6 May 2021

Records tumble as 80s brick and tile home sells for $1.26 million in Wanniassa

| Katrina Condie
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An architecturally-designed four bedroom home at 56 Maltby Court Wanniassa

An architecturally designed four-bedroom home at 56 Maltby Court, Wanniassa attracted phenomenal interest. Photo: Verv Property.

Property sales records continue to be smashed across Canberra, with a 1980s brick and tile home selling for $1.26 million – a new record price for Wanniassa.

The architecturally designed four bedroom, two bathroom home at 56 Maltby Court in Wanniassa attracted a “phenomenal response”, according to listing agent Alysia Walsh from VERV Property.

“We have seen 144 groups through the home in the space of 2.5 weeks,” she said.

Ms Walsh said she received three “impressive” pre-auction offers, all over $1.1 million.

READ ALSO $1.6 million family home sale smashes Florey suburb record

“The accepted offer was a huge $1.26 million, which I was informed has broken the suburb record!” she said.

The completely renovated residence situated on a large 1274 square metre block with established gardens and backing onto parkland sold on 5 May.

Ms Walsh said more families were looking to Wanniassa, with increased interest in the area during the recent housing boom.

“Wanniassa is such a beautiful and highly sought-after suburb, so while the interest received is somewhat overwhelming, it is not at all surprising,” she said.

“We are seeing families chasing their next family home in the area as this market is forcing them from the more costly suburbs such as Farrar and Isaacs.”

The record-breaking family home, tucked away in a quiet street, is surrounded by spectacular established gardens cultivated over 20 years, creating a sense of absolute privacy and delight, providing lush garden views from every room.

READ MORE The most opulent rural property in Australia is on the market at Sutton

The spectacularly designed and updated home also features vaulted ceilings and light-filled living spaces with beautiful timber flooring and windows throughout.

VERV Property is making waves across Canberra, having broken two suburb records in two weeks.

The record for Sutton was also smashed when VERV sold a four-bedroom homestead on 16 hectares at 57 Vaughan Drive in Sutton for $4.75 million on 22 April.

Check out VERV Property, Canberra’s newest real estate agency.

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Low interest rates mean people borrow more. Large loans means people have more money to spend and higher buyer demand pushs up house prices. Prices, rents and rates also rise because of ACT govt land policies. Ratio of mortgage, rents and rates repayments to income rises. If and when interest rates do start their inevitable rise people will borrow less and budgets will be sqeezed. Many will be unable to pay their mortgages because they borrowed to the limit of their incomes. Houses will be sold off and house prices will fall. In 1989 home loan interest repayments rose to 17.5%. All borrowers must allow for future rate rises.

Capital Retro8:20 am 11 May 21

It is timely to revisit what happened in the USA 11 years ago because with speculation that there will be government guarantees for almost zero deposit home loans to disadvantaged people in tonight’s Federal budget we are “priming for our own sub-prime crisis”.


Certainly low documentation loans raise the risk of default. As well, to add to the risk factors now are greater use of mortgage brokers pushing people to maximise their loans. Also, we now have more parents, especially from migrant communities, prepared to contibute to the house purchase. All adding to upwards price pressure. It is a potent mix.

pink little birdie2:13 pm 11 May 21

it’s not like low deposit loans aren’t a thing already

The ACT Government is releasing less land for housing than at any time since the 1960s. We can’t place all the skyrocketing property prices on the banks and federal property investment schemes.

Yes, the ACT Labor/Greens government has deliberately driven up the price of land by withholding it from the market.

HiddenDragon5:44 pm 08 May 21

With what seems likely weekly explosions of excitement about the latest “suburb price record smashed”, the ACT government’s land valuers and revenue gatherers must be feeling like the proverbial pigs in mud – “rates shock” is going to be even more of a thing for Canberra households in coming years.

The spiraling home prices all, of course, depend on the banks continuing to have access to plentiful funding at exceptionally low rates. Another part of the price rise equation, which tends to be overlooked here in Canberra, is the extent to which incomes that can support mega-mortgages rely on a federal budget that has been massively boosted by minerals revenues – primarily from purchases by China. What could possibly go wrong…..?

Low lending standards and inflated bonuses for originating mortgages based on ever rising values are core features of our banking system. This has diverted investment away from more productive activities and created a growing wealth divide between the asset rich and the rest.

It is the liberalisation of finance and the treatment of housing as an investment product that got us into the housing affordability mess – Mark Limb (QUT) & Cameron Murray (USYD).

Former RBA head Ian Macfarlane is on the record saying that those who profit from rising house prices “are making themselves richer at the expense of their children.” i.e. engaging in intergenerational theft.

Niall Ferguson, describes the traditional intergenerational compact as our most important social contract and one that is being broken in Western economies.

In 1981, 60 per cent of people in the lowest wealth quintile aged 25-34 owned a home. Today the figure is just 20 per cent.

While bankers, real estate agents and landlords celebrate someones indebtedness, civil society withers away, fertility rates fall, wealth and thus power is concentrated into fewer and fewer hands.

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