Adelaide’s property market has powered through in recent months, fuelled by soaring demand and skyrocketing prices.
The city is a seller’s market with a limited supply of homes selling in a blink of an eye and well beyond expectations.
Properties listed by Barry Plant Norwood have sold quickly, many above vendor’s prices, according to director, Linda Baker.
“The lack of stock is putting pressure on buyers who have a fear of missing out,” she said.
“Things are moving quicker than usual and homes at reasonable prices are selling fast.”
Properties in suburbs closer to the CBD have sold at prices at least five to 10 per cent above expectations in the last four months.
“The market is ramping up, prices are rising and more properties are going to auction as people are wanting quick results,” Ms Baker said.
Ms Baker pointed to the near new house in the eastern suburb of Hectorville at 64A Mayfield Avenue, which was priced at $760,000 and sold under the hammer on March 20 for $800,000.
Three of seven registered bidders drove the price $40,000 above the vendor’s expectations.
“Bidding was brisk and resulted in a thrilling outcome for the owner,” Ms Baker said.
The buyer was a couple who was living locally and looking for a quality family home.
“They had their eye on it through the campaign and loved the design, finishes and location in a good school zone, near restaurants and amenities,” Ms Baker said.
Homes in the city’s eastern suburbs or those with character were in hot demand and sold on average within one to two weeks, according to director Elesa Wood.
“These properties are attracting at least 50 groups at opens, and are on the market for only a short while,” Ms Wood said.
A period home with a modern extension at 27 Wellington Terrace, Fullerton, was on the market for five days before it was snapped up by private treaty for $1.25 million.
“There was strong competition for the home with at least six offers and it sold by the second open,” Ms Wood said.
A family living in the country who wanted a home for their children who were studying in the city bought the property located only 4km from the CBD.
“Interestingly, this house was withdrawn from sale about a year and half ago as it struggled to attract offers above $1 million,” Ms Wood said.
Also on the market for a brief period, a bright and breezy one-bedroom Liberty Towers apartment at 706/25 Colley Terrace, Glenelg, sold after the third open-house inspection for $362,500.
Two local investors competed for the home in the heart of the vibrant tourist precinct with panoramic views and a rental potential of $420 a week, according to Ms Wood.
In Campden Park, a modest three-bedroom renovator’s delight at 30 Penong Avenue, attracted eight registered bidders with four competing at the auction.
A mix of owner occupiers and developers battled for the property that sold for $572,000, a price that was well above the seller’s expectations.
The house came on the market for the first time in many years and was on a good size block in a desirable street, according to Ms Baker.
With a median house price of $672,500, according to realestate.com.au, Adelaide is currently one of the more affordable capital city markets in Australia.