Canberra Auctions: First-home buyers back in force as Gordon home sells for $1.005 million

First-home buyers were out in full force this weekend, paying a premium for quality homes that had been fully renovated.

The first sale of the day was the single-level family home on a generous 733-square-metre block of land at 54 Lewis Luxton Avenue, Gordon, which sold at auction for $1.005 million.

Luton’s Michael Martin said the auction attracted a strong crowd of 30 people and four registered buyers, with bidding opening at $900,000.

“We received $20,000 increments before bidding slowed at $985,000, with the property eventually selling to a first-home buyer,” he said.

“Canberra auctions are typically averaging two registered bidders on the day, and, with the owner of the Gordon home moving interstate for work, it was a great result.

“Throughout the campaign, there was strong interest in the four-bedroom, two-bathroom house which had been beautifully renovated.”

The modern home had additional living spaces, polished floorboards and expansive outdoor entertaining areas, which further added to its appeal.

Martin said the pause on interest rate rises had given buyers confidence so we should see stronger clearance rates going into summer.

While last weekend showed clearance rates had slipped below 50 per cent, buyers were still out in force with a wave of sales brokered either prior to auction or soon after.

For example, the auction of the modern home at 67 Hugh McKay Crescent in Dunlop was rescheduled for today but sold earlier in the week for $790,000.

Steve Lowe from Agent Team Canberra said they had two interested parties who had been waiting on finance approval, so they decided to postpone the auction until this weekend.

“There was strong interest in this home and we knew it was going to sell,” he said.

The quoting price for the property was advertised at $780,000-plus. The well-presented home was also sold to a first-home buyer.

Built in 2000 on a 447-square-metre block, the eco-friendly home features views of the Brindabellas with accommodation comprising three bedrooms and two bathrooms.

Elsewhere, a 774-square-metre block of land at 63 Downard Street, Calwell, was pulled from auction and is now for private sale.

Listed with VERV’s Jason Roses, the property is located in one of Tuggeranong’s most sought-after suburbs and has an asking price of $770,000.

The current home has suffered extensive fire damage so is being marketed to those seeking to build a new home from scratch.