Developers push Plympton site to $2.6m amid rate rise fears

Tuesday’s interest rate rise to a 15-year high might have come as a blow for first home buyers and those who bought at the top of their budget, but there are still plenty of people out there looking to secure their slice of the Australian Dream. OC Real Estate agent Joanna Manolakos said the successful auction of a property she was selling at 5 Chapel St, Plympton – a day after the RBA increased the official cash rate – proved buyers weren’t deterred by rate hikes. At least at some price points. The property – which is zoned urban corridor and as such enables, council permitting, builds of up to eight storeys – sold under the hammer for $2.6m. “Obviously with this one the appeal was that land size of 1518sqm and the zoning was urban corridor which is amazing to get in the backstreets,” Ms Manolakos said. “You can understand that on Anzac Hwy, but it’s really quite rare when you have it in a side street, so we always knew it was going to be really popular. “It wasn’t so much the mum and dad developers. 5 Chapel St, Plympton. Supplied The home’s character features – soon to be gone. Supplied Soon his will likely be townhouses. Supplied The home’s basic kitchen. Supplied “Where I foun...