Dated home in a prized location sells for over $1.5m
On the market for the first time in 35 years, this Henley Beach South home has been snapped up for $130k over its reserve price.
The first week of auctions for summer has got off to a roaring start. While the just-concluded Adelaide 500 ran to a packed house, househunters were in good attendance at auctions as well.
According to Ray White South Australia chief auctioneer John Morris, the first week of auctions for summer was a “cracker”.
“The sun was shining and the buyers were out in forces,” Mr Morris said.
“Of the auctions I’ve called this week, we’ve had an average of eight registered bidders and 100 per cent of those properties have sold,” he said.
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Among those auction results that stood out was the one for 110 Military Road, Henley Beach South.
The prized corner allotment in the sought-after beachside suburb sold for $1,575,000 under the hammer – $130,000 above its reserve price.
According to PropTrack data, the current median house price for Henley Beach South was $1,351,000, up by 8.1 per cent since last year.
The property’s location – corner block set on an 867sqm allotment – attracted a lot of interest despite the fact that it was a dated home in need of much improvement.
There were seven registered bidders, with two actively bidding for the property.
The three-bedroom home that hit the market for the first time in 35 years sits on the corner of Military and Lexington Roads, and is a quick walk to the beach, Linear Park trail and the famed Henley Square.
Ray White selling agent Anthony Fahey, who presented the property to market with co-agent Samuel Parsons said rarely do land offerings of this size, and so close to beach, come on to the market.
“It’s a big encompassing block close to the beach, and being a corner block it is quite versatile. It gives the buyers a lot of options with their planning and design,” Mr Fahey said.
The winning bid was made by Adroit Developers, a local development group, who plan to build a residential development.
Apart from the three bedrooms and one bathroom, the solid brick home has a large lounge room and a dining area near the kitchen. There’s also a laundry room with a separate toilet, a double carport and a separate garage/shed.
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Originally published as Dated home in a prized location sells for over $1.5m