date, he said it was a significant sale for South Australia and would change the landscape at the top end of the market.
“This sale will comfortably exceed that $13.5m,” he said.
“We had very healthy interest in it, which I expected given how spectacular it is.
“Aside from what it is and its extraordinary location, I think the biggest lure and attraction was that it was all done.
“What I think has fuelled interest in this property and others like it is that the cost to renovate has more than doubled in six years, so you’ve got people who are looking at maybe renovating or doing major additions to a big old home currently who have had some quotes come in and they’re thinking: ‘My god!’.
“This is an attractive alternative because it’s going to cost a ridiculous amount of money to do that and it’ll be three to four years out of your life – so old character homes that have had major additions done already to them recently, the market is putting more emphasis on those options.
“Financially and mentally, it’s a more attractive alternative.”
Mr Brown said the home had attracted “several” offers.
“The interest was healthy and very considered,” he said
Property records show current owners Dean and Heather Kyros bought the property back in May 2007 for $3.23m.
Heather and Dean Kyros at 2KW’s Winter Menu Launch in 2015.
Already Medindie residents, they were looking at renovating their home before deciding it was too small and opted to upgrade to a place they would later renovate a couple of times, most recently through a four-year Williams Burton Leopardi transformation of the entire property to make it the showstopper it is today.
“The brief was that we want to feel like we live in a luxurious hotel, and I think they really met that brief in every way,” Mrs Kyros said in March, when the property hit the market.
11 The Avenue, Medindie. Supplied
The floodlit court. Supplied
The stunning pool and spa. Supplied
“When we moved into the street, we were by far the youngest homeowners, and then we’ve watched the street over time become younger as those generations change.
“The houses in The Avenue don’t sell very often because there aren’t that many of them, so it’s a very special street and it’s the type of place where people make time to get to know their neighbours because you all know that you’re going to be quite close together for a long time.”
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The property, which had been advertised without a price guide, sits on a 2851sqm allotment and has six bedrooms, eight bathrooms and parking for 10 cars, including a handy turntable set to get revheads’ motors running.
It offers 1214sqm of indoor and outdoor living space over its three floors and is complete with a swimming pool and spa, and a floodlit tennis court.
Mrs Kyros said the property had played hosts to all manner of parties over the years, many for their children’s school friends, but her and her husband now empty nesters, the time had come to downsize.
The garage with turntable. Supplied
One of the luxe bathrooms. Supplied
A light-filled living area. Supplied
The kitchen is nothing short of spectacular. Supplied
“We’re very sad to be selling, but we feel like it really is just too big for us now and we’re looking to travel more,” Mrs Kyros said.
The state record for an on-market sale is $12.5m for a stately mansion at 4 Victoria Ave, Unley Park in August last year, while the record off market transaction was $13.5m for Mary Kotses’ – who purchased the Anglican Archdiocese’s $10m showpiece Bishops Court at 45 Palmer Place, North Adelaide – property, also at North Adelaide at 70 Pennington Tce in February, 2021.
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“Once I sold Bishop’s Court, that set a new benchmark and it showed to the market there was confidence there at that price point, and since then there have been 10 to 12 eight-figure sums achieved across Adelaide,” Mr Brown said when the property hit the market in March.
“Bishop’s Court would now be worth $16m to $17m, and Pennington Tce is probably $17m to $18m now.
“There are other properties that are worth this and more in Adelaide, and once one goes, a bit like Bishop’s Court did, it will set the pace and there will be more like it come on over the coming few years.
“So it will recalibrate the top end.”
The grand hallway. Supplied
One of the bedrooms. Supplied
An outdoor living area. Supplied
Mr Brown said its location was particularly prized.
“That top section of Medindie – that’s where they want to be, it is the best spot in Medindie,” he said in March.
“As far as prestige property – this is as good as it gets.
“I think it’ll be one of those ones that if you don’t get it now, how long will you have to wait?”
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