Kambah sale breaks Tuggeranong house price record by more than $100,000

Tuggeranong’s house price record has been smashed by more than $100,000 as more buyers turn their attention to the ACT’s southernmost region.

The four-bedroom house at 43 Mount Vernon Drive in Kambah’s Gleneagles estate sold for $1.4 million.

It breaks a previous record of $1,295,000 set by the sale of 94 Allchin Circuit, also in Kambah, in 2012.

Selling agent Rob Cappuccio of Peter Blackshaw Real Estate Woden and Weston Creek said buyers who had traditionally searched for property in Canberra’s inner south, Woden and Weston Creek were beginning to recognise the value of buying in Gleneagles and beyond.

He said comparable properties in the estate were more affordable than in these neighbouring regions, yet only a short drive away.

“Essentially, you can drive to the city without having to drive through one set of traffic lights,” he said.

Tuggeranong’s range of services and schools also beckoned families a little further south, particularly those with work in Greenway.

The region’s new record is well above Kambah’s median house price of $570,000.

The Mount Vernon Drive property was passed in at auction on March 25 and sold by negotiation about 30 minutes later.

Mr Cappuccio said a young Canberra family snapped up the property. It backs onto a golf course and nature reserve and features an in-ground pool.

The agent said feedback from prospective buyers inspecting the house in the lead up to the sale was above and beyond the typical responses shared.

“Normally when you have a house on the market you might receive a fairly balanced opinion but this was just overwhelmingly positive,” he said.

Mr Cappuccio said the Kambah sale, which is among a string of suburb records broken in the first few months of 2017, reflected confidence in the Canberra market.

“Buyers are starting to recognise value in areas they haven’t investigated previously,” he said.

“Confidence is by far the biggest reason these kinds of results are happening…coupled with fear of a lost opportunity.”

Three other suburb records have been cracked across the ACT so far this year.

Each inner north suburb is now home to a million-dollar house after a record-breaking, $1,009,500 auction in Downer in early March.

A February auction in Florey set a new suburb record of $840,000.

Forde is also home to a new record of $1.4 million following a March auction.

It comes off the back of a record-breaking 2016 when 36 suburb records were smashed.