Convent in Red Hill changes hands in $6.2 million deal

In one of the year’s top property sales in the ACT, a convent owned by the Carmelite Order sold under the hammer for $6.2 million on Saturday.

The historically significant home on 28 Mugga Way in Red Hill sits on a rare 5000-square-metre landholding that was once owned by former Australian Prime Minister Billy Hughes prior to 1936.

The eight-bedroom dwelling also comes with an architecturally designed chapel connected to the main residence.

Agent Mario Sanfrancesco of Blackshaw Manuka said there was intense interest during the marketing campaign, with 170 inspection groups touring the property, but only three registered bidders on the day.

“It wasn’t a fast-paced auction, we required some patience, and only two bid in the end,” he said.

“Given the type of property and current market, [overall] it was a positive result. The vendors were delighted with the [offer] and are very pleased it was sold to a local family who have intentions to make it their home.”

Sanfrancesco says the higher end of the property market is still performing well in the ACT with a good depth of buyers both local and interstate.

“But they are discerning with what they’re after,” he explained. “If the property isn’t right, they are likely to move on or wait for something else. 

“There is a push toward homes that have had work done to them already – something that’s newer, renovated or already extended – as opposed to older style homes.”

The latest Domain House Price Report reveals Red Hill is one of the few Canberra suburbs to record growth, with house prices increasing six per cent to $2.2 million over the past year.

The median house price for Canberra dropped to $1,081,227 over the September quarter.

Sanfrancesco said prospective buyers currently in the market for a substantial home should be mindful that listings tend to slow down as December approaches.

“Whatever [you] see available is probably it up until potentially February next year,” he said. 

“For sellers, presentation marketing can make the biggest difference between selling or not. Strategy is more important now than it has been previously.”