Family’s huge payday after fending off developers for 30 years
A massive property has sold in Adelaide far above expectations after it was put up for auction after six decades. The modest house at 95-101 Winzor St, Salisbury sits on a jaw-dropping 12,100m2 of land and the opportunities for the lucky buyer are “endless”.
In the nearly 60 years that the property has been owned by the same family, they have been dogged by interest and offers for half that time. But following a death in the family, they decided to put it up for sale.
Harris Real Estate agent Tom Hector told Yahoo Finance they were expecting for the property to sell for roughly $3.3 million. But the auction was hotly contested and it ended up going for $5.5 million.
“It was an iconic sale… 20 registered bidders, and it was a very, very good result,” he said.
“It was a very emotional day for the family as they had owned the land for so long. Land is becoming so scarce in the northern suburbs so the amount of buyers is huge.”
He added that it was also a “very special” moment for the family as they have “had endless offers from developers” for so long.
The street-facing family home comes with three bedrooms, a lounge area, a combined kitchen and meal area, as well as a large garage and adjoining sheds.
He said the biggest driver that saw the property go $2 million over the expected sale price was supply and demand in the South Australian capital city.
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The property is 13 kilometres north of Adelaide’s CBD, but it’s also “a stone’s throw” to the nearby Hollywood Plaza and the Parabanks Shopping Centre.
The listing described the property and the land as “an unmatched residential building opportunity”.
Prices for Salisbury homes have exploded in recent years, with the median property price in October 2020 being $315,000. The latest data shows the suburb’s median price is now at $610,000.
Hector said the buyer could do a lot with the available land.
If you wanted to just rent out the home, the buyer could get $390 to $420 per week.
But if you want to level the whole place and build a block of apartments, townhouses, villas or even a mega-mansion, the space is there for the taking.
“We weren’t (initially) certain in terms of what you could potentially put on that land and how much the council would approve but once most developers did their due diligence, we had a good sense of that this property was going to perform quite well at auction,” Harris Real Estate’s Clinton Nguyen explained to The Advertiser.