An original 1960s three-bedroom home in the highly desirable suburb of Linden Park has sold for a price well above expectations after attracting a massive 74 offers in an enormous show of strength for the Adelaide market.
"This level of interest is a significant result for Adelaide real estate and the broader South Australian property market as these markets usually take a breather over Christmas and January,"
said James Trimble, General Manager, Raine & Horne.
The strength of the summer real estate markets and the amplified interest in real estate is related to border closures confirmed Mr Trimble.
"With many people staying in South Australia for the summer holidays due to limited access to other states, the state's property markets have continued to clatter along," he said.
"Echoing industry reports earlier in January, our offices are reporting long queues of aspiring buyers at open for inspections snaking down driveways and along the streets. This level of interest is very unusual for Adelaide."
On the supply side, property listings in Adelaide are about 20% lower than in January 2020.
"A lack of supply against a backdrop of robust demand has the potential to drive up values by between 5-8% in 2021," Mr Trimble said.
To illustrate Adelaide's exceptional demand levels, a house listed in Aldinga Beach by Raine & Horne McLaren Vale that is expected to fetch between $420,000- $440,000 attracted 79 groups through the first open recently.
Simultaneously, listing agent John Cullen, Director of Raine & Horne Kurralta Park reports as many as 200 groups inspected the buyer's gem in Linden Park.
"Buyers can either live in the three-bedroom Linden Park property or knock it down and rebuild it as a dream home subject to necessary permissions," said Mr Trimble.
"When the property was listed for sale online, it immediately attracted 3,500 hits generated by our Amplify social media campaign. We then had 80 groups through on Saturday, a further 45 through on Sunday, with the balance attending an evening open midweek. We then received a staggering 74 individual offers."
As the Linden Park property is part of a deceased estate, the final price is confidential. “However, the executors of the estate were over the moon with the final price as it far exceeded their expectations,” Mr Trimble confirmed.
For all your real estate sales and property management needs in South Australia, contact Raine & Horne .