Auction watch: Strong sales in the capital and a record in Royalla

It was a reasonably quiet day for auctions on Saturday, with just 34 homes going under the hammer. However, there were some strong sales scattered across the capital.

The clearance rate of 63.9 per cent was up from last week’s 57 per cent and the previous week’s 41.5 per cent, according to Australian Property Monitors.

In the peaceful Weston Creek suburb of Waramanga, about 40 people gathered to watch a renovated three-bedroom home sell under the hammer for $625,000.

The home at 34 Nemarang Crescent was beautifully renovated with Tasmanian oak flooring, a stylish modern kitchen and an updated bathroom.

Luton Properties Weston Creek director Tim Burke said the sale was great result for the suburb and interest had been strong throughout the marketing campaign.

Seven parties registered to bid for the home and there were 5 active bidders. The winning bid of $625,000 came from a young couple.

Mr Burke said open homes and auctions had been well attended in Weston Creek this season, with the area experiencing an under-supply compared to the level of demand.

There were two sales over $1 million dollars – a 1960s contemporary home at 159 La Perouse Street in Red Hill sold for $1,207,000, while a stunning rural acreage on the ACT’s fringe sold for $1.29 million in Royalla.

Luton Properties Manuka agent Marc Donohue said the Royalla property at 107 Valley Drive attracted a strong level of inquiry and broke the town record of $1,175,000.

Mr Donohue said buyers recognised the value in country properties just outside the ACT border, with properties such as 107 Valley Drive selling at well below the replacement value.

He said it was a win-win situation for buyers and sellers alike as the vendors, who had often been there for some time, could still get a good price for their property.

The six-bedroom colonial-style home is positioned on a three hectare block with professionally landscaped formal gardens and three large paddocks.

Saturday followed the first week of remediated Mr Fluffy land auctions, with eight blocks selling for a total of $4 million.