It’s a standard 1960s brick home yet this Mitchell Park residence had buyers captivated from the moment it hit the market.
Twenty prospective buyers registered to bid for the four-bedroom house at 16 Barkuna Ave under the hammer, nine of which made an offer.
The fierce competition ultimately pushed the property’s sale price above the seven-figure threshold to $1.06m.
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16 Barkuna Ave, Mitchell Park.
16 Barkuna Ave, Mitchell Park.
16 Barkuna Ave, Mitchell Park.
Ray White Marion director Samuel Paton, who sold the property with Ryan McCarthy, said it had a lot going for it.
“I think it’s just in a bit of a sweet spot size wise, price wise and presentation wise,” he said.
“There is a bit of a low supply of similar properties right now too, people don’t have a lot to choose from.”
He said it attracted good interest from the moment it hit the market, with inspections well attended.
An investor who planned to redevelop the 689sqm property in future secured it at auction, Mr Paton said.
The 1963-built home was owned by one family for more than 50 years.
Mr Paton said the owners refreshed it prior to its sale, including restoring the wood floors and giving it a fresh lick of paint, but limited work was needed because it had been so well maintained over the years.
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16 Barkuna Ave, Mitchell Park.
16 Barkuna Ave, Mitchell Park.
16 Barkuna Ave, Mitchell Park.
“They were fortunate that the kitchen and the bathroom were still in good condition,” he said.
Mr Paton said the bidding was competitive before it sold for “well above” the owners’ reserve price.
“The good thing for the buyer is that there were multiple active bidders above $1m,” he said.
According to property data, Adelaide had 83 properties go to auction last week with a preliminary clearance rate of 77.5 per cent.
It was the highest clearance rate of any capital and the city’s strongest early result since the first week of April.
Ray White SA chief auctioneer John Morris said their scheduled auctions were up by 15 per cent, and averaging about 250 auctions per month within the group.
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