Auction watch: Canberra market gathers pace amid pent-up demand for property

A four-bedroom townhouse near the Kingston Foreshore was among a growing number of properties auctioned in Canberra on Saturday.

The first weekend in February marked a noticeable jump in the number of auctions around the territory, with close to 50 scheduled.

A crowd of almost 60 people gathered at 72 Dawes Street in Kingston, with about six registered bidders vying for the low-maintance yet luxurious townhouse opposite Norgrove Park.

An opening bid of $1.5 million gradually climbed towards the $2 million-mark, before the property passed in at $1.9 million.

A negotiation immediately after the auction resulted in a quick sale. A local family leaving their existing home of two decades snapped up the townhouse for $2,225,000.

Selling agent Mario Sanfrancesco of Peter Blackshaw Real Estate Manuka said 85 groups had inspected the property in the lead up to the auction, with the vendors and eventual buyers pleased with the result.

He said there was a strong market for similar properties in the region.

“In the last three to four months I’ve sold four [similar] properties for more than $1 million,” he said.

“They’ve all been families or couples looking for a quality property in a very good location such as Kingston, where you’re able to walk to all the amenities.”

Mr Sanfrancesco said the strength that marked the 2016 property market was set to continue.

“I see the level of activity continuing throughout the course of the year,” he said.

“There’s also been a couple off-market transactions in the past month or so that also demonstrate pent-up demand, with buyers looking for the right property.”

93 Weddin Circuit, Palmerston. Photo: Supplied

Canberra’s clearance rate on Saturday was 67 per cent, according to Domain Group data.

Further north, a six-bedroom house in Palmerston sold under the hammer for $888,000.

Selling agent Hugo Mendez of LJ Hooker Gungahlin said the five registered bidders vying for 93 Weddin Circuit were all families looking to upsize.

He said a lot of people were looking to buy in Palmerston due to the suburb’s more central location and easy access to the city.

“In Palmerston there are noticably less properties on the market but more people looking,” he said.

See all of Saturday’s results.