Canberra auctions: Weston home sells under the hammer for $1.625 million

A former investment property in Weston has sold under the hammer for $1.625 million in a lively and fast-paced auction on Saturday. 

The auction of the four-bedroom home at 36 Cazneaux Crescent was held indoors to avoid the cold and windy weather, but things heated up quickly after consistent bidding pushed the home to its final sale price. 

“The result is above where we thought we would go, there’s no doubt about that,” said selling agent Tim Burke from Luton Properties Weston Creek and Molonglo Valley. 

Bidding kicked off when one of eight registered bidders offered $1.2 million. 

From there, a bid of $1.4 million came almost immediately from a second bidder. Bidding then bounced around in $25,000 increments between three of the bidders. 

Less than five minutes after the initial bid, the final price of $1.625 million was reached, and the hammer fell. 

With around 80 groups coming through the home and eight registered bidders on the day, the success of the auction was due to the home and its location, Burke said. 

“These new homes are still proving to be very popular, and they are bucking the trend of [the current market] a bit,” he said. 

“[In] the Molonglo space, the Weston space … the new homes are performing better and holding values higher than some of the more established areas these days.

“This spot continues to do well, and while it’s not very big, there are a lot of people who want to be in this area.” 

The home itself was built just nine years ago, and was used as a rental property until it recently became vacant. 

“The property was an individual build at the time. It was well constructed and well maintained, which was a big selling point,” Burke added. 

“This type of home is what is popular at the moment, and days on the market are quite short for them. 

“We got pre-auction offers, but the price we landed on today is definitely in excess of all of those.” 

Elsewhere, 45 Fergusson Crescent, Deakin, sold at auction for $2.25 million, said selling agent Alexander Smout of Belle Property Canberra. 

The auction of the four-bedroom home drew a big crowd of onlookers, and three registered bidders participated until bidding hit $1.85 million. 

From there, two bidders battled it out until $2.25 million was reached, and the hammer fell. 

During the auction campaign, there was a lot of online interest and large numbers viewing the home, with some interested in buying and others interested in just having a peak, Smout added. 

“We had a great turnout for this one, with a lot of interest coming from the home being in old Deakin, the Inner South and having mid-century architecture,” he said. 

“We had about 60-odd groups come through in a three week campaign, which were really strong numbers. 

“The home had been in the same family for over 60 years … homes are quite tightly held around here, so when they do come up they are well sought after.”