Canberra auctions: Strong negotiations see Forrest home sell for $3.83 million

A home in Forrest sold under the hammer on Saturday following intense negotiations between a bidder and the sellers. 

The eventual buyers of the five-bedroom home at 36 Empire Circuit flew in from interstate on the morning of the auction and had been looking in the area for a while, said selling agent Mario Sanfrancesco of Blackshaw Manuka.

“The buyers are very happy, and we are always pleased when everyone is pleased, so it’s a great result all ’round,” he said. 

After a bit of encouragement to start the bidding, the first offer – of $3.1 million – came from one of two registered bidders. 

From there, negotiations moved back and forth between the active bidder and the sellers inside the home to come to a sale price that worked for both parties. 

After some time, Sanfrancesco announced the offer had been raised to $3.83 million, and with no further bids, the hammer fell. 

He said the buyers were always intending to secure a sale at auction, despite having to go through negotiations. 

“Basically, what happened today is no different to any other sale process; there is a buyer that makes an offer and a seller who has expectations,” he said. 

“I think the bidders knew that their initial bid of $3.1 million was not going to be enough to secure the property; we had discussions prior to the auction about realistic expectations.

“From there, they realised there’s an opportunity that, if we can agree on a price through the auction process, they will secure the property … and that’s what happened.” 

Despite having one active bidder on the day, Sanfrancesco said buyers who were in the market at the moment were still determined to buy, which was evident in today’s sale. 

“The number of inquiries here was definitely down, as it is for most properties at the moment, but we are still seeing good sales,” he said. 

“What we are finding is the buyers who have been searching and don’t have a property yet are making strong decisions now.” 

“Out of the last six auctions we have had, we have still sold five of them, including this one. ”

The current owners of the property are selling their home as they are moving interstate. 

Elsewhere, a four-bedroom house at 25 Strayleaf Crescent, Gungahlin, sold for $1.296 million, said selling agent Justin Taylor of MARQ Property. 

The auction followed a successful campaign drawing 85 inquiries and attracted 10 registered bidders, with five actively bidding for the home, Taylor added. 

“It was really great today … there was a huge crowd – probably around 80 onlookers,” he said. 

“We were quoting a guide of around $1.2 million to $1.35 million, so the home went slightly above the middle of that range.

“We also had a short campaign – it only went for 17 days – so the auction was on the third Saturday rather than the fourth. In this market, 10 registered bidders is very good.” 

The sellers are in the defence force and had been located elsewhere, and bought the home through Taylor back in 2014.