This sale shows just how much buyers love Linden Park
The super quick and strong sale of a Linden Park homette has shown just how keen buyers are to enter the elite eastern suburb.
Known for its grand character homes, proximity to Burnside Village and highly sought-after school zoning, the Burnside Council area address has a median house price of $860,000 according to CoreLogic.
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This 1965-built two to three-bedroom homette at 42 Torrens St sold well ahead of its scheduled auction, after just three opens.
Selling agent James Harvey of Smallacombe Real Estate said the home ended up going above expectation, in the mid $600,000 range.
The property proved popular from the moment it hit the market, with 50 to 60 groups attending its few opens, according to Mr Harvey.
Set on 491sqm and forming part of a duplex, it was neatly presented but could arguably have benefited from modern updates.
Mr Harvey said its location and price point for the area were its main selling points.
“It was the location — it was right up there,” he said of the home, which was within walking distance of Burnside Village and fell into the Linden Park Primary and Glenunga International High School zones.
Although the home was advertised without a price guide, Mr Harvey said it clearly represented the opportunity for relatively affordable entry to the area, and interest came in at a 50/50 ratio from potential owner occupiers and investors.
“It was quite a flexible floorplan — but most importantly it was in an attractive price range in the eastern suburbs,” he said.
“Demand for Linden Park is excellent.”
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CoreLogic data shows 10 of the 69 properties set to go to auction in the first week of July ended up selling before going under the hammer.
Real Estate Institute of SA (REISA) president Brett Roenfeldt said pre-auction sales were a market trend, driven by lack of quality housing stock.
“It’s been going on for a while,” Mr Roenfeldt said. “For the last couple of months at least we’ve seen more selling before.
“It’s all about supply and demand and, at the moment, it’s all about demand.
Mr Roenfeldt said Adelaide had experienced a “slow decline” in housing stock over the past two and a half years, and winter was traditionally the lowest point of the year for listings.
“Because of the lack of stock on the marketplace, buyers will have been looking for some time,” he said.
“They find something they really want and don’t want to take the risk of it going to auction so they pay a premium before to try and entice the vendor into taking their offer.”