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16 Royal Road, Adelaide. Image: realestate.com.au
Although the property was purchased only 9 months ago, the seller of the Adelaide Bluestone Front Villa made a profit of US$370,500 from its sale.
They paid $1,029,500 for the character house 16 Royal Mile CoreLogic records show that it was sold in an online auction for $1.4 million during the statewide lockdown in October last year.
Ray White Norwood’s agent Nick Borrelli and Nik Ilic sold the property together. He said the seller bought it after he decided to move from the interstate to Adelaide due to family reasons.
He said an interstate job offer prompted them to sell it in less than a year.
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16 Royal Road, Adelaide. Image: realestate.com.au
16 Royal Road, Adelaide. Image: realestate.com.au
16 Royal Road, Adelaide. Image: realestate.com.au
“They added a built-in wardrobe (in nine months), and that’s all they did,” Mr. Borelli said.
“I was crazy at the auction, a bit shocked.”
Twenty house seekers registered to bid for this four-bedroom, two-bathroom house built in 1880, which was sold at a price of $320,000 above the reserve price on weekends.
“(The bids) started to exceed the reserve price, which is crazy,” Mr. Borelli said.
He said that those who under-bid remembered the villa when it went public last year, so they wanted to buy it again.
He said that the final bidder was lucky enough to conduct a brief inspection half an hour before the start of the fast seven-day blockade in Adelaide.
“Two weekends before we were able to open, we received great interest from young professional couples who wanted to enter the city and some expats who wanted to move back to Adelaide, but in the end it was a downsized couple who bought Property,” he said.
16 Royal Road, Adelaide. Image: realestate.com.au
16 Royal Road, Adelaide. Image: realestate.com.au
16 Royal Road, Adelaide. Image: realestate.com.au
“The last week when the event was locked did not have much impact-when we found out, we opened the market ahead of schedule, and that was when buyers came in.
“On Tuesday night, the buyer only watched for five minutes.”
Mr. Borelli said that despite Adelaide’s one-week blockade, the market has so far shown no signs of slowing down.
According to CoreLogic’s preliminary auction statistics, Adelaide had a clearance rate of 82.3% in 100 auctions last week, second only to Canberra’s 94.9%.
In the same period last year, the clearance rate of 61 auctions in the city was 57.4%.
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