Canberra auctions: Renovator snaps up O'Connor home for $1.015m

A quieter long weekend was preceded by strong buyer activity during the week, with first-home buyers continuing to dominate sales.

But after a long sabbatical due to soaring building costs, renovators are making a comeback, particularly for properties in premium locations.

At a twilight auction on Thursday, a house in a premium O’Connor location sold under the hammer for $1.015 million.

Belle Property Canberra selling agent Alexander Anlezark said four registered bidders fought it out for the original-condition two-bedroom home at 7a Faunce Crescent.

Anlezark said about 15 parties attended inspections during the campaign, and most were primarily interested in the property’s location and potential.

On a 453-square-metre block in a tightly held enclave, the free-standing residence is in a quiet street just a couple of hundred metres from the O’Connor village shops.

The house features high ceilings throughout, a functional kitchen and a bathroom.

Its appeal was the unbeatable setting close to popular cafes and restaurants as well as schools, buses, parks, and all that the Inner North has to offer.

The prestigious suburb of O’Connor has been setting new benchmarks recently, with the median house price soaring by 33.6 per cent over the past five years to $1.45 million.

On Saturday, the distinctive custom-designed family residence at 22 Florence Fuller Crescent, Conder, was passed in at auction.

Irwin Property’s Jonathan Irwin said they were negotiating with one potential buyer.

The property was custom-built for the current owner and features panoramic views of the mountain ranges. It offers four bedrooms, a study, generous living and dining spaces, a rumpus room, two bathrooms, a powder room, and two covered outdoor entertaining areas.

Irwin said first-home buyer activity had picked up, with an apartment selling at a record price during the week.

Located at 8/86 Mawson Drive, Mawson, the stylish one-bedroom, one-bathroom apartment sold privately for $521,000.

Irwin said it was a record price for a one-bedroom apartment in the complex and the suburb.

“We had two first-home buyers battle it out with multiple offers during the campaign. The ground-floor apartment was more like a townhouse with its own courtyard,” he said.

Overall, Canberra’s housing market is showing signs of growth with clearance rates edging upwards after the first weekend in March saw it climb to 57 per cent.