An illustrious homeowner that jumped aboard a neighbouring sale and listed their property at the same time has resulted in both vendors scoring a higher windfall.
When word-of-mouth got out that the owner of 60 Lucas St at Richmond was selling, the family next door at No. 58 scrambled to put their own house on the market, hoping the combined 2049sqm land holding would appeal to cashed-up developers.
The move paid off, with a single buyer snapping up both properties last month – paying $1.2m for No.58 and $1.25m for No.60.
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The Richmond property at 60 Lucas St hit the market first.
With its neighbouring property at No.58, the two offered a huge lot.
Selling agent Tabitha Warde, of Harris Real Estate, said if just one property had been listed, offers would have realistically reached about $1m each.
“The vendors were very happy,’’ Ms Warde said.
“We were expecting a little bit more for No.60 (than for No.58) just because that was a little more liveable and so it could be rented out while (the buyer) sorts out development applications.
“But No.58 are still very happy. It was a quick campaign – it was only about two weeks so it was very successful.’’
Ms Warde said the owners of No.60, a four-bedroom rental home, lived interstate and had decided to sell after their tenants moved out.
The long-time owner of the two-bedroom home at No.58 recently moved into aged care.
Ms Warde said once that owner’s family became aware of the neighbour’s pending sale, they rushed to get their property to market in just two days.
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The house at No.60 was owned by people living interstate.
It was being rented out prior to its sale.
While it was unusual for two neighbouring homes to be listed at the same time, it was not unheard of, Ms Warde said.
Last year, three neighbours banded together to sell a similarly-sized 2053sqm mega block on Anzac Highway at Plympton in a single listing aimed at commercial investors.
Property records show while the two strata level units at 263 Anzac Highway and a four bedroom home at No.267 sold, No.265 was later taken off the market.
“A lot of people, when they do see their neighbour’s property (listed for sale), are enticed (to also consider selling),’’ Ms Warde said.
“Given the block size of these two (Lucas St properties), there’s a lot of development interest and that does increase the value – there’s certainly far more potential (that can be realised) with both (properties combined) than just with one.’’
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The long-time owner of the property at No.58 has moved into aged care.
Both sold for about $20,000 more than they would have if sold separately.
Ms Warde was unclear about the buyer’s plans for the two properties but expected they would be developed into several single-storey dwellings, similar in appearance to another residential housing development across the road.
She said townhouses were unlikely, given the proximity to Adelaide Airport.
“In a time where we do need so much housing, I guess sacrificing two older homes for potentially more is going to help people get into the (housing) market,’’ Ms Warde said.
– by Lauren Ahwan
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