Auction watch: Clearance rate up and a record smashed

There may be less stock on the market at this time of year, but just as many buyers are hitting the auctions to clinch a home in the wintry months.

Bidding remained competitive and Saturday’s clearance rate of almost 70 per cent included a few surprise standouts and even a record sale.

About 50 people gathered on an oak-lined Red Hill street to watch seven registered bidders vie for a renovated 1950s home at 72 Monaro Crescent. Three active parties bid quickly in small increments, with the gavel eventually falling on $1,001,000.

Peter Blackshaw Manuka auctioneer Alec Brown said the property had a multi-faceted appeal, attracting buyers seeking a turnkey opportunity, as well as those with renovation or redevelopment plans.

Mr Brown said there was a shortage of inner south homes on the market, but there were plenty of eager buyers hoping to secure a property in the sought-after area.

“The registration numbers at auctions are a lot higher now than we’ve seen in the past couple of months,” Mr Brown said.

Registration was also strong in the north, where a Kaleen home exceeded agent expectations by about $150,000.

LJ Hooker Belconnen agent Robert Murphy said 23 parties registered to bid for the three-bedroom home on a 1071-square metre block.

The home was in its original condition, complete with an orange laminate kitchen, but Mr Murphy said that didn’t dissuade buyers – the block size and location were enough to attract strong interest.

“Every single buyer was interested in the block, not the house,” Mr Murphy said.

Mr Murphy said he expected the home would sell in the mid $500,000s, however bidding was fiercely competitive, lifting the price to $700,000.

A new suburb record was set in Watson when No. 9 Roma Mitchell Crescent sold under the hammer for $1,141,000. It smashed the previous suburb record by $91,000. 

Auctioneer Richard Luton said the former ActewAGL display home’s solar passive design and quality extension made the property a standout in the area.

Mr Luton was also behind the biggest sale of the day when his listing at 51 Brereton Street, Garran, sold for $1,670,000.

This week’s clearance rate of 69.4 per cent surpassed last week’s 56 per cent, according to Australian Property Monitors.