Canberra auctions: Strong prices recorded as buyers focus on renovated houses

Luxury homes and updated family residences have become the most popular properties to purchase as buyers continue to shift away from dated homes needing renovation.

Mark McCann from McCann Properties said the Canberra housing market had returned to normalcy, and there was a definite shift towards good-sized properties that didn’t require work.

This trend was notable over this week’s auctions, with a wave of quality homes sold.

At the mid-week auction of 8 Pearson Place, Holder, bidding opened at $900,000 with four buyers vying for the fully renovated four-bedroom family home.

It sold under the hammer for $1.105 million to an interstate buyer relocating from South Australia.

McCann said the property sold above the reserve and was appealing as it was in a prized cul-de-sac with fully updated accommodation and well-cared-for established gardens.

“The three other bidders were young families who lived locally.

“We’re finding that properties that require work struggle a bit more due to the uncertainty around the cost of renovating and inflation,” he said.

“Quality properties which have already been updated are attracting the buyers and continuing to sell at good prices.”

Set on a block of 947-square-metres, the four-bedroom home offered expansive living and dining areas, two bathrooms, an outdoor entertainment deck and a convenient location near Weston Creek, Cooleman Court Shopping Centre and public transport.

The vendor had retired and was relocating interstate.

Strong results continued on Saturday with Kate Billson from Independent Property Group selling the luxuriously presented four-bedroom, three-bathroom home at 13 Heseltine Street, Denman Prospect, immediately after the auction.

Billson said that while the selling price was undisclosed, the property drew four registered bidders with an initial asking price of around $1.5 million. The property sold close to that figure.

The Mayfair-built contemporary home featured expansive living areas with sweeping views of Canberra from the main bedroom.

In Lyneham, The Property Collective’s Bhavya Gupta sold the immaculately presented three-bedroom townhouse at 157/50 Ellenborough Street for $1,435,000.

Backing onto the Yowani Golf Course and located in the exclusive Sanctuary development, the property attracted three registered bidders, with two parties competing for the home at auction. It is one of only four single-level homes in the development and was pitched to downsizers.

At 1 Scottsdale Street, Lyons, the smartly presented four-bedroom home offered through Hive Property’s Matt Shipard was passed in at auction.

Extensively renovated with quality finishes and fittings throughout, the home is on an 815-square-metre block.