Canberra auctions: Buyer activity picks up despite interest rates holding steady

Buyers are warming up to the new financial year despite no further interest rate cuts. Steady demand and improving clearance rates are driving renewed confidence across the local market.

In Hackett on Saturday, three contenders fought it out for the newly constructed luxury residence at 18 Bragg Street before it was snapped up for $2.35 million.

Situated in one of Hackett’s most coveted enclaves, the expansive residence spans more than 235 square metres. It includes formal and informal living zones, four bedrooms, two bathrooms, a double garage and a swimming pool.

Selling agent Jason Roses of VERV Property said he had noticed renewed confidence in the market in July, with strong results being recorded.

Also on Saturday, Ray White’s Sebastian Gutierrez and Sophie Spokes sold the north-facing single-level townhouse at 27/6 Kemsley Place, Pearce, under the hammer for $635,000. The property attracted three registered bidders and was secured by a first-home buyer.

Located in a sought-after area within walking distance of Woden Town Centre, the immaculate six-star energy-rated townhouse offers well-proportioned accommodation, an outdoor entertainment area, established gardens and a single garage.

Among the weekend results, an investor picked up the largely original three-bedroom home at 17 Scottsdale Street, Lyons, for $1.006 million.

Hayman Partners’ Brett Hayman said four bidders were vying for the property on Saturday.

Set in a peaceful loop street near schools, shops, parks and transport, the house sits on a 702-square-metre block and offers a functional floor plan with a light-filled meals area, living room, sunroom overlooking the backyard, carport, and tandem garage.

The suburb of Lyons has been one of Canberra’s fastest-growing suburbs, with the median house price increasing by 12.1 per cent over the past year.

Hayman said that overall, the market was tracking steadily, with consistent interest across a range of properties, and there was healthy demand delivering solid results.

“We sold 17 properties prior to auction in June,” he said, highlighting current buyer confidence.

Weekday auctions showed mixed results. Ray White sold the four-bedroom house at 67 Burdekin Avenue, Amaroo, for $1.115 million, while the four-bedroom house at 11 Evella Court, Amaroo, is for sale for $1.2 million through Luton Properties.

Last weekend saw clearance rates rise to their highest level in months, with a solid 70 per cent rate compared to 50 per cent at the same time a year ago. Of the 64 auctions scheduled to go under the hammer, 60 results were reported, of which 42 sold, four were withdrawn, and 14 were passed in.