Canberra auctions: Ainslie three-bedroom home sells for $1.020 million

With the spring market in full bloom, buyers at the auction of an Ainslie home on Saturday morning were keen to snap up a slice of one of Canberra’s top-performing suburbs.

The three-bedroom home at 1 Campbell Street is part of a dual occupancy and was marketed as an “impeccably stylish” house in a convenient location.

LJ Hooker listing agent Stephen Bunday last sold the home in 2011 for $715,678. On Saturday morning, it sold under the hammer for $1.020 million.

The first bidder didn’t skip a beat when bidding was declared opened, immediately placing a bid for $910,000.

This was countered with a bid for $920,000. Bidding moved in increments of $10,000 between the two parties until the price reached $960,000, when a third bidder entered the game. Bidding continued in increments of $5000, and then $2500.

At $1,012,500 the home was on the market, and there were an additional three bids before the home was declared sold.

“It was definitely nerve-wracking in the auction, but I had a target in mind and I really wanted the property,” the buyer said

“I’m really pleased with the outcome, in fact, I’m still a bit numb, but I’m really excited to be moving to Ainslie.”

The buyer said the location was one of the house’s biggest selling points for her, as it was within walking distance of her workplace.

“It’s an absolutely beautiful home, as soon as I saw it online I knew it was the home I wanted to buy,” she said.

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According to the latest Domain data, Ainslie’s median house price has grown by 24 per cent in the 12 months to June 2018 to $1.075 million.

The suburb is also the latest to join Canberra’s elusive million dollar club – suburbs with median house prices higher than $1 million. There are currently 12 in the nation’s capital.

This comes as no surprise to Mr Bunday.

“I’ve been a resident for the past 17 years and I love the suburb,” the agent said.

“We have some of the best local shops in Canberra, and one of the best pubs at Edgar’s Inn. Plus we are so close to Braddon and the city, but we have the mountain and all sorts of wildlife lingering around.”

In other auction results, 3 Eva West Street, Gungahlin sold under the hammer for $725,000.

Badenoch Real Estate listing agent Symon Badenoch said the buyers were “stoked” to snap up the home.

“It was a very intimate auction and the buyers had been looking for a while, they had previously missed out on 10 auctions,” he said.

There were 63 properties on offer on Saturday. .

Canberra’s auction market has slowed over 2018, with a decline on the year-on-year clearance rate for the past three consecutive months. However, this is on the back of peak price growth and activity from spring last year.

“It seems to me there are fewer serious buyers around,” said Mr Bunday.

“Instead of having eight or 10 registered bidders like we did this time last year at most of our auctions, we are down to two or three. However, there is still good competition and prices are holding firm.”

Next weekend is set to be busy for the Canberra market with 98 properties going under the hammer next Saturday.