Auction watch: Swift bidding for Narrabundah home

A Narrabundah home has sold for $790,000 in a blink-and-you-miss-it auction on Saturday morning.

Built in 1984, the three-bedroom home at 44 Bungonia Street underwent significant renovations in 2009 and 2012. This included the addition of a master suite.

There were 15 registered bidders at the auction with seven placing bids.

Bidding for the home started at $700,000 and was countered almost immediately by a bid of $10,000. Bidding then progressed swiftly in increments of $10,000.

When the price reached $760,000 bidding slowed to increments of $5000.

At $780,000, a member of the crowd inquired if the home was on the market and after vendor consultations it was declared to be. After two additional bids of $5000 the home sold under the hammer.

Peter Blackshaw Manuka listing agent Bree Currall said the auction shows Narrabundah’s popularity.

“It was a fantastic auction, there were lots of people here,” she said.

“Although it was a cold morning the mood was warm and everybody seemed prepared to invest in this great area.”

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The buyers are a family who are currently renting in Narrabundah and were looking to stay as their in-laws also live in the area.

“They’ve missed out on a couple of auctions with us recently so they were very keen to purchase here today,” said Currall.

“The vendors are upsizing, they have outgrown the place so they have started to look for something bigger and they’re ecstatic with the result.”

Canberra’s inner south is the most expensive property market in the region. Narrabundah is the only suburb with a median less than $1 million.

Narrabundah’s median price currently sits at $875,000.

Elsewhere, in Farrer, a four-bedroom home sold for $750,000.

The single-level home at 52 Longerenong Street is 182 square metres and has recently been updated with a new kitchen and bathroom.

Farrer’s median price is $800,000.

Check out the rest of Saturday’s auction results.