Approximately 17 years ago, Margaret and Ted Frawley went to the auction of an Isaacs home. They weren’t intending to bid, rather they were there to study the auction as they were in the market. However, Ted decided the home was too good to miss and it became their home.
Fast forward to Saturday morning and this time the Frawley’s were on the other side, as vendors, at the auction of the same home.
The Frawley name is familiar to many Canberrans, and Ted is one of the driving forces behind the iconic shoe brand.
Margaret said they have felt very content in the home but after many years of entertaining their children and grandchildren, the couple have decided to downsize.
“It’s been lovely because we have been able to entertain and we enjoy doing that,” she said.
“Every stage of our life we have been content and happy and this home is just an extension of that.”
The four-bedroom, two-bathroom home at 5/11 Broinowski Place sold for $970,000 under the hammer.
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Bidding kicked off at $750,000 and and was quickly countered by a bid for $760,000. At this point, bidding halted and auctioneer Hugh Rainger was about to call the home for a third time when a bid of $770,000 was placed, and then $780,000.
A bold bid of $820,000 was then placed and the auction progressed swiftly in increments of $10,000 until bidding reached $880,000 when Mr Rainger started accepting bids of $5000.
At $890,000 it was declared on the market, and two bidders fought it out to secure the home. It eventually sold for $970,000. The successful bidders intend to lease out the home for 12 months and then move in with their family.
McGrath Estate Agents Woden listing agent Peter Morrell said it was a “cracker of an auction”.
“I had a feeling during the week the auction was going to be good; the Frawley’s were lovely people to deal with and I’m really happy they got a good result,” he said.
“It’s going from one family to another family, which is what I really like about real estate.”
According to the latest Domain data, Isaacs‘ median house price sits at $765,000. Mr Morrell said not a lot of stock comes to market in the suburb so when it does it attracts a lot of interest.
He also said the market in the Woden region was performing strongly, tighter lending conditions.
“All of our open homes are really busy even though it’s not spring,” he said
“Banks have been taking longer to get finance through but what used to take two weeks is now taking five weeks and that’s the biggest inconvenience, but we haven’t really seen it impact the market as far as the availability of the funds, it’s just the time it takes to get it.”