Canberra auctions: Weston shows its appeal as home sells for $1.75 million under the hammer

A home in Weston sold under the hammer for $1.75 million on Saturday in a lively auction held in the main living area. 

The property at 6 Fereday Street is in the newer section of Weston, which played a major role in its popularity and final sale price, according to selling agent Mario Sanfrancesco of Blackshaw Manuka. 

“We recently sold a home around the corner, which also had really great interest. So, we were expecting this one to go pretty well too,” he said. 

One of the six registered bidders kicked off the auction with a bid of $1.4 million. 

From there, bids rose in increments of $50,000 among several bidders until $1.6 million was reached. 

Bidding then increased in increments between $25,000 and $5000 in a few minutes of fast-paced rebuttals, which took the auction to the final sale price of $1.75 million, and the hammer fell.

Sanfrancesco said he was pleased with the auction and happy with the result. 

“I think auctions become a little bit more tricky when you do them inside because people are a little more quiet, but it was the perfect environment for it in this home,” he said. 

“It was a very open-planned living space, it was cold and windy outside, and we had very good interest in the home since we started marketing it.

“The result certainly wasn’t surprising for a home of this quality and in this location.” 

The auction campaign drew around 80 groups through the home, including plenty of buyers who were looking in areas in the Inner South, Sanfrancesco added. 

He said the growing appeal of the area caused buyers who were looking in areas like Deakin to consider a purchase in Weston due to better value for money. 

“We brought a lot of buyers who were looking in the Inner South towards this property … this sort of money in Deakin doesn’t buy you much,” he said. 

“Old houses in the Inner South sell for not much less than $2 million, and then if you build or renovate it becomes a $4 million property.

“These areas around Woden and Weston are becoming popular among people looking in the Inner South area for that reason.” 

The buyers of the home are currently renting and have been looking to purchase in the area for some time. 

Elsewhere, the home at 46 Dalley Crescent, Latham, also sold at auction for $818,000 on Saturday, according to selling agent Jeremy Grobben of Agent Team Canberra.

The property appealed to first-home buyers and investors, and the three registered bidders fell into one of these categories.

“First-home buyers are always a bit nervous at auctions, and investors tend to sit back and wait, but all three registered bidders placed a few good bids each,” Grobben said.

Averaging around 12 groups at each open home, Grobben said he was happy with the result.

“There have seen some quiet open homes that we have done recently, but this one had a really good turn out,” he said.

“The kitchen had been freshly painted; there was new flooring throughout … people really want a nice turn-key property at the moment.

“There was a good buzz in the air for this one … a young couple who were first-home buyers were able to buy their first home today.”