House hunters couldn’t take their eyes off an Adelaide home before it went to auction, but it sold days before – a trend that is becoming increasingly common in the tight market.
The renovated Prospect property at 55 Marian Place was the most viewed nationally on realestate.com.au last week and was due to go under the hammer this weekend.
It was snapped up before it had a chance to be auctioned for a $1.91 million deal.
OC agent and auctioneer Will Fitridge said it was too good an offer to be rejected by the sellers, a situation agents were seeing more of as a growing number of buyers fought for limited properties.
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55 Marian Place, Prospect.
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55 Marian Place, Prospect.
55 Marian Place, Prospect.
“The sellers really wanted to go to auction and let it play out, but we got an offer and it was very, very strong,” he said.
“You run the risk that if you don’t accept that, you won’t get it at auction.”
Mr Fitridge said local major companies secured the modernized three-bedroom villa in the 1930s, but it also attracted smaller companies and investors.
“That’s why it was so popular, it appealed to so many different markets,” he said.
“People pay premiums for homes that are ready to move into.
“That kind of price point in the mid-$1 million range is the sweet spot, that kind of price point with a property that’s move-in ready and completely renovated, it’s extremely popular.”
Mr Fitridge said shares could still be low because sellers often wait to sell until after the AFL grand final and the October long weekend.
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55 Marian Place, Prospect.
55 Marian Place, Prospect.
55 Marian Place, Prospect.
More properties would come on the market in the coming weeks, he said, but the market was still tight.
Despite the most popular property coming under the hammer this weekend being no longer on the market, according to realestate.com.au, Adelaide is gearing up for a big auction weekend.
PropTrack figures show that 207 properties will be auctioned this week, up from last week’s 132 and last week’s 103.
It is still 5 percent lower than the number of properties that were due to go under the hammer in the same week last year.
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