Canberra auctions: Four-bedroom Isaacs house sells for $805,000 under the hammer

A house in Isaacs fetched $805,000 under the hammer on Saturday morning, after the successful buyers swept in towards the end of the auction.

The crowd of about 25 that gathered at the auction was treated to a competitive show with four registered bidders participating in the process.

The four-bedroom property at 12 Ringrose Crescent sits on a block of 478 square metres and has been recently renovated.

Proceedings kicked off with a bid for $650,000. This was countered with a $660,000 bid from another party.

Bidding moved in increments of $10,000 between the two, until $710,000 when a third party entered the fold.

At $760,000 a bidder attempted to shorten the stride to $5000 but this was not accepted. There was a further $10,000 advance before a smaller rise was agreed on.

• Related:  ‘Stage fright’: Bidders hold back at Deakin auction 
• Related: Gutted Kambah home on quarter-acre block fetches $425,000 under the hammer 
• Related: As Kambah home passes in, agent says buyers waiting for stamp duty changes

At $780,000 the fourth registered party entered the competition for the keys.

Increments of $5000, then $2000, brought the price to $800,000, at which point proceedings halted.

The auctioneer, Anthony McCormack of Luton Properties Woden, went to seek instructions from the vendor and, on returning, declared the home for outright sale.

This motivated one of the underbidders to place an increase of $1000, but a quick reply brought the price to $805,000 and the hammer fell shortly after.

Mr McCormack, who was also the listing agent on the property, said the buyers were downsizers who had recently sold a larger family home.

“They wanted a low-maintenance home, which Isaacs is renowned for,” he said, adding they particularly liked the home because of the easy-care yard and the new fit-out.

Domain’s Property Price Forecast this week predicted Canberra house prices will recover by year’s end. Mr McCormack said that recent auctions he has held have been strong, and he felt “the market has bounced back a bit”.

While house prices in Canberra have declined in recent times, Woden Valley houses have remained relatively steady. In the first quarter of the year, house price growth in the region was up 6.7 per cent. Mr McCormack attributed Woden’s performance to its geography.

“People like the area because it is close to the hospital [and] a major town centre, and Canberra’s major road systems run through the region,” he said.

“It ticks a lot of boxes for a lot of people, families and downsizers. It’s a strong area.”

Not including those sold prior, there were 18 auctions scheduled on Saturday.

Auction volumes have been down in recent weekends but will pick up next Saturday with 50 properties scheduled to go under the hammer. This comes as the ACT’s new stamp duty concession scheme kicks off on Monday. First-home buyers, under an income threshold, will no longer pay stamp duty on any property – new or established.