Canberra auctions: Quality homes ignite bidding wars due to limited supply

The scarcity of quality homes for sale is fuelling bidding wars, with buyers competing fiercely at auctions, leading to a surge in property sales this week.

Canberra’s auction clearance rates have been seesawing between 50 per cent and 68 per cent over this winter season but standout properties continue to perform well, with agents reporting multiple bidders at auction.

Sophie Luton of Luton Properties – Manuka sold the stylish single-level dual occupancy house at 34 Ingamells Street, Garran, under the hammer on Saturday for $1.635 million.

The beautifully presented house offers three bedrooms, two bathrooms and a double garage, and sits on a generous 471-square-metre block.

Auctioneer, Richard Luton said the property had attracted strong interest throughout the campaign and five registered bidders on auction day.

He also had a successful auction result with the $2 million sale of the fully renovated, four-bedroom, two-bathroom house at 1 Wood Place, Chifley.

Luton said there had been four registered bidders vying for the property.

Set on a substantial 1101-square-metre corner block, the impressive house with sweeping views is located in a highly sought-after pocket of Chifley near key amenities including Woden Westfield.

Both Garran and Chifley continue to be solid suburbs in which to buy, with the median house price in Garran rising by 4.9 per cent over the past year to reach $1.5 million.

Units in Chifley have recorded one of the strongest price growth rates over the year, soaring by a staggering 22.6 per cent to a median of $886,000, while its median house price has remained stable at $1.025 million.

Elsewhere on Saturday, The Property Collective’s Lisa Silberberg sold the meticulously presented house at 6 Menzies Court, Banks, for an undisclosed price in the mid-$900,000s.

Silberberg said the campaign had attracted a range of buyers, including young couples and first-home buyers.

“We had five registered bidders on the day before selling the property to an investor who intends to eventually move into the house,” she said.

Set on a sizeable 888-square-metre site in a quiet cul-de-sac and with stunning mountain views, the spacious turnkey property comprises three bedrooms, two bathrooms and a three-car garage plus double carport.

Weekday auctions are also continuing to produce strong results.

On Wednesday, Ray White Commercial sold the three-bedroom house at 1 Wentcher Place, Richardson, for $813,000 while the apartment at 296/12 Limburg Way, Greenway, changed hands for $423,000.

The one-bedroom apartment features a study and prized views to Lake Tuggeranong.

On Thursday, Ray White Canberra’s Vince Pinneri sold the three-bedroom, two-bathroom property at 85 Kavangal Circuit, Ngunnawal, for $750,000.