Canberra auctions: First-home buyers make their move as deposit scheme kicks in

First-home buyers are back with a vengeance, driven by the Australian Government 5% Deposit Scheme, with a wave of properties being snapped up this week.

In Kambah, My Morris’s Zac Morris sold the updated three-bedroom house at 16 Cutbush Street under the hammer on Saturday for $888,000.

He said three of the four registered bidders were first-home buyers, and “the winning bidder, a first-home buyer, rocked up on the day without even viewing the property beforehand”.

Situated on a 999-square-metre allotment in a quiet loop street just a short distance from the Wanniassa Shopping Centre, the property features a new kitchen with induction cooktop, a striking sunroom, an entertainment deck, double-glazed windows, a garage and a carport.

Morris said the 5% Deposit Scheme was creating more demand and putting upward pressure on prices, but an increased number of listings was softening the impact.

Also on Saturday, Momentum Property’s Anthony McCormack sold the original four-bedroom house at 65 Pandanus Street, Fisher, for $760,000.

He said the auction attracted three registered bidders on the day, all of whom were first-home buyers.

“The property had been owned by the same family since they built the house around 1970, and was sold to a tradie who intends to update,” McCormack said.

The house is set on a 758-square-metre site in a quiet street and provides a well-proportioned floor plan with living, dining and family spaces, kitchen, bathroom and carport.

In Banks, Jonny Warren Properties’ Ben Holder sold the well-presented three-bedroom house at 7 Reader Court prior to auction for $715,000.

Holder said they had strong interest throughout the campaign, which had been targeted at the first-home buyer demographic.

“It was a perfect first home and offered scope to further update,” he said.

Positioned on a low-maintenance 390-square-metre block near shops, schools and transport, the home offers a living and dining room, kitchen and bathroom with a screened porch that could be updated as a second living space.

Elsewhere, the tri-level three-bedroom townhouse at 27/15 Wanderlight Avenue, Lawson, was placed under offer just prior to auction through Bastion Property Group’s Antony Damiano.

Last weekend saw more properties offered at auction, with the clearance rate dipping to 58 per cent, but still up on the 54 per cent recorded a year ago. Of the 108 properties scheduled to go under the hammer, 101 were reported, of which 14 were withdrawn and 21 were passed in.