Nine Mr Fluffy blocks crack $1 million at August auctions

Nine former Mr Fluffy blocks sold for $1 million or more under the hammer this week.

The auctions were held on Tuesday and Thursday and more than 300 people registered to bid for the 102 remediated blocks.

A total of 55 blocks sold under the hammer, 20 are under offer or being negotiated and 27 did not sell and are now available over the counter.

Sales included blocks in Belconnen, Woden Valley, Weston Creek, Tuggeranong and the inner suburbs.

O’Connor, Ainslie, Hackett, Narrabundah, Hughes and Pearce each recorded million-dollar sales.

The Belconnen and inner suburban blocks sold via Independent Property Group, while Civium Property Group managed sales in Woden Valley, Weston Creek and Tuggeranong.

Independent Property Group project marketing director Wayne Harriden said builders were “out in force” for the large inner north blocks, however most were snapped up by owner occupiers.

“Builders will only go to a certain point so there were more people who were building their own home,” Mr Harriden said.

• Related: More than 100 blocks to be auctioned in August
• Related: Lower clearance rates for May Mr Fluffy auctions
• Related: Record Mr Fluffy block sale in Red Hill

The biggest sale of the week was for a 1378-square-metre block at 12a Hardman Street in O’Connor, which sold for $1.51 million.

O’Connor was home to three of the top five sales, including a 939-square-metre block at 5 Hemmant Street, which sold for $1.37 million, and a 1041-square-metre block at 25 Hovea Street, which sold for $1.26 million.

A 1331-square-metre heritage-listed block at 28 Cox Street in Ainslie sold for $1.35 million.

A 1138-square-metre block at 9 Higgs Place in Hughes rounded out the top five, selling for $1,110,000.

The record price paid for a former Mr Fluffy block was set in March with the sale of a 1157-square metre block at 258 La Perouse Street in Red Hill for $1,902,000.

Civium Property Group chief executive Doug O’Mara said the results were representative of the demand across the regions.

He said Woden blocks were in high demand. They tend to be larger than the Weston Creek offerings and attract more interest from developers.

“If they’re under 900 square metres they don’t attract the builder/developer market,” Mr O’Mara said.

He said there were also more blocks available in Weston Creek so competition wasn’t as fierce.

A total of 1022 houses across 56 established Canberra suburbs have been identified as Mr Fluffy homes.

According to an asbestos taskforce spokeswoman, homeowners have accepted ACT government offers for 989 of the properties. 

The taskforce expects 909 blocks will be demolished before the end of the year. 

So far, the ACT government has released 510 blocks. Of these, 392 have sold and a number are under offer. 

The majority of the remaining blocks are slated for release in the 2017-18 financial year. 

The next auction is expected to take place in late October. 

Top 10 August auction results

12A Hardman Street, O’Connor – $1.51 million

5 Hemmant Street, O’Connor – $1.37 million

28 Cox Street, Ainslie – $1.35 million

25 Hovea Street, O’Connor – $1.26 million

9 Higgs Place, Hughes – $1.11 million

2 Bayley Street, Narrabundah – $1.1 million

23 Brennan Street, Hackett – $1.01 million

1 Sheehan Street, Pearce – $1 million

6 Gepp Place, Pearce – $1 million

95 Macfarland, Pearce – $985,000