First-home buyer nabs Wright townhouse for $730,000

A first-home buyer is the new owner of a three-bedroom townhouse in Wright after beating five other registered bidders in a fast and hard-fought bidding war on Saturday morning.

A dozen people gathered outside the residence at 59 Ulysses Circuit to watch it go under the hammer, with keen neighbours stopping by to see the action.

An opening offer of $650,000 started the proceedings and was quickly countered by a $10,000 raise. The first bidder increased the price to $670,000 before pulling out.

A tennis match ensued between the second bidder and a new party, with each countering the other with $10,000 and $5000 raises.

When the price reached $725,000, a fourth party made an effort to secure the property with a $1000 raise but the second bidder was ready to take it home, with the hammer eventually falling in their favour at $730,000.

Listing agent Bree Prince of Hive Property said the drawcards for the new buyer, a first-home buyer at that, were the location and presentation.

“It has views towards Mount Stromlo on one end and Telstra Tower on the other. The new buyer is a big bike rider – he heads up to Mount Stromlo every weekend so it’s very convenient to live near it now,” Ms Prince said.

“The townhouse was very well presented with well-maintained and mature gardens. The new buyer hasn’t seen anything of this calibre recently, so it was a great purchase for him.”

Ms Prince said she’d been in talks with the sellers for the past six months on the best time to list their home.

“They had been keeping up with the market trends and saw the really strong results in Canberra right now with the lack of stock and the increased buyer demand … so it was just the best time for them,” she added.

According to government records, the property was last purchased in 2014 for $591,732.

Further south in Duffy, a four-bedroom fully renovated home sold under the hammer for $830,000 with just one registered party who bid against themselves.

Bidding for the house at 6 Jindabyne Street was kicked off at $800,000 by the sole bidder, followed by a vendor bid of $820,000. From here, the bidder twice increased their offer by $5000, which was enough for the hammer to fall at $830,000.

“It’s a very practical family home with a large deck in the backyard and spacious living and bedroom areas,” selling agent Jacob Stanton of Independent Tuggeranong said.

“The eventual buyers were a young family so this home was perfect for them and only a short stroll to Duffy Primary School and the local shops.”

Speaking on the general market, Mr Stanton said buyer demand was still high, despite the pandemic.

“Clearance rates are still holding firm and that goes to show the increased confidence buyers have in the Canberra market,” he said.