A four-bedroom home in Taylor has set a new suburb record, selling under the hammer for $1.325 million on Saturday morning.
A crowd of 30 gathered outside 14 Grassick Street. Bidding kicked off at $1.1 million and was countered with a $1.125 million offer.
The price increased in increments of up to $30,000 until reaching $1.275 million, thanks to three of the four registered bidders.
From here, bidding halted until the fourth party raised their paddle for a $1.28 million bid.
A sparring match between the last bidder and another party ensued until auctioneer Tim Burke of Luton Properties Weston Creek and Molonglo Valley dropped the hammer at $1.325 million.
Strong sales across the Canberra market are being fuelled by record-low interest rates, along with government grants and buyers’ fear of missing out, said selling agent Luke McAuliffe of Luton Properties Gungahlin.
The new buyers are a local Gungahlin family who have been looking for a property for the past few months.
“They used to live in Forde and have been on the hunt for a quality lifestyle with good views and this home ticked all the boxes for them,” Mr McAuliffe said.
The property belonged to Canberra builder, Mark Milas of Minedam, who built it as his forever home but had decided to sell it for a new project, Mr McAuliffe added.
More than 200 groups inspected it during the course of the auction campaign, which attracted many families.
If a property sells for a significant price, it gives prospective vendors confidence that their homes can achieve a similar price. However, strong sales don’t come on their own, Mr McAuliffe said.
“Marketing makes a huge difference,” he said. “Whether that’s through print, online marketing or promoting social posts, it’s marketing that can really reach different buyers across all of Canberra or other states, too.”
The latest sale makes it the capital’s 18th suburb record since the start of the year.
“This home broke the record by $275,000. I’m blown away, really,” Mr McAuliffe said.
“The market is moving and people can see that. Neighbours want to know how much houses in their area cost which are influencing their decisions on whether to sell or not.”