Canberra auctions: Farrer home sets suburb record with $2.21m sale at auction

The suburb of Farrer has a new suburb record after a five-bedroom home sold under the hammer on Saturday morning for $2.21 million.

The property at 125 Hawkesbury Crescent beat the previous suburb record by $110,000.

More than 30 onlookers gathered at the front of the property, keen to see if it would sell.

Bidding kicked off at $1.5 million and rose in $100,000 increments before shortening to $50,000 strides. At this point, four of the seven registered parties tried their hands at securing the keys.

When the price reached $2.05 million, it whittled down to a two-horse race, with the price increasing in $10,000 bids.

At $2.21 million and no further offers, auctioneer and selling agent Mario Sanfrancesco of Blackshaw Manuka sold the house, and the winning party erupted in cheers and tears.

“I’ve been dealing with the new owners for quite some time, and they’ve been looking for a house for more than six months now,” Mr Sanfrancesco said.

“It was competitive bidding from all the parties, but the winning bidders came with the intent and drive to buy it.”

During the four-week auction campaign, many prospective buyers were drawn to the property’s elevated position with views towards the Woden Valley. More than 150 groups inspected the residence during this time.

The sellers relocated overseas in the past year and with no intention of returning, they decided to sell it, Mr Sanfrancesco said.

Government records show the residence was last purchased in 2013 for $1.11 million. 

According to government records, Farrer’s previous record was set in 2020 for the house a few doors down at 117 Hawkesbury Crescent, which sold for $2.1 million.

Elsewhere, a three-bedroom house in Curtin sold at auction for $1.61 million in front of a crowd of more than 90 onlookers. It was the first time the property had been on the market in more than 50 years.

Selling agent Brett Hayman of Hayman Partners said the residence at 3 Byrnes Place, which occupies 1068 square metres of land, attracted more than 300 groups throughout the auction campaign and brought in 34 registered bidders.

Most of the interested parties were builders keen to knock it down and rebuild.

The eventual buyers, however, were a young couple looking to keep the property as-is and renovate the interior.

A bid of $800,000 started the proceedings, and from the get-go, bids were being called from every corner with the price increasing in varying increments of $100,000 and $50,000 offers.

It wasn’t long until Martin Faux, also of Hayman Partners, announced the home was on the market at $1.55 million. From here, the stride shortened to $10,000 increases, and after six offers, the hammer fell.

“I’m quite speechless about how the auction went,” Mr Hayman said.

“It was a bit of a frenzy. Clearly, there’s that fear of missing out from buyers right now, so that’s pushing strong results.”

Houses that have the potential to be knocked down and rebuilt are particularly popular amongst buyers, Mr Hayman said.

“There was a record-breaking sale in Curtin recently, which was a house that was also knocked down and rebuilt, so people know there is value in properties that have the capacity for either a renovation or a complete overhaul,” he said.

Curtin’s suburb record currently sits at $2.7 million for the residence at 11 Boucaut Place.