Elizabeth East home fetches surprisingly high price at auction – realestate.com.au

News Corp Australia Network

25 Spruance Rd, Elizabeth East. Picture: realestate.com.au

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Prospective buyers determined to secure an Elizabeth East home pushed its sale price to a surprising height, making it one of the suburb’s top sales.

The four-bedroom house at 25 Spruance Rd fetched $543,000 under the hammer at the weekend.

That’s well above the suburb’s median house price, which PropTrack data shows is $380,000, while property records show it’s the top sale on its street and among the top 10 highest for the suburb.

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25 Spruance Rd, Elizabeth East. Picture: realestate.com.au

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25 Spruance Rd, Elizabeth East. Picture: realestate.com.au

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25 Spruance Rd, Elizabeth East. Picture: realestate.com.au

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Ray White Grange agent and auctioneer Adrian Patterson said they were surprised at not only its sale price but the number of prospective buyers it attracted.

“We had 22 registered bidders – we weren’t expecting it,” said Mr Patterson, who sold the property with Savvas Eftimiou.

“The auction was more popular than we anticipated because we didn’t have big numbers through the open inspections.

“There was a minimum of 10 people who didn’t come to the open inspection but came to the auction.”

Mr Patterson said seven of the 22 registered bidders placed a bid on the home, which is on a 890sq m block and has a backyard pool.

25 Spruance Rd, Elizabeth East. Picture: realestate.com.au

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25 Spruance Rd, Elizabeth East. Picture: realestate.com.au

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25 Spruance Rd, Elizabeth East. Picture: realestate.com.au

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He said it offered value for money, which was part of the reason prospective buyers were so interested in it.

“It was about half-and-half investors to owner occupiers at auction, which is really interesting,” he said.

“I think the buyers are going to rent it out for a period then move in.”

According to PropTrack data, house prices have climbed 15.2 per cent in Elizabeth East over the past year, while the rental yield stands at 5.06 per cent.