Chapman home sells for $1.34 million at auction, fought mostly in $1000 bids

A four-bedroom home in Chapman sold under the hammer for $1.34 million on Saturday morning in a fierce bidding war fought mostly in $1000 bids.

Although light flurries of snow fell across the capital, more than 30 people gathered in the front yard of 49 Doyle Terrace to spectate one of Canberra’s favourite sports.

Bidding for the property kicked off at $900,000 and was quickly countered by a $950,000 offer.

One more bidder threw their hat in the ring, and the price climbed in $50,000 and $25,000 bids.

When the price reached $1.3 million the sale whittled down to a two-horse race between the opening and second bidder.

The stride then shortened to $5000 and the house was declared on the market at $1.32 million.

From here, both parties increased the price by $1000 offers and the hammer eventually fell at $1.34 million to the opening bidder.

“It was a crawl to the end but it went really well, despite the Antarctic winds blowing throughout the auction,” auctioneer and listing agent Robert Westropp-Evans of Blackshaw Manuka said.

“Everyone we expected to register did register. We had four bidders with three of them actively participating.”

Mr Westropp-Evans said about 20 to 25 groups came through every open home.

“In my 40 years of being in real estate, 49 Doyle Terrace is right up there in terms of presentation and the quality and fixtures and fittings throughout the property,” he said.

“It’s a quality home that has been extended twice and renovated under the vendor’s ownership and that really attracted the buyers.”

Elsewhere, a five-bedroom property in Campbell sold under the hammer for $1.3 million.

Listing agent Samantha Granter of Belle Property Kingston said the auction at 3 Butler Place started off slow but “slowly picked up and eventually sold above the vendor’s expectation”.

“Bidding started at $1.1 million and we had four registered bidders who all tried their hand in the bidding process,” Ms Granter said.

She said the vendors had decided to part ways with the property after relocating to Sydney.

“Under their ownership, they redid the kitchens but the structure of the house is in its original condition,” Ms Granter added.

“The new buyers will be undergoing renovations to make it their dream family home.”

In terms of the market more broadly, Ms Granter said the level of sales activity in Canberra had been very “hot”.

“With spring right around the corner, I think we’ll start to see more sellers return to market which is great because we have the buyers,” she said.

“Buyers are competitive right now and … that buyer appetite has only pushed Canberra’s median auction price to a record high.

“So the market is still holding strong and I expect that to continue.”