Auction watch: Wanniassa home sells for $636,500

With winter officially upon Canberra, temperatures will plummet, but as the last of the autumn leaves cling to the trees the auction market in the nation’s capital remains stable.

Nowhere was this more evident than at the auction of a three-bedroom, two-bathroom home in Wanniassa on Saturday.

The home at 8 Vale Place, on a 1004 square metre block, had a price guide of $600,000+ and 87 groups inspected the property.

Features of the home include a swimming pool, newly landscaped gardens and a fireplace – the latter was certainly welcomed by bidders on the 10-degree morning.

In contrast to the cold temperature, bidding was heated with four registered bidders among the reasonably sized crowd.

Bidding kicked off swiftly at $600,000 with two parties battling it out in increments of $5000 and $10,000.

The home was declared on the market at the $630,000 mark and from this point bidding slowed to increments of $1000, then $500. It eventually sold under the hammer for $636,500. The auction took only a matter of minutes.

• Related: Palmerston family home sells for $818,000 
• Related: Swift bidding for Narrabundah home 
• Related: Ainslie dual occupancy sells for $1m 

Luton Properties Tuggeranong listing agent Michael Martin said he sold the property 18 months ago for $550,000.

“The market has moved incredibly since then and it’s impressive to see the market so strong in the early stages of winter,” he said.

Wanniassa is one of Canberra’s most tightly held suburbs and boasts an impressive auction clearance rate of 94 per cent.

The south side suburb’s median house price is $592,500.

Other auction results include the sale of a four-bedroom home at 128 Darwinia Terrace, Chapman, for $730,000.

On the other side of the lake, a three-bedroom home in Macquarie at 4 Elizabeth Crescent sold for $723,000.

The home, on a 850 square metre block, beat the suburb median by $34,500.

The auction was one of 62 scheduled to take place on Saturday.

Winter is the second least popular season for auctions in the nation’s capital. In 2017, there were 707 auctions over winter, down from 1079 in autumn.

Canberra’s Saturday auction market remained steady over May, with clearance rates ranging from 63 to 76 per cent.

Check out the rest of Saturday’s results!