A home in Canberra's tightly held community of Hall sold for $3.29 million under the hammer at the weekend, setting a new price record for the suburb.
The five-bedroom, three-bathroom property at 39 Palmer Street beat the previous record by more than $1 million.
It last sold in 2003 for $630,000.
Auctioneer and selling agent Josh Morrissey of Hive Property says potential buyers were attracted by the home's location opposite bushland and its amenities, such as a pool and tennis court, on more than 2000 square metres of land.
"[Hall] is a tightly held suburb so as soon as it launched we were inundated with enquiries," he says.
Out of six registered bidders, three hashed it out on the day in increments of $50,000 and then $25,000.
Morrissey says the purchasing price was above the feedback he had received during the campaign and was "a good result for the sellers".
He adds that interest was fuelled by the fact only one other house in Hall had been placed on the market this year - a property at 7 Gladstone Street, which sold for $1.5 million in July.
There were 145 homes scheduled for auction in Canberra for the week to Sunday, November 5, which was down slightly from the previous week.
Allhomes data shows there was a 50.30 per cent clearance rate of residential listings in October, down 1.4 per cent from September.
Morrissey says the increase in listings across the city means buyers have the "opportunity to be more diligent and look around".
"If you're a buyer, you have more to choose from at the moment as there are lots of different options in different areas," he says.
"[Some people are] moving to areas they weren't originally looking at because they're seeing good value there.
"I think as we head towards the end of the year, sellers should keep in mind that they need to listen to the market every week as it tends to change quickly, given the amount of stock coming out.
"This is making it competitive for buyers who now have more choice."
