Auction Watch: Limited townhouses and spring-like weather bring buyers to Bruce

A shortage of townhouses in Canberra ensured demand ran high for a three-bedroom home in Bruce on Saturday. 

About 60 people gathered outside the property at 68/121 Thynne Street on a day more reminiscent of spring than winter.

Seven groups registered for the auction of the three-bedroom, two-bathroom house, with an opening bid of $620,000.

Four parties gradually pushed the price above the $700,000 mark.

The property was declared on the market at $715,000 and was snapped up for $725,000.

Selling agent Kostya Logvinov of Harcourts Brindabella said downsizers dominated the prospective buyers.

More than 90 groups inspected the home in the lead up to Saturday’s auction.

“There are a lot of downsizers who are looking for homes just like this one,” Mr Logvinov said. 

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“There are so many apartments being built but not everyone wants to buy them anymore. Many people are looking for single-level townhouses.”

Canberra’s Saturday auction clearance rate was a solid 74 per cent off 30 reported auctions, according to Domain Group data.

It comes off the back of a staggering 91 per cent clearance rate recorded last week.

Mr Logvinov said he had experienced a strong winter market, with Saturday’s sunny weather drawing bigger crowds.

“It’s crazy,” he said. “We’ve found that winter is becoming a really powerful time of year to sell because there is less competition, people are always looking to buy a home.”

The northside agent said he was bracing for a jam-packed spring – traditionally the busiest season for selling homes.

He said the inner north, Belconnen and particularly Gungahlin were already experiencing strong sales.

“Even just from the stock I’ve got coming on…I think it’s possibly going to be the strongest spring I’ve seen in Canberra,” he said.

“Gungahlin is just out of control at the moment, from what I’ve seen. Some homes are up 15 per cent from six months ago.

“A lot of people can’t afford Ainslie and O’Connor, they can’t afford Lyneham or Hackett, so they are being pushed into Belconnen and Gungahlin.

“Gungahlin has the advantage of good infrastructure and there are new homes.”

35 Tasmania Circle, Forrest. Photo: Supplied

Across town, a palatial property at 35 Tasmania Circle in Forrest is still up for grabs, after passing in at auction.

The five-bedroom house sits on more than 2000 square metres of land and features a pool and tennis court.

It’s now on the market for $5,195,000 through Luton Properties Manuka. The Forrest suburb record was broken in April with the $5.5 million sale of 51 National Circuit.

See the full list of Canberra auction results here.