A three-bedroom Canberra home described as the "best knockdown and rebuild opportunity" sold to a family of renovators for $690,000 at the weekend.
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Built in 1976, the low-set brick home at 69 Fincham Crescent, Wanniassa is situated on 748 square metres of land.
The house itself spans 126 square metres, and includes a bathroom with separate toilet, a laundry, dining and lounge space plus an additional family room. It also features a detached two-car garage.
The home is in need of extensive repair work, so was marketed to buyers who were keen to "renovate or restore, demolish and build your dream home" or those looking to "rebuild and flip".
But despite peeling paint, missing floor tiles and overgrown plants climbing inside the bathroom walls, most buyers weren't interested in demolishing the house.
Selling agent Ben James of Solely Properties said about 40 groups inspected the home during the sales campaign, and all were keen to retain the bones of the house.
"The building report did indicate that although it did need a lot of work on the inside, structurally the property was sound," he said.
"Everyone that came through it was looking at it from the perspective of actually repairing it and renovating the property.
"So it just goes to show that you shouldn't presume anything with property."
Three bidders registered on auction day, and the successful purchasers were a family who plan to renovate the property together, Mr James said.
CoreLogic records show the home last sold in 1998 for $127,000.
The median house price in Wanniassa was most recently reported in February at $861,000.
It was one of 149 homes taken to auction across Canberra for the week to Sunday.
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CoreLogic's preliminary reporting shows 38 homes were sold prior to auction, 44 were sold at auction and eight were withdrawn.
One home was sold after auction and a total 22 homes were passed in. By Monday morning, at least one of the passed-in homes was under offer.
While Mr James admitted there appeared to be fewer buyers at auctions and open homes, sellers are still achieving solid results for their properties.
"With the results that we're seeing, I don't think that I would call it a falling market or a dropping market," he said.
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