'There's no other like Carruther': $500 bid to secure Curtin home

A $500 bid was all it took for a buyer to take the keys of a four-bedroom Curtin home after a fast and fierce bidding war on Saturday morning pushed the price to $1,255,500.

On more than 1000 square metres, the auction of 51 Carruthers Street attracted more than 70 onlookers and eight bidders.

Auctioneer Michael Pead of Belle Property Kingston encouraged bidders to start the bidding process, noting “there’s no other like Carruther”.

The action kicked off soon after with a $1 million bid, quickly countered by a $25,000 raise. The price rose quickly through varying increments of $25,000 and $10,000 bids until the price reached $1.17 million.

A fifth bidder, a buyer’s agent, then entered the race, upping the price to $1.21 million, at which point Mr Pead announced the home was on the market. From there, bidding shortened to $5000 and $1000 increments, with an odd $2500 rise. 

When the price reached $1.244 million it was a two-horse race, with both placing $500 incremental bids.

The house eventually sold to a young family, who secured the home for $1,255,500.

Listing agent Louise Harget of Belle Property Kingston said the strong turnout would be a relief for Canberra agents, following the ACT government increasing the number of people at indoor and outdoor gatherings from 20 to 100 people on Friday.

“We’re back to normal and buyers are more comfortable attending and making a bid for a house,” Ms Harget said.

“We had eight registered bidders, which is a lovely change from the two to three bidders we had in recent months.”

According to government records, the home was purchased in 1994 for $200,000. It has been lovingly tended to over the past 25 years under the vendors’ ownership, Ms Harget said.

“To say that the campaign was busy would be an understatement. I spent so much time here in the past month, but that is a testament to how attractive the suburb is for buyers,” Ms Harget said.

“There is also a lack of housing stock at the moment, so competition is high when there is one on the market … buyers are out in full force.”

Elsewhere, in Chapman, a four-bedroom home sold under the hammer for $803,000.

The residence at 92 Darwinia Terrace attracted four registered bidders and a large number of onlookers, according to listing agent Mario Sanfrancesco of Blackshaw Manuka.

Mr Sanfrancesco said the vendors used the home as an investment and decided to sell after the tenants vacated.

Government records show the property was purchased in 2007 for $477,000.

“The house is still in very great condition and has the potential to change if the new owners wish to add an extension to the property,” Mr Sanfrancesco said.

“It’s in a highly sought-after and desirable suburb in Weston Creek.”

Mr Sanfrancesco echoed Ms Harget’s sentiments on the market, adding that the relaxed restrictions are “one step closer to a level of normality”.

“The number of people out and about has certainly increased and we’ve seen that recently, not only with today’s auction but the number of people who are attending our open homes,” Mr Sanfrancesco said.

“The combination of extremely low interest rates and the pretty tight supply of freestanding houses is driving the level of activity in Canberra.”