Auction Watch: Million-dollar sales contribute to high clearance rate

Five sales of a million-dollars-plus contributed to a successful day of auctions in Canberra on Saturday and a 70 per cent clearance rate.

LJ Hooker was behind a string of auctions in the ACT and Queanbeyan as the agency began its annual Advantage Auctions campaign, including the day’s top sale in Turner.

More than 60 people gathered at 4 Holder Street to watch the four-bedroom property fetch $1,655,000 under the hammer.

An opening bid of $800,000 quickly climbed past the million-dollar mark, with three of the 15 registered bidders battling it out for the 1035-square-metre block.

The character-filled, brick house features high ceilings, sash windows, a modern kitchen and a spacious yard.

Auctioneer Stephen Bunday said the “graceful” property was sold to a Sydney couple who raced down to Canberra by car on Saturday morning after their flight was delayed.

They were among a mix of owner-occupiers and developers vying for the property.

The sale contributed to Canberra’s 70 per cent clearance rate, up from 58 per cent a week earlier and 45 per cent a fortnight ago, according to Australian Property Monitors.

Mr Bundy said the capital’s property market remained strong. However, the federal election would “throw a cat among the pigeons a little bit”.

“It’s interesting because we still lack stock, from what I can gather, but there’s not that upwards pressure of last year with the Mr Fluffy issue calming down,” he said.

“Not as many people are coming through open homes as expected but interest rates are favourable.”

LJ Hooker auctioned 12 properties on Saturday as part of its Advantage Auctions series, with another 27 scheduled for Wednesday and the remaining 18 on Saturday, May 28.

The organisation donates $100 from every listing to Canberra’s Ronald McDonald House as part of the event.

Elsewhere in Canberra, another four sales cracked the million-dollar mark.

Luton Properties sold 34 Melbourne Avenue in Deakin for $1.58 million and 34 Investigator Street in Red Hill for $1.2 million.

Peter Blackshaw Real Estate also sold a property in Red Hill for more than $1 million, with 30 Golden Grove fetching $1.25 million under the hammer.

Across town, 2 Banjo Paterson Avenue in Wright sold for $1,025,000, also through Luton Properties.

Allhomes is a sponsor of the Advantage Auctions.