Advertised with a $1.25 million price guide, a renovator’s delight in Linden Park ended up selling under the hammer for $1.435 million, after attracting particularly strong interest from Asian buyers.
Selling agent Richard Thwaites of LJ Hooker Kensington /Unley said the three-bedroom home on 1003sqm had not been all that popular at its opens but attracted 17 registrations at its Saturday auction day.
“I had 50 people through five opens — it wasn’t one of those ones where you get knocked over in the rush,” Mr Thwaites said.
“It was a good auction with 17 registrations — 13 of them were Asian.”
He said the property would have sold for its reserve of $1.37 million and he was pleasantly surprised to see it reach and go beyond the $1.4 million mark.
The two-storey home had neat, established gardens front and back and a spacious floorplan with multiple living areas, but there was a distinctive 1970s tone to its decor.
Some of its features included bright red-toned carpets and extensive wood panelling.
Mr Thwaites said the property was owned by three brothers whose parents had bought it as a family home in the 1970s, and who had a “warm attachment” to it.
It had been marketed as a potential site for subdivision (subject to council consent) and Mr Thwaites said it had attracted a wide range of buyers including owner-occupiers and developers.
“There were Chinese developers and there were a couple of builders interested, but builders can’t buy it at the level we sold it at,” he said.
He attributed the strong auction result to the property’s blue-chip location in the heart of Linden Park- it was about 300m from Burnside village and overlooked a park.
“It was the location that sold it. You can stand at the front door and see the Burnside Council chamber — it epitomises Burnside,” he said.
Mr Thwaites said Linden Park generally attracted a strong market of predominantly Asian buyers, many of whom were initially attracted to the area’s high-ranking schools.
“The school got them there and they are growing up and staying there. Linden Park has become a bit of a Chinese community,” he said.