Six home buyers threw in a bid at the auction of an Adelaide cottage at the weekend, selling under the hammer for $952,000 despite cooler selling conditions.
The home’s circa-1911 facade was a drawcard for buyers, with bidding starting at $800,000 and eventually selling above reserve in what the selling agent said was a strong result for the area.
Across Australia, there were 1,201 homes scheduled for auction last week, recording a preliminary national clearance of 44.9%, according to PropTrack.
Auction clearance rates have been sitting at softer levels nationally this year since the Reserve Bank started increasing interest rates, and the federal government overhauled negative gearing and capital gains tax rules for property investors.
Adelaide continues to be one of Australia’s home price hotspots despite cooler market conditions, with the median home price still 10% higher than a year ago.
The property: The two-bedroom house at 32 Henry Street, Croydon sold at auction for $952,000 on Saturday 22 August.
The charming single-fronted cottage sat on a 416 square metre block, with a deep backyard and flexible layout providing an opportunity to extend or modernise.
Suburb snapshot: Croydon is situated in Adelaide’s northwest, located about four kilometres from the CBD.
Croydon’s median house price increased 9% to $1.395 million over the past year, while the median price for two-bedroom houses has jumped 11.3% to $957,500.
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The auction attracted 10 registered bidders and six active bidders on the day. Picture: realestate.com.au/sold
Selling agent Peter Kiritsis of Ray White – Woodville oversaw the campaign and spoke to realestate.com.au about the result.
Tell me about the property?
It was a very unusual piece of architecture; there aren’t many single-fronted cottages with triple gables, a return veranda, and a box bay window.
It’s very ornate and full of character, which really created the appeal for buyers. There are very few homes of this style that were built in South Australia back in the day.
Croydon’s median house price has increased 9% to $1.395 million over the past year. Picture: realestate.com.au/sold
What happened during the campaign?
It was a three-week campaign and we had over 90 groups inspect the property, so it attracted a lot of attention. We saw strong interest from young singles and couples because the home really appealed to that segment of the market.
In the end, the buyers were people who had sold a larger property in the hills and bought this as a renovation project, with plans to move in once it’s finished.
What happened during the auction?
We had 10 registered bidders, with six actively bidding throughout the auction. The bidding commenced at $800,000, and it went above reserve for $952,000.
The bathroom was neat but in need of work. Picture: realestate.com.au/sold
It eventually came down to three serious buyers fighting it out. One was an agent bidding for a local downsizer; another was a local renovator who has completed some great projects in the area, but the eventual buyers were the ones with the deeper pockets.
Were you surprised by the results?
With a property that unique, I honestly wasn’t sure what to expect. My gut was telling me there could be a blowout because it was such a rare home.
Achieving $952,000 was a lot of money for that type of property, so it was a fantastic result. The family was very excited with the outcome.
The home had two bedrooms complete with fireplaces and ornate features. Picture: realestate.com.au/sold
What’s happening in your market?
Enquiries have tapered off and the number of attendees at open homes has also dropped. However, the buyers who are active now are quite genuine and are looking for guidance from agents.
Having been in the industry a long time, I know buyers need to be advised correctly so we can still achieve strong results for our vendors.
Predictions for the area?
We’re quite fortunate to be relatively city fringe, only about 10 minutes from the CBD. A fantastic train line runs through much of the area, including suburbs like Croydon and Woodville, which is a huge drawcard.
The single-fronted cottage had a deep backyard, with the property spanning 416sqm. Picture: realestate.com.au/sold
There are also great café precincts on Queen Street and Woodville Road, with plenty of cafes and restaurants that attract people into the area.
What’s your top tip for sellers?
Presentation is everything. Sellers need to absolutely nail the presentation from the front fence to the back. The façade has to look its best to attract initial interest, and the interiors, particularly kitchens and bathrooms, must be well presented.
Buyers also want seamless indoor-outdoor living, so the outdoor entertaining area should be styled and presented to a high standard.
What’s your advice for buyers?
If you’re genuinely interested in a home, don’t hold back by making low or unrealistic offers. You risk missing out because someone else will come in behind you and snap it up.
