Two suburb records have broken in Canberra’s neighbouring NSW areas of Burra and Karabar as eager buyers pay more than $1.5 million for their dream homes.
Karabar’s residential sales record now sits at $1.525 million and Burra’s at $1.65 million.
The four-bedroom residence at 41 Kinsella Street, Karabar, beat the previous record by just $5000 when it sold via private negotiations.
Selling agent Gavin Van Zyl of White Rhino Properties Queanbeyan said the residence was only built 18 months ago by the sellers.
“It’s basically brand new,” he said.
“It was a knockdown, rebuild. The sellers put everything in it and are now ready for their next project.”
The ultimate drawcard for the eventual buyers was the garage space, Mr Van Zyl added.
“It has a six-car garage but has room to fit a seventh car. The new home owners are car enthusiasts themselves, so this home definitely ticked that major box for them,” he said.
Mr Van Zyl was not surprised by the result, noting the demand in the market has resulted “in extremely high results”.
“The property boom in Canberra has flowed into its surrounding NSW region and has been for a very long time,” he said.
“We have an extremely busy market with not enough stock but an incredible volume of buyers. Houses are selling very quickly here.”
Government records show the property at 7 Baden Place previously held the top spot in Karabar when it sold for $1.52 million earlier this year.
Meanwhile, the five-bedroom home at 127 Little Burra Road, Burra beat the previous suburb record by $50,000.
Selling agent Samantha Granter of Belle Property Canberra said the property brought in multiple offers and managed to sell via private treaty in the space of three weeks.
“In previous selling seasons, I think a home like this would’ve taken longer to sell, but given the market conditions at the moment, it sold in a matter of a few weeks,” she said.
Ms Granter was surprised the charming 40-hectare property beat the previous record for Burra, which was held by the residence at 97 Finlay Place when it sold for $1.6 million earlier this year.
“I knew it’d come close to it, but I didn’t want to be too confident or use that as a motive,” she said.
“In the current market, buyers have to act promptly. There’s not much time to lag at the moment, so the pressure is on for buyers because houses are selling within days and weeks of listing.”
The new home owners are a Tuggeranong family in search of a rural lifestyle. The sellers decided to part with the home because they are downsizing.