Canberra auctions: Young families dominate as house prices soar past reserves

Canberra’s housing market continues to rebound with a wave of properties selling above their asking prices. Buyers are seeking updated homes requiring little or no work, and sale prices are supporting this trend.

Belle Property Canberra’s Sophia Spokes said the four-bedroom family home at 9 Rafferty Street, Chapman, attracted several offers prior to auction, but they decided to bring the auction date forward rather than negotiate a deal due to the strong interest.

Spokes said the property drew four bidders, all of whom were young families looking to upgrade.

The auction opened at $1 million with spirited bidding pushing the price above its $1.3 million expectation. The eventual sale price was undisclosed.

Spokes said solid prices were being achieved for homes where new owners don’t need to update.

“Buyers don’t want to have to renovate, so well-presented homes will attract multiple bidders and good prices.”

The immaculately presented Chapman home is on the high side of the street with views overlooking the Stromlo area, and includes a covered pergola for entertaining as well as an al fresco area and pool.

Irwin Property’s Jonathan Irwin also had a stellar result with the auction of the four-bedroom, three-bathroom home at 15 Stan Davey Rise in Coombs.

The property was advertised with an asking price of $1.2 million-plus with three registered bidders vying for the home before it sold under the hammer for $1.27 million.

Irwin said the property appealed to the buyer due to its central family-friendly location and it was also well-presented and offered quality guest accommodation.

Irwin also noted that properties that were already renovated or well-presented and had reasonable asking prices were continuing to sell at strong prices.

“It’s become expensive to renovate, so buyers don’t want to put time and money into that anymore,” he said.

The beautifully presented Coombs home is on a low-maintenance block of 540 square metres and is near Holden’s Pond, Molonglo River Corridor Reserve, the $7 million adventure playground and local schools.

The lower price end also performed well with first-home buyers out in force and securing homes prior to auction.

Nick Purnell from Purnell Real Estate sold a two-bedroom apartment at 31/47 Kennedy Street, Kingston, prior to auction for $607,000.

Purnell said the renovated apartment had been quoted with an asking price of $600,000 and sold to a first-home buyer.