Prospect Property broke its street sales record at auction

The Prospect property with a bungalow with a history of nearly 100 years was sold for millions of dollars, marking a huge milestone in its street.

The 1397 square meter site is located at 20 King Street CoreLogic’s data shows that not only is it the first property on a short street to sell for more than $1 million, it also broke the street’s price record.

It was sold at an auction on Saturday for $1.571 million-much higher than the $968,000 for churches and houses on the 16th and 18th in 2009, and property records show that this was a record sale price for the street.

20 King Street, Prospect. Image: realestate.com.au

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20 King Street, Prospect. Image: realestate.com.au

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20 King Street, Prospect. Image: realestate.com.au

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Fred van Brussel, the sales agent of Harcourts Sergeant, said that the property spanned two plots and had been owned by the same family since 1942, so it was a rare sale.

“This is an absolutely amazing product because it has two assignments in one title,” he said.

“We have eight registered bidders and there are about 60 to 70 people in the crowd.

“The competition is fierce and the bidding is fierce.”

Mr. van Brussel said that although the four-bedroom characteristic house built in 1924 on the property offers great potential for renovation, most developers have shown interest in the plot during its two and a half weeks of activity.

20 King Street, Prospect. Image: realestate.com.au

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20 King Street, Prospect. Image: realestate.com.au

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“Buyers have no plans for the site, but they are developers,” he said.

Although Mr. van Brussel would not disclose the reserve price of the property, he stated that its selling price is “about the same as the owner hoped.”

CoreLogic preliminary auction data show that as of the week of June 27, Adelaide had 148 auctions, with a clearance rate of 78.9%.

The clearance rate of 47 auctions held in the same period last year was 57.8%.