Canberra auctions: Garran home breaks suburb record with $2.35m sale

A five-bedroom house in the Woden Valley sold under the hammer on Saturday morning for an eye-watering price of $2.35 million, setting a new record for the suburb of Garran.

Despite the fog that settled on 27 Rusden Street, close to 30 people, including five registered parties, gathered in the front lawn keen to see if the home would sell.

A $1.8 million offer kicked off the bidding process before it was countered by a $1.9 million bid. The price then increased in $100,000 strides until it reached $2.3 million, thanks to three parties.

The opening bidder then shortened the pace to $50,000, which was all it took for auctioneer Dan McAlpine of Belle Property Canberra to drop the hammer.

The eventual buyers were a local Garran family who wanted to remain in the area.

Allhomes understands the previous suburb record was set just two weeks ago at 57 Dennis Street, which sold for more than $2.1 million. This latest sale surpassed that price by six figures.

Selling agent Steve Whitelock, also of Belle Property Canberra, had no doubt 27 Rusden Street would sell at a “premium price”.

“During the course of the three-week auction campaign, we had more than 100 groups through the house. It was interesting that there were so many buyers looking for a house within that $2 million price range,” Mr Whitelock said.

The sale comes after the latest Domain House Price Report for the March quarter 2021 showed houses in the Woden Valley region surpassed the $1 million mark for the first time. The median house price there now sits at $1,062,500.

“Homeowners in the Woden Valley are starting to realise the potential and the amenities on offer here. It has quality schools, Canberra Hospital is around the corner and buyers get more bang for their buck here, while also being close to the Inner South,” Mr Whitelock said.

“I think now that the median is just over $1 million, we’ll see more $2 million sales because there are a number of quality homes.”

Meanwhile, a first-home buyer snapped up a two-bedroom house in Ngunnawal for $600,000.

Selling agent Gary Woo of Independent Inner North & City said the property at 10 Carara Close attracted 60 groups throughout the auction campaign and brought in seven registered bidders on Saturday morning.

Bidding kicked off at $550,000 and increased in $10,000 increments until the hammer fell at $600,000 to the opening party.

“It was a really short auction and by the third bid, it was already on the market,” Mr Woo said.

“The eventual buyer, a first-home buyer, had been priced out at a few other auctions so it was good for them to walk away as a homeowner.”

The sale comes after the federal government announced help, ahead of the budget on May 11, for first-home buyers amid soaring house prices. 

Treasurer Josh Frydenberg said another 10,000 places would be added to the First Home Loan Deposit Scheme for newly built homes. This allows first-home buyers to save as little as 5 per cent for a house deposit, with the government acting as guarantor. 

The federal government will also increase the maximum amount of superannuation contributions that can be released under the First Home Super Saver Scheme to be used to save for a first-home deposit. First-home buyers will be able to release $50,000 whereas previously, it was capped at $30,000.

“We have so many first-home buyers who are constantly priced out at auctions so it’s positive news that they’re given another incentive to help them,” Mr Woo said.