Michael Inman, John Gray August 12, 2012
This property at 8 Cambage Street, Yarralumla failed to sell at auction yesterday, but negotiations with an interested party are under way. Photo: Graham Tidy
A FOUR-bedroom Yarralumla home failed to sell under the hammer yesterday, despite attracting interest from three registered bidders.
The property passed in at $1.5 million, shy of the $1.64 million advertised price tag.
But Luton agent Robert Westropp-Evans said negotiations were under way and was confident of a sale in the coming days.
Luton sold one of four properties on offer yesterday.
While yesterday's result were disappointing, Mr Westropp-Evans said overall sales momentum at auctions were improving.
''I'd be surprised if the properties [that were passed in] don't sell quickly,'' Mr Westropp-Evans said. ''The numbers of people coming out to our open houses has been quite heartening. Generally, it is a great time to be a buyer because there are some great value homes out there in every category.''
Mr Westropp-Evans said million-dollar properties were providing the best value for buyers. Eight of the 15 properties on offer sold yesterday.
Independent Property Group claimed the sale of 48 Mirning Crescent, Aranda for $1.09 million was a new record for the suburb.
Peter Blackshaw sold two of four properties under the hammer. Peter Blackshaw agent Albert Stavaruk said a 50 per cent success rate was a pleasing result at a traditionally slow period of the year.
''The dead of winter is the worst time of year from a garden perspective so a lot of people don't want to sell,'' Mr Stavaruk said, adding that the market would heat up with the weather over spring.