A rundown Yarralumla property ripe for demolition has sold for close to $2 million.
There were 32 registered bidders at the auction for 16 Francis St in April, when the property sold to a couple for $1.91 million.
Blackshaw agent Michael Braddon said the "incredible" sale of the three bedroom, one bathroom home went well beyond his expectations.
Mr Braddon had hoped to fetch about $1.5 million for the site which is the median price for the lake-side suburb.
The property had paint peeling from the ceiling, stained carpet and a window boarded and taped up.
Mr Braddon said the 805 square-metre site was a "perfect building block" on a flat, rectangular parcel of land in a highly sought-after area.
He said all interested bidders were eager for a knock-down, re-build project.
About 10 of the bidders were developers and builders, and there were families and couples keen to take on the project.
Four people battled it out in the final $100,000 before a couple won out.
He said detached houses were collecting huge sums in Canberra's booming market even when significant work, or complete demolition were needed.
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- Regional house price growth doubles capital cities
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Canberra's median house prices reached a record-breaking $927,000 last month, surpassing the $900,000 mark for the first time.
Meanwhile in the regions, house prices are also soaring. CoreLogic data found this week, prices in the capital region grew 17.5 per cent in the past 12 months.
