A three-bedroom house in O’Connor has a date with a wrecking ball after it sold for $1.35 million at auction on Saturday to a family looking to build their dream home.
Buyers from all demographics were out in force on Saturday morning, braving the rainy weather to flock to auctions across the capital to watch one of Canberra’s favourite spectator sports.
In the Inner North, a whopping 33 registered bidders and almost 70 onlookers turned out for the auction of the three-bedroom home in O’Connor. It was one of 36 properties scheduled to go under the hammer in Canberra on Saturday.
Selling agent Joshua Meli of Blackshaw City & Inner North said the residence at 7 Coolibah Crescent attracted several parties keen to knock it down and rebuild.
The eventual home owners purchased the house for a whopping $1.35 million with that intent.
An opening bid of $929,500 kicked off the proceedings before it was countered by a $950,000 offer.
From here, three more bidders participated, and the price rose in increments of $25,000 and $10,000 until it reached $1.225 million and auctioneer Tony Trpeski of Blackshaw City & Inner North announced it was on the market.
Four further buyers threw their hats in the ring, with the final party to join the bidding walking away with the keys.
“It’s a great location in one of Canberra’s more established suburbs, and it’s only minutes away from the city centre,” Mr Meli said after the auction.
“O’Connor is going through a stage in which a lot of the older stock is being knocked down and rebuilt, and those new homes are starting to come to market. Demand for both older and established homes is definitely there.”
A new suburb record was recently set for O’Connor with 23 Hovea Street, which sold for $2.615 million. The house was also a knockdown-rebuild.
Mr Meli said that during the four-week auction campaign, close to 110 groups walked through the residence with interest coming from local, interstate and international buyers.
“The capital is in its own bubble. There’s a lot of security here … it’s an economy backed by a strong public sector employment base,” Mr Meli said.
“In the past year, we’ve seen property prices in Sydney and Melbourne drop dramatically in light of the pandemic, whereas Canberra’s property market didn’t see very significant drops … [This city] is definitely becoming one of the most attractive real estate markets in Australia.”
Further north in Gungahlin, a three-bedroom townhouse was snapped up by a young family at auction for $491,000.
The home at 40 Dalkin Crescent, Casey is located right next to the vibrant Casey Market Town, which was a drawcard for three of the registered bidders, said selling agent Hugo Mendez, of Hugo Canberra.
“It was a well-maintained property with all the essential amenities at your doorstep,” he said.
The auction opened with an offer of $410,000, which was countered by an increase to $430,000, after which the bidding rose in increments of $5000 and $2000.
The house was declared to be on the market at $485,000, and after a flurry of $1000 and $500 bids, the hammer fell.
“This was a property that attracted buyers from all walks of life, including first-home buyers, downsizers and investors,” Mr Mendez said.
“People want to get into the market now and utilise the low interest rates, and people want to live in Canberra. So, once you factor in those, as well as the shortage of stock — a general sentiment amongst us agents — it’s easy to see why house prices are increasing the way [they are].”