A 1950s weatherboard cottage in Narrabundah with a striking blue facade has sold at auction for $895,000.
The three-bedroom home at 11 Warramoo Crescent sold under the hammer on Saturday morning.
There was strong demand with 15 registered bidders vying for the home positioned on a 759-square metre block.
Rain forced the auction inside, with around 40 people gathering together, but close quarters didn’t prevent fierce competition.
Capital Residential listing agent and auctioneer Cory McPherson described the location as “the prettiest street in Narrabundah”.
“I don’t think it’s any surprise why we have so many people here today,” he said.
Bidding started at $750,000, and moved in increments of $10,000. At $770,000, bidding halted, but recovered just as the house was about to be called for a third time and moved relatively smoothly from that point.
When the price reached $820,000, Mr McPherson left briefly to speak with the vendors and when he returned the 108-square metre home was declared on the market.
A strong bid of $840,000 was made, and bidding continued in further increments of $10,000 before selling under the hammer for $895,000.
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Mr McPherson said the sale price was “definitely above the seller’s expectations”. “It was an extremely solid price and a good indication of the suburb,” he said.
“This was always going to be hot property, last time it sold it was hot property. Homes like this in Narrabundah are always hotly contested.”
The home last sold for $685,000 in July 2014.
According to the Pricefinder, Narrabundah’s median house price is $1,077,500. It’s the most affordable suburb in the inner south. Last month, the suburb recorded an auction clearance rate of 54 per cent.
There were 50 scheduled auctions in Canberra on Saturday.
The market is expected to pick up in the coming weeks as the season changes. Spring is the busiest time for real estate in Canberra.
“As we come into spring there’s so much coming onto the market and you just need to get an edge on your competition to get buyers through the door,” Mr McPherson said.