Canberra auctions: First-home buyers drive demand amid market hesitation

Canberra’s auction market again delivered mixed results over the past week, amid some uncertainty around where prices are heading. However, first-home buyers continue to be active and ready to purchase, while other segments of the market are showing more caution.

Luton Properties’ Josh Wilson sold the stylish three-bedroom house at 2 Giliruk Crescent, Ngunnawal, at auction on Saturday for $785,000. Built in 1994, the property had been advertised at more than $775,000 and last sold in 2020 for $582,500.

Wilson said they had two registered bidders on the day, and the property sold to a first-home buyer.

Set on a low-maintenance site of 560 square metres, the thoughtfully updated energy-efficient house included an open-plan living area, large covered al fresco dining and a double carport.

“We’re seeing stronger demand for houses at the moment, which are selling quickly, while apartments are still taking a little longer,” Wilson added.

Ngunnawal has experienced steady growth over the past year. Its median house price increased by 2.8 per cent to $771,000, while unit prices grew by 1 per cent to $637,000.

In Weston, Grahame O’Brien of Independent Property Group also had success with the $755,000 sale of the two-bedder at 9 Peg Minty Crescent.

O’Brien said they had five registered bidders sign up, with the property selling to a first-home buyer.

In Hackett, the versatile four-bedroom residence at 34 Madigan Street didn’t find a buyer to commit at Saturday’s auction. It is now for sale at a price of about $1.2 million. The property last sold in 2020 for $955,000.

Hive Property’s Leanne Palmer said there were a number of conditional buyers attending the auction, so she expected the property to sell soon.

“There’s a bit of uncertainty about where prices are going so some buyers are holding back a little,” she said.

Surrounded by lush, established gardens, the beautifully presented house offered flexible living spaces, three bathrooms and a prized location in the heart of the inner north, with easy access to walking tracks.

During the week, agents posted mixed results. The builder’s own four-bedroom home at 73 Tazewell Circuit, Nicholls, located in a sought-after blue-chip street, was passed in at auction on Wednesday and remains on the market for over $1.3 million through Town Residential.

Meanwhile, a property at 16 Hazelton Street, MacGregor, recently sold for an undisclosed amount, while the three-bedroom townhouse at 8/5 Blakey Close, Monash, is currently listed for sale through The Property Collective with a buyer’s guide of $689,000-plus.

Clearance rates held steady last weekend at 54 per cent, an improvement on the 48 per cent recorded for the same period a year ago.