Auction watch: Strong results for rare Canberra properties

Unique properties north and south of the lake were hotly contested at Saturday’s auctions. 

One of the last opportunities to redevelop a lakeside block in Yarralumla was snapped up for $2.59 million.

About 150 people gathered in the front yard of 8 Brown Street to watch nine registered bidders vie for the property.

Ray White Kingston agent Cory McPherson said each bidder had plans for a knock-down rebuild.

Brown Street is one of the only addresses in Canberra to offer Lake Burley Griffin frontage.

The three-bedroom monocrete cottage at number 8 Brown Street is the only property on the street of nine houses yet to be redeveloped.

Auctioneer Scott Jackson accepted an opening bid of $1.5 million and six of the nine registered parties were active participants.

It was declared on the market at $2.17 million. About 50 bids were placed before the hammer fell on $2.59 million.

The home has had just one owner since it was built in the 1950s when the site that is now Lake Burley Griffin was just a paddock.

An opulent knock-down rebuild is anticipated for the 876-square-metre block.

A lavish property at 16 Brown Street held the suburb record for five months in 2016 when it sold for $3.95 million.

“[8 Brown Street] is in good company,” Mr McPherson said.

“There’s very little chance of overcapitalising in this location.”

North side, a record was broken in Braddon when a home at 24 Farrer Street sold immediately after auction for $1.8 million.

24 Farrer Street, Braddon. Photo: Supplied

The previous record was set in 2014 when 11 Elder Street sold for $1.66 million. 

Luton Properties Canberra City director James Carter said the home struck a chord with buyers seeking extra space in the popular suburb. 

The vendors purchased the property 38 years ago and transformed the cosy cottage into a modern entertainer.

Mr Carter said freestanding homes without heritage restrictions were “as rare as hen’s teeth” in Braddon. 

This Saturday’s clearance rate of 77 per cent was up from last week’s 68 per cent, according to Domain Group data.

See all of Saturday’s results here.