Record Mr Fluffy block sale among mid-week auctions of central Canberra sites

Almost $18.5 million was paid for 19 former Mr Fluffy blocks at a competitive auction on Thursday.

The blocks, primarily situated in Canberra’s central suburbs, included a record sale price for a remediated parcel with $1,902,000 paid for a 1157-square metre block at 258 La Perouse Street in Red Hill.

It tops last week’s $1.9 million sale of two neighbouring blocks at 18 to 20 Sabine Close in Garran.

Prior to Thursday’s auction, the most paid for a single block was $1.45 million for a 1081-square-metre block at 33 Arthur Circle in Griffith.

Other major sales on Thursday included 13 Mitchell Street, 1 Blaxland Crescent and 77 Flinders Way in Griffith, which sold for $1.68 million, $1,521,000 and $1.4 million, respectively.

A 1549-square-metre block at 54 Vasey Crescent in Campbell was the biggest northside sale, commanding $1.57 million.

Blocks in Ainslie, Aranda, Hackett, Narrabundah and Watson were also auctioned on Thursday.

More than 100 parties registered to bid for the 19 blocks, which achieved a 100 per cent clearance rate. 

Most sold under the hammer and two sold immediately after the auction to the highest bidder.

Independent Property Group director of project marketing Wayne Harriden said bidders were a mix of builders and owner occupiers, with builders favouring the larger corner blocks ideal for dual occupancy properties.

Mr Harriden said the blocks, particularly those on the periphery of the central suburbs, represented exceptional value.

“The thing that makes me continually scratch my head is that they’re cheaper than you’d pay in the greenfield sites,” Mr Harriden said.

“The square metre rate paid in Aranda, which is a beautiful and highly sought after suburb, is exceptional value.”

A 784-square-metre block at 93 Bandjalong Crescent and a 809-square-metre block at 130 Bandjalong Crescent in Aranda sold for $635,000 and $645,000, respectively.

By comparison, blocks in the new Gungahlin suburb of Taylor ranged from 250 to 587 square metres and sold for between $221,000 and $383,000.

“It’s taken a long time but people are now realising [the remediated blocks] represent a great opportunity and they’re coming out in droves,” Mr Harriden said.

Mr Harriden said the agency’s next Mr Fluffy auction in May will be a full-day event with about 50 Belconnen and inner north blocks set to go under the hammer.