8 Marrakai Street, Hawker sets suburb record as Canberra spring auctions hold steady

It smashed the suburb record by more than $500,000.

Four bidders registered for the auction of 8 Marrakai Street on Saturday and three were active in the bidding.

Known as Rosenthal, the property sits on nearly 1900 square metres of land and is split over two levels, connected by a grand staircase.

The home, which had recently undergone some renovations, gained $940,000 in about three years.

CoreLogic records show it last changed hands in 2020 for $2.04 million.

Both sales of the property were managed by Luton Properties. Selling agent Sophie Luton said all four registered bidders at Saturday's auction had been interested since the sale campaign started.

"It's a one-off property. It's not like properties like that come up all the time," she said.

While bidding was strong, buyers failed to hit the sellers' reserve price. The sellers "came down" in their price expectations and the hammer fell at $2.98 million.

The sale surpassed the previous record, held by 12 Marrakai Street, which sold for $2,475,000 in early 2022.

Ms Luton said she'd love to have two more listings like it because there was high demand for large family homes in the area.

"One of the bidders has since called us and said 'We regret not going higher'," she said.

"It's only the second time it's ever come to market - there's nothing like it."

The Marrakai Street home was marketed as an entertainer's home, with an open-plan kitchen and dining area that opens out to a large outdoor space.

Outside is a covered entertaining area, heated swimming pool, built-in barbecue and kitchen and a rooftop terrace.

The total living space is more than 400 square metres and also includes formal living and dining rooms, an upstairs rumpus room, a main bathroom, three en suites and a powder room.

The property backs onto Pinnacle Nature Reserve and the Bicentennial National Trail, while its elevated positions offers views of the Brindabella ranges.

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Ms Luton said the home was "sensational" when the agency sold it in mid-2020 and even more so since it had been updated.

The sellers had installed solar panels, replaced the carpets, repainted walls and renovated the bathrooms.

The sale just missed out on setting a Belconnen region record as well, by a mere $70,000.

The highest sale price for the region is $3.05 million, set in 2022 with the sale of a luxury home on Rouseabout Street in Lawson.

Across Canberra, 98 homes were taken to auction during the week to Sunday, October 15, the same volume seen the week prior.

CoreLogic records show there was clearance rate of 67.2 per cent, up from 51 per cent last week.

The Marrakai Street sale was the highest auction price for the week, followed by 3 Hovell Street, Griffith which sold for $2.91 million.

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