Canberra has welcomed yet another suburb price record with a seven-bedroom Calwell home selling for $1.38 million last week, surpassing the previous mark of $1.27 million.
The home, at 105 O'Connor Circuit, was previously owned by a group of investors who said the property had been tenanted for almost a decade and at one stage was occupied by the United States ambassador to Australia.
With impressive views over Tuggeranong and across the Brindabellas, the two-level house drew significant interest on auction day with eight registered bidders vying for the property.
Selling agent Tyran Murphy of LJ Hooker Manuka said the virtual bidding started at $900,000.
"It was pretty much a two-horse race all the way from $900,000 up until the end with increments really just staying at $10,000," he said.
In the end, a Canberra family secured the home after looking to buy in the area for some time, Mr Murphy said.
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Built in 1995, the home had been owned by a group of investors since 2003, when they purchased it for $760,000.
"It served as a relatively good investment. Unfortunately one of the part-owners passed away about two years ago," Mr Murphy said.
"As a result the owners decided to list the property for sale as the market in Calwell seemed to have picked up and they thought, 'Why not take the opportunity now while the market is positive'."
Ron Limond, the husband of one of the investors, said the group had been thinking of selling for some time and Canberra's strong property prices were an added bonus.
"We were ecstatic with the price. It was certainly much more than we had anticipated," he said.
Incredible views aside, the 505-square-metre property was originally a builder's own home, designed to offer ample space for a family including seven bedrooms, three bathrooms and several living areas.
"It's a very large home with over 400 square metres under the roofline. It was purpose-built back in the mid-90s so it's very unique in design," Mr Murphy said.
"I think that's really what captured a lot of people - just the sheer size that you have in the home."
The Tuggeranong region has achieved multiple record prices over recent weeks, including a $1.47 million sale in Banks.
Mr Murphy said more Canberrans were considering moving to the Tuggeranong area as it was very well-established yet still offered good value for money for homebuyers.
In June, the median sales price of houses in the area was $700,000, according to CoreLogic data.
Buyers can expect record prices to continue across the district, Mr Murphy said, especially as Canberra's property listings remained low.
"I think we'll start seeing suburb sales above $1 million continue, particularly because [Tuggeranong] is relatively good value for money when you compare it to other areas of Canberra," he said.
"The supply in Canberra has generally continued to stay low and I think that's another driving factor for purchasers, they don't have as much choice and I think that is contributing to the prices that we are seeing."
