Million-dollar sales set new records in Yarralumla, Hughes and Bonython

The south of Lake Burley Griffin has a buzz in the air with residential sales records set in Yarralumla, Hughes and Bonython.

The new benchmark now sits at $6.4 million in Yarralumla, $2.975 million in Hughes and $1.39 million in Bonython.

At 2 Blakely Row, Yarralumla, selling agent Alexander Smout of Belle Property Canberra had been quietly confident the property would set a new record for the suburb.

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“There was another property that sold for around the $5 million mark, so we knew we might get a similar price, if not higher, but we didn’t know by how much,” he said.

The sale beat Yarralumla’s previous record by $350,000.

“On the day of the auction, we had five bidders, and the bidding process started at $5 million, followed by a $5.5 million bid,” Smout said.

“Bids increased by $100,000 until it reached $6 million before another bidder put in a $6.1 million offer. We passed in the property not long after that.”

Post-auction negotiations took only 45 minutes for a sale to be achieved.

The residence boasts a 10-car garage, a basement with lift access to the three-level property, as well as a pool and spa.

“This is an impressive house … with all the bells and whistles you’d expect from an architect-designed home,” he said.

“When a house sells for a high price, naturally, other home owners in the area may look to sell as well, but unless something within the embassy streets of Yarralumla on 1500 square metres of land listed on the market, I can’t see this price tag being beaten for some time.”

Elsewhere, the four-bedroom home at 6 Wylly Place, Hughes, beat the previous suburb price by $335,000.

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Selling agent Mario Sanfrancesco of Blackshaw Manuka, who is no stranger to record-breaking sales, said the latest result was a testament to the newly-built home’s high-end inclusions and floor plan.

“It was a knockdown-rebuild, built only 2 years ago … the kitchen was spectacular, and the transition from the living to outdoor areas was seamless,” he said.

The property sold under the hammer thanks to three bidders on a day that Sanfracesco described as “an auctioneer’s dream”.

“The weather was great, the turnout was strong, and the bidding was reasonably competitive,” he said.

Throughout the sale campaign, Sanfracesco said interest came from buyers looking for properties in the Inner South, but their interest spilled into the Woden Valley region.

“There are some great homes in this region, and I’ve seen some amazing new homes that, should they come onto the market, will set a new record,” he said.

Sanfrancesco also broke the suburb record in Bonython for the property at 4 Hocking Place, surpassing the previous benchmark by $160,000.

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“We weren’t expecting a record sale, but we had a feeling it was going to,” he said.

The five-bedroom house boasts views of Black Mountain to Tuggeranong Hill and the Lanyon Valley.

“The owners have lived in the house since it was built, and I think the great views was the selling point here … it’s the ideal family home,” Sanfrancesco said.

This time last year, suburb records were set almost on a weekly basis, a situation that has softened in recent months.

“There’s a lot of talk in the media about the level of uncertainty around the economy and interest rate rises but what the latest records prove is that marketing pays off,” Sanfracesco said.

Smout added that high-quality homes were “getting the recognition they deserve and great prices that would’ve been achieved even at the height of a good market”.