Auction Watch: Crowds brave cold at auctions across Canberra

A biting-cold wind wasn’t enough to turn away prospective buyers from auctions across Canberra on Saturday, including in Weston Creek.

Close to 60 people gathered to watch a property at 7 Mara Place in Waramanga sell under the hammer for $672,000.

More than 75 groups inspected the four-bedroom home, with nine registering to bid.

An opening bid of $520,000 rapidly climbed into the $600,000s, with lively bidding continuing until the hammer fell.

Luton Properties Weston Creek selling agent Justine Burke said the original owners had sold the house, reflecting how tightly held this pocket of Waramanga was.

The 987-square-metre block is located at the end of a quiet cul-de-sac, next to a reserve.

“It was a really good result,” Ms Burke said. “It’s got so much potential. It’s got a really good floor plan that’s quite modern for the time it was built so, there were a lot of people looking to renovate and there were a lot of people looking to extend as well.”

While the winter chill and a federal election might have turned away some sellers until spring, Ms Burke said demand for houses in the nation’s capital was exceeding supply.

Canberra’s clearance rate on Saturday came in at 74 per cent, according to Domain Group data.

“We just have so many buyers looking to get into the market,” Ms Burke said. “Stock levels are so tight. They are the lowest we can remember them, probably, in about four or five years. It’s a real sellers’ market.”

Canberra’s biggest sale of the day was 23 Pelsart Street, Red Hill, reaching $1,335,000 under the hammer.

Peter Blackshaw Real Estate Manuka agent Mario Sanfrancesco​ said the four-bedroom house attracted 11 registered parties and a very large crowd.

“It was quite a lengthy, competitive auction,” he said. “The overall result was a very good sale price. The buyers are extremely happy.”

Mr Sanfrancesco​ agreed demand was outstripping supply.

“Our stock levels at the moment for houses are probably the lowest we’ve seen for a number of years,” he said. “It’s likely at this point, the way demand and interest is travelling at present, the market may continue to head north.”

The day’s top sale was a  4 Arthur Circle, Forrest, which sold for $1,885,000 through McGrath Estate Agents Gungahlin.

The owners of the 1939 Kenneth Oliphant-designed house had lived in the home for 22 years before selling.