Canberra auctions: Houses sell within minutes as buyer demand heightens

Canberra chalked up another weekend of incredible auction results as determined first-home buyers drove fast and furious sales that saw houses selling under the hammer within minutes.

Thousands of house hunters flocked to one of Canberra’s favourite spectator sports on Saturday, despite it being the Anzac Day weekend, in the hopes they’d walk away as new home-owners.

First-home buyers came out victorious at two separate auctions in Gilmore and Giralang, with the properties selling in less than five minutes for $710,000 and $750,000, respectively.

At the charming 8A Rolph Place, Gilmore, more than 20 people, including seven registered bidders, gathered in the backyard to watch the auction unfold.

Bidding kicked off at $620,000 before it was countered by a $5000 raise.

What followed was a tennis match between two parties, with each bidder upping the price by $5000 immediately after the other until the hammer fell at $710,000.

The auction was over in three minutes flat.

“The bidding was really aggressive between the two parties and they were both putting in really strong offers,” selling agent Lauren Laing of The Property Collective said.

“The opening bid already surpassed the reserve by $10,000. For a house to sell for $100,000 above its reserve is incredible.”

The new home-owners, a first-home-buyer couple, had been on the hunt for months and had been priced out at a handful of auctions, Ms Laing said.

“They only viewed the property yesterday and came today with the intent of owning it,” she said.

“They’re tired of looking for a home and really wanted to buy this one. They were in it to win it.”

Elsewhere, a three-bedroom home at 91A Canopus Crescent, Giralang, sold under the hammer for $750,000 in front of a crowd keen to see how much properties in the suburb were selling for.

Bidding for the home started at $700,000 and increased in $10,000 and $5000 bids until it sold for $750,000, selling agent Jack Doyle of Blackshaw Belconnen said. The auction was over in less than five minutes.

“We only had two registered bidders but that’s really all you need in an auction and if they really want the home, they’ll put in strong bids and that’s what happened today,” he said.

The Giralang auction was one of two properties Mr Doyle sold on Saturday morning.

“It’s unprecedented times we’re in and auctions are the much-preferred selling method these days. I’ve held 25 auctions so far this year. The amount of buyers out there is crazy,” he said.

The eventual owners of 91A Canopus Crescent, Giralang, were also first-home buyers.

Despite the Anzac Day long weekend, Lauren Laing said, buyers were out in force hoping to purchase something in a market with very low stock levels.

“Pre-COVID, you’d hardly have an auction on the long weekend,” she said. “You’d either have it on the weekend prior or the weekend following but because there are barely any houses for sale, [buyers] are willing to stay behind in Canberra and try their luck at any auction irrespective of a long weekend.

“With auction clearance rates so high, buyers are aware that they either bid now or miss out.”