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Auction results and brief Canberra real estate market update

By Ben Faulks

Strong bidding on a home in Hawker, which backs reserve and is situated on an 1803m2 block headlined the Auction results from Ray White Belconnen last Thursday. The 4 bedroom home located at 6 Marrakai Street, Hawker fetched a price $30,000 above reserve and sold for $980,000 to one of three bidders.

It was the second result significantly above reserve for Ray White Belconnen Director & Auctioneer Scott Jackson in as many weeks, after a home in the tightly held Sanctuary complex in Lyneham went through the roof at the Ray White Canberra Auction event on 18 June and sold $62,000 above reserve for a huge price of $782,0000.

“Both results highlight that there are still plenty of buyers around for unique homes in prestigious locations in Canberra’s North” said Jackson.

Other properties to sell under the hammer at the Belconnen Arts Centre on July 4  included 7 Pirani Place, Evatt & 5 Collins Street, Evatt – the third Evatt property Auctioned on the evening, located at Fuhrman Street, also attracted bids but was not able to reach the vendors reserve price.

A property in Melba located in Linger Place sold two days after the Auction as well, meaning the Belconnen team cleared 4 out of 7 properties from their July 4 Auctions within 3 weeks of marketing.

“There has definitely been some uncertainty in the marketplace over the last few months, and Canberra is presently lagging behind other markets such as Sydney where low interest rates are pulling them forward in leaps and bounds with clearance rates over 70% ” said Ray White Belconnen Principal Ben Faulks.

According to the Auction clearance rate for the ACT has ranged between 26%-37% over the past 2 weeks.

“Properties that are selling best are those which are situated in good locations, and well presented with most of the hard work done” said Faulks

“Buyers in the current market are not prepared to pay a premium for a property that either doesn’t suit their needs perfectly or needs alot of work. Sellers are doing well to spend a few more dollars in preparing  their properties for sale to ensure their sale price doesn’t suffer a decline.”

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