Canberra auctions: Tough weekend for vendors as many properties are passed in

Concerns of another interest rate rise have cast a shadow over Canberra’s housing market this weekend as buyers took the upper hand and many properties failed to sell at auction.

Despite the shift in sentiment, properties were attracting multiple bidders, with agents commenting that many were still going to sell at good prices.

The unique townhouse at 4 Strong Place, Belconnen, was a shining example. The property drew strong interest, but no bidders registered for the auction, so instead it was placed under negotiation with two conditional buyers.

Belle Property’s Leanne Palmer said she expected the quality two-bedroom townhouse – which has an asking price of $725,000 – to sell within the week.

According to Palmer, the property is unique and offers an immaculate home featuring a private in-ground pool and 98 square metres of living space. It is set on a 372 square metre block on its own title and located close to the Belconnen town centre with easy access to local parks.

“The townhouse will definitely sell as it’s a unique and beautifully presented property with its expansive accommodation and its own sparkling pool and gardens,” she said.

Palmer said that, overall, buyers were getting more hesitant to bid at auction, with many people preferring to negotiate afterwards.

“Properties are still selling but the market is different to what it was a year ago,” she said.

Connected Agency’s Joel Beard was also negotiating with two buyers after the four-bedroom home at 7 McGlinn Place, Gowrie was passed in at $1.2 million.

“We had 62 interested groups through the five open inspection days, with the campaign attracting two registered bidders on the day [of the auction]”, he said.

“One of the potential buyers is from New Zealand, with the other being a local family looking to upgrade into their second home.”

The modern family home has been fully renovated and is set on a substantial landscaped block of 1056 square metres. It last sold in 2010 for $655,000.

Elsewhere, at 20 Tompson Street, Garran, the beautifully presented three-bedroom house attracted a reasonably sized crowd at its auction, which lasted an exhaustive 35 minutes before it sold under the hammer.

Create Residential selling agent Jack Wilson did not wish to disclose the price but said they had been quoting around $1.25 million.

The home is set on an 823-square-metre block and is situated near the Garran shopping precinct, Canberra Hospital and a primary school.