Canberra auctions: Duffy home sells for $725k

A “blank-canvas”, three-bedroom home in Duffy sold under the hammer for $725,000, exemplifying Weston Creek’s strong auction market.

Approximately 70 people gathered to watch the auction on Saturday morning with 12 registered parties in the crowd.

The house at 10 Somerset Street sits on a 746-square-metre block and LJ Hooker Dickson listing agent Nic Salter-Harding said most buyers were looking to renovate or extend the home.

“Duffy is well-liked and highly sought-after. I find that good, blank-canvas homes like this tend to get a lot of interest,” he said.

Bidding got underway for the home at $600,000 and quickly progressed in increments of $20,000 until the price reached $680,000.

It then moved in increments of $10,000 and $5000.

Bidding halted at $710,000 and Salter-Harding negotiated between the vendor and highest bidders – a young couple.

The young couple raised their bid twice to $715,000 and then $717,500, and the home was declared on the market.

At this point, new interest entered the competition with a bid for $718,000 and a new bidding war started. However, the home eventually sold for $725,000 to the young couple.

“I was expecting a pretty decent result considering the amount of people we’ve had through but things have been a little tougher out there with bank approvals taking longer and people are finding it harder to get ready for auction,” said Salter-Harding.

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Salter-Harding said he believed the purchasers were first-home buyers who didn’t have immediate plans for extensive renovations.

In recent months, Weston Creek’s auction market has been one of the strongest performers in the ACT. In July, the region recorded the second-highest clearance rate of 72 per cent.

“To me, Weston Creek is what the central, inner suburbs used to be a year ago,” said Salter-Harding.

“Those places have reached a price point that is unattainable for the majority of the population and so those people have come to seek value in Weston Creek.”

According to the latest Domain data, Weston Creek’s median price is $660,000. Duffy’s median is slightly higher at $662,250.