First-home buyers nab Queanbeyan West home for $721,000 at auction

A three-bedroom home in Queanbeyan West sold under the hammer on Saturday morning after an intense and fierce bidding war between eight parties pushed the price to $721,000.

More than 30 people gathered in the backyard of 14 Graham Place, including 16 registered bidders keen to get their hands on the keys.

Selling agent Eliana Rojas-Terry of Independent Tuggeranong said the new buyers has been looking for the perfect home for quite some time.

“They attended a few auctions previously but never bid. This was their first time bidding and it went in their favour,” Ms Rojas-Terry said.

She said the young couple were ecstatic with their buy. They were very relaxed at the auction and were the last bidder to enter the race for the keys.

The auction kicked off with a $505,000 offer before it was countered by a $25,000 raise. 

The price quickly made its way to the $700,000 mark, rising in increments of $25,000, $10,000 and $5000 thanks to seven bidders.

One party tried to up the price by $1000 but auctioneer David Holmes of Metro Auctions would not accept anything less than $5000.

The eventual buyers then entered the race with a $10,000 increase.

From here, it whittled down to a two-horse race, when Mr Holmes started accepting $1000 bids. The stride then shortened to $500 offers. The hammer eventually fell at $721,000, surpassing the reserve by $51,000.

According to government records, the house last sold in 2010 for $505,000.

There were six open-home inspections through the four-week auction campaign and more than 130 groups went through the property, Ms Rojas-Terry said.

“The majority of the bidders who had a crack at the property today all came through the house in the first week the house was listed,” she said.

“That gives you an indication of the lack of stock on the market because these bidders maintained interest from the very first week up until auction day.

“That feeling of wanting the house became a need and that was evident with today’s auction, as half of the registered bidders made a play for the house.”

Ms Rojas-Terry attributed the auction’s success to preparation.

“We spent a lot of time ensuring the property was prepared, styled and looked its best, so when buyers came through they didn’t have to do anything other than move in,” she said.

“Our vendors, who have recently relocated interstate, were pleased that all these things came together come auction day.”