Canberra auctions: Banter-filled bidding sees Hughes home sell for $1.26 million

A home in Hughes sold for $1.26 million on Saturday in an auction filled with laughs and encouragement from the auctioneer, agent and the bidders themselves. 

The three-bedroom house at 10 Pope Street attracted three registered bidders on the day, two of whom took the reins and bid directly against one another in a friendly competition. 

“Today was a great turn out, and was overall very entertaining … a great result, sold off expectations,” said selling agent Jacob Stanton of The Property Collective.

Bidding began with an immediate offer of $1 million. From there, offers went back and forth between the two participating bidders, increasing by $50,000, followed by two $25,000 jumps, and then rising by $30,000 or $20,000 until the price reached $1.2 million. 

Offers then increased in increments of $10,000 until they hit $1.24 million and auctioneer Andrew Potts of Independent Gungahlin announced the house was on the market. 

Friendly banter between the two participants then began, with both bidders jokingly encouraging one another as they placed bids increasing by $5000 and $2500. 

Finally, the price of $1.26 million was reached and, as one bidder chose to pull out, the hammer fell. 

A variety of interested groups came through the home during the campaign, Stanton said. 

“The numbers were pretty consistent over the four-week campaign; we had around 10 to 12 groups coming through on the weekends, and good numbers coming through during mid-week inspections as well,” he said. 

“There was also a strong online presence too, and a good number of views garnered from the Allhomes listing.”

He said two investors and one live-in owner had registered to bid for the home, “which was pretty reflective of the variety of people we were seeing during the campaign”. 

Stanton added that the auction result sat just above the expected and advised sale price given for the home, which was appropriate for what was available.

“We were guiding pretty transparently for above $1.2 million, so the home sold for around the expectation based on comparable sales,” Stanton said. 

“In the market, for what it is at the moment, we are seeing a little bit more uncertainty, but in the end, the home sold for a fair and reasonable price. 

“The home ended up going to an investor, who actually already lives in the street, which I think really goes to show that this area is extremely desirable, and this particular home is too.” 

It’s the first time the home at 10 Pope Street, Hughes, has hit the market in 57 years, and the combination of long-term care and modern improvements helped it reach a sale, Stanton added. 

“We have been helping the family from the very start of the sales process, redoing the home to make it as attractive as possible,” he said. 

“We put in new flooring [and] lights, we updated the blinds, we even did some gardening and styled the home too. 

“We made it look as presentable as we could, and I think it was a great investment for today’s eventual buyer.”