The gloves came off at a $0 reserve auction in Glenside last week, where a hotly-contested maisonette sold well above market price.
The three-bedroom homette at 3/5 L’estrange St, Glenside attracted 28 registered bidders and sold for $607,500 – $252,500 above the suburb’s median unit price of $355,000, according to CoreLogic.
The property had caused quite a stir with the buyers, after being marketed as not having a reserve. Read our story on its marketing campaign HERE.
Selling agent Jordan Ekers of Ray White Adelaide Group said the vendors were ecstatic with the result.
“We had 80 people there on the night, and seven of the buyers were online bidders – two were from Adelaide but currently overseas, while the other five were from interstate.
“The remaining bidders were all locals.
“Bidding started at $5000, made by one of the online bidders, but it went straight up to $350,000 after that.
“All up, 38 bids were made and the property ended up selling for $607,500 – a great result, considering the fully renovated maisonette next door sold for $631,000 a year-and-a-half ago.”
Located in a small group of three, the property comprised of three bedrooms with built-in robes, a bathroom, a formal dining room and a second living room with heating and cooling throughout.
It also had a large courtyard, a lockup garage with an auto panel lift door, and a second designated carpark.
“We ended up with 115 groups through the home in the Two-and-a-half weeks leading up to the auction,” Mr Ekers said.
“A lot of them were first homebuyers but we also has a lot of Chinese representation, looking to get into the Glenunga High School zone.
“The other group of buyers we had were downsizers as little maisonettes like this one are quite rare in the area.”