Canberra's auction record broken with $5.85 million Red Hill sale

Canberra's auction record broken with $5.85 million Red Hill sale
Joel RobinsonApril 16, 2021

The Canberra auction price record has been set by a home in Red Hill which sold under the hammer for $5.85 million.

It was set on the pricey Mugga Way which is the home to some of Canberra's most expensive residences.

The property was bought by a local ACT family who first saw the home at the premarket VIP viewing.

The mid 1930s-built English manor-style home with dormer windows, high ceilings and French doors is surrounded by landscaped gardens. It has five bedrooms and four bathrooms. 

 Canberra's auction record broken with $5.85 million Red Hill sale

There's a banquet size dining room with an original open fireplace, a formal lounge with open fire and stained-glass feature windows and a family room with cedar ceiling.

A three car garage with 460 bottle wine cellar sits separately from the main residence. Upstairs there's a games room and a self-contained one bedroom apartment. 

In the vast 5,110 sqm grounds is a 16 metre swimming pool with a conservatory like pool house and a full size tennis court.

Peter Blackshaw agents Mario Sanfrancesco and Andrew Chamberlain secured the sale.

“A strategic four-week marketing campaign included a mix of print media, digital, social and local radio advertising, lead to interest by several well- positioned parties”, Sanfrancesco said.

 Canberra's auction record broken with $5.85 million Red Hill sale

The property was trading for the first time in over three decades.

“The home presented a rare opportunity to buyers – it’s not often that a home of this calibre, set on a large 5,110sqm block comes to market – nonetheless, backing onto Red Hill Nature Reserve”, Sanfrancesco added.

“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.”

Sanfrancesco said the number of purchasers at the top end of the market is increasing.

 Canberra's auction record broken with $5.85 million Red Hill sale

"We expect to see more movement at this end of the market over the coming months.

Recently Hotspotting's Terry Ryder said Canberra is undoubtedly one of the steadiest markets in Australia

"The national capital is undoubtedly one of the steadiest markets in the nation – underpinned by the strongest real estate economy in capital city Australia," Ryder suggests. 

The sale broke the previous record which was set two years ago when Luton Properties sold a home on Deakin's Hotham Crescent for $5.75 million.

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Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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