Canberra auctions: O'Connor home sells for $1.13m

With Canberra defying the national trend of softening house prices due to a short supply, it’s not surprising a three-bedroom O’Connor home on a 774 square metre block attracted a lot of interest.

The home at 26 Dryandra Street sold for $1.13 million under the hammer on Saturday morning. It last sold in 2008 for $620,000. 

There were six registered bidders at the auction and, throughout the campaign, 87 groups inspected the property. 

Bidding kicked off at $920,000 and was countered by a bid for $950,000. A bid of $955,000 was then accepted, but the bidding increments increased to $20,000. 

At $1.050 million, bidding slowed to increments of $10,000 and then $5000. 

The home was declared to be on the market at $1.1 million, before selling for $1.13 million. 

The buyers – a young family – were active through the auction, and countered almost every bid made by other parties. 

“The buyers were very determined from the very beginning to the very end; they were super keen and looked absolutely ecstatic at the end,” said Harcourts Belconnen listing agent Kostya Logvinov.

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Mr Logvinov said inner-north homes attract a lot of attention when they come onto the market and the cold weather is not a deterrent. 

“A lot of people think traditionally winter is a bad time to sell, but this sale has proven it can be quiet successful,” he said. 

“A four-bedroom home in O’Connor sold for $1.67 million a few weeks ago, so $1.13 million for a three-bedroom, one-bathroom home is great.” 

Mr Logvinov said the vendors are downsizing. 

According to the latest Domain data, O’Connor’s median price is $1.120 million. Last month, the inner-north suburb had a clearance rate of 77 per cent. 

There were 43 scheduled auctions across Canberra on Saturday. 

Click here to see the rest of Saturday’s auction results.