Reid home sells for $3.55 million prior to auction and sets new suburb record

A four-bedroom home in Reid set a new record for the suburb after it sold prior to auction for $3.55 million, surpassing the previous record by $50,000.

The sale of 37 Booroondara Street was spearheaded by Jonathan Charles of Independent Woden, who attributed the sale to the quality of the property’s build.

“The house is less than a decade old and it’s classically built, meaning it’s not following the trend of the day so in a few years, [it will still be] a beautifully built home that hasn’t gone out of fashion,” he said.

Government records show the property was last bought in 2010 for $930,000, and the house was then knocked down and rebuilt.

The residence was scheduled to go under the hammer on February 12 but “a local family who wanted to be closer to the city wanted to secure it before it went to auction”, Mr Charles said.

“We launched the property in the second week of January and had a multitude of buyers through its doors, but for a lot of buyers, it wasn’t in their price bracket,” he said.

Mr Charles said they were anticipating it to sell with a $3 million tag but were unsure where to set the price guide, adding: “The seller, who we’ve previously sold for, was happy to not have an exact price guide. Sometimes you have to trust the process and in this case, we had a buyer who was willing to purchase it for $3.55 million.”

Reid’s previous record sale was quietly set by the house at 30 Elimatta Street when it sold in August last year for $3.5 million.

“The last record sale was $3.5 million, but it sold off-market, and the next highest sale before then was $2.47 million and there was a large disparity between the two properties,” Mr Charles said.

“So I wasn’t sure if this property would surpass that latest record but I knew it had all the attributes to.”

Mr Charles said he anticipated more suburb records would be broken this year, although at a slower pace compared to the many records set in 2021.

“It’s been pretty quiet lately because a lot of people have taken extended leave during the break or have been hit with coronavirus, but I anticipate that as we get into this month and every other month, we’ll see a few more benchmarks being broken,” he said.

“There seems to be a lot of demand in the $3 million range. It used to be $2 million but that’s changed.”