Canberra's property market has recorded a new highest sale price with $8 million Mugga Way sale

It is the highest sale price for a single residential house block in Canberra, based on available sales data.

The house at 25 Mugga Way broke an almost decade-long record by $700,000, held by the home next door.

The property, known as Woodleigh, was built in the 1980s and sits on a block of almost 8000 square metres.

The sale was brokered by Bill and Michael Lyristakis of Berkely Residential.

Bill Lyristakis revealed the sale to The Canberra Times.

"The estate is attractive due to its superb land size... it's superb gardens and stately presence," he said.

The house itself is two storeys and has more than 500 square metres of floor space. It has five bedrooms, an underground cellar, tennis court and swimming pool.

"The residence is substantial in size and proportions and the large swimming pool and tennis court [are] desirable for its lifestyle aspect," Mr Lyristakis said.

The $8 million sale of 25 Mugga Way, means three houses in close proximity now hold the three highest house sale prices in the ACT.

The home at 27 Mugga Way, the previous record holder, sold in 2010 for $7.3 million. It is a five-bedroom home on a 11,353-square-metre block.

The third highest sale was at 20 Mugga Way, which sold in 2013 for $7.2 million.

Mr Lyristakis said the reason it took so long for the record to be broken was due to the fact stock of a similar nature seldom came to market.

"Estates of this size and quality rarely come to market and invariably when they do they tend to break residential price records," he said.

Mugga Way is often dubbed Canberra's "golden mile" due to its high sale prices.

Mr Lyristakis said the street's "large land holdings, wide street frontages, the size and presence of the homes and gardens" were among reasons behind this.

Woodleigh was touted to break the record when it went on the market in late-2018.

At the time Mr Lyristakis told The Canberra Times he was of the view it would be a record breaker.

"The property is in the prime position on the 'Golden Mile' that is Mugga Way," he said in 2018.

"If you add on all the facilities, the house itself, the pool and international-sized tennis court, all these add up and we're firming in the view that we're going to break the Canberra record."

After all, 25 Mugga Way had already broken Canberra's house price record once before. In 2000 it sold for $2 million - it broke the previous highest sale of $1.79 million.

When it came onto the market on 2018 the vendors, Clive and Lynlea Rodger told The Canberra Times they wanted to sell the property to downsize after their children had moved out of home.

"It's a large property, a property well beyond our means for a couple and we think it's time for someone else to enjoy it," Mrs Rodger said at the time.

Prior to moving in, the couple had completed an extensive six-month renovation on the property.

They prided themselves on the garden, which hosted musical events over the years and was also showcased in garden shows.

The Rodgers purchased the property in 2000 from Gordon and Doreen Smith who were the owners of Discount Tyre Service.

The latest buyer was not disclosed.

During the campaign, Mr Lyristakis said he had fielded global interest.

"The marketing campaign attracted local national and international interest, in addition to local buyers, meetings were held in Sydney and London with international buyers who had shown keen interest in the property," he said.

The block also comes with a 130-square-metre annex with its own bathroom and kitchen facilities.

READ MORE: