Canberra Auctions: Buyers take their time in a busy spring season

Swamped by choice, buyers took the upper hand on Saturday, preferring to negotiate after the auction as a flood of properties hit the market. Agents are reacting by rescheduling auctions to give buyers more time, while others are opting for private sales.

The modern home at 67 Hugh McKay Crescent in Dunlop failed to attract any bids but did have two conditional buyers interested in the property, so the auction was rescheduled for October 14 at 10am.

Steve Lowe from Agent Team Canberra said both of the interested parties had conditions such as finance approval, so we chose to give them time and simply hold the auction next week.

“Considering the current market conditions, we also decided against converting to a private sale as they tend to take longer to negotiate and as there is strong interest in this property, we’re certain it’s going to sell,” he said.

The asking price has not been readjusted with the property being offered with a guide of $780,000-plus. Built in 2000, on a 447-square-metre block, the eco-friendly home features views of the Brindabellas with accommodation that includes three bedrooms and two bathrooms.

At 25 Rogers Street, Fraser, the beautifully-presented four-bedroom family home on a 1139-square-metre site was also pulled from auction. The home sold on the day for $980,000 after direct negotiations with the eventual buyer.

Blackshaw agent Matt Sebbens said it was definitely becoming more of a buyer’s market but there were more properties being offered, so purchasers are spoilt for choice.

Set on an 813-square-metre block, the expansive five-bedroom house at 1 Tange Place, Nicholls was passed in without a bid and is now for sale privately through Sebbens. It has an asking price in excess of $1.395 million.

McCann’s Mark McCann placed the three-bedroom home at 7 Snowden Place, Wanniassa for sale at $780,000-plus after it failed to attract a bid.

“The property will sell within the week as we have a few interested parties,” he said.

McCann said more buyers were taking their time, preferring not to make a bid and instead opting to take the chance of missing out by negotiating afterwards.

“We’re still finding strong results for properties where there are several buyers. Only a few weeks ago, I sold a home in Illingworth Street, Wanniassa, which attracted six bidders before selling for almost 10 per cent over its reserve at $1.412 million.

Seminara’s John Sneddon also switched from auction and placed the quality three-bedroom apartment in the Grand Central Towers at 823/15 Bowes Street, Phillip. for private sale.

The pristine apartment is currently leased at $550 per week and offers secure car parking with shared amenities that include a pool and gym.