Canberra auctions: Canberra’s auction market is heating up

Canberra’s auction market is beginning to heat up as summer approaches, but buyers remain selective.

While there is renewed activity, many potential purchasers are willing to wait for the right property, leading to a rise in sales occurring after the auction as vendors adapt their strategies.

Clearance rates picked up for the second week in a row with last weekend recording a 54 per cent rate, up from 49 per cent recorded a year ago.

Ray White’s Treston Bamber sold both his listings on Saturday, including the architect-designed residence at 49 Arndell Street, Macquarie, which drew four registered bidders before selling for $1.36 million.

Bamber said they were seeing more buyers for renovated properties, which were outperforming properties that require work.

“Home loan applications have been off the charts over the past few months but buyers are willing to wait for the right property.”

In one of Dickson’s most sought-after pockets, the charming and unique residence at 47 Dutton Street sold under the hammer for $1.36 million.

Bastion Property Group’s David Stokes said the sellers had owned the ex-government property since the 1960s, adding, “It was a unique home, so it attracted strong interest, with around 30 to 35 groups through.”

In Braddon, the expansive two-level residence at 13 Farrer Street was passed in at auction at a bid of $2.3 million.

Carter and Co agent Nik Brozinic was negotiating with the top bidder and was hopeful for a sale on the day at around the mid-$2.5 million mark.

Set behind a private hedge on an expansive 1022-square-metre landscaped site, the impressive house features three living spaces, four bedrooms, two bathrooms, an in-ground swimming pool and a double garage.

In Monash, the well-presented house at 5 Fisk Street was passed in through Luton Properties and is now on the market for $889,000.

Situated in a quiet street on an 856-square-metre RZ2 zoned site, the freshly painted house has a generous floor plan with four bedrooms and two bathrooms.

Agent Josh Wilson said the market was still a bit up and down, but they were still achieving some quick sales at good prices.

During the week, Moria Maloney from Maloney’s Property sold two properties in Ainslie at auction, including the two-bedroom house at 3 Gillen Street, which achieved $1.05 million and 11 Lalor Street, which sold for $910,000.

Ray White sold a three-bedroom townhouse at 25/27 Cromwell Circuit, Isabella Plains, for $652,000 and a three-bedroom house at 11 Cumbrae Place, Kambah, for $645,000. The three-bedroom property at 1610/49 Furzer Street, Phillip, was advertised at $735,000 plus and transacted for $755,000.