The New Year is often a sluggish period for property sales but the Adelaide market has defied traditional expectations, attracting huge interest from potential buyers.
In a show of strength for the South Australian metropolitan market, an original 1960s three-bedroom house in the sought-after suburb of Linden Park, about 7km southeast of Adelaide CBD, has sold for a price significantly above market predictions after attracting 74 offers.
Raine & Horne General Manager James Trimble said that level of interest represented a significant result for the broader South Australian market “as these markets usually take a breather over Christmas and January”.
Mr Trimble partly attributed the amplified interest over the summer to state border closures.
“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.”
Mr Trimble said property listings in Adelaide were down about 20 per cent in January this year compared to the same period in 2020.
“A lack of supply against a backdrop of robust demand has the potential to drive up values by between 5-8 per cent in 2021,” he said.
To further illustrate Adelaide’s exceptional levels of demand, a house listed in Aldinga Beach by Raine & Horne McLaren Vale that is expected to fetch between $420,000 and $440,000 attracted 79 groups through its first open recently.
Listing agent John Cullen, Director of Raine & Horne Kurralta Park, reported that about 200 groups inspected the Linden Park property that recently sold.
“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.
He said the Linden Park listing immediately attracted 3500 hits as soon as it was placed online after it was promoted on social media
“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 but Mr Trimble said the estate was “over the moon with the final price”.
