![A grand, five-bedroom home on Mugga Way in Red Hill created a competitive bidding war on Saturday. Supplied picture A grand, five-bedroom home on Mugga Way in Red Hill created a competitive bidding war on Saturday. Supplied picture](/images/transform/v1/crop/frm/146508744/28fe084d-9274-4b57-b028-f05b911992f6.jpg/r0_83_1620_997_w1200_h678_fmax.jpg)
Canberra's spring property season kicked off with a competitive Mugga Way auction on Saturday, which saw a last-minute buyer join the action and push the bidding to $4.07 million.
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While the rest of the nation's capitals had a slower start to spring auctions, Canberra was the only capital city to see an increase in auction volumes for the week ending Sunday, September 4.
Across the combined capitals, volumes were down 9.6 per cent week-on-week, with 1814 homes taken to auction, CoreLogic data shows.
Canberra recorded 93 auctions for the week, up 6.9 per cent on the previous week.
It also marked a 36.8 per cent increase in auction activity compared to the same period last year, when the ACT was in lockdown.
![The Red Hill home includes several living and dining spaces. Supplied picture The Red Hill home includes several living and dining spaces. Supplied picture](/images/transform/v1/crop/frm/146508744/bc2959a7-6353-4c91-9e24-84f1965e922f.jpg/r0_83_1620_997_w1200_h678_fmax.jpg)
Canberra recorded the second highest preliminary clearance rate with 66.7 per cent of auctions successful, compared to 60.3 per cent this time last year.
Mugga Way home creates bidding frenzy
A grand, five-bedroom home at 107 Mugga Way, Red Hill saw fierce competition between buyers, with a last-minute bidder creating even more suspense.
"We commenced the auction with three registered bidders and we ended the auction with four registered bidders," selling agent Mario Sanfrancesco of Blackshaw Manuka said.
"The bidding commenced and, like most of them in the current market, it was a little bit slow to get started but then it created some momentum.
"As we got to $3.92 million and the property was announced to be sold we had somebody else register [to bid]."
Bidding continued "quite competitively" until it reached $4.07 million.
The last-minute bidder wasn't the successful purchaser, but the under-bidder, Mr Sanfrancesco confirmed.
![The two-storey property is situated on a 1426-square-metre block of land. Supplied picture The two-storey property is situated on a 1426-square-metre block of land. Supplied picture](/images/transform/v1/crop/frm/146508744/66abae72-56e5-4a4c-86b6-66ab69041b21.jpg/r0_83_1620_997_w1200_h678_fmax.jpg)
The two-storey home features a renovated kitchen with four ovens, a 1200-bottle wine cellar and a self-contained, two-bedroom flat downstairs.
Situated on a 1426-square-metre block of land, the property also included a swimming pool with solar heating and a four-car garage.
It was the first time the home had been on the market in 25 years. CoreLogic records show it last sold in 1997 for $575,000.
Slower start for the rest of Australia
In Melbourne, 763 homes were taken to auction this week, down 8.3 per cent on the previous week, while Sydney had 695 auctions (down 10.8 per cent).
Of the smaller capitals, Brisbane was the busiest auction market with 132 homes taken to auction, while Adelaide recorded 124 auctions.
There were six auctions in Perth and just one in Tasmania.
![The home last changed hands about 25 years ago. Supplied picture The home last changed hands about 25 years ago. Supplied picture](/images/transform/v1/crop/frm/146508744/ee74b43a-fbb1-436a-b250-d4b0c7afe165.jpg/r0_83_1620_997_w1200_h678_fmax.jpg)
In last week's auction preview, CoreLogic economist Kaytlin Ezzy said private treaty sales could become more prominent in the smaller capitals.
"As we move further into the downswing, its possible auction activity across these markets will be a little more subdued than the previous spring selling season, as more vendors move back towards private treaty sales," she said.
Listing volumes up across the ACT
The number of Canberra homes for sale is significantly higher than last year, when the ACT was in lockdown.
CoreLogic data shows new property listings in Canberra are up 110.9 per cent year-on-year, while total listings are up 55.9 per cent on 12 months ago.
Advertised rental properties are also higher than last year. There are 49.4 per cent more new rental listings across Canberra compared to last year, while total listings are 31.9 per cent higher.
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