Government housing property at 95 Stuart Street, Narrabundah sells for $1,025,000 in Canberra's Saturday auctions

Three bidders registered for the auction of 95 Stuart Street, Narrabundah, a government-owned, semi-detached cottage on 646 square metres of land.

The property was passed in at auction but just 10 minutes later, a Melbourne couple put forward a winning offer of $1,025,000 to secure the home.

The property spans 88 square metres and includes a living area, separate kitchen, two bedrooms, a bathroom and laundry.

We spoke to selling agent Quinten Hodgkinson of Hodgkinson Real Estate to hear what happened on auction day.

"There were three registered bidders. The final price was agreed straight after auction, it wasn't sold under the hammer. But it was within 10 minutes after the auction. It was a strong result."

"We hoped it would, we always hope it would, but that was a very good result. Auction days are very powerful and the people from Melbourne were here to buy."

"It was a two-bedroom, red brick semi-detached home in a super street right near the Griffith shops. Original inside but a really good canvas to do something really special.

"Lovely high ceilings, beautiful sash windows, a lovely tree in the backyard that just gives lots of summer shade."

"We had in excess of 30 people through during the marketing campaign. A really interesting mix - young first home buyers to investors to builders to mature empty nesters who eventually got it."

"Definitely, it was going to be renovated or extended. All that can be done and it'd be very hard to over capitalise there."

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"Good properties are still selling with good buyer interest. First home buyers are more nervous.

"The cost of money is the big influencer on the market, so the first home buyer market that are borrowing more, it's generally a bit tougher. I don't think the interest rate rises are finished yet and that's certainly spooked some people."

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