Househunters couldn’t keep their eyes off one Adelaide character home ahead of its auction, but then it sold days before – a trend becoming more common in the tight market.
The renovated Prospect property at 55 Marian Place was the most viewed nationally on realestate.com.au in the past week that was scheduled to go under the hammer this weekend.
It was snapped up before it had a chance to be auctioned in a $1.91m deal.
OC agent and auctioneer Will Fitridge said it was too good an offer for the sellers to refuse, which was a situation agents were seeing more as a growing number of buyers fought for limited properties.
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55 Marian Place, Prospect.
55 Marian Place, Prospect.
55 Marian Place, Prospect.
“The vendors were very keen to go to auction and let it play out but we received an offer and it was very, very strong,” he said.
“You run the risk that if you don’t accept that, you’re not going to get that at auction.”
Mr Fitridge said local upsizers secured the modernised 1930s-built, three-bedroom villa but it also attracted downsizers and investors.
“That’s why it was so popular, it appealed to so many different markets,” he said.
“People pay premiums for homes that are move-in ready.
“That kind of mid-$1m range is the sweet spot, that kind of price point with a property that’s move-in ready and fully renovated, it’s extremely popular.”
Mr Fitridge said stock could still be low because vendors often held off selling until after the AFL grand final and October long weekend.
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55 Marian Place, Prospect.
55 Marian Place, Prospect.
55 Marian Place, Prospect.
More properties were due to hit the market in coming weeks, he said, but the market was still tight.
Despite the most popular property heading under the hammer this weekend according to realestate.com.au no longer on the market, Adelaide is gearing up for a huge auction weekend.
PropTrack figures show there were 207 properties set to be auctioned this week, which was way up on last week’s 132 and the previous week’s 103.
It is still down 5 per cent on the number of properties scheduled to go under the hammer in the same week last year.
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