Canberra Auctions: Wet weekend dampens auction results

Torrential rain, a long weekend and a rate rise all came together to create a slow weekend for Canberra auctions.

The first property to go under the hammer on Saturday, 4/50 Lampard Circuit, Bruce, failed to sell. A light and bright two-storey townhouse with three bedrooms and 2.5 bathrooms, it’s part of the sought-after Kilburn development in Huntley Estate.

“I genuinely believe the weather gods didn’t help us today,” said Momentum Property agent Peter White. It will be relisted with a guide of $749,000.

A similar story played out in Latham, where the auction for 4 Joske Place started just as the heavens opened, said agent Jack Doyle of Blackshaw Belconnen.

In the north, 25 Aroona Court, Ngunnawal, was also passed in. Designed and built by Louis Poxleitner, a pioneer in solar passive homes, it retains its original exposed brick, raked timber ceilings and north-facing aspect. Agent Virginia Stoker from LJ Hooker Gungahlin said the property will be back on the market this week with a price guide of $1.075 million.

Agents had better luck during the week. Sally Strang and Ash Costello from Home by Holly sold 10 Druitt Place, Macquarie, on Thursday for $1.205 million. A three-bedroom mid-century modern gem with exposed red cedar beams, polished bamboo floors and a warm colour palette, it wraps around a sunny central courtyard and is surrounded by lush gardens.

The home was meant to go for auction on October 10 but was pulled forward to capitalise on a few serious buyers. With five registered bidders on the day, it sold for $25,000 over the reserve.

“The property was really well received, and we had huge numbers through for open homes. Something about mid-century modern just pulls on the heartstrings,” said Costello. “The sellers were also realistic on price and worked with us to present the home really well.”

And what about that rate rise? The Reserve Bank lifted the official cash rate to 4.6 per cent last week, bringing it to its highest level in 15 years.

“It always has an impact,” said White. “While it’s in the news cycle and it’s fresh, usually we’d see a pretty quiet couple of weeks before things come back to normal.” He expects it to have a stronger impact on the higher end of the market. “The 1 million-plus mark is really, really tough going at the moment, I think,” he said.