Canberra auctions: First-home buyers miss out as competition heats up

Well-presented properties across Canberra attracted strong competition this weekend, but first-time purchasers remained cautious despite changes to a government assistance scheme designed to boost their market entry.

Momentum Property Sales’ Tim and Justine Burke sold the four-bedroom house at 3 Ruwoldt Place, Kambah, to a young, upsizing family for $1.25 million.

Tim said the property drew nine registered bidders on Saturday, and the opening bid was well above the reserve price.

“The result is indicative of the current market trend,” he said, adding, “If you present a home well, you will get a strong result.”

On a 904-square-metre block in a quiet cul-de-sac near Mount Taylor and the Wanniassa shops, the immaculately presented home offers a clever floor plan with formal living and dining areas, a spacious family room, a main bedroom with en-suite bathroom, a covered outdoor entertainment area and a double garage.

In Ngunnawal, Ray Moon of Independent Property Group sold the low-maintenance three-bedroom house at 13 Lingiari Court to an upsizer for $854,000.

He said they had over 100 inspections and eight registered bidders.

Tucked away in a peaceful location opposite leafy parkland, the rejuvenated house offers comfortable accommodation with a lounge room, a kitchen overlooking the family room, a family bathroom, and a double garage.

Moon noted that first-home buyers were being cautious despite changes to the Australian Government 5% Deposit Scheme that lets them buy with a lower deposit and not pay lender’s mortgage insurance.

“All of the underbidders for the Ngunnawal property were first-home buyers,” he said.

Elsewhere, the three-bedroom house at 46 Greeves Street, Wanniassa, drew two registered bidders before it sold under the hammer for $743,000.

Mark McCann from McCann Properties said the property sold to an investor who will eventually knock down and rebuild, while the underbidder was another first-home buyer.

Ideally located just moments from the shops, school and Tuggeranong Lake, the house offers separate living spaces, a covered entertainment deck and a double garage.

Mid-week auctions were strong, with Kostya Loginov from Town Residential selling the two-bedroom, two-bathroom apartment at 1105/240 Bunda Street, City, for $910,500.

Luton Properties sold the three-bedroom house at 14 Campaspe Circuit, Kaleen, for $1,005,000, and Bastion Property sold the four-bed house at 48 Vasey Crescent, Campbell, for an undisclosed price.

The auction clearance rate remained steady last weekend, at 64 per cent compared to 53 per cent a year ago. It was a quieter weekend with only 53 of 59 properties reported, of which 34 sold, while 10 were withdrawn and six were passed in.