Canberra auctions: Interest rate cut breathes life into market

The latest interest rate cut has sparked fresh interest from first-home buyers, with early signs of renewed activity emerging in the Canberra market.

Highlighting this was McCann Properties’ $955,000 sale of a four-bedroom house at 72 Goldstein Crescent, Chisholm, on Saturday.

Mark McCann said the property attracted interest from two parties and was sold to a young first-home-buyer family.

Set on an immaculately maintained 784-square-metre block and located near schools, shops and parks, the split-level house has a formal lounge and dining area, family room, updated kitchen, two bathrooms and double garage.

Properties above the $1 million price point tended to attract buyer numbers but failed to sell under the hammer at the weekend.

Bastion Property Group’s Theo Koutsikamanis said the agency had three registered bidders for the four-bedroom residence at 11 Rylstone Crescent, Crace, but passed the property in at $1.305 million.

Positioned on a 450-square-metre site, the well-designed house has an expansive floor plan with open-plan living and dining, a separate family room, a gourmet kitchen and two bathrooms. It is well-located near the Crace shopping village and a park.

Also in Crace, MARQ Property’s Sam Taylor said the auction of the impressive house at 43 Keewong Street drew one registered bidder on the day, but more conditional buyers after the auction.

The property passed in on a vendor bid of $1.68 million but has since attracted interest from three buyers and is likely to sell for around $1.7 million.

Commanding an elevated position on a low-maintenance 587-square-metre block and boasting prized views over Gungahlin, the substantial residence has four bedrooms, a study and three expansive living areas, and is directly opposite the Hilltop Reserve.

Mid-week auctions failed to ignite enthusiasm, although a few sales managed to sift through.

The three-bedroom house at 10 Beechworth Street, Watson, sold during the week through NBHD for an undisclosed price, while The Property Collective’s Jeremy Grobben sold the two-bedroom apartment at 6/157 Knox Street, Watson, at auction for $380,000.

Elsewhere, a number of smaller properties failed to sell.

Belle Property’s Josh Yewdall has the tastefully maintained house at 2 Dallachy Place, Page, for sale at more than $690,000, while the two-bedder at 10/201 Goyder Street, Narrabundah, remains for sale through The Property Collective.

Clearance rates dipped to 51 per cent last weekend, well down on the 61 per cent recorded at the same time a year ago.

A total of 11 properties were withdrawn from auction last weekend, and of the 74 scheduled for the day, 36 sold.