The home, 68 National Circuit Deakin, is located on a 2089 square metre block just three houses down from Prime Minister Scott Morrison's Canberra residence, The Lodge.

Built in the late 1930s, the original home included traditional features such as sash windows, picture rails, open fireplaces and bay windows, plus a clay tennis court in the backyard.

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Selling agent Andrew Chamberlain of Blackshaw Manuka said while the house was in a "tired condition" many buyers saw its potential.

"There was a mix of people who were interested in [rebuilding] from scratch right through to [those interested in] improving on the house, using the bones of the existing house," he said.

The auction attracted 17 registered bidders and around 100 spectators, who were eager to watch the bidding unfold.

Mr Chamberlain said bidding lasted about 20 minutes, before a young family eventually sealed the deal with their $4,425,000 bid.

"You could see that they arrived at the auction with the intention of buying the house," he said.

The home was a deceased estate and had been held by the same owner for more than 30 years.

The auction result set a new sale record for the street and the second highest sale price for Deakin, CoreLogic data shows.

It was one of 217 auctions that took place across Canberra for the week, marking the highest auction volumes on record for the capital. This time last year, just 116 auctions were reported across the capital.

Michelle Tynan, CEO at the Real Estate Institute of the ACT, said the weekend's auction volumes were unlike anything she had seen in previous years.

"Certainly in the time that I've been in this job, we haven't seen this type of auction volume this close to Christmas," she said.

"I think it tells us, basically, that there are still a lot of people looking to purchase, so vendors are still taking advantage of the current market conditions before the end of the year.

"Usually that first week of December is the final weekend [of auctions] but obviously the lockdown has played a part in that and people now coming back into the market to take advantage of the selling conditions."

Canberra's auction clearance rate was among one of the highest in the country at 75.7 per cent.

"I know that a number of [properties] that were passed in sold virtually on the same day due to negotiations that went on after the auctions," Ms Tynan said.

"I think it shows that the auction process is the way to sell property at the moment.

"It is the most transparent way of selling property because everybody is there, present, and whatever the final bidder thinks it's worth, that's what the sale price is."

Record auction volumes were seen all across Australia over the weekend.

CoreLogic data shows 4970 capital city homes went under the hammer, the highest volumes on record.

Auction numbers are expected to slow this week, less than two weeks out from Christmas.

Mr Chamberlain said the Blackshaw team are squeezing in the last auctions this week.

"We've got 24 [auctions] this coming week, so that's that's still a lot. Then there will be a couple of weekends beyond that where there won't be any auctions but that's normal for the rhythm of auction sales throughout the course of the year," he said.

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