Auction watch: A winning renovation pays off in Pearce

An impressive renovation paid off for the owners of 89 Parkhill Street in Pearce on Saturday.

The four-bedroom property was among more than 50 scheduled for auction in Canberra. It was snapped up for more than $1 million.

A large crowd gathered at the property beneath Mount Taylor Nature Reserve, with 11 registered parties vying for the home.

It was straight to business with an opening bid of $1.2 million.

Five parties tussled for the property, with the bidding quickly surpassing $1.3 million.

The property was on the market as the final bid was placed, selling for $1.36 million.

Selling agent Jonathan Charles of Independent Property Group said an interstate couple moving to Canberra snapped up the property from afar.

He said the renovation, which earned the house a spot as a finalist in the 2009 Housing Industry Association Awards, was a big drawcard.

Well over 100 groups inspected the property in the lead up to the auction, with 20 contracts changing hands.

“It’s just an absolutely beautiful renovation, really classy, and there’s nothing to do,” Mr Charles said.

89 Parkhill Street, Pearce. Photo: Cassie Atkinson

Mr Charles said he was beginning to see higher prices exchanged in southern Woden.

“The inner south has exploded, now the top end of Woden is pulling out. We’ll probably expect to see a fair few of these results in the coming months, especially in spring,” he said.

“This is the strongest start to the year we’ve had in 10 years. There’s heaps of activity, heaps of buyers looking for good quality properties; it’s going crazy.

“It will be interesting to see what happens over the next four to six weeks.” 

The sale contributed to an ACT auction clearance rate of 64 per cent on Saturday, according to Domain Group data.

It’s a slight drop from last weekend’s 68 per cent clearance rate.

Mr Charles said he expected sales to remain steady over the cooler months.

“The weird thing about coming into the winter months is the stock levels have dropped but there’s still the same amount of buyers,” he said.

“Prices still stay pretty firm because there’s more competition. Then obviously everyone gets ready for the beginning of spring.”

See all of Saturday’s auction results here.