Reid home breaks suburb record for undisclosed price

A heritage family home built in Reid in 1926 has broken the suburb record after selling at auction for about $4 million, Allhomes understands. 

The exact sale price of the five-bedroom house at 3 Geerilong Gardens, Reid, remains undisclosed, but according to selling agent Michael Pead of Belle Property Canberra, the house fetched in the vicinity of $4 million.

“I was a little uncertain about the price in the current market, but I was always confident that we would get close to breaking the record … the $4 million mark was always an optimistic price,” he said. 

The residence garnered about 11,000 online views, 90-plus groups through open homes, and about 200 email inquiries over the two-week campaign period, Pead added. 

He said the property’s popularity had a lot to do with the type of home and its location.

“Reid is one of the very few heritage precinct suburbs in Canberra, and the old-world charm of this home really made it popular,” Pead said. 

“It was built in the 1920s, and it’s really one of two suburbs in Canberra that offers this similar type of heritage feel, the other being Barton.

“This particular home’s popularity was also really influenced by turnover being rare in the suburb … properties don’t actually come up for sale all that much in Reid.” 

The house sits on a 1343-square-metre block, and features ample living space, outdoor entertaining areas and a heated in-ground pool, as well as high ceilings and cedar windows that amplify the heritage quality of the residence. 

Most inspections involved large families who were looking to upsize from their current homes, Pead added.

“I think, being the type of house it is, there are not many homes in Reid that offer the type of large-scale living,” he said. 

“It has five large bedrooms and a study and great segregation of living … the sellers always loved the home, and in a way are sad to see it go.

“With a home of this quality, I was expecting to be busy with it … quality homes on this end of the market are still performing really well, proven by the interest we had.” 

The vendors, who are empty-nesters, decided to part with the home in a bid to downsize.

The previous record for the suburb was held by 37 Booroondara Street, Reid, which sold for $3.55 million in March this year.