Canberra auctions: Chapman home sells for $1.165 million

As we hit mid-February, Canberra’s property market has well and truly left behind the summer lull with stock on market and auction numbers increasing drastically in recent weeks.

A crowd flocked to the auction of a four-bedroom home in Chapman on Saturday morning. While the home was passed in it sold almost immediately after for $1.165 million.

The home at 8 Beaumont Close sits on a 1472-square-metre block and is tri-level with a pool.

Bidding for the home kicked off at $1 million, and was countered by a bid for $1.025 million. It continued to move in increments of $25,000 until the price reached $1.1 million, at which point an increase of $10,000 was accepted.

After two bids of $10,000 bidding halted at $1.12 million and negotiations took place.

With no agreement reached after a period of about five minutes, the home was passed in, but negotiations continued after the fall of the hammer and it sold shortly after.

Luton Properties Weston Creek and Molonglo Valley listing agent Justine Burke said the result was expected.

“We thought it would come to something like this – passing in and negotiating post-auction,” she said. 

“We expected two registered bidders [and] we had two – they both really liked the property. 

“They were both young families who were looking to upgrade to something with a bit more space.”

According to Pricefinder, the home last sold in 1997 for $300,000.

With fewer than 50 sales in the last 12 months, no reliable median house price for Chapman is available. The last sale in Beaumont Close was at number 26 for $1.02 million in late 2017.

• Related: Buyers hold back at auctions but interest remains high 
• Related: Bidding kicks off for the year but royal commission lurks in shadows
• Related: Will 2019 be the year for first-home buyers in Canberra? 

The result comes after Canberra recorded its first Saturday clearance rate above 50 per cent in almost three months last weekend.

“It’s been really good this year; we have had really good numbers through open homes. It’s probably a lot stronger than it was in the last quarter of last year,” said Ms Burke.

“We noticed a slight change last year, but we were still selling properties, maybe not on the day but selling very soon thereafter. It’s just about getting that price right and, if there’s a slight adjustment, correcting it to that.”

There were 42 properties scheduled for auction this weekend. The market is set to ramp up next weekend with 77 properties going under the hammer.

Auction numbers are set to be higher than average as Canberra enters the autumn selling season.