Canberra auctions: Long-time family home in Kaleen sells for $1.325 million

A long-time family home in Kaleen sold under the hammer on Saturday for $1.325 million as crowds of neighbours packed the street and watched the proceedings.

The five-bedroom home at 15 Neales Street has belonged to the current owners for years as family members have grown up and flown the nest, according to selling agent Chris Fredericks of Luton Properties.

“It’s been a beautiful family home for the owners for the past 21 years,” he said. 

Bidding for the property kicked off with $900,000 from one of the four registered bidders. 

From there, bids rose in $100,000 increments to $1.2 million, and a couple of the bidders stepped aside.

Bids then increased in $25,000 increments, and negotiations between the buyer and seller encouraged a bid of $1.325 million, at which point the hammer fell. 

With around 50 groups looking through the property during the auction campaign, the result was largely unsurprising, Fredericks said. 

“[The result] was what we were expecting really; we were pretty much on the money,” he said. 

“Obviously, the tightening market made the owners slightly nervous, but the result achieved was where we wanted it to be.

“It was definitely on the level that the owners were happy with.”

The current owners of the home had purchased another to downsize, while the buyers were a young couple who will continue the legacy of the beloved family home. 

“[The buyers] are a young family, who actually have a boy who turned three today,” Fredericks said. 

“They missed out on a couple of other auctions but were really happy to come away with the chocolates today.”

Elsewhere, a property at 3 Galvin Place, Holt, sold at auction for $810,000 to a developer, said selling agent Michael Braddon of Blackshaw Gungahlin. 

Bidding for the home started at $700,000. From there, bids increased in increments of $25,000 as two bidders – both planning to develop the block – took the auction to a final bid of $810,000 in just five minutes. 

Braddon said it was no surprise that the bidders were looking to develop the land. 

“There was a lot of traffic throughout the campaign, which came mostly from developers … as were the bidders today,” he said. 

“The fact that you could develop the block, that it was over 100 square metres, and in such a good location were real drawcards to them.

“It was also not a surprise it ended up going to a developer as the block next door had already been developed too.” 

The final bid price for the property also wasn’t unexpected, Braddon added. 

“The campaign was great, and what happened with this property today is 100 per cent what we were expecting, if not more,” he said. 

“We were expecting it to sell for $800,000, so to get that extra with the $810,000 … the owners were very happy.”