Auction watch: Strong demand for Kambah home

Demand was strong for a home in Canberra’s largest suburb, Kambah, at an auction on Saturday.

A solidly built single level home at 34 Vansittart Crescent attracted four registered bidders who fought it out in the hopes of securing the three-bedroom home.

The home’s tired interior is in need of a refresh but has great bones to work with and buyers were keen to snap up the opportunity to revamp the property.

It sold under the hammer for $511,000 – $11,000 over its reserve price.

Luton Properties Woden selling agent and auctioneer on the day, Anthony McCormack, kicked off the auction proceedings by boasting about the generous size of the property

“The first thing I noticed when I came to this property is the exceptional block of land, it’s flat (and) it’s over 900 square metres,” he said

“It’s a great house with loads of potential for those with a vision.”

• Related: Number of auctions down over weekend as Canberra retreats 
• Related: Pearce home shows values of renovations
• Related: Aranda home goes under the hammer twice

Bidding on the property began at $430,000 and jumped in increments between $1000 to $10,000 throughout the auction before reaching the eventual selling price.

While all four registered bidders were vying for the home, the buyer showed the most determination by confidently bidding through all stages of the auction.

Speaking after the auction, Mr McCormack said there was a strong demand from bidders.

“There was quite a crowd here and with all four registered bidders placing bids it was quite a competitive auction,” he said.

“The market is still pretty strong around this range.”

Around 55 groups inspected the home prior to auction.

Kambah’s median house price is $549,500, significantly less than Canberra’s overall median of $753,516.

Other recent house sales in the southside suburb include 9 Stanfield Close for $460,000 and 60 Bacchus Circuit for $630,000.

There are also a number of Mr Fluffy blocks in Kambah. At the most recent Suburban Land ACT auction there were 20 Kambah sites on offer with nine selling at prices ranging from $390,000 to $568,000.

The suburb record for Kambah is $1.4 million and was set in March 2017.

Check out the weekend auction results here!