A grand home on Canberra’s Golden Mile in Red Hill has broken the ACT record for a sale price at auction, fetching $5.85 million on Sunday.
The English manor-style residence at 30 Mugga Way, set on a vast 5110 square metre fully landscaped block, went to a Canberra family who were keen to move into the exclusive area.
Peter Blackshaw agent Mario Sanfrancesco, who handled the sale with Andrew Chamberlain, says the location and the size of the property were keys to the record price.
“The property had been held by the family for about 30 years and what’s special about is the size of the land, it’s on Mugga Way, and backs on to Red Hill reserve,” he said.
“The property offered an opportunity for buyers to live there and do some renovations but also knock it down and build a new house if they chose to.”
Originally built in 1937, the two-storey home with period timber features, high ceilings, Dormer and French doors, boasts five bedrooms and three bathrooms, with a master that features a remodelled ensuite overlooking Red Hill with spa bath.
A baronial-sized dining room seats 22 guests and includes a small original open fireplace. On the other side of the hall is the formal lounge with open fire and stained-glass feature windows.
The grounds include a tennis court and 16-metre swimming pool. Other entertainment features include a built-in barbecue area, a conservatory-style pool room with access to a 460-bottle wine cellar.
There is also a three-car garage and a separate apartment with a bedroom, bathroom and kitchenette.
Mr Sanfrancesco said he fielded inquiries from interstate and overseas and ran a four-week campaign using direct marketing to client base, and through social, electronic, print and radio media.
He said the depth of inquiry and interest showed that the Canberra market was doing some good things, especially at the higher end.
“The buyers are quite selective with their requirements but having said that there is a good depth of buyers at the moment for the right property at that level,” he said.
The property was worthy of the record, and Mugga Way was also home to the highest and second-highest overall residential sale in the ACT, at over $7 million.
“One is directly across the road and the other one exactly five doors up the road,” Mr Sanfrancesco said.
The sale broke the previous auction record set two years ago when Luton Properties sold a home on Deakin’s Hotham Crescent for $5.75 million.
It’s not Mr Sanfrancesco’s first record sale. A few years ago he sold a property in Hunter Street, Yarralumla, for just under $5.5 million at auction.