Million-dollar sales set new highs in Palmerston and Monash

Canberra’s property market is pushing full steam ahead, with price records tumbling for the suburbs of Palmerston and Monash.

The property at 87 Weddin Circuit, Palmerston, sold at auction for $1.455 million, beating the previous suburb record by $80,000.

Selling agent Stacy Otero of Blackshaw Gungahlin said the property was a “consistent performer” throughout the auction campaign, with multiple groups coming through the home.

“We only had six open for inspections and had more than 100 groups through it,” she said.

“And on the day of the auction, we had more than 30 people gathered around the house … mostly neighbours who wanted to check out how much the house would sell for.”

Bidding for the residence started at $1.1 million and increased in $25,000 increments until it reached $1.4 million, thanks to three of the six registered bidders.

“From there, bids were increasing by $10,000 until the hammer fell,” Ms Otero said.

The new home-owners were a young family who had moved from Victoria and had been on the hunt for a house for a while, she said, adding: “The sellers held the home for almost 30 years and decided to sell it because they wanted to move interstate.”

Palmerston’s previous record had been set by 66 Weddin Circuit only days before No. 87 sold.

“I think this most latest sale will hold the record for a little while longer because there aren’t many properties of this calibre on the market, but anything can happen,” Ms Otero said.

Meanwhile, the residence at 7 Punch Place, Monash, sold via private negotiations for over $300,000 more than the previous suburb record of $1.05 million.

Selling agent Sophie Luton of Luton Properties Manuka, was unable to disclose the exact sale price.

The property had passed in at auction in June but a handful of buyers registered their interest in the home after the auction, Ms Luton said.

“It only sold two weeks after the auction, which is quite rare in the market, but regardless, interest for the home was still strong and it came down to two buyers who were really fighting it out in private negotiations,” she said.

Ms Luton said she had been confident the home would surpass the previous record, which was held by the house at 5 Hawken Street.

“This was a large house with multiple entertaining areas,” she said. “When we looked at recent sales in the surrounding suburbs reaching up to $1.5 million and $1.6 million, we knew this was a home deserving of pushing that benchmark for Monash even further.

“It may encourage [owners of] other properties in this area to also take advantage of the market conditions and sell their own property which could help alleviate that demand.”

The new owners of 7 Punch Place were a local Canberra family who had been on the hunt for a house in Monash,” Ms Luton said.