37 Dutton Tce, Medindie sells for more than $200,000 above expected price at auction.

Insatiable buyer desire for premium accommodation coupled with a lack of high-end properties has helped a Medindie seller rake in more than $200,000 above their expected price.

A grand 1890-built villa at 37 Dutton Tce, Medindie sold under the hammer on Friday, with selling agent Richard Hayward of Klemich Real Estate saying he was blown away by the result.

“It sold for $2.011 million, and it well exceeded all expectations,” Mr Hayward said.

“I thought for it to have got in the $1.7 millions, that would have been a good result.

“That was based on recent sales and a recent valuation that the vendors had for the property.

“My vendors are over the moon about it, they’re a bit in shock to be honest.

“We had 17 registered bidders and I think probably 10 of those bid.

“It’s an exceptional result and that lack of premium property on the market is driving demand. Low interest rates is definitely a massive factor too.”

And it wasn’t just the bidders that turned out, with the auction luring in a swag of onlookers.

“It was full – we were going to hold it in the front garden but we had to move it to the back garden to fit everyone in,” Mr Hayward said.

Mr Hayward said the home attracted a lot of interstate inquiry and caught the attention of expats looking to return to South Australia.

“The location is one of the best in Adelaide and was a huge drawcard,” Mr Hayward said.

“Medindie is regarded as one of SA’s most premium suburbs and it’s renowned for established estate-like properties.

“It’s also zoned for some fantastic schooling and is close to some incredible private schools.”

The property featured as an editorial in The Advertiser’s Real Estate Magazine and was advertised in it for three weeks.

“In marketing a home, it’s very important to leave no stone unturned and to reach far and wide,” Mr Hayward said.

Mr Hayward said the auction market was the strongest he had seen it.

“I’ve had five auctions so far this year and four of them have sold under the hammer,” he said.

“I’ve been selling for just over 20 years and I’ve never seen anything like this – just the numbers at opens, and the number of inquiries from people wanting to submit offers before auction – it’s incredible.

“Auction is without a doubt the most successful method of sale.”

According to CoreLogic data, there were 73 auctions held across Adelaide over the weekend, resulting in a clearance rate of 85.4 per cent – the second highest in the nation after Sydney, where 88.2 per cent of homes sold under auction conditions.

Adelaide values increased 0.1 per cent on this time last week and are up 0.6 per cent for the month.

Adelaide home values are up 1.3 per cent since January 1, and are up 6.9 per cent on this time last year – the highest 12 month change in the country.

There are currently 5155 homes on the market – 1575 of these having hit the market in the past week.

The number of overall listings is down 7 per cent on this time last year, and there are 32.6 per cent fewer new listings compared with this time last year.

Adelaide’s median house price currently sits at $495,000, whereas the current unit median price is $333,000.

Adelaide houses are currently selling in just 42 days, with units selling in 53 days.

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