‘None of us have seen this’: Northfield auction reveals SA slump

Key points

• A three-bedroom property at 20 East Ave, Northfield, failed to sell at auction last week despite earlier valuations above its $900,000 price guide. Selling agent Andrew Simpson of OC Real Estate said few inquiries came in and developers now think the Northfield market has become too hot.
• He said the number of people attending open homes has dropped sharply and buyers are cautious about whether prices have bottomed. The house was extensively damaged by vandals and squatters, whom police had to evict.
• The property is now back on the market via private treaty at $900,000.