Canberra auctions: Hackett home sells under the hammer for $910,000

It’s the Canberra suburb where the majority of houses sell via auction, and on Saturday morning a Hackett home continued this trend, selling under the hammer for $910,000.

The classic red-brick Canberra home at 13 Gilbert Street has undergone renovations over the past four years, and buyers were keen to snap up the three-bedroom property.

Luton Properties Dickson listing agent Jenny McReynolds said all of the three registered parties were owner-occupiers.

“It’s mostly the case in Hackett, people want to live here, they are not investors,” she said.

Bidding was slow to get off the mark, but eventually a young family kicked off the bidding at $800,000. This was countered by a bid of $820,000.

The two parties fought it out, bidding in increments of $20,000, and then $10,000. When the price reached $880,000 one of the parties dropped out and instructions were sought from the vendors.

Ms McReynolds liaised between the vendors and highest bidders, who agreed to increase their bid to $905,000, and the home was declared on the market.

The third bidder, who had remained silent throughout the auction, then placed a bid for $910,000, a knockout bid that meant they walked away with the keys.

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“It was a great result, Hackett is great,” said Ms McReynolds.

“Bidding was competitive, which is good in the current market given the banking royal commission and the fact there’s a lot of houses coming onto the market.”

According to Domain Group data, in the 12 months to July 2018, 57.8 per cent of houses in Hackett sold auction. This is significantly higher than the Canberra average of 32.4 per cent.

Hackett’s median house price is $850,000. According to Pricefinder, 13 Gilbert Street last sold in 2013 for $570,000.

“In five years’ time, Hackett will be a very different property landscape, and will experience a wave of change with the introduction of light rail,” said Domain senior research analyst Dr Nicola Powell.

There was a drop in auction numbers on Saturday, with only 42 homes scheduled for auction in the Canberra region, down from 62 last weekend.

The number of auctions will pick up slightly next weekend with 56 homes scheduled to go under the hammer.

Historically, November is the biggest month for auctions in the nation’s capital.