Magill home attracts almost 50 bidders before selling at marathon auction

A sought-after home owned by the same family for 60 years has been snapped up at a competitive auction that lasted more than an hour.

A Magill home owned by one family for 60 years has been snapped up in a seven-figure deal at a competitive marathon auction.

The three-bedroom house at 53 Central Ave attracted 47 registered bidders to its online auction, which lasted more than an hour, before selling for $1.29 million under the hammer.

Ray White North Adelaide director and principal Rachel Lawrie, who sold the property, said it fetched a price “well above” expectation following 106 bids.

“I was nearly finished my second page of scribing bids,” she said.

“We had 47 registered bidders – as far as we understand that’s a record for online auctions.

“It appealed to a lot of different types of buyers.”

She said the residence’s position on a corner block with subdivision potential, double brick structure and good condition attracted investors, owner occupiers, developers and renovators.

“The owners actually built it in 1960 so it was very much in original state, and presented beautifully,” Ms Lawrie said.

Bidding started at $800,000 before quickly climbing to $900,000, then went up in mostly $500 increments towards the end.

Ms Lawrie said the eventual buyers were drawn to the property for a range of reasons, including its school zone.

“They’re going to keep it as an investment at the moment and then maybe look at doing something with the house itself,” she said.

With such strong demand for limited stock continuing right across Adelaide, Ms Lawrie said fiercely competitive auctions like this would likely keep happening for a while to come, even in areas traditionally not considered auction markets.

“This is not location specific, this is the whole of Adelaide,” she said.

“We’re selling duplexes that were trust homes at auction, that wasn’t heard of 12 to 18 months ago.”

Originally published as Magill home attracts almost 50 bidders before selling at marathon auction

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