It’s official – Adelaide has a new residential home price record.
Property records reveal a stunning six-bedroom mansion at 11 The Avenue Medindie – set on a 2851sqm allotment, has broken the state record, settling late last month for $15.5m.
According to Property Edge, Yuanyuan Chu listed as the new owner, with the certificate of transfer revealing a whopping $846,330 was paid in stamp duty – the equivalent of a median-priced home in Royal Park.
The sale eclipses that of the February, 2021 off-market transaction of local businesswoman Mary Kotses’ 70 Pennington Tce, North Adelaide home for $13.5m.
And it exceeds SA’s highest on-market sale – $12.5m for a stately mansion at 4 Victoria Ave, Unley Park last August – by $3m.
11 The Avenue, Medindie. Supplied
The sale marks the fourth time agent Jamie Brown of Booth Real Estate has held the title of selling the state’s most valuable property.
Mr Brown said the sale would recalibrate Adelaide’s prestige market.
“It was just a matter of time before we hit that next echelon of between $15m and $20m, and this is now the base of that new echelon that I think we’ll see,” he said.
“I think that there’ll be another probably dozen or so in the next five years in the new echelon.
“When you get up to this range, there are fewer groups to work with.
“The people in that pricepoint at the end of the negotiations – the negotiations are a bit more on a different level and a bit more intense, which I love.”
He said the sale would spur on others with even more valuable properties to sell because they could now see there were buyers ready to commit at that price point.
“I think when people see this, they’ll think: ‘we’ve been waiting for a result like this because we believe ours is worth that or more’,” he said.
“And I think we needed that foundational reference point for the market to tackle the next one that’s above that.
“They’re always looking for a reference point or a bit of evidence to give them some comfort to test the market, and this property obviously was a standout.
“Sometimes people don’t want to be seen to be the one setting a new benchmark, but once that benchmark’s been achieved the groups that perhaps missed out or weren’t quite ready think now someone’s broken the seal and that gives them a bit more confidence to have a go.
Property records show previous owners Dean and Heather Kyros bought the property back in May 2007 for $3.23m.
Heather and Dean Kyros at 2KW’s Winter Menu Launch in 2015.
Already Medindie residents, they were looking at renovating their home before deciding it was too small and opted to upgrade to a place they would later renovate a couple of times, most recently through a four-year Williams Burton Leopardi transformation of the entire property to make it the showstopper it is today.
“The brief was that we want to feel like we live in a luxurious hotel, and I think they really met that brief in every way,” Mrs Kyros said in March, when the property hit the market.
The floodlit court. Supplied
The stunning pool and spa. Supplied
“When we moved into the street, we were by far the youngest homeowners, and then we’ve watched the street over time become younger as those generations change.
“The houses in The Avenue don’t sell very often because there aren’t that many of them, so it’s a very special street and it’s the type of place where people make time to get to know their neighbours because you all know that you’re going to be quite close together for a long time.”
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The property, which had been advertised without a price guide, sits on a 2851sqm allotment and has six bedrooms, eight bathrooms and parking for 10 cars, including a handy turntable set to get revheads’ motors running.
It offers 1214sqm of indoor and outdoor living space over its three floors and is complete with a swimming pool and spa, and a floodlit tennis court.
Mrs Kyros said the property had played hosts to all manner of parties over the years, many for their children’s school friends, but her and her husband now empty nesters, the time had come to downsize.
The garage with turntable. Supplied
One of the luxe bathrooms. Supplied
A light-filled living area. Supplied
The kitchen is nothing short of spectacular. Supplied
“We’re very sad to be selling, but we feel like it really is just too big for us now and we’re looking to travel more,” Mrs Kyros said.
Mr Brown said there were even more valuable properties out there waiting to hit the market, which has moved significantly in recent years.
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“Once I sold Bishop’s Court, that set a new benchmark and it showed to the market there was confidence there at that price point, and since then there have been 10 to 12 eight-figure sums achieved across Adelaide,” Mr Brown said when the property hit the market in March.
“Bishop’s Court would now be worth $16m to $17m, and Pennington Tce is probably $17m to $18m now.
“There are other properties that are worth this and more in Adelaide, and once one goes, a bit like Bishop’s Court did, it will set the pace and there will be more like it come on over the coming few years.
“So it will recalibrate the top end.”
The grand hallway. Supplied
One of the bedrooms. Supplied
An outdoor living area. Supplied
Mr Brown said its location was particularly prized.
“That top section of Medindie – that’s where they want to be, it is the best spot in Medindie,” he said in March.
“As far as prestige property – this is as good as it gets.
“I think it’ll be one of those ones that if you don’t get it now, how long will you have to wait?”
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