Millennial buyers dominate at record-breaking Rosewater auction
Homeowners in Adelaide’s inner west have scored a cool $980,000 in gross resale profit after undertaking one of the state’s most dramatic renovations.
Records show the home on 748 Torrens Rd, Rosewater had previously sold for $420,000 in 2017, but recently resold under the hammer for $1.4m, smashing the previous suburb record for a house sale by $125,000.
Selling agent Ganeev Bains of Ray White Grange said the owners had extensively renovated, updated and extended the home over the past few years.
“This sale sets a new benchmark for the suburb and underscores the rising demand for quality homes in the area,” he said.
“The exceptional character property, featuring a stone frontage and period details, captivated buyers and generated significant interest.
“This sale underscores the robust Adelaide real estate market, characterised by low supply and high demand, with supply levels 40 per cent below average.”
MORE NEWS
What will SA house values do in the next 12 months?
Why this oceanfront property is rare as hen’s teeth
Inside the Adelaide home that could double as a museum
748 Torrens Road, Rosewater as it looks now.
The home now features a modern, rear extension.
Four good-sized bedrooms feature throughout.
The main, open-plan living, dining and kitchen zone is a sight to be behold.
The home’s new, modern bathroom.
Mr Bains said the home proved to be hot property with Millennials with no less than 210 groups inspecting the home throughout the campaign.
The home was also viewed over 53,000 on realestate.com.au and on auction day attracted 20 registered bidders.
“During the auction, competitive bidding from 15 emotionally invested buyers quickly drove the price up to $1.4m,” Mr Bains said.
“This sale highlights the demand for renovated character properties in the western suburbs of Adelaide, attracting buyers even from the eastern suburbs…and in particular Millennial buyers.”
The home’s main living space before the renovation.
The old bathroom.
The old outdoor entertaining space.
The old kitchen.
One of the old bedrooms.
The circa 1910 home still displays its character stone facade with soaring ceilings, solid timber floors, and open-plan living features throughout.
A wide hallway gives rise to four lofty bedrooms, including a decadent master embracing huge walk-in wardrobe and luxe a ensuite for daily lifestyle finesse.
Headlined by a gorgeous chef’s zone sweeping across stone bench tops and on-trend contrast cabinetry, a gourmet kitchen is ready to inspire culinary triumphs, while a north-east facing backyard catches the best of the day’s sun.
The property also features a separate studio apartment with split-system airconditioning and an ensuite.
Rosewater had a median house price of $647,250, according to PropTrack.