Campbelltown home attracts 50 bidders at auction

Adelaide auctions are drawing massive crowds, with one Campbelltown property attracting 51 registered bidders on the weekend.

The 1960s-built house at 35 Hill St, which had been owned by the same family for more than 50 years, was popular among developers keen to make the most of its 930sqm block.

Ray White Prospect director Stefan Siciliano, who sold the property with Adam Humzy for $1.825m, said the corner position was particularly attractive to developers because it meant they could build three homes on the site with double garages.

MORE: SA home values record largest rise in the country

The Campbelltown property at 35 Hill St had 51 registered bidders at its auction on the weekend.

Developers were keen to get their hands on it because of its corner position.

The property had been owned by the same family for more than 50 years.

RELATED: Why 1960s home had buyers hooked

“It was a good corner block – from a resell point of view, developers get excited about corners,” he said.

They knew the property would be sought-after, with Mr Siciliano explaining the owner’s family had received offers prior to it hitting the market.

“They knew it was going to be popular because they had people contacting them directly,” he said.

Despite early indicators suggesting it would be hot property, Mr Siciliano was blown away by the amount of people who attended the auction.

“As soon as the bidding started at $1m, the paddles were everywhere,” he said.

“In 10 years of selling real estate for me, it’s the best auction I’ve had, the most amount of registered bidders I’ve ever had.”

He said about 11 of the registered bidders made an offer for the property before it was snapped up by a local builder, who planned to redevelop the site.

MORE: Affordability crisis forcing buyers to make big sacrifices

A local builder snapped up the home.

Several other properties attracted big crowds on the weekend as well.

According to PropTrack data, more than 130 properties are scheduled to go under the hammer this week.

MORE: Hot property: Why buyers are lining up for fire home

It wasn’t the only property to attract a big crowd on the weekend.

There were 24 prospective buyers registered to bid for a four-bedroom Blair Athol home on a 940sqm block, as well as another 19 for a three-bedroom Firle property on a 824sqm block.

Another property at Mitchell Park attracted 20 registered bidders the weekend before.

Ray White SA chief auctioneer John Morris said the average number of registered bidders at his auctions was 8.5 in June and 7.1 in May, while it was about 5 across the state.

“If you’ve got the perfect property that could be a home that’s also developable, you’ve basically got the golden egg,” he said.

Last week was an unusually busy one for auctions, with 123 properties scheduled to go under the hammer, while another 134 are set for this week, according to PropTrack data.

The post Campbelltown home attracts 50 bidders at auction appeared first on realestate.com.au.