It’s the sort of thing that has old-timers shaking their heads – a red brick, two-bedroom house in Queanbeyan cracking the million-dollar mark at auction.
But thanks to a red hot real estate market, the feat achieved by the house at 23 Bruce Street may become more common in the fast-growing regional town.
Property prices are booming, a vibrant $74 million civic and cultural precinct is on the way, there’s a thriving arts and entertainment scene, and heritage buildings are getting a new lease on life as exhibition and community spaces.
The two-bedder that broke the million-dollar barrier previously sold for $449,000 in 2012 – more than doubling in value in less than 10 years.
According to the co-principal of Belle Property Queanbeyan, Aaron Papahatzis, the sale was the source of hysteria from nearby neighbours, describing it as the “new benchmark” for two-bedroom cottages in the area.
He believes the sale is more than likely a record for a property of that size in Queanbeyan, going for nearly $300,000 above the $680,000 to $730,000 price guide.
“It’s unbelievable,” said Mr Papahatzis. “That was the general consensus of the price and the value, but it just went hugely over.”
The auction became a bidding battle between two parties. Mr Papahatzis says both were desperate to claim the title.
Mr Papahatzis said the property at 23 Bruce Street is one of a number of Queanbeyan cottages to do “extremely well” in recent times.
But as always with real estate – it’s about location, location, location. The cottage is a stone’s throw away from the Queanbeyan CBD.
To view current properties available in the ACT and surrounding region, head to Zango.