One homeowner from Adelaide placed an extra $ 220,000 extra on the sale of his Modbury North building only three years after he bought it.
The built house with four bedrooms from the 70s at 20 Ellwood Ave was broken up under the hammer for $ 830,000 more than $ 610,000 for which the seller bought it in September 2022, according to real estate records.
Sales agent Alex Ghinis, from Ray White Woodville, said it was a clear sign of the power of the market in the area.
“We still see somewhere between 15 and 18 percent growth in the last 12 months,” he said.
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The Modbury North Home at 20 Ellwood Ave sold at an auction for $ 830,000.
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The seller bought it only three years ago for $ 610,000.
The house was ready, so it attracted so many potential buyers.
“The seller bought the house three years ago and it was completely renovated when he bought it.
“It only shows how in motion for trade -in will always attract the most interest.
“Every buyer who came through was a young family because it was ready.”
Mr. Ghinis said that a combination of rising costs and long -term waiting times for traders to undertake renovations, as well as people who are time, poor, moved that were ready for houses so attractive.
Six potential buyers registered to bid at the house at an auction after about 40 groups had inspected it in the run -up, Mr Ghinis said, where the buyers were a young family.
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The seller bought the house after it was renovated.
It has four bedrooms and two bathrooms.
The house is on a block of 590 m².
Seller Adam said after the auction that he sold the building when he had bought another smaller house.
“I bought a new house to be closer to my daughter so that she can walk to high school,” he said.
“There were many buyers here, but in the end only one bidder and Alex negotiated with them after the auction stuck up to $ 800,000.
“He did everything he could, he really did an exceptional work for the result.”
The latest proptrack data shows that the median house price in Modbury North is $ 770,000.
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