Canberra auctions: Market gains momentum

Canberra’s auction market recorded strong results this week, driven by the interest rate cut and a surge in buyer confidence.

On Saturday, Stone Gungahlin’s Jess Smith sold the well-designed residence at 7 Les Edwards Street, Forde, under the hammer for $1.377 million.

Smith said the auction attracted two registered bidders, opening at $1.1 million, with fierce competition driving the price above reserve through almost 40 bids.

The property had been advertised at $1.3 million-plus.

She said the interest rate cut was yet to properly filter through to the market in terms of price growth, but buyers were reassessing their situation and getting their finance organised.

“We should see a notable energy shift in the market in the coming few months.”

In Banks, the stylish four-bedroom house at 35 Wittunga Crescent sold for $1.09 million, with two registered bidders competing, according to The Property Collective’s Nathan Page. The property had a price guide of over $1 million.

Positioned in one of the most sought-after loop streets in Banks, the stunning house offers a spacious and versatile floor plan with spectacular views of the Brindabella Mountains.

Elsewhere, the low-maintenance three-bedroom house at 9a Hacking Crescent, Narrabundah, attracted two registered bidders at auction and sold through Purnell’s Steph Hoss for $1.28 million.

Situated in a quiet, tree-lined street, the renovated property offered a well-proportioned floor plan in a convenient location within walking distance of Griffith, Manuka and Kingston shopping precincts.

Hoss said there has been a notable positive change in the market this year.

“We just had an open for inspection of a property in Cassia Place, Rivett that had 37 groups through with a number of parties looking to submit pre-auction offers,” Hoss said.

Strong results were also recorded during the week.

Voice finalist Lucy Sugarman brought a special flair to Wednesday’s auction at 9 Waseel Place, Macgregor, performing for the crowd before bidding began.

The beautifully renovated three-bedroom home, sold through Jonny Warren Properties, drew seven registered bidders and achieved a sale price of $895,000.

Bidding opened at $800,000, with $25,000 increments before narrowing to $1000 bids.

Warren said a recently engaged young couple, looking to upsize from an apartment, secured the property.

Warren credited the strong campaign, the home’s quality renovation, and the sought-after location for the competitive result, noting increased market confidence following the recent interest rate cut.

“There’s definitely more buyers in the market right now and this will continue throughout the year,” he said.