Forrest suburb record smashed in $5.5 million sale

Forrest’s suburb record has been smashed by $1.6 million with the sale of 51 National Circuit for $5.5 million.

The biggest sale of the year was also the territory’s third highest house sale on record.

The five-bedroom house sold off market through Luton Properties directors James Carter and Richard Luton.

“We have a large database of people wanting to buy exclusive houses like this one,” Mr Carter said.

“This one happened to be perfectly matched to a young family.”

Situated on a 1453-square-metre block, the house was no-expense-spared knockdown-rebuild. A 10-car basement garage was among the standout features.

“It was built by an award-winning builder with a highly considered floorplan, quality fixtures and fittings and the tree-lined street is one of the nicest in Canberra,” Mr Carter said.

“We wish we could have shown the property through an auction campaign, it was just lucky that we had a database of good, strong buyers where we could do an off-market sale.”

The sale exchanged in December and settled on Friday.

Mr Carter likened Forrest to Point Piper in Sydney or Toorak in Melbourne.

“It’s very highly regarded,” Mr Carter said.

“We’re also seeing a lot of prestige infill developments providing a different style of living and downsizers who are staying in that particular suburb.”

Forrest’s previous suburb record was set in 2009 when 30 Empire Circuit sold for $3.9 million.

The National Circuit home is one of just four houses to sell for more than $5 million in Canberra. The ACT record was set in 2010 when 27 Mugga Way in Red Hill sold for $7.3 million.

Number 20 Mugga Way sold for $7.2 million in 2014.

A house at 12 Hunter Street in Yarralumla sold for $5.475 million in November.

Mr Carter said while homes above the $5 million mark were rarely offered for sale in Canberra, there were a number of properties of this calibre scattered across the city.

“They may never hit the market, but they’re worth double if not triple that,” Mr Carter said.

“We’re a diverse, growing Canberra market and top-end sales are happening more and more frequently.”