Auction Watch: Long weekend doesn't cool demand for Kambah house

Another Canberra long weekend wasn’t enough to cool demand for an original home in Kambah.

Young buyers dominated a group of 11 registered bidders vying for the property at 21 McConnel Crescent on Saturday.

The original three-bedroom house sits on a 976-square-metre block beneath Mount Taylor.

An opening bid of $450,000 sparked the proceedings. Four of the registered groups threw their hat into the ring, with the property declared on the market at the $560,000-mark.

Some quick-fired bids pushed the price further north before the opening bidders, a young Canberra couple, snapped up the property for $578,000.

Selling agent Rex Purcell of Luton Properties Tuggeranong said the sale exceeded expectations.

It was the first time the house had been on the market in almost four decades, with 103 groups inspecting the property prior to the auction. 

Mr Purcell said the mostly young buyers interested in the property were attracted to the location and renovation potential. 

“I think it’s the location of the house and certainly, there’s a resurgence in parts of Kambah,” he said.

“Young people are not all looking for that smaller block with the great big house; they’re looking for something in an established suburb that they can put their own stamp on.

“Probably two-thirds of the people coming through the open home were younger families and younger people looking to get into the market.”

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Only 25 auctions were reported on Saturday, with an overall clearance rate of 63 per cent, according to Domain Group data.

Mr Purcell said the long weekend didn’t deter serious prospective buyers and onlookers, with a crowd of about 60 turning up to the auction.

Those registered to bid included two couples from Sydney.

“It doesn’t matter when you have an auction – if people want it they will turn up,” he said.

“One of these homes, I’d love to have 20 of them on the market. They would sell. There’s a shortage of houses on the market at the moment – and the right sort of house.”

See a full list of Canberra auction results here.