20 Mary St, Smithfield.
A house selling for more than $1m in Smithfield would have once seemed impossible.
Not anymore, with a $1.113m sale not only smashing the northern suburb’s previous record but the first to cross the seven-figure threshold in the area.
The 1980s-built five-bedroom house on a 1263sqm block at 20 Mary St went to auction late last month but property records show its sale recently went unconditional.
According to property records, its sale is the suburb’s highest for a residential property.
There was only one other residential address that had fetched a higher price but the sale included another property, according to property records.
The previous record holder for a single house was set by the property at 5 Canberra Court when it changed hands for $870,100 in October last year.
20 Mary St, Smithfield.
20 Mary St, Smithfield.
20 Mary St, Smithfield.
Latest PropTrack data shows the median price for a house in Smithfield is $619,250, following 16.3 per cent growth over the past year and 76.4 per cent over the past three.
Just five years ago, the affordable suburb’s median house price was $260,000.
The Mary St property was described in its listing as an ideal opportunity for both developers and investors as it had subdivision potential and a “neat and tidy” home with five bedrooms that was move in or rent out ready.
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“Opportunities of this size and versatility in such a central location are becoming increasingly rare,” it read.
Selling agent Andrew Rose, of LJ Hooker Craigmore/Elizabeth/Salisbury, was contacted for comment.
The sale comes just months after another million-dollar sale was recorded in an unexpected Adelaide suburb.
20 Mary St, Smithfield.
20 Mary St, Smithfield.
20 Mary St, Smithfield.
A three-bedroom Christie Downs home on a 744sqm block surprised many Adelaide residents, including a buyers’ agent, when it was snapped up for $1m in December.
At the time, PropTrack data showed the southern suburb had a median house price of $679,280 – much higher than the $285,000 median five years earlier.
Propsavvy buyers agency founder Cory Harding said shortly after it sold that land value and future potential were the reason it fetched such a high price.
“ … It’s not the home that appreciates but it’s the land and the potential that can be put on that land that dictates the value,” he said.
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