Auction watch: A fast sell in Casey amid the calm before the storm

It was the calm before the storm for Canberra’s residential auction market on Saturday.

A fast sale in Casey was among about 40 properties scheduled to face the hammer in the ACT ahead of a record number of auctions next week.

More than 100 auctions are pencilled in for Saturday, April 8 as agents and vendors scramble to lock in sales before the traditionally quiet Easter weekend.

Although calmer, Saturday, April 1 wasn’t short on action, including the blink-and-you-might-miss it sale of 27 Borthwick Avenue in Casey.

A strong opening bid of $832,000 set the tone for the fast auction, with two key registered bidders vying for the four-bedroom house.

Within about five minutes the property was snapped up by a young family from the Gungahlin region for $870,000.

Selling agent Theo Koutsikamanis of McGrath Estate Agents Dickson said the owner-occupiers were upsizing.

More than 60 groups inspected the property, which sits on a 666-square-metre block and features a covered alfresco area and in-ground pool.

“We had a fair few second and third and fourth inspections but that’s the market at the moment,” he said.

Mr Koutsikamanis said the opening bid was $100,000 to $150,000 higher than usual.

He said limited housing stock kept the market competitive and meant he was seeing familiar faces across his inspections.

“They’ll go from Bonner to Forde to Crace to Casey, just looking for the right home,” he said.

“I don’t think it’s going to change [over the coming months]. Everyone’s moving for lifestyle choices, not financial.”

Saturday’s clearance rate was 60 per cent, according to Domain Group data.

It’s a drop in sales compared to the previous weekend when 77 per cent of homes sold under the hammer.

See all of Saturday’s auction results here.