PROSPECT continues to cement its place as one of the inner-north’s most popular suburbs, with the auction of two properties selling for more than $90,000 above their advertised price guides.
One property – a two-storey move-in ready home at 1 Da Costa Ave – sold for $1,012,500 – $117,500 above its $895,000 price guide.
The other, an 1880s sandstone cottage in need of renovation, on a 444sqm block, at 66 Pulsford Rd, achieved a price of $671,000 – $91,000 more than its $580,000 price guide.
Both properties were sold by Peter Shizas of Harris Real Estate who said interest in both the homes was strong from the get go.
“Pulsford had 58 groups in half an hour at the first open and about 128 groups throughout the three-week campaign,” Mr Shizas says.
“It had a range of interest in it, some were considering it as land value and others wanted a project. It literally didn’t have a laundry, there was an outside toilet, the kitchen was non-functional and it had salt damp and cracks. It was one to renovate or detonate.
“We had people who were first homebuyers to those in their sixties interested in it.”
The appeal was in the location, the charming facade and while on a small block, the home’s positioning meant that an extension at the rear could still be added, says Mr Shizas.
“It was the location and the facade of the home – it was on the doorstep of everything, you could walk to everything,” he says.
There were eight registered bidders, four who actual bid, and it was a “drawn out’ auction, according to Mr Shizas.
“The last $10,000 to $15,0000 was in small $500 increments,” he says.
“Although it surprised us (the sale price), we were expecting to get more in the low $600,000. It’s the location that appealed to buyers.”
Mr Shizas says the interstate buyers, who are originally from Adelaide and moving back, are planning to do an extension on the home.
Meanwhile, the property at Da Costa Ave, while it didn’t have the interest to match that of Pulsford Rd, attracted 50 groups at its opens and Mr Shizas says “the quality of buyers was strong”.
He says the 2006-built property on a 510sqm block, was priced “fairly conservatively” as modern properties on smaller allotments, such as this one, don’t tend to sell for $1 million.
“Not many houses outside of Prospect’s four premium streets – Alpha Rd, Barker Rd, Willcox Ave and Flora Tce – have been on smaller blocks like this one to achieve those sort of prices,” Mr Shizas says.
“We were hoping to achieve mid $900,000s and ended up breaking the record for the street.”
He says the home appealed to executive, families and investors and the successful buyer purchased the property as it was within their child’s school zone. There were seven registered bidders and five who bid.
“It was move in ready, it was really nice.”
Mr Shizas says properties in Prospect are always popular among buyers.
“We’ve had a 100 per cent strike rate in auctions in the last 12 to 18 months,” he says.
“It’s a cosmopolitan suburb, there’s so much infrastructure and investment going on. Looking back a few years the streets would have been quiet at night and now they’re busy, people are out.”
According to CoreLogic, Prospect, which has a median house price of $700,500, has increased by 28.5 per cent in the last five years.