Former Raiders captain Elliott Whitehead's Canberra house sale a sign of market adjustment

Stock levels are continuing to rise in Canberra, providing buyers with greater choice and increasing competition among sellers.

To secure successful outcomes, vendors are adjusting their expectations to align with current market conditions.

This trend is driving a surge in pre-auction sales, including former Canberra Raiders captain Elliott Whitehead’s house at 85 Tazewell Circuit, Nicholls, which has sold for $1.275 million.

Whitehead bought the property during Canberra’s peak two years ago for $1.3 million.

The latest sale was handled by Jonny Warren of Jonny Warren Properties, who noted significant interest during the campaign, particularly from buyers looking to relocate.

“It was a campaign with mixed emotions,” Warren said, adding, “Some buyers wanted a larger yard, while others were seeking a premium residence.

“Canberra’s market is about 10 per cent down on what it was two years ago, so the price achieved was above expectations.”

SOLD PRIOR TO AUCTION FOR $1,275,000!!!

85 Tazewell Circuit, Nicholls ACT 2913

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Warren said about 70 per cent of the agency’s listings were being sold prior to auction, adding: “There’s definitely a lot of stock on the market, giving buyers plenty of choice.”

Michael Potter from Michael Potter Real Estate has also had several properties sell before auction, including the four-bedroom house at 4 Piper Street, Ainslie, which changed hands for $1.25 million.

Potter said the property was originally listed at around the $1.3 million price point but feedback from the early inspections prompted an adjustment to about $1.25 million.

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4 Piper Street, Ainslie ACT 2602

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“We had a keen buyer and the vendors realised it was better to sell and get a good price than risk negotiating for a lower price after auction,” he said. “They were very happy with the outcome.”

The apartment market, however, is proving more challenging.

Warren recently sold a three-bedroom unit in Belconnen that was on the market for nine weeks before an offer of just $420,000 was secured.