Canberra auctions: Waramanga record broken with $1.225 million sale

A Waramanga home broke the suburb record at auction on Saturday morning, after it sold for $1.225 million.

According to Domain data, the home at 38 Yiman Street broke the previous suburb record by $225,000. It is the second sale over $1 million in the suburb.

The four-bedroom home was built eight years ago, but presented as brand-new. Independent Property Group Woden and Weston Creek listing agent Jonathan Charles said this was a major selling point for buyers.

The home sits on a 694-square-metre block and features include three living areas, two ensuites, a northerly aspect at the rear and a home theatre room.

Among the large crowd at the auction, there were seven registered bidders and four of those participated in the contest for the keys.

Bidding for the home kicked off at $900,000, and was countered by a bid for $950,000. The first party fought back with a bid for $1 million.

Bids moved in increments of $25,000 until the price reached $1.1 million. From this point, there were increments ranging from $5000 to $20,000.

At $1.225 million, auctioneer Andrew Potts confirmed to the crowd the home would be selling, and, shortly after, the hammer fell.

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Mr Charles said it was an upgrade for the buyers – a young family who already live in the area.

The previous suburb record was held by a home a few doors down – 26 Yiman Street, which sold for $1 million in November 2017.

Mr Charles said he was “pumped” to break the suburb record and the sale indicated Waramanga was an in-demand suburb.

“The sale was significantly above the suburb record, and if you have seven bidders vying for the home it suggests the market is strong,” he said.

“There were multiple people bidding at above-record price so I would suspect people are very keen for the area.”

Waramanga’s median house price is $660,000.

The wider Weston Creek region has recorded a median house price growth of 1.5 per cent over the last year – below Canberra’s overall growth of 4 per cent. 

Historically, November is the biggest month for auctions in the nation’s capital with this year looking to be the same.  There were 86 scheduled auctions on Saturday, with 87 scheduled for next weekend.