Canberra auctions: 22 bidders for mortgagee-in-possession Weston townhouse

Eager first-home buyers and investors have lined up for their chance at a Weston townhouse marketed as a renovator’s delight.

The two-bedroom property at 8/5 Watling Place was a mortgagee-in-possession sale and sold for $415,000 at auction on Saturday morning.

It has been stripped of flooring and has decaying wallpaper, but that did not deter the 22 parties who registered to bid for the property.

The number of bidders was double what listing agent Karen Murphy of Luton Properties Weston Creek was expecting. She said it sold “well above reserve”.

Bidding started at $250,000, with a $10,000 rise following. The two starting parties then continually countered each other in $10,000 increments until the price reached $320,000.

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A new bidder entered the fray with a bid for $335,000 and before anybody had a chance to reply they increased their bid by $10,000.

Another party replied with a $7000 rise and from there the auction continued in various increments ranging from $5000 to $15,000 until it reached $400,000.

From this point, bidding progressed in small rises until it reached its selling price.

The townhouse is across the road from the Weston Creek town centre, Cooleman Court, and Ms Murphy said this was a drawcard for buyers.

“It’s a rare offering in that there’s the potential to add value [and] it’s close to everything,” she said.

“There’s a double garage, which a two-bedroom, one-bathroom townhouse would not normally have.

“It’s quite private and leafy but you have got everything you need down at Cooleman Court.”

Ms Murphy said the bidders were a mix of first-home buyers and investors.

“Buyers are feeling more confident, particularly first-home buyers, since they abolished stamp duty for existing properties,” she said.

“Buyer sentiment is up and people are just confident that their finance is approved and they are ready to buy.”

It was one of 66 auctions scheduled to be held in Canberra on Saturday.

Elsewhere, another renovator’s property in Deakin also had success under the hammer.

There were seven bidders registered for the sale of the three-bedroom house at 16 Rawson Street, which sold for $1.315 million, Belle Property Kingston listing agent Leanne Palmer said.

Bidding kicked off at $800,000 and “rapidly fired up” from that point. Ms Palmer said the number of bidders cooled off around the $1.15 million mark and two parties took it to the end.

The house was pretty much unliveable, Ms Palmer said.

“A lot of families were interested in the property – not builders or developers,” she said 

“It’s sought-after, being near schools in a nice quiet street with a bit of elevation. The whole street has been rebuilt with lovely quality family homes.

“Deakin is a real hotspot.”