A renovated character bungalow in one of Adelaide’s most tightly held suburbs has sold under the hammer for $2.65 million after a competitive auction campaign drew strong family buyer interest.
The strong result highlights the ongoing demand for large family homes in prized locations despite higher borrowing costs and broader market uncertainty.
Low stock levels in the capital city have created a sense of urgency among buyers that’s been helping fuel strong competition.
The property: The five-bedroom, two-bathroom house at 3 Millawa Avenue, Frewville sold at auction for $2.65 million on Saturday, 16 May.
Set on a deep block, the circa 1920s stone-fronted bungalow had been extended into a large-scale family home with a rear studio, outdoor kitchen and solar-heated tiled pool.
The family home at 3 Millawa Avenue, Frewville sold under the hammer. Picture: realestate.com.au/sold
Suburb snapshot: Frewville is three kilometres south-east of Adelaide's CBD, and is home to renowned Frewville Foodland supermarket and the Glen Osmond Road dining precinct.
The median price for houses in Frewville has increased 33.1% to $1.705 million during the past 12 months, according to PropTrack data.
Family buyers competed for the Frewville property. Picture: realestate.com.au/sold
Selling agent Amity Dry of OC Real Estate Adelaide oversaw the campaign and spoke to realestate.com.au about the result.
Tell me about the property?
It’s that quintessential Adelaide character home in a prime location that had been really nicely extended and renovated, so there was absolutely nothing to do.
Amity Dry of OC Real Estate Adelaide oversaw the auction campaign. Picture: Supplied
It just ticked so many boxes for people, so I knew it would be popular.
What happened during the campaign?
We did a three-week auction campaign. We had really strong numbers the whole way through.
The open-plan kitchen comes with stone benchtops, quality appliances and a walk-in pantry. Picture: realestate.com.au/sold
Stock levels are still really low in Adelaide, so when you get a home like this that is in great school zones, it really ticked a lot of boxes for people.
How did the auction go?
We had eight registrations, which I would say is a really strong number for this current market, and we probably had four active bidders.
The living and dining zone was finished with blackbutt floors and high ceilings. Picture: realestate.com.au/sold
We had a few interstate bidders in there who were moving to Adelaide, but then in the end it was bought by a local. The auction started around $2.1 million and the reserve was about $2.5 million.
Were you surprised by the result?
No, I wasn’t. I expected the house to be really popular. We had really strong numbers during the campaign.
After the budget and the interest rate rise, which both happened while we were on market, I was interested to see how that impacted it, but I wasn't expecting it to be purchased by an investor, so I didn't think it was going to have a huge impact.
The property offers five bedrooms or four bedrooms plus a second living room. Picture: realestate.com.au/sold
If anything, the interest rate rises are making people more determined to purchase while they have their pre-approval, because if that reapproval runs out and they need to go back again, they often won't be as approved for as much.
So, I think it just adds to the sense of urgency for the people who are already in the market.
What type of buyers did you see through the campaign?
Yeah, it was predominantly families. It was a five-bedroom home, so it was a classic family home.
It offers symmetrical bungalow frontage, clipped hedging established planting and a wide porch entry. Picture: realestate.com.au/sold
Predictions for this area?
Frewville is always going to be popular. It's in the Glenunga International High School zone and it’s walking distance to Adelaide's best supermarket Frewville Foodland.
It’s quite a small suburb, so it's very tightly held.
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