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Port Adelaide has joined the city’s growing million dollar club, with the sale of a unique, recently renovated two-in-one home last month.
The six-bedroom property, at 94 St Vincent St, is under contract for $1.1 million, making it the first residential sale in the seaside suburb to achieve a price in the six-figure mark.
It comes as Port Adelaide is named one of South Australia’s top suburbs to watch in 2020, following a 36.7 per cent house price growth over the past 12 months.
Agent Nick Psarros of Ray White Port Adelaide, who sold the property via an expression of interest campaign, said the home’s unique appearance drove buyer demand.
94 St Vincent St, Port Adelaide
“We sold it after two opens and the vendors actually had an offer before it hit the market,” he said.
“It was from a couple who had watched the property get developed and renovated, so they put down a really good offer.
“But for fairness’ sake, we decided to take it to the market and it ended up selling for more and to a different couple who now plan to live in it.
“I think the sale is a sign for what’s to come for the area and shows that sales over $1 million are easily achievable for the right product.”
Built as a photographic studio for A.E Bond, the multi-level home was purchased by the vendors in 2013, when it resembled not much more than a shopfront.
Over the course of five years, the property was transformed into two self-contained homes, ideal for generational living or sublease.
Key features included six bedrooms, five bathrooms, a rooftop terrace, and an internal mural – created by Venice-based artist Peeta – as part of Wonderwalls festival in Port Adelaide and The Big Picture Fest 2019.
Property analyst Terry Ryder, who has named Port Adelaide Enfield as one of the state’s top five hotspots to watch this year, said job growth in the region was the key driver for housing demand.
“The Port Adelaide precinct is being boosted by a number of factors, including the massive long-term project to build vessels for the navy and a major relocation of State Government jobs to this precinct,” he said.
“As such, it is one of the leading markets in the nations for suburbs with rising buyer demand and prices are starting to respond.
“This is underpinned by strong rental demand and very low vacancies, with most postcodes having vacancy rates below 1 per cent.”
This article was first published on the realestate.com.au