Auction Watch: Strong sales across Canberra mirror spring season

Spring might still be a few days away but robust sales across Canberra on Saturday mirrored real estate’s silly season with a number of auctions cracking the million-dollar mark.

Warmer weather drew large crowds to a number of auctions across the capital, including the sale of one of Yarralumla’s original houses at 23 Hutchins Street.

Peter Blackshaw Real Estate Woden and Weston Creek agent Shane Killalea said 20 registered parties – “the most I’ve ever had” – tussled for the 1017-square metre property in front of a crowd of about 120.

It eventually sold for $1,630,000 – about $230,000 over the reserve price.

The sale contributed to a clearance rate of 79 per cent on Saturday, according to Domain Group data, surging ahead of the 65.7 per cent and 53 per cent clearance rates recorded over the previous two weeks.

Mr Killalea said the new owner, a Yarralumla local, was looking forward to building “a nice home” on the block.

“There’s an extra kick in the market as far as interest coming from buyers, mainly as there’s still a shortage of properties to choose from,” Mr Killalea said after the sale.

A growing number of listings might not be enough to address a shortage of stock. Over-flowing demand for houses has characterised the ACT’s winter auction market this year.

Peter Blackshaw Real Estate Manuka agent Mario Sanfrancesco said Saturday’s flurry of activity was indicative of what would be a “very active spring”.

“Without a doubt we will see some more stock on the market but I’m not sure the level will satisfy a pent-up demand particularly for houses, free-standing properties and lower-maintenance properties for down-sizers,” he said.

One of Mr Francesco’s listings, a house at 40 Derwent Street in Lyons, attracted 15 registered bidders and sold for an undisclosed price after a “hotly-contested” auction. 

Across town a modest 1940s house at 22 Frome Street in Griffith is destined for a renovation or a date with the wrecking ball.

A crowd of about 50 people witnessed an opening bid of $850,000 climb to the million-dollar mark before the successful buyer sealed the deal with a final bid of $1,020,000.

Selling agent and auctioneer, Dan McAlpine of Belle Property Kingston, said a Weston Creek family seeking a move to the inner south had bought the property.

He attributed the recent flurry of activity in the ACT property market to some strategic planning as agents braced for an October ACT election, school holidays and two long weekends over the next couple of months.

To see the full list of Canberra auction results, touch or click here.