'This is a surprising scenario': Palmerston home sells after first bid

A three-bedroom home in Palmerston in a quiet cul-de-sac sold under the hammer on Saturday morning for $870,000 after just a single bid.

The property at 12 Archel Place on 536 square metres had only one active party on the day. 

The eventual buyer kicked things off by placing an initial bid of $850,000, which he raised to $870,000 after some encouragement. 

The property was immediately announced on the market by auctioneer Frank Walmsley of Auction Advantage and with no further offers, the hammer fell.

Mr Walmsley said the bidder “needs to be congratulated for the strategy”. 

“What I found remarkable was the strength of the bidder using one bid and then moving against himself in his opening bid,” he said. 

“That was a remarkable effort by him to take control of proceedings.”

Selling agent Hugo Mendez of Hugo. Canberra said the whole of the auction campaign was a success.

Overall, 80 groups inspected the property, prompting 25 contract requests, Mr Mendez said.

“We had six registered bidders, that were a mix of couples, young families, and singles,” he said.

“The person who bought [the home] actually bought it to live in, as he is moving into Canberra.

“Every auction is different, so you just run with it while it’s happening, really”

Elsewhere, a home in Aranda at 46 Nungara Street also sold on Saturday for $1.8 million, drawing “the biggest crowd I’ve had for months”, selling agent Symon Badenoch of Badenoch Real Estate Sales said. 

The four-bedroom residence, which sits on approximately 886 square metres, attracted big numbers all throughout the auction campaign, with four parties registering to bid. 

Mr Badenoch said the large numbers were due to many factors. 

“[The viewers] were not just buyers, but also locals who wanted to see what happened, because there is not much else going on the market in Aranda,” he said. 

“People were also looking because Aranda is obviously a suburb in demand in Belconnen, due to the location.

“There are cafes around, and it is quite a popular spot that isn’t far from O’Connor now, so I think people who are looking at the Inner North are also looking at Aranda as well.”

The residence is nestled in the surrounding bushland, filled with a modern interior and the warmth provided by timber floors and window frames throughout. 

A serious contributing factor to the large numbers during the campaign was the seller, a “lovely Italian man who is a long-term resident of Aranda,” Mr Badenoch added. 

“He is a big part of the community and everybody in the neighbourhood knows him, which is part of the reason there was such a large crowd. 

“He has loved the home and has renovated it all the way through. It’s sort of been his pride and joy.”