Canberra auctions: Market holds firm despite rate rise

Despite this week’s interest rate increase adding a layer of caution to the market, Canberra’s auction scene delivered solid results over the weekend.

On Saturday, Zac Morris from My Morris sold the fully renovated four-bedroom house at 12 Landor Place, Kambah, under the hammer for $1.325 million.

Morris said they had three registered bidders, and the property sold just over the reserve price.

Privately positioned in a peaceful cul-de-sac near schools and shopping precincts, the property offers formal and casual living and dining spaces, a main bedroom with an en suite, an expansive outdoor entertainment deck and a double garage.

In Casey, the well-presented two-bedroom townhouse at 15 Spratt Court was passed in through Momentum Property’s Nick Paine and Peter White.

Paine said they had interest and expected the property to sell in the next few days for around $550,000.

“The interest rate rise has created a bit of hesitation, which we saw the last time rates started to increase however the market usually settles within a few weeks,” he said.

Located just moments from Casey Market Town, parks and transport, the two-storey townhouse has a generous living and dining area, two upstairs bedrooms with mirrored robes, al fresco dining and an enclosed carport.

Paine and White also sold the stylish three-bedroom townhouse at 29/90 John Gorton Drive, Coombs, prior to auction for $767,000. It was snapped up by a first-home buyer.

Positioned on the fringe of Coombs, the stylish property offers a spacious living and dining area, a main bedroom with an en suite on the ground floor, along with upstairs living, two bedrooms and a bathroom.

In Chisholm on Saturday, Lisa Silberberg from The Property Collective sold the five-bedroom residence at 10 Deacon Close for $1.16 million.

Silberberg said the campaign attracted strong interest with six bidders and four active buyers at the auction.

Set on a generous 1112-square-metre site, the elevated house features an expansive floor plan with sitting, living, family, and dining rooms, two bathrooms, and a double garage.

Bastion Property Group’s Theo Koutsikamanis had two strong results with the five-bedroom house at 26 Greenough Circuit, Kaleen, selling for $1.26 million, while the four-bedroom house at 9 Pavonia Street, Rivett, sold for $1.233 million.

Last weekend recorded a stable clearance rate of 63 per cent, which is much stronger than the 36 per cent recorded at the same time last year. Of the 128 auctions scheduled, 114 were reported: 72 sold, 13 withdrawn, and 28 passed in.