South Canberra home sells for impressive sum in strong market

A family home in South Tuggeranong exceeded all expectations at auction this weekend, selling for an impressive $1,431,000 under the hammer on Saturday morning. 

Jonny Warren of Jonny Warren Properties was delighted with the result achieved for 23 Orange Thorn Crescent in Banks.

After sitting on the market for just three weeks, the architect-designed, split-level house drew three registered bidders, and the auction started off at $1.3 million.

In the end, the four-bedroom family home – which boasts an impressive main-bedroom suite, open-plan living and dining, and decks on both the upper and lower levels – sold for well over the suburb median of $744,000. 

Warren said the campaign had been strong, with plenty of interest throughout, thanks to the home’s prime location backing onto the Rob Roy Range Nature Reserve and to their pre-market efforts repainting and landscaping. 

The successful buyer obviously had their sights set on the peaceful, family-friendly suburb, having unsuccessfully bid on a neighbouring property in Galbraith Close the week before.  

Warren said he felt the market had gotten off to a strong start for 2025, but that the impending rate cut announcement could make it slightly more unpredictable. 

“It could do one of two things, which is to send a mad demand of houses to the market and create a big rush, [or] it might saturate the market,” he said.

“We are seeing really strong activity out there at the moment, but pricing-wise – outside of the auction today, which was a crazy outcome – I think prices are still sustaining, and we haven’t seen an increase.”

Over in Canberra’s north, however, a brand-new four-bedroom, three-bathroom property was passed in at auction.

Despite drawing a large crowd, there was only one registered bidder for 10 Berry Street in Downer, but agent Jason Annason of Goodhaus Property was confident that there was continued interest in the property. 

Annason indicated that some interested parties were held back by poor timing, with properties to sell or finances pending, among other reasons. 

“There are a few parties who aren’t comfortable transacting through auction at the moment, so they would much rather see a price on it and are more comfortable transacting through a private treaty sale,” he said. “That’s what the next steps are for this property.”

Based on Domain data, house prices in Downer have increased by 7.2 per cent over the past 12 months, with the median sitting at $1.18 million.

Annason said that, overall, he felt the market was holding stable, with very strong numbers coming through properties.