Two suburb records were broken in Latham and Fadden at the weekend as crowds flocked to Canberra auctions.
The residential sales benchmark for Latham now sits at $855,000 and Fadden at $1,300,500.
Of the 11 registered bidders, five were active throughout the auction, with strong bids from two parties towards the end.
It was bought by a young first-home-buyer couple who planned on making it their forever home.
“I knew this home would push past the $800,000 mark, and with the solid interest throughout the whole campaign and multiple pre-auction offers, we were confident that we’d get a good result come auction day,” Mr Negline said.
The property, which last sold in 2003 for $283,000, was popular for its spacious living and dining areas, established gardens and the overall feel of the home.
“On the kitchen wall, the sellers had pencilled in a growth chart of all their children and there were a lot of people who commented on how homey it felt; it was a real family home,” Mr Negline said.
Latham is a tightly held suburb in the Belconnen district, with buyer demand surpassing supply, Mr Negline said. “Latham is on the up and up and we don’t see that slowing down.”
According to Allhomes data, there are only three properties currently for sale in Latham.
Elsewhere, a four-bedroom house at 16 Sparkes Close, Fadden failed to sell at auction but was sold almost immediately after.
Selling agent Ryan Broadhurst of Belle Property Canberra said the property brought in a lot of potential buyers throughout the auction campaign, with close to 110 groups keen to inspect.
Come auction day, two parties registered to bid and the property passed in at $1.1 million. The highest bidder, a local Tuggeranong family, was able to negotiate and reach a price not long after.
The residence, which was popular for its location and block size, beat the previous record by a whisker of $500. The record was last set in September, 2020, and the previous record-holder was the house opposite at 17 Sparkes Close.
Strong buyer demand and low supply are pushing residential sales to new heights, Mr Broadhurst added.
“The million-dollar market is very strong, with demand for houses across Fadden, Gowrie and MacArthur driving sales through the roof,” he said.
“I know a number of buyers who had a holiday fund set up who now use that towards a new house purchase or their first home, so this frenzy in the market will definitely continue over the next few months.”