Canberra auctions: Yarralumla home sells for $1.885 million

A Yarralumla property fetched $1.885 million under the hammer on Saturday morning as Canberrans flocked to one of the city’s favourite spectator sports.

With face masks no longer mandatory – indoors or out – onlookers were out in force to watch auctions unfold across the capital, including the three-bedroom residence at 16 Schomburgk Street, Yarralumla.

Bidding kicked off at $1.6 million and increased in $100,000 or $50,000 rises until it reached $1.8 million, thanks to four of the 11 registered bidders.

From here, the price rose in smaller increments until it eventually sold for $1.885 million, selling agent Alexander Smout of Belle Property Canberra said.

“It wasn’t a slow, drawn-out auction at all. There were large increments of bids, which was fantastic,” he said.

“It was an exciting auction. It was fast, free-flowing and pretty electric.”

The property is currently leased on a month-to-month basis at $600 per week. 

The new home owners will use the house as a short-term investment property with plans to rebuild on the 681-square-metre block in the future, Mr Smout said.

“One of the drawcards of the property that brought so many interested bidders was the potential it had to be renovated or to build another dwelling on the land, which is in a tightly held suburb and region,” he said.

“Land is paramount at the moment, and [blocks are] few and far between, so that opportunity to own a parcel of land in the Inner South excited a few buyers and that’s what really pushed the sale today.”

It’s a strong rise from its most recent sale as the Canberra property market has boomed. Government records show the home was last sold in 2020 for $1.257 million.

Elsewhere, a three-bedroom property at 34 Warrumbul Street, Ngunnawal, sold for $832,000 under the hammer to a first-home buyer couple.

Bidding for the home was slow to start as auctioneer Frank Walmsley of Auction Advantage encouraged buyers to “give it a go” until a $750,000 bid was eventually made.

The price increased in $10,000 and $5000 bids until the hammer dropped at $832,000.

Selling agent Hugo Mendez of Hugo. Canberra said 15 parties registered to bid, of which three had participated.

“The bidders were a mix of couples and families looking to get into the area,” he said.

“It’s a suburb with a lot of families, and so naturally, we had neighbouring families come to watch the auction.”

More than 75 groups had been through the home throughout the selling campaign, and more than 30 contracts were issued, Mr Mendez added.

“We still have buyers from the beginning of the year trying to secure something, especially local families and couples,” he said.

“So, it was great to see a first-home buyer purchase something today after months of looking.”