Canberra's most southerly suburb has set a record house price, with investors snapping up a four-bedroom Banks home for $1.47 million last week.
Slated for auction later this month, 23 Wittunga Crescent was on the market for about a week when a local buyer put in a winning offer.
The property was built in 2015 after the original home was extensively damaged in a 2014 house fire. It last sold in 2019 for $980,000.
Located on an 881-square-metre block, the home now features an open-plan kitchen with a butler's pantry, a master bedroom complete with a walk-in wardrobe and en suite, a large home office and several living areas.
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Selling agent Colin McIntyre of McIntyre Property said the property's design and age was a drawcard for buyers.
"This is probably one of the newer homes in the area and the rebuild was really high quality, it was really well done," he said.
With two adult children about to leave home, the sellers put the house on the market with a view to downsize.
The new owners are from the area and purchased the home as an investment property, Mr McIntyre said.
According to CoreLogic, the median sales price for houses in the area was $652,750 as at June 2021, while the median asking rent for Banks is $507 per week.
The previous record price for Banks was set in June, when 18 Orange Thorn Crescent sold for $1,376,500.
Mr McIntyre expected more record Canberra sales could be on the way.
"The market as a whole is skyrocketing at the moment," he said.
"The under-bidders of this one just bought another property from us for quite a good price as well.
"When an under-bidder misses out on a home that sells for a record, they [often] create the next record with their purchase."
Restrictions on property inspections recently eased in the territory, which Mr McIntyre said was helping to bring more listings back to the market.
"We've had no shortage of really good sales in the last year, but [also] just in this last week," he said.
"It's like an injection back into the marketplace now we can start taking buyers back through properties."
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