Modbury North homeowner earns $220k profit in just three years

One Adelaide homeowner has pocketed an extra $220,000 on the sale of his Modbury North property just three years after he bought it.

The 1970s-built four-bedroom home at 20 Ellwood Ave was snapped up under the hammer for $830,000 – well above the $610,000 the seller purchased it for in September 2022, according to property records.

Selling agent Alex Ghinis, of Ray White Woodville, said it was a clear sign of the market’s strength in the area.

“We’re still seeing anywhere between 15 and 18 per cent growth in the last 12 months,” he said.

MORE: Shocking trashed rental set to make owner huge windfall

The Modbury North home at 20 Ellwood Ave sold at auction for $830,000.

The seller purchased it just three years ago for $610,000.

The home was move-in-ready, which is why it attracted so many prospective buyers.

“The seller bought the house three years ago and it was fully renovated when he bought it.

“It just shows how move-in-ready homes are always going to attract the most amount of interest.

“Every buyer who came through was a young family because it was move in ready.”

Mr Ghinis said a combination of rising costs and extended wait times for tradespeople to undertake renovations, as well as people being time poor were making move-in-ready homes so attractive.

Six prospective buyers registered to bid on the home at auction after about 40 groups inspected it in the lead up, Mr Ghinis said, with the buyers being a young family.

MORE: Whopping eight-figure sales raise the bar for million-dollar suburb

The seller purchased the home after it was renovated.

It has four bedrooms and two bathrooms.

The home is on a 590sqm block.

Seller Adam said after the auction that he sold the property as he’d bought another smaller home.

“I have bought a new house to be closer to my daughter so she can walk to high school,” he said.

“There were a lot of buyers here, but really only one bidder in the end and Alex negotiated with them after the auction stalled at $800,000.

“He did all he could, he really did an exceptional job for the result.”

Latest PropTrack data shows the median house price in Modbury North is $770,000.

The post Modbury North homeowner earns $220k profit in just three years appeared first on realestate.com.au.