Joe Hockey sells Forrest, Canberra bolthole
Across Canberra 69 auctions were held this week with a 64 percent sales success including the $1,515,000 sale of the former bolthole of the former Federal Treasurer Joe Hockey.
The three-bedroom property in the prestigious suburb of Forrest sold soon after being passed in on a $1.5 million vendor bid at its 25 Furneaux Street onsite auction.
There were just the three registered parties for the house Hockey and his wife, Melissa Babbage, bought the house in 1997 for just $320,000.
The 1930s house on the market after he quit parliament to take the plumb diplomatic job of Australian ambassador to the United States.
Its LJ Hooker Canberra City agent Kaylene King told News Ltd that the price reflected "good buying.’’
Another five properties fetched $1 million elsewhere in Canberra, with the weekend top seller at 32 Carrington Street, Deakin at $1,965,000, just shy of the $2 million plus pre-auction expectations. The 2010 home sits on a 660 square metre block that cost $710,000 in 2009.
Over the three months to December 2015, 7.6 percent of Canberra homes re-sold at a loss compared to 11.2 percent over the previous quarter and 10.9 percent a year earlier, according to the latest Pain & Gain report from Core Logic RP Data.
The fringe property market of Canberra has undergone significant development within the past 24 months, say valuation firm Herron Todd White in their April 2016 property clock.
The median price for a house in Forrest is $2,150,000, according to CoreLogic RP Data.