Derelict house sells for more than $480k above reserve
A derelict Toorak Gardens house that has been left abandoned and neglected for years has sold under the hammer for more than $480,000 above its reserve price.
The four-bedroom circa 1952-built brick home on a 1153sqm block at 16 Sprod Ave fetched $1.78 million at auction on Friday before a crowd of about 130 people.
Ray White Unley agent Daniel Seach, who sold the property under instructions from the Public Trustee, wouldn't reveal the reserve but said it was "less than $1.3 million".
The sale marks a new price record for the street, which property records show was previously set by the house at No. 19 when it sold for $1.609 million in 2019.
Bidding kicked off at $1.4 million, with 25 prospective buyers registered to vie for the house's keys.
Mr Seach, who described the house as "completely derelict" when it hit the market, said its location in one of Adelaide's most sought-after suburbs made it particularly appealing to househunters, but the dilapidated state of it likely put a few off.
Ripped up carpets, stained and cracked walls, and junk strewn across every room characterise the home's current state.
"There's a lot of work to do and I think that probably scared a lot of buyers off," he said.
"I know a lot of the neighbours will be very happy something is finally happening with the home."
The buyer, who requested not to be named, said it was the location that attracted him to the property.
While he had a few ideas in mind, he was going to have it assessed before deciding what to do with it.
It is the latest property to sell well above reserve price as competition for real estate and prices continue to rise across Adelaide.
Earlier this month a Henley Beach home set to be bulldozed to make way for another house sold for $320,000 above reserve at auction.
Originally published as Derelict house sells for more than $480k above reserve