This Hunter St property sold for $3.15 million.
Canberra’s appetite for high-end property is showing no signs of abating with the city’s top two sales last week reeling in $6.3 million alone.
The two elite addresses – at 63 Mugga Way, Red Hill and 18 Hunter Street, Yarralumla – each sold for $3.15 million, with numerous bidders vying at each auction on Saturday.
The Red Hill property, set on what Canberrans dub the ‘Golden Mile’, represented a rare opportunity to purchase a 2081sqm landholding with a five-bedroom, original, single-level home in one of the city’s most prestigious enclaves.
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The Hunter St home has five bedrooms.
The Mugga Way home.
Set on an 1800sqm block, the Yarralumla property was of similar ilk with five bedrooms, a swimming pool, outdoor entertaining terrace and garaging for four cars in a blue-chip location.
Mario Sanfrancesco, who marketed 63 Mugga Way, said it appeared buyers in Canberra’s prestige market had been undeterred by the economic fallout of the pandemic.
“The market at the top end is very healthy at the moment,” said Mr Sanfrancesco, from Blackshaw – Manuka. “There’s strong inquiry activity and we’re finding there is a fair bit of interest at that level. It’s probably as active as it’s ever been.”
Mugga Way had five bidders register.
He said 63 Mugga Way attracted five registered bidders on auction day.
“The types of buyers were both live-in owners who might have done something with that property and there was some interest from families who might have rented it for a period and then built a new home there,” he said.
“It’s a substantial parcel of land on what is regarded as Canberra’s ‘Golden Mile’.
“The top three residential sales in Canberra are all in that street. The highest residential sale in Canberra is $8 million and the other two sales are in the $7 millions, so this was a fair offering to get into one of the city’s best streets.”
The Euree St home.
Richard Luton, who sold 18 Hunter Street, said his agency’s auction clearance rates had been almost perfect in recent weeks.
“Last weekend at our auctions we sold eight out of eight, the weekend before we sold eight out of nine and the two weekends before that we sold ten out of ten and nine out of nine,” said Mr Luton, from Luton Properties – Manuka.
“So, there is certainly demand out there. There aren’t hundreds of buyers but there are still good buyers with pre-approved finance.”
This Reid property sold for more than $2 million.
Mr Luton said last Saturday’s auction of 56 Euree Street, Reid netted more than $2 million, another significant sale, but he warned the market was still fickle.
“It’s a good market at the moment, but it depends what happens in spring and if there is a spring rush of properties as to whether this continues,” he said.
“Nationwide, there has been a downturn in the number of listings on the market definitely over winter and we still have so many pre-approved buyers. If the market gets flooded with homes, that could change.”
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