Not sure if anyone else was at the auction of this property in Glenside on Sunday;
http://www.realestate.com.au/property-house-sa-glenside-119117475
The property was not in a liveable condition.... basically its a demolish and rebuild job. According to council property can't be sub divided. Price guide was $530k - $570k.
On auction day, there was more than 100 people lined up on the streets. 36 registered bidders. Ch7 news team was also there. What was even more amazing was the agent had organised a Chinese speaking interpreter for potential China bidders!
In the end, it was a shoot out between 2 Chinese families ( 1 was definitely from China since they were using the interpreter, the other I'm not sure). Final hammer price; $763K!!!! Most people at the auction gasped at the final price. Some were shaking their heads in disgust. Considering that the buyer would now have to spend another $15K to demolish the house and clear the land. Then maybe another $500K to build a new house. Its just crazy!
http://www.adelaidenow.com.au/reale...hinese-investors/story-fni0ci8n-1227262949315
I was also at the 1st open inspection of another newly listed eastern suburbs property over the weekend;
http://www.realestate.com.au/property-house-sa-st+georges-119304191
Property was supposed to go to auction. I get a call from the agent yesterday that property has sold prior! Just under $700k! Wow.
With more renewed interest from China buyers, especially for properties in the Linden Park and Glenunga International school zones, I can't see how the eastern suburbs market is not going to shoot up. Can't say the same for other suburbs though.