Canberra online auctions: Amaroo home sells for $1.15 million after close to 100 bids

A five-bedroom Amaroo home sold under the virtual hammer on Saturday after a fast-paced and hard-fought bidding war pushed the price to $1.15 million.

There were 94 bids for the home, via AuctionNow, which beat its reserve by $150,000.

The double-storey residence at 10 Ashbrook Street sits on 782 square metres of land and features spacious bedrooms, living and kitchen areas. The timber deck also has a built-in spa and is surrounded by gardens.

With 13 registered bidders, proceedings kicked off with an opening bid of $850,000.

This was countered by a $25,000 raise before a third bidder entered with a $900,000 bid. The opening bidder then increased the price by $10,000 before a fourth bidder made a $950,000 play.

At this time, the third and fourth bidders declared they were out, leaving the opening parties to battle for the keys.

The price rose in varying increments from $10,000 down to $500 and, after half an hour and 94 bids, the virtual hammer fell at $1.15 million.

“This was our most successful online auction since we started doing them,” said listing agent Sophie Luton of Luton Properties Manuka.

“This sale just shows that despite the restrictions that are affecting the market, there are strong results that are happening.”

Ms Luton said the new auction methods have an even bigger reach than a traditional auction.

“Usually we’d have a crowd of around 50 people [at traditional auctions] … but today, 74 people turned in to watch,” Ms Luton said.

“Online auctions give people a better and easier option to stay at home and view the auction from the comfort of their couches.”

Amaroo’s median house price is $691,000, up 0.9 per cent year-on-year, according to the latest Domain House Price Report. The sale of 10 Ashbrook Street surpassed the median by $459,000.

Allhomes data showed the property was last purchased in 2006 for $492,500.

Ms Luton said the vendors bought the home as a single-level, four-bedroom property and extended the house over time. 

The new buyers are a local Amaroo family looking to buy within the suburb.

Elsewhere, a three-bedroom home in Gordon passed in at $520,000.

According to listing agent Quinton Hodgkinson of Hodgkinson Real Estate, the home at 12 Midge Street went under the virtual hammer via Allbids.com.au.

“We had two registered bidders for the home but couldn’t get the amount that we wanted so it passed in with the vendor’s bid at $520,000,” Mr Hodgkinson said.

“There were several other parties who were interested in the property but didn’t have their finances ready.”

Mr Hodgkinson noted this was his first online auction since the restrictions came into effect and said the new landscape will take some time to get used to.

“I find that buyers are still quite cautious at the moment but it’s the new norm and they will adapt soon,” he said.