Canberra auctions: Interest rate rise fails to deter buyers

Rising interest rates haven’t dampened Canberra’s auction market, as determined buyers competed fiercely this weekend to secure properties across the capital.

The Agency’s Stu Hamill sold the stylishly updated house at 19 Hardie Close, Macarthur, under the hammer on Saturday for $1.408 million.

Hamill said five registered buyers competed on the day, with bidding opening at $1.2 million. The property had attracted 128 inspection groups and had been marketed at more than $1.3 million.

Nestled in a peaceful cul-de-sac in one of Macarthur’s most sought-after pockets, the beautifully renovated home offers an expansive floor plan with a formal living room, a family-dining area, a rumpus room or fifth bedroom and en-suite bathrooms to two of the bedrooms. Outside are a covered al fresco area and a heated pool with sheltered cabana.

In Franklin, Alex Wang from Archer Canberra sold the beautifully presented three-bedroom house at 5 Grimstone Place immediately after auction for $950,000.

Wang said they had 100 groups through the inspections, and the property was ultimately sold to an investor.

Peacefully positioned and close to shops, Franklin School and the Gungahlin Light Rail stop, the immaculate house features a cleverly crafted floor plan with formal and casual living and dining spaces, a main bedroom with an en suite, and a double garage.

In Taylor, Jonathan Irwin from Irwin Property sold the impressive five-bedroom house at 55 Proudfoot Rise for $1.75 million.

Set on a generous 789-square-metre block with panoramic views of One Tree Hill, the architect-designed house features striking cathedral ceilings. It has an open-plan living area, kitchen with butler’s pantry, study, covered al fresco area with outdoor kitchen, heated swimming pool, and double garage with auto doors.

Strong results for properties under $1 million were recorded mid-week. Blackshaw’s sold the four-bedroom townhouse at 3/50 Peter Cullen Way, Wright, for $850,000, while Ray White sold 4 Brownsmith Crescent, Kambah, for $813,000, and the three-bedroom house at 38 Erskine Street, Macquarie, for $1.04 million.

Properties still for sale include the three-bed apartment at 4/39 Manuka Circuit in Griffith, which is being marketed by Luton Properties and has an asking price of $1.595 million.

Last week’s clearance rate showed a stable market with 63 per cent of properties selling on the day. Of the 142 properties reported, 90 sold under the hammer, 12 were withdrawn and 34 were passed in.