A property in Red Hill looks set to break the Canberra house price record which was $1.79 million.

Woodleigh, a property built in the 1980s on a 7963-square-metre block at 25 Mugga Way sold for $2 million to Clive and Lynlea Rodger.

Now, after 18 years, the couple has decided it was time for someone else to enjoy the hidden treasure - and the buzz is back. The property is expected to take the crown as the most expensive sale of its type in Canberra.

"We have been custodians of this magnificent property for almost 20 years," Mr Rodger said.

"It is now propitious to pass it on to new owners who we hope will treasure its beauty, location, and seasonal delights."

The Rodgers bought the house from Gordon and Doreen Smith who were best known for being the owners of Discount Tyre Service. The Smiths put the property on the market in 1999 so they could downsize and the Rodgers want to do the same.

"We bought the property because we wanted somewhere close to the city where we could raise our boys who were teenagers to grown adults," Mrs Rodger said.

"Our children have now grown up, left the nest and started their own families.

"It's a large property, a property well beyond our means for a couple and we think it's for someone else to enjoy it."

The house itself is two storeys and about 508 square metres in floor space. It has an underground cellar, four-bedrooms plus study, four bathrooms, workspace and room for up to six cars.

The property has an international-sized tennis court, swimming pool, barbecue area and a number of water features including a koi pond.

The couple pride themselves on the gardens.

"The gardens have been refreshed and we made sure that there would be colour and variety throughout the year," Mrs Rodger said.

"When I cook in the kitchen and look out I really enjoy watching the birds flying, watching the waterfall ... the garden is just a lovely area to spend your time in."

"The gardens have been a delight and will be missed," Mr Rodger added.

Before the couple moved into the property in 2000 they undertook six-months of renovations which included remodelling the entry, all bathrooms, installing upgraded lighting inside and outside the home, upgrading technological capability, pool systems and extending light and power to the outdoor entertainment areas.

The block also comes with a 130-square-metre annex with its own bathroom and kitchen facilities.

Mrs Rodger said the annex was used to host parties and for the boys so they could live on the property and still be able to live independently.

"When the boys were growing up, it used to be an open house here where all their friends would come and they'd enjoy using the tennis court and catching up with each other," she said.

"While they were playing I would stand in the kitchen cooking bacon and eggs and pancakes nonstop."

Director of Berkely Residential Bill Lyristakis wouldn't give the estimate of what the property would go for but said he had no doubt the property would break the Canberra property record.

"The property is in the prime position on the 'Golden Mile' that is Mugga Way," Mr Lyristakis said.

"If you add on all the facilities, the house itself, the pool and international-sized tennis court, all these add up and we're firming in the view that we're going to break the Canberra record."

The current Canberra house record is $7.3 million for the next door property, 27 Mugga Way which sold in 2010. The five-bedroom, five-bathroom property is set on an enormous 11,353 square metre block – one of the largest parcels of land in the area.

The unimproved value of Woodleigh is just over $4.4 million.

Mr Rodger said the couple planned to stay in Canberra to downsize.

"Since moving to Canberra from Sydney, the population has almost trebled in 40 years," he said.

"We have travelled extensively, there is no city in the world that offers the sophistication, cultural access and amenity or beauty of Canberra."