A bidding war between two families is the latest example of the heated competition for quality homes in Adelaide, which recorded the country’s strongest auction clearance rate of 70.4% last week.
The auction of a four-bedroom house in the Adelaide suburb of Rostrevor attracted five bidders last Wednesday, but two bidders pushed the final sale price to $2.225 million, making it the most expensive auction sale in the capital city last week.
Real estate agents say the lack of homes on the market and the continued demand in Adelaide was keeping pressure on buyers while boosting home prices.
The property: The four-bedroom, two-bathroom house at 34 Durant Avenue, Rostrevor sold for $2.225 million on Wednesday 22 April.
This Rostrevor house sold for $2.225 million last week. Picture: realestate.com.au/sold
The home sits on a prized 768 square metre corner parcel and was sought after for its modern luxury finishes.
Suburb snapshot: Rostrevor is 10 kilometres northeast of Adelaide’s CBD, and is regarded for its quality schools and proximity to Morialta Conservation Park.
The open-plan living zone is finished with a gas fireplace and custom cabinetry. Picture: realestate.com.au/sold
The current median price for a four-bedroom house in Rostrevor is $1.3475 million, according to PropTrack data.
The median house price for Rostrevor has jumped 13.2% over the past 12 months to $1.225 million.
The designer kitchen comes with 2pac shaker cabinetry, striking Dekton benchtops and a statement island. Picture: realestate.com.au/sold
Selling agent Tom Hector of Harris Real Estate oversaw the campaign, and spoke to realestate.com.au about the result.
What is special about this property?
It’s a single-storey home on a big parcel of land, and it was the way in which it was finished.
The main bedroom is complete with walk-in robes, picture windows, plantation shutters and an ensuite. Picture: realestate.com.au/sold
There are very few single-storey homes on over 700sqm in Rostrevor because everything has been subdivided.
Tell us about the campaign?
We ran a two-week campaign, and there were over 40 groups of people who came through the property.
The family bathroom has full-height tiling, separate shower and a sumptuous bath. Picture: realestate.com.au/sold
The person who bought it was moving to something bigger, and they fell in love with the finishes and the practicality of the home.
What happened at the auction?
There were five bidders and two people competed very hard because they really wanted it. Bidding started at $1.8 million and there was plenty of bidding.
Outside, there is an outdoor entertaining area, expansive backyard with manicured greenery, and a shed. Picture: realestate.com.au/sold
Were you surprised by the result?
No, not based upon the lack of supply for a property like this. It's unique.
Why was the auction held on a Wednesday?
You only get the serious buyers coming, it cuts through all of the nonsense and just gets the serious buyers.
There is a separate living zone, ideal for families. Picture: realestate.com.au/sold
What type of buyers did you see during the campaign?
Just families.
What's happening in this part of Adelaide’s real estate market at the moment?
There’s a lack of supply, so demand is high and there’s not enough choice for buyers.
The open-plan living and dining zone is the heart of the home. Picture: realestate.com.au/sold
Predictions for the area?
Another 5% of growth. The market is still performing very well.
There's definitely a forecast for future capital growth and just nowhere near enough supply of property at the moment.
The 768sqm property is located near popular schools, parks, playgrounds and the Morialta Conservation Park. Picture: realestate.com.au/sold
What's behind the lack of supply?
People are choosing not to move because there's nothing to buy.
People are gridlocked, so they will only sell if they have to. They're only going to move if there's something to buy.
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