Richmond property sells for $30,000 above expectation

June 27, 2019

A three-bedroom house in Richmond South Australia has sold for the very first time since 1956, the year it was built, for a price $30,000 above the vendors’ expectations.

The property at 59 Kingston Avenue Richmond has been sold by John Cullen, Principal of Raine & Horne Kurralta Park for $960,000 to a local property developer after just a single weekend of open homes on Saturday 22 and Sunday 23 June after receiving five separate offers.

Mr Cullen said, “Mrs Grech, the owner of the home is moving into a nursing home, and the family was prepared to take an offer prior to the auction scheduled for the 6 July.”

“However, given the healthy buyer attention on the property, we convinced the family members to not accept the first offer but wait, and we subsequently secured $30,000 more and the property ended up selling for $960,000.”

Surging sales activity with older stock on the move

The rapid sale also demonstrates how confidence has returned to Adelaide’s inner southwest market, and suburbs such as Kurralta Park, Richmond, Brompton, and Netley, according to Mr Cullen. “The local market is much stronger now than six months ago,” he said.

“In June, we sold 50% of the total number of properties that we sold in the first five months of the year.”

He continued, “We are even selling properties that have been on the market for many months, such as a block of land at Lot 1 Tischendorf Street, Trott Park.” This rare 373 square metre block with two street frontages sold for $235,000 this week.

Mr Cullen is adamant there’s no doubt political stability is central to the bounce in property sales. He commented, “The election result has provided the community with the prospect of stable government and an end to the negative gearing scare.”

“Moreover, political certainty, coupled with the interest rate cut at the start of June that the majority of banks have passed on in full, has also provided buyers with more confidence.”

Buyer demand up by as much as 30%

Since the election, property enquires for properties in Kurralta Park and surrounding suburbs have risen by 30%, noted Mr Cullen. “The trouble is that we need more listings even though June was our best listing month this year.

“With demand outstripping supply, the time is perfect for a real estate sale in the inner suburbs of Adelaide.”

James Trimble, General Manager, Raine & Horne agrees the Richmond sale demonstrates the post-election strength of the Adelaide property market. “The Adelaide market has woken since the election and people have decided to buy, with enquiries up for properties close to the CBD such as Kurralta Park and surrounding suburbs.”

Mr Trimble added, “The trouble is that listings are short on the ground, which means older listings such as the block land at Trott Park are starting to be snapped up, which is great news for vendors.”

Quality marketing still required to put properties in front of more eyeballs

The sale of 59 Kingston Avenue Richmond is also testament to Mr Cullen’s strong commitment to process driven marketing, said Mr Trimble.

“John uses Amplify, our cutting-edge digital marketing technology religiously, which we introduced to our network last year.

“Using the very latest digital marketing analytics and Facebook, Instagram, and Google, Amplify targets people based on their online profile and behaviour.

“Better still, Amplify it places properties in front of both active and passive consumers, whether their sitting back on their couch in Kurralta Park or checking their Facebook feed in a pool in Fiji.”

In the last year, the Raine & Horne brand has been exposed over 45 million times online, with its vendor’s properties reaching a total of over six million consumers.

Mr Trimble concluded, “In a nutshell, Amplify helps properties such as 59 Kingston Avenue Richmond sell more quickly. We no longer wait in hope that people see our properties. That’s the old way of real estate marketing.”