Only five years ago, this renovator’s delight would have been considered a bargain in a suburb known for its affordability.
But the three-bedroom home at 48 Traverse Ave has just written itself into history by not only selling above Salisbury North’s median house price – but for more than double it would have been in 2020.
Attracting nine registered bidders to its midweek auction last week, four of which were active, the Public Trustee property sold under the hammer for $631,000 – $77,250 more than the suburb wide average, according to PropTrack.
The 701sqm property, close to transport, sought after schools and shops, sold to a developer, according to selling agent Linda Baker of Ray White Norwood who marketed the home with a price guide of $550,000.
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48 Traverse Ave, Salisbury North sold under the hammer for $631,000.
The property sold to a developer but attracted plenty of interest from first homebuyers.
While the home needs work, it has good bones.
“We had a very good auctioneer, Elesa Wood, who does a lot of public trustee auctions,” she said.
“We sold it under the hammer…and everyone was very happy with the result.
“The purchasers are developers and they really want to fix it up as it was one of those properties that…looked a lot worse then what it was.
“We’re not builders but you could tell it has good floorboards underneath the dust.”
Set on a 701sqm block, the three-bedroom home has been held by the same owners since it was built in 1991.
Mostly in original condition, the home features spacious living areas and a large rear yard that could lend itself to subdivision.
Ms Baker said the home would have been ideal for first homebuyers who were among those vying for the property.
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The original kitchen.
The dining area opens out to the backyard.
The old bathroom.
“There were a couple of first homebuyers in attendance and they had the support of their families, which is always nice to see…but did end up selling to developers.”
Ms Baker adds seeing homes sell well over half-a-million across the northern suburbs – an area known for its public housing – was something not many would have envisioned pre Covid.
“Four or five years ago, anything over $500,000 would have been big money up there, because it’s quite far north,” she said.
“Adelaide prices basically went mad over the past two years and a lot of the (suburbs) now, you couldn’t have imagined the prices we see now and wouldn’t have gotten before.
“This is a house that needs doing up and that means the value there has gone up by (117.2 per cent over the past five years).”
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