A new Canberra real estate auction record has been set over the weekend, with Peter Blackshaw-listed, 30 Mugga Way, being sold under the hammer for an astonishing $5.85 million – after a strong, mixed-media, four-week marketing campaign.
The campaign was spearheaded by leading Canberra real estate agents Mario Sanfrancesco, and Peter Blackshaw Managing Director, Andrew Chamberlain.
The previous auction record of $5.75million, for the sale of a property on Hotham Crescent, Deakin, was set by Luton Properties in November 2017.
Mr Sanfrancesco said the strategic four-week marketing campaign included a mix of print media, digital, social and local radio advertising, resulting in interest from several well-positioned parties.
“However, in the end it was a local ACT family – who first saw the home at the pre-market VIP viewing – that secured the purchase at the mid-afternoon, on-site auction on Sunday,” Mr Sanfrancesco said.
“Like many properties at this end of the market, the home had been in the family for over 30 years – so it was an emotional sale for the family. They were an absolute pleasure to work with.
“The home presented a rare opportunity to buyers. It’s not often that a home of this calibre, set on a large [5,110sq m] block comes to market, backing onto Red Hill Nature Reserve.
“Buyers looking for this calibre of property are quite particular in their requirements. When they find a property that meets those requirements, they are willing to act quickly – so marketing campaigns at this level need to create both impact and urgency.
“The number of purchasers at this end of the market are increasing, as conditions are ripe to secure high-calibre properties. Interest rates are at an all-time low, and property markets across the country are showing clear signs of strengthening. We’re now seeing purchasers looking to capitalise on market conditions to upgrade their family homes. We expect to see more movement at this end of the market over the coming months.”
Speaking on Canberra market conditions, Mr Chamberlain said there had been four sales in recent months across Canberra over the $5 million threshold.
“This is a great sign for Canberra, showing not only that the market is strong, but also that there are buyers out there looking for properties across the entire market spectrum,” Mr Chamberlain said.
“What this sale shows is that with the right marketing campaign, auction sales will continue to deliver strong results for vendors leading into the New Year.”