Canberra auctions: Kambah home sells just $1000 above $900,000 reserve

A four-bedroom property in Kambah sold under the hammer on Saturday morning for $901,000, just $1000 above the reserve.

The residence at 30 Crozier Circuit spans 997 square metres of land and boasts open-plan living and dining areas and a spacious deck that overlooks the low-maintenance yard.

Selling agent Sean Rogers of Blackshaw Weston Creek & Molonglo said the property sold at auction with just one registered bidder.

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“We had a couple of other keen parties, but they were hoping it wouldn’t sell under auction conditions so they could purchase with a price guide,” he said.

“But the vendors were keen to get it done and were happy with the sale price, so those buyers missed out.”

Earlier, Rogers took the house at 26 John Gorton Drive, Coombs, to auction but it failed to sell under the hammer.

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“We had no registered bidders for that one, which I was quite surprised by because it had a fair bit of interest throughout the campaign,” he said.

“It’s just that people aren’t prepared to participate in the auction process, but I think once it’s priced, it’ll sell pretty quickly.”

Likewise, if the Kambah property failed to sell at auction too, Rogers said it would’ve sold shortly after via private treaty.

“When you sell via private treaty, it would usually take about four weeks to exchange, and anything could happen in that time,” he said.

“But an auction campaign is four weeks, and if you manage to get a deal done with one registered bidder, then the seller has certainty in getting a deal done under auction conditions and straight away … you’re not worse off.

“And if it doesn’t sell, you could put a price on it and sell it.”

Buyers, however, are hesitant about property prices, given that the Reserve Bank lifted the cash rate again to 4.1 per cent.

“The uncertainty around finances and interest rates is making buyers very nervous, especially first-home buyers,” he said.

“Those other buyers who fall outside of that category, while careful, aren’t as nervous, but they are wondering whether now is a good time to buy or not.

“But if buyer demand increases and stock levels remain low, prices will increase as we’ve seen previously. [Right now], everyone is at the beck and call of the Reserve Bank.”