Interstate raiders fight for seven-figure Morphettville knockdown job

Interstate raiders have fought over a seven-figure knockdown job in Adelaide, propelling it hundreds of thousands over reserve.

Developers from Melbourne and Sydney were among the auction contenders for the project home in Morphettville.

The home is on an almost perfect quarter-acre, corner block, with two frontages. Those ingredients present scope to a developer looking to build townhouses.

SOLD - $1,580,000

28 Cobham Avenue, Morphettville SA 5043

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The hammer dropped at $1.58 million, which was $280,000 over reserve.

“Whether you’re looking to renovate, extend, or develop, this property presents an exceptional chance to capitalise on its prime location and generous land size,” the listing says. “With the potential to subdivide into multiple dwellings (subject to council consent), the options are as vast as your imagination.”

Nine bidders participated in the auction by Ray White Glenelg.

Morphettville is the city’s south and known to many Australians as the home of Morphettville Racecourse.

Some families were keen to win to keys but most prospective buyers came to the auction with business intent.

Rod Smitheram, agent and auctioneer, said in Ray White’s auction wrap that an overseas-based Aussie inked the contract.

“We had a mix of bidders with some renovators and families, but mostly developers,” Mr Smitheram said in the report. “A developer landed the winning bid. He is an Australian resident but had been living in Canada.

“Interestingly, most of the developers bidding were interstate developers from Sydney or Melbourne.

“It’s a 969-square-metre corner block. It was perfect for developers but also the home could have been renovated.”

Morphettville’s median house price is $780,000, which represents a rise of 16.9 per cent over 12 months and 41.4 per cent over five years.