Auction watch: Luxury Turner home sells for $2,425,000

A Hamptons-style house in Turner sold for more than $2.4 million at auction on Saturday – the largest single residential property sale in Canberra’s north so far this year.

The property at 56 Masson Street is one of just 17 homes to sell for more than $2 million in 2016 and the only one to break the barrier north of the lake.

It is also the second highest sale on record for the inner north. The record was set in 2011 when 10 Ridley Street sold for $2.7 million.

Luton Properties Canberra City director James Carter said the property attracted more than 150 groups through the home during the course of the marketing campaign.

Five parties registered to bid for the property, with bidding starting at $1.8 million. Three active bidders quickly broke the $2 million mark, before a vendor bid was placed at $2.3 million.

After some mid-auction negotiations with the vendor, the house sold under the hammer for $2,425,000.

Mr Carter said number 56 ticked all the boxes for the Canberra market.

“We now have a lot of buyers that are reconsidering going through the whole knockdown and rebuild stage of their lives,” Mr Carter said.

“More and more now we are seeing buyers needing a homes of this nature where it’s been extremely considered.”

Meanwhile, a sale one suburb over demonstrated that the inner north is also attracting renovators.

A two-bedroom cottage on a 1067 square metre block in Braddon sold under the hammer for $1,140,000.

Nine parties registered to bid for the home at 40 Donaldson Street – some were drawn to the 1930s character of the property, others were seeking a redevelopment opportunity within close proximity to the city.

It smashed the $1 million reserve, however Peter Blackshaw Manuka agent and auctioneer Alec Brown said it represented excellent value as it compared favourably to recent land sales in greenfield sites.

The clearance rate was 70 per cent, according to Domain Group data – a drop from last week’s 79 per cent.