Canberra auctions: Isabella Plains home sells for $452k

Marketed as an urgent sale, an Isabella Plains home was sold at auction for $452,000 on Saturday morning. 

The three-bedroom home at 73 Werriwa Crescent had a price guide of $399,000+ and there were seven registered bidders. 

Peter Blackshaw Tuggeranong listing agent Rhys Summergreene said there was a lot of interest for the property. 

“The price wouldn’t have been that high through private treaty,” he said. 

“Before auction we were getting offers of $420,000, but there is no way the price would have gotten up to $452,000 without an auction.

“It was an absolute cracker.” 

The auction kicked off with an opening bid of $320,000. and moved in increments of $10,000 until the price reached $390,000. At this point bidding increments decreased to $5000, $2000 and $500. 

Altogether there were 34 bids, and the eventual buyer ended up securing the home after only bidding twice. 

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Mr Summergreene said the main demographics looking at the home were first home buyers and downsizers. 

“There were a lot of investors sniffing around the property but investor loans are harder to get at the moment, they really didn’t have much luck,” he said. 

The buyer has a young family and intends to renovate the home over time according to Mr Summergreene. 

The last sale on Werriwa Crescent was in April at No. 60 for $515,000. 

Isabella Plains median house price is $562,500 according to the latest Domain Group data. 

Despite tighter lending conditions and the ACT experiencing the biggest drop in housing finance in the latest ABS figures, Canberra’s auction clearance rates have remained steady. 

Auction market’s in other capital cities have been in decline, with Sydney experiencing one of its lowest clearance rates in 10 years last weekend. 

Tuggeranong’s auction market has been one of the strongest performers in recent times.