Seacliff Park house sells for $1.261m at auction, $311k over reserve

Adelaide’s real estate sales are showing no signs of slowing, with a home at Seacliff Park selling for $311,000 over reserve at auction.

A Seacliff Park home sold for $311,000 over reserve at the weekend, as Adelaide’s real estate market continues to soar.

Ray White Glenelg principal Adam Keane said with 12 registered bidders, the home at 2 High St went under the hammer at $1.261m on Saturday.

“We had a massive crowd in there and two bidders went gung ho at it,” he said.

The four-bedroom, three-bathroom home had views over the coast stretching down to Glenelg.

Mr Keane said the home’s vendors had three offers before auction, and had set the reserve at $950,000.

“Straight after the auction finished I walked inside and their first words to me were, ‘What the hell just happened?’” he said.

2 High St, Seacliff Park, sold for $1,261,000, $361,000 over the reserve. Picture: Supplied by Ray White Real Estate

2 High Street, Seacliff Park from the backyard. Picture: Supplied by Ray White Real Estate

The vendors had planned to stay in the home for another three or four years before moving on to their next renovation project, but decided to sell now to take advantage of the healthy market.

Mr Keane said most of his branch’s listed properties were being sold at auction because competition between buyers was yielding vendors better prices.

Despite the healthy market, he said agents were still experiencing a shortage of properties to list.

“We’re not carrying anything near the listings we normally would and the days on the market are the shortest we’ve ever seen,” he said.

“We’ve got a lot of vendors that do want to sell, however they don’t want to sell until they can find something they can buy.

The living area of 2 High Street, Seacliff Park. Picture: Supplied by Ray White Real Estate

The home has views of the coast down to Glenelg. Picture: Supplied by Ray White Real Estate

“They don’t want to move into a rental property because then they’ve got to move twice.”

Leading property experts say Adelaide’s auction market is one of the hottest across the country, with conditions heating up during a traditionally cooler period.

BR Auctioneer director Brett Roenfeldt said there were two main reasons auctions were proving to be so successful in Adelaide.

“It gets back to shortage of stock, and we’re still one of the most affordable states in Australia – people see value,” he said.

Originally published as Seacliff Park house sells for $1.261m at auction, $311k over reserve