Demand for houses in Port Elliot has exploded in recent years as people turn to the coastal hotspot for holiday homes, but now rare land is on the table and they’re willing to pay top dollar to secure it.
Two tightly-held vacant blocks in the south coast town have been snapped up for premium prices over the past couple of weeks.
Local agents say they’re so popular because vacant blocks in the area are so rare, especially in the heart of the holiday hotspot.
One at 22 Strangways Tce, which had one owner for the past 30 years, sold for $1.575m at auction recently – well above Port Elliot’s median house price of $996,250.
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Port Elliot is a popular coastal holiday hotspot in SA.
The vacant block at a22 Strangways Tce recently sold for $1.575m.
The sellers had owned it for more than 30 years.
Selling agent Tania Vriends, of Ray White Goolwa/Victor Harbor, said its corner position on two titles over 725sqm within walking distance of popular beach Horseshoe Bay made it particularly appealing.
“That little pocket of Port Elliot is quite a tightly-held enclave in there so there’s not really a great deal that comes up for sale in there,” she said.
“I certainly had lots of inquiry.
“I think there are only two other vacant allotments left in there now, although they’re only single titles.
Ms Vriends said Alexandrina Council were strict when it came to subdividing properties so the fact that it offered two titles was a major drawcard.
“They don’t want small blocks like that,” she said.
“It’s already separate, it’s subdivided – although it was sold as one parcel of land, the buyers can split that straight away.”
The buyers who purchased the land planned to develop it, with Ms Vriends explaining they would make their money back quickly if they built two properties.
“The properties would probably sell for $2m each,” she said.
Another Port Elliot property on 596sqm at Lot 2 Ocean Rd, which property records shows had one owner for 22 years, sold for $1.825m a few weeks earlier.
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The beachfront block at Lot 2 Ocean Rd also recently sold.
It fetched $1.825m.
It has stunning uninterrupted ocean views.
While a little further away from Port Elliot’s heart and Horseshoe Bay, it’s on the beachfront with uninterrupted ocean views.
Meanwhile, a block further inland near Port Elliot Rd at 28 Handby St sold for $620,00 in October and a 1106sqm block at 17 Port Elliot Rd is listed with a $595,000 to $645,000 price guide.
Harris South Coast director Mark Forde said demand for land right across the town was increasing but its position was everything.
“The reality is that Port Elliot is not that big … and it has been seen as the jewel in the South Coast crown because of the village lifestyle and Horseshoe Bay,” he said.
“If you’re looking on the waterfront or coast side of Port Elliot Rd, not much comes up.
“It’s just a finite product.”
According to latest PropTrack data, Port Elliot’s median house price has climbed 19 per cent in the past year and 10.5.4 per cent over the past five.
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