Canberra agents share the winning combination to break a suburb record

Property price and suburb records tumble on a regular basis, but what’s the “X factor” that pushes one into the books ahead of others?

Richard Davies of Belle Property Kingston says record prices can’t be predicted but there are key contributing factors.

“A big driver is the individuality of a particular property. For example, 4 Nares Crescent in Forrest has attracted interest locally, interstate and overseas,” he says.

“Potential buyers are acknowledging the quality of this home and that’s likely to increase competition. And competition to acquire can definitely be a factor in pushing prices into record territory.

Davies says location is another important factor and that, combined with the attributes of a home, can further propel prices.

“It’s really a combination of contributing factors: kerb appeal, features and benefits, location, block size, market timing, buyer emotion and so on,” he says.

Andrew Potts of Independent Gungahlin recently broke a suburb record in Hall at $1.65 million for a five-bedroom home on more than 2000 square metres.

“Hall is a bit different to the typical Canberra suburb and not many properties come to market, but there’s a pool of potential buyers,” he says.

“Scarcity can definitely play a role in pushing prices into record territory.”

Potts, however, says records are perhaps not news like they once were with ongoing market growth continually pushing prices into new suburb highs.

“The big headlines now go to the sales that really achieve spectacular prices,” he says.

• Bespoke. Homes that position themselves as potential record-breakers have usually been architect-designed to a brief that focuses on a bespoke outcome. Contender homes are packed with innovations and high-quality inclusions.
• Location. A home’s appeal is further enhanced by the aspirational quality of where it is located. Increasing land values in more tightly held suburbs can contribute significantly to overall prices.
• Emotion. Most buyers say they buy on logic; the reality is most buy on emotion and justify with logic. An emotional compulsion to buy a particular home can push prices way beyond expectations.

Allhomes’ top pick of luxury homes on the market:

Forrest

4 Nares Crescent

5 bedrooms, 5 bathrooms, 3 car spaces

This is a home that unquestionably has the “X factor”, that intangible combination of features that set it apart from the herd.

And that’s saying something when it’s very much at home in Forrest in the company of many homes that could claim a similar distinction.

But do they include a climate-controlled 200-bottle Air Slate wine room; or an integrated Bang & Olufsen surround sound entertainment system (indoors and outdoors); or, perhaps, fully automated internal blinds and lighting, automatic remote-control windows and a CCTV security, video intercom?

Phew! And let’s not forget the pavilion-style entertaining area highlighted by a glass mosaic-tiled resort pool, hot tub and a pool house with kitchenette and full bathroom.

There’s no doubt this landmark executive residence is in a class all of its own, sprawling over 2136 square metres of rare Forrest land.

This previous winner of the HIA Residential Building Design of the Year offers some 650 square metres of family living and entertaining with multiple living zones.

It includes five bedrooms, five bathrooms, two full internal kitchens, plus a fully appointed butler’s pantry, activities room, separate office/study, that outdoor pool house and a home gym.

The lavish main bedroom suite features his-and-hers walk-in wardrobes, marble en suite bathroom and powder room. The other bedrooms have their own private marble bathrooms, as well as walk-in robes.

There’s a triple garage with adjoining workshop, ample off-street parking and gated dual access driveway.

Expressions of interest: close 1pm, November 28

Agent: Belle Property Kingston, Richard Davies & Louise Harget 0414 517 658 & 0412 997 894