{"id":7072441,"date":"2026-10-02T05:39:14","date_gmt":"2026-10-02T05:39:14","guid":{"rendered":"https:\/\/fivemor.com\/?p=7072441"},"modified":"2026-10-02T05:39:14","modified_gmt":"2026-10-02T05:39:14","slug":"developers-push-plympton-site-to-2-6m-amid-rate-rise-fears","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=7072441","title":{"rendered":"Developers push Plympton site to $2.6m amid rate rise fears"},"content":{"rendered":"


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Tuesday\u2019s interest rate rise to a 15-year high might have come as a blow for first home buyers and those who bought at the top of their budget, but there are still plenty of people out there looking to secure their slice of the Australian Dream.<\/p>\n

OC Real Estate agent Joanna Manolakos said the successful auction of a property she was selling at 5 Chapel St, Plympton \u2013 a day after the RBA increased the official cash rate \u2013 proved buyers weren\u2019t deterred by rate hikes.<\/p>\n

At least at some price points.<\/p>\n

The property \u2013 which is zoned urban corridor and as such enables, council permitting, builds of up to eight storeys \u2013 sold under the hammer for $2.6m.<\/p>\n

\u201cObviously with this one the appeal was that land size of 1518sqm and the zoning was urban corridor which is amazing to get in the backstreets,\u201d Ms Manolakos said.<\/p>\n

\u201cYou can understand that on Anzac Hwy, but it\u2019s really quite rare when you have it in a side street, so we always knew it was going to be really popular.<\/p>\n

\u201cIt wasn\u2019t so much the mum and dad developers.<\/p>\n

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5 Chapel St, Plympton. Supplied<\/p>\n<\/div>\n

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The home\u2019s character features \u2013 soon to be gone. Supplied<\/p>\n<\/div>\n

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Soon his will likely be townhouses. Supplied<\/p>\n<\/div>\n

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The home\u2019s basic kitchen. Supplied<\/p>\n<\/div>\n

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\u201cWhere I found most of the interest coming from was from your building companies, because they\u2019re the ones that need to keep their doors open and keep everything moving.<\/p>\n

\u201cAnd we weren\u2019t quite sure with this one how far they could push it, because they wouldn\u2019t have been able to go that high it\u2019s in the backstreets.<\/p>\n

\u201cSo then they thought, okay, how many townhouses can get on it?<\/p>\n

\u201cAnd the feedback I was getting was anywhere between eight and 12.<\/p>\n

\u201cOf course, no council is going to give say you can get X amount before you buy it anyway. \u201cBut the people I was dealing with were experts \u2013 they knew what they could do on it.<\/p>\n

\u201cSo it was mainly those bigger companies wanting to build for the first time buyers market.\u201d<\/p>\n

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While she would not comment on who purchased the property, Ms Manolakos said the property would eventually give South Australians the chance to get onto the property ladder.<\/p>\n

\u201cIt\u2019ll more or less cater to the first homebuyer market where up to $900,000 you don\u2019t have to pay stamp duty \u2013 so they\u2019re catering it to that market,\u201d she said.<\/p>\n

Ms Manolakos said while an eight-storey structure in that location would be unlikely due to overshadowing, the scale of the builders vying for the site meant its potential would be maximised.<\/p>\n

\u201cObviously it\u2019s a multiple dwelling site, so they\u2019re able to push it to the limits,\u201d she said.<\/p>\n

The property attracted 14 registrations, with five bidding on the day.<\/p>\n

\u201cIt was a public trustee sale so I don\u2019t want to say how far over reserve it went, but it definitely exceeded our expectations,\u201d Ms Manolakos said.<\/p>\n

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Part of the spacious yard. Supplied<\/p>\n<\/div>\n

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Another section of the unused rear yard. Supplied<\/p>\n<\/div>\n

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The home\u2019s elegant facade. Supplied<\/p>\n<\/div>\n

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Ms Manolakos said that end of the market was unfazed by interest rate rises, with the realestate.com.au listing description now carrying the wording: \u201c13 buyers missed out & looking for blocks to subdivide \u2013 call Joanna 0411136746 if you can help.\u201d<\/p>\n

\u201cYour first home buyers where their borrowing capacity changes \u2013 that\u2019s who this rate rise is going to affect,\u201d she said.<\/p>\n

\u201cYour second home buyers, I still don\u2019t think it is going to effect them because they know they\u2019re going to sell a property and they\u2019re going to make money.<\/p>\n

\u201cSo it\u2019s more your first home buyers that it\u2019s going to impact.<\/p>\n

\u201cBut even then, there\u2019s still a lot of interest at the affordable level.<\/p>\n

\u201cI\u2019ve got a little place at 37 Chambers Avenue, Richmond for $695,000 to $760,000 \u2013 it needs work and about $80,000 spent on it, but it\u2019s Torren\u2019s Title, and I had 41 groups through last Saturday at its first open.<\/p>\n

\u201cSo it\u2019s not all doom and gloom, people are still looking.\u201d<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Tuesday\u2019s interest rate rise to a 15-year high might have come as a blow for first home buyers and those who bought at the top of their budget, but there are still plenty of people out there looking to secure their slice of the Australian Dream. 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