Canberra auctions: Mid-century Hughes home sells for $1.605m after being passed in

A mid-century modern home has sold for $1.605 million after it failed to find a buyer under the hammer on Saturday morning and post-auction negotiations pushed the price up by more than $300,000.

Despite drawing interest from almost 200 groups and five registered bidders, the three-bedroom house in Hughes was passed in at $1.3 million. 

A crowd of 50 people had gathered for the auction of  14 Pope Street, watching on as the bidding started at $1.1 million, then jumped to $1.2 million and $1.25 million as three parties competed for the keys.

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Two more offers took the price to $1.3 million, at which point the bidding stalled and auctioneer Steve Whitelock of Belle Property Canberra passed the home in.

However, shortly afterwards, the highest bidder and the seller were able to reach a deal of $1.605 million, said selling agent Josh Yewdall, also of Belle Property Canberra.

“There were a lot of nerves today and I guess that got to the bidders, but a lot of [buyers] are out and about,” Mr Yewdall said.

“This is a house that people fall in love with. It appeals to a certain demographic of buyers who enjoy a mid-century type of home and that’s who eventually purchased the house.” 

Mr Yewdall said he had been seeing strong demand from a range of buyers across the market, driven by low interest rates and the fear of missing out.

“Throughout the four-week auction campaign, close to 200 groups walked through the house … that shows how many buyers there are,” he said.

“A lot of people are out and about right now looking to buy and, as we head into autumn, that buyer demand will continue.”

Records show the sellers bought the home for $620,000 in 2007. 

Under their ownership, the home — which was built in 1966 — was kept in its original condition, with modest changes made to the wallpaper and flooring.

Canberra agents are adamant the level of buyer demand will continue into autumn as aggressive property-hunters push to buy before prices increase further.

Elsewhere, a three-bedroom house in Narrabundah sold for $1.115 million under the hammer in front of a crowd of more than 70 people.

Bidding for the residence at 30 Wambool Street was intense from the start, with auctioneer and selling agent Stephen Thompson of LJ Hooker Manuka describing the auction as “electric”.

“It was probably the most competitive auction we’ve had in the past year,” he said. 

“Buyers are frustrated because there’s nothing else available so they are bidding with purpose and intent. People are either trying to get into the market or buy a property sooner rather than later before prices increase, which will likely happen.”

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The auction drew 14 registered bidders, and more than half of them tried their luck for the 591-square-metre property.

Mr Thompson said he had noticed a change in the demographic of buyers in the capital in the past six months.

“Previously, people moved here for work purposes from the heart of Melbourne and Sydney,” he said. “But now, residents who live in those outer-city suburbs are moving here too, escaping the congested suburban life … and looking for a lifestyle change.”

Canberra’s thriving property market and its ability to control the spread of the coronavirus were a drawcard for this set of buyers, Mr Thompson added.

“The banks are lending more, interest rates have [dropped] and the city’s COVD-19 situation is giving buyers confidence to buy now.”