Mugga Way home almost triples its last sale price

Mugga Way has proved once again it is worthy of its status as Canberra’s ‘golden mile’ with No. 73 almost tripling its last sale price at auction last Saturday – the half-acre block sold for $3.16 million.

This comes just eight years after its last sale, in 2009, when the five-bedroom home sold for $1.3 million.

The house was originally built in the 1930s, and the current owner has completed extensive renovations and additions to the home. The selling agent, Mario Sanfrancesco of Peter Blackshaw Real Estate attributes the increase to these changes.

“The heart of the home has a wonderful outlook over the pool and the entertaining space, so we held the auction in the living area to add to the feel of the property’s superb location,” he said.

He described Saturday’s auction as positive all around.

“There was a wonderful atmosphere, with friendly neighbours,” said Sanfrancesco.

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Red Hill’s median house price is $1.3 million; however, Mugga Way continues to consistently exceed this.

In fact, the street is home to two of the highest-ever-recorded sales in the nation’s capital. In 2010, 27 Mugga Way sold for $7.3 million and in 2013, 20 Mugga Way sold for $7.2 million.

In 2017, seven properties on the ‘golden mile’ have been sold and all have been significantly over the $1 million mark.

The biggest sale this year occurred in February at 18 Mugga Way for $5.2 million.

Sanfrancesco said that Mugga Way is one of Canberra’s most desired addresses because of a multitude of reasons.

“It continues to hold its position due to the streetscape, proximity to Red Hill reserve and the largeness of the blocks,” he said.