New sale records are set in Banks and Denman Prospect

New suburb price records have been set in Banks and Denman Prospect after properties there sold for more than $1 million and well over $2 million, respectively.

The residential sales benchmarks now sit at $1,376,500 in Banks and $2.35 million in Denman Prospect.

The five-bedroom house at 18 Orange Thorn Crescent, Banks, sold under the hammer on Sunday after a short auction campaign.

“In the current market, a two-and-a-half week auction campaign is all you need to sell a house,” said selling agent Jonny Warren of Jonny Warren Properties.

“In the lead-up to the auction day, we had more than 100 groups through the home and a number of pre-auction offers.” 

Bidding for the property started at $980,000 and swiftly made its way to the eventual sale price, thanks to eight of the 11 registered bidders. The buyers were a local family looking to upsize.

“[They] found the house from the marketing video, as did many other parties,” Mr Warren said.

“It had 25,000 views from Canberra alone and brought in 36 inquiries, so that goes to show that marketing does pay off.”

Government records show the property last sold in July 2019 for $980,000.

Mr Warren’s marketing methods have earned him a number of recognitions at the REIA Awards – both nationally and within the ACT – as Marketer of the Year. 

Banks’ previous suburb record was set by the property at 13 Galbraith Close, which sold for $1.21 million in 2020. The latest sale surpassed that record by $166,500.

Meanwhile, a five-bedroom home at 15 Jamrozik Street, Denman Prospect, has sold via private treaty to an O’Malley resident looking to downsize, selling agent Hamzah Asfour of Kolak Living said.

Mr Asfour said the buyers were attracted to the Kolak Living-built property’s high-end inclusions and its location to the city and Belconnen town centre.

“It was a former display so you can imagine that about it, [and] the block size and views [were] second to none,” he said.

“It’s won a number of awards, too, including a Master Builders Association award and a Housing Industry Association award for how it was built.”

The previous Denman Prospect record was set earlier this year by the property at 16 Jamrozik Street, which sold for $2.169 million. This latest sale surpassed that by $181,000.

Mr Asfour said he believed the sale would hold the top residential sale price “for some time because there aren’t many properties like this in this suburb”.

Forty-five suburb sale records have been set thus far in 2021 in Canberra and its surrounding NSW regions.