Partially renovated home in Pearce passes in at $1.4 million

A six-bedroom house in Pearce passed in on Saturday morning at a vendor bid of $1.4 million, with bidders reluctant to push their budgets.

The property at 20 Brinsmead Street is located at the foot of one of Canberra’s best walking trails, Mount Taylor Nature Reserve, and boasts views across Woden Valley and Black Mountain.

Listing agent Maria Selleck of Maria Selleck Properties said the double-brick home was partially renovated and extended while owned by the seller, who also built the property.

“This is the first time it’s listed on the market,” Ms Selleck said.

Bidding for the house started slowly but quickly picked up after the first bid of $1 million was called.

This was countered by a $50,000 increase before the opening bidder upped the price to $1.1 million.

The price increased in increments of $50,000 and then $25,000. One bidder offered a $5000 raise, which auctioneer Angus Macleod of Macleod Auctioneers didn’t accept.

A third bidder then entered the race with a bid of $1,225,000 before the opening bidder came back with a $1.25 million offer.

From here, the bidding reached a lull. After some time, Mr Macleod came back with a vendor bid of $1.4 million. After no further offers, the home passed in.

“Despite the result, I thought the auction went really well,” Ms Selleck said.

“We’re still negotiating with one of the bidders from today, and another party who came to the open-home inspection put in an offer. At this stage, we’re getting there but we’re not there yet.

“I want to ensure the home gets the best result it can get.”

Speaking on the general market, Ms Selleck anticipates a growth in the level of stock available to buyers.

“If you look at what’s available at the moment, there are hardly any homes but we are at the start of the year and I think we’ll see a trickle of new homes in the coming weeks,” she said.

“The demand has not stopped. The market will continue to flourish as we’ve seen in the last year.”