South Australia Sotheby's defies the market with record-breaking results
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Sep 25, 2019
South Australia Sotheby's defies the market with record-breaking results
A series of landmark sales has South Australia Sotheby's riding high in the state's residential market.
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South Australia Sotheby’s International Realty4 Glenside Road, Crafers
South Australia's historically conservative residential market has proved no barrier for Sotheby's International Realty, which has overseen multiple landmark deals within the state across the past few months.
Major sales have included a coastal property in tightly-held Tennyson for $5.2 million in June, as well as a Crafers mansion bought in a suburb record of almost $3 million (currently under contract).
A new precedent was also set further afield in Coromandel Valley with a $1.76 million sale.
Sotheby's South Australia Adelaide Director Grant Giordano said the minimal house growth in the city across the past few months had not been reflected in the prices achieved by his team.
“We’ve been able to utilise the global reach of Sotheby’s International Realty,” he said.
“With such an extensive network of potential buyers to fall back on we really do have a strong point of difference at Sotheby’s Realty.
"We can tap into international buyers who may not be dealing with the same vagaries of the Australian economy."
Sotheby's South Australia was able to use its international database to sell a North Adelaide property for $4.1 million, representing the highest price paid in the suburb in the last five years, according to Corelogic data.
The house was sold to the client after a single inspection without incurring any marketing costs for the vendor.
Mr Giordano told WILLIAMS MEDIA the price records showed no sign of slowing down.
"We certainly are expecting future suburb records moving forward as the brand, and therefore our firm, continues to showcase the very best of Adelaide via our evermore entrenched interstate and international networks," he said.
"In fact, we already are holding two record-beaters on our books that will substantially alter the trajectory of the Adelaide property as a whole.
"The nature of these transactions are confidential but will in time positively impact Adelaide’s perception of value."
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Contact Details:
Grant Giordano
South Australia Sotheby’s International Realty
