Canberra auctions: First-home buyers embrace renovation opportunities

Affordable homes have driven a weekend of successful auction results, with first-home buyers once again dominating the market. Houses in need of renovation have also been popular as buyers continue to seek budget-friendly options.

The functional three-bedroom house at 16 Arrietta Close, Charnwood, was sold under the hammer on Saturday for $700,000 by Luton Properties Tuggeranong’s Michael Martin.

He said there were two registered bidders on the day, and the property sold to a first-home buyer.

“The property was a renovation opportunity appealing to a limited demographic, so it was a great result,” Martin said.

“The price range was also highly appealing to first-home buyers who wanted to secure a home and be able to comfortably afford it – particularly at present when there is uncertainly around interest rates.”

Nestled in a tranquil cul-de-sac, the modest but charming property sat in a convenient location and had already been partially updated.

In Chifley, Blackshaw Manuka’s Ben Stevenson sold the original ex-government home at 7 Riley Place at auction for $815,000.

He said the auction drew two registered bidders on the day, both of whom were first home buyers.

Set on a 676-square-metre site, the single-level house was in good order and offered a practical floor plan comprising three bedrooms, a functional kitchen and a prized location near local shops and schools.

Also sold on Saturday was the three-bedroom, two-bathroom house at 1 Solomon Crescent, Latham. Blackshaw Belconnen’s Matt Sebbens achieved a result of $870,000.

Sebbens said the versatile family home attracted five registered bidders on the day, finally selling to an upsizer.

Situated on a 902-square-metre block, the low-maintenance property offered expansive accommodation and was close to Kippax Fair Shopping Centre, schools, parks and transport.

In Franklin, the stylish three-bedroom, two-bathroom townhouse at 3/2 Pape Street was withdrawn from auction.

Sebbens said the property was currently under negotiation and was expected to sell above the $665,000 quoting price.

Luton Properties’ Richard Luton said the charming four-bedroom house at 34 Hamelin Crescent, Narrabundah, was also passed in but was expected to sell in the coming days.

“It’s taking longer for buyers to get finance approved in time due to additional requirements from lenders, but properties are selling,” Luton said.

Canberra’s auction market has been picking up of late, with the clearance rate rising to 70 per cent last week. It was 73 per cent at the same time last year.