Australia
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Ultra prestige home sells in just days

First listed on August 23, the 38 East Tce home attracted well over 60 groups to opens, about a third of whom elected to see it by private appointment.

It the sold a week short of its three-week “best offers by”, campaign after the vendors received an offer too good to refuse.

As the property is now under contract, selling agent Matt Smith of Klemich Real Estate could not reveal the end price, but he confirmed it began with a three.

The immaculately presented, renovated 1920s home, with six bedrooms, extensive gardens, a gazebo and a swimming pool, was advertised without a price guide.

It featured as the House of the Week in the Advertiser Real Estate Magazine late last month, and was also advertised online. Read the story here.

“What we told the market was we felt it was going to be comfortable in the high $2 millions,” Mr Smith said.

“With enough competition it would slip into the $3 millions, and that’s exactly how it panned out.

“It was a very good price for Adelaide.”

Mr Smith described the top end of Adelaide’s property market as “pretty healthy”.

“There’s always a demand for character homes on large allotments in the blue chip eastern suburbs or inner southern suburbs,” he said.

“Fewer homes hit the market at the top end but when they do, certainly in my experience, they’re getting swooped on.”

Mr Smith said demand for the Kensington Gardens property came almost exclusively from SA-based buyers wanting a family home with prospect of strong capital growth.

The property, which had been extensively renovated, while maintaining its character charm was on a 1465sqm block in one of Adelaide’s premier eastern suburbs.

MORE NEWS: The SA council regions where it’s fastest to save for a home deposit.
MORE NEWS: Campbelltown unit block sells $85,000 above its price guide.

Kensington Gardens sits 7km from the CBD and has a median house price of $1.13 million, according to CoreLogic.

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