Auction watch: Year begins with a single sale in Spence

A four-bedroom house in a quiet Spence cul-de-sac kicked off the year’s auctions.

It was the only home to go under the hammer in Canberra on Saturday.

More than 50 people gathered at 5 Standbridge Place to watch four registered parties vie for the renovated home.

While the home passed in under the hammer, it sold immediately after auction for $672,000 through Belle Property Kingston agents Louise Harget and Dan McAlpine.

Mr McAlpine said the property received strong interest throughout the course of the campaign, with prospective buyers drawn to the home’s family-friendly layout and quiet, elevated position.

Behind its unassuming facade, the house was beautifully renovated and included many character features including timber details and a spiral staircase.

Domain chief economist Andrew Wilson tipped the peaceful Belconnen suburb as one of 2017’s rising stars.

Dr Wilson said Spence had experienced solid growth in recent years, yet it still offered value when compared to adjacent suburbs.

Mr McAlpine said stock levels were low at this time of year, however there were plenty of eager buyers looking for a home.

He said there were typically three groups of January buyers: those who missed out in the busy spring season, those who sold in spring and newcomers to Canberra.

“This time of year works well from a selling perspective,” Mr McAlpine said.

“Year on year, we often find some of the best results in January for that reason.”

Mr McAlpine said strong numbers were also recorded at open homes.

“Clearly there are buyers out there, it’s just a case of having the stock to show them,” he said.

Auctions will remain light throughout January. Just eight properties are set to go under the hammer in the ACT next weekend.

Allhomes.com.au has 10 properties listed for auction the following week.

The market picks up in the first weekend of February, with 45 homes listed for auction.