Low number of sales at first Mr Fluffy auctions of the year

The first Mr Fluffy auctions for the year have delivered dismal results, with a clearance rate of less than 30 per cent

An auction event at Hellenic Club Woden on Thursday saw 93 sites go under the hammer, ranging in size from 606 square metres to 2088 square metres.

Colliers International ACT director of residential land marketing Shane Radnell said he wasn’t surprised at the low clearance rate.

“There were 93 blocks sent to the market, which is easily the largest amount of fluffy blocks to go under the hammer in the one day,” he said.

While the clearance rate was low, a number of blocks sold after auction, with some still under negotiation.

“We’ll continue to sell blocks post-auction and sales of those have been fairly consistent,” said Radnell.

Auctions kicked off with large blocks from the inner north and south, attracting opening bids of well over $1 million.

The biggest block on offer was at 75 Arthur Circle in Forrest. Bidding at the RZ1 heritage zoned block started at $2 million. It was eventually passed in at $2.2 million but is currently under offer.

The Forrest block was among three parcels of land with a heritage classification – the others being Barton and Griffith.

The Griffith block was the only one to sell under the hammer on the day. The site at 1 Stokes Street totalled 1055 square metres and was sold for $1.330 million – the highest sell of the day.

“For those higher-priced blocks, unless you get three or four bidders, it’s somewhat difficult to hit the expensive reserve prices,” said Radnell.

A Kambah site at 3 Jens Place was the lowest sale on the day, selling for $390,000.

• Related: New record for highest price paid for a Mr Fluffy block: $2.75 million
• Related: All former Mr Fluffy blocks set for auction by end of financial year 
• Related: Strong block sales help slash $100 million from Mr Fluffy bill 

Belconnen was the region with the most blocks on offer, with 35.

Sites at 33 Hannaford Street in Page and 8 Wakool Street in Kaleen were two of the most popular blocks, attracting many determined bidders.

There has been some controversy surrounding former Mr Fluffy blocks this week, with loosefill asbestos remnants found on a Griffith building site.

There was also bonded asbestos uncovered at a Macquarie block that was auctioned yesterday. The site at 37 Goulburn Place was passed in at $650,000.

The next Mr Fluffy auctions will be held on April 5, with the list of blocks advertised in this weekend’s Allhomes magazine.