Golden Mile home sets ACT sale record after 10 years

A five-bedroom house on Canberra’s “Golden Mile” has set a record as the highest sale price in the ACT, with 25 Mugga Way selling for $8 million.

Known as Woodleigh, the property sold via private negotiations last week. Selling agent Bill Lyristakis of Berkely Residential said he had no doubt the property would set a new benchmark price.

“We were always confident Woodleigh would break the Canberra residential price record,” he says.

“Buyers flew in from the US, Asia and the UK to inspect and negotiations were held in London subsequently.”

Living up to the prestigious strip’s reputation, the recent sale brings the ACT’s three highest sales to within eight addresses of each other.

The previous record was set a decade ago at the house next door, 27 Mugga Way, by Doug O’Mara, of Civium Property Group, for $7.3 million.

“I thought the record would’ve well and truly been broken by now, but that just goes to show how the quality of 27 Mugga Way really made a difference for buyers at the time,” O’Mara says.

The third-highest sale was at 20 Mugga Way, which was also sold by Berkely Residential for $7.2 million in 2013.

The home at 25 Mugga Way was built in the 1980s, and sits on 7963 square metres of prime Red Hill land.

“Woodleigh is an exemplary residential family estate of impressive proportions, home to the French Embassy in Canberra’s early years, and then re-created by the Smith family in the late ’70s with a new residence and major upgrades to the wonderful gardens,” Lyristakis says.

“Vendors Clive and Lynlea Rodger have owned the property for about 20 years and in that time have carried out extensive renovations spanning six months.”

Directly across from the main residence is an additional annexe with cathedral-high ceilings and its own kitchen and bathroom — perfect for a guest house or entertaining space.

Outside, the property boasts a 14-metre swimming pool and a full-sized tennis court. It’s surrounded by mature trees, an ornate water fountain and established gardens that had hosted musical events and garden shows over the years. The cherry on top is an underground wine cellar.

No stranger to property sale milestones, Lyristakis and his team at Berkely Residential have had a busy six months, with standout results at 3 Torres Street, Red Hill which sold for $6.95 million, nearby 11 Torres Street for $5.5 million, and the Kingston Tower Penthouse at $3.5 million, just to name a few.

But the record sale of 25 Mugga Way holds a special place for Lyristakis, who says his own personal history with the estate dates back to the late ’70s.

“As a young man in my late teens, I was absolutely mesmerised by the sheer scale and beauty of the estate. I used to go past every few days and gaze longingly, it was enormously inspirational to me.”

A name that is synonymous to the “Golden Mile” and Canberra’s suburb record-breaking sales is Mario Sanfrancesco, of Blackshaw Manuka, who holds the record for the highest-value sale via auction in the ACT. He says the sale of 25 Mugga Way shouldn’t come as a surprise and expects to see more movement at this end of the market over the coming months.

“I’ve seen some properties recently where if they were to come onto the market could potentially surpass that record. So, I think the market will be very interesting moving forward,” he says.

“What we’re finding is that more vendors are investing more money into their properties, so these established properties built on large parcels of land are drawing more attention now than the last couple of years and it drives up that price.

“We’re seeing an increase in the number of interested buyers in that prestige price bracket.”

Mr O’Mara echoed Mr Sanfrancesco’s thoughts, adding there was a “whole basket of homes in the ACT where construction costs are almost the same price as the house”.

“As houses get bigger and more luxurious, it’s a matter of time before that house price increases to reflect the investment that people are putting in capital structures. I think that $8 million mark will be surpassed and prices will be tested more regularly.”