Auction watch: Palmerston family home sells for $818,000

It may be a long weekend for Canberra, but the city’s property market remained buzzing with 60 scheduled auctions on Saturday.

A four-bedroom home in Palmerston sold for $818,000 at auction, $18,000 above reserve. The home, on a 677-square metre block, at 8 Aggie Place was marketed as “an immaculate family home” in a quiet location with a spacious design.

There were five registered bidders at the auction, with three parties participating on the day.

Bidding for the home started at $720,000 and progressed in increments of $20,000 and $10,000 until the price reached $800,000. At this point bidding tightened to smaller increments before it sold under the hammer for $818,000.

LJ Hooker Gungahlin listing agent Hugo Mendez said the buyers had not inspected the home prior to auction day.

“It was the first time the buyers saw the property but the other buyers had come through three or four times,” he said.

“All of the registered bidders were families.”

Palmerston’s median house price is $686,250.

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Elsewhere in Canberra’s north, 11 Beaurepaire Crescent in Holt sold at auction for $635,000, beating the suburb median by $135,000.

The four-bedroom home was also marketed as a family home and attracted many family buyers.

There were five registered bidders at the auction and bidding started at $550,000.

“It was very nerve-racking for all of the buyers, all of them were very invested as they all loved the home,” said McGrath Gungahlin listing agent Natalie Kokic Schmidt.

“The successful buyers were so nervous they couldn’t look at the auctioneer when the hammer was falling because they were worried someone else would bid.”

Kokic Schmidt said there were lots of tears and that it was one of the most emotional auctions she has ever held.

Click here to see the rest of Saturday’s auction results.