In an auction that was so hot the atmosphere was “electric”, a new suburb price record has been set in Yarralumla by a $6.4 million palatial residence on a prime 1,017sqm block.

A contender for the title of Canberra’s finest home, this flawlessly crafted property includes six bedrooms, eight bathrooms, 10 car spaces, a gas heated pool and spa, and an elevator across all three levels.

Agent Alexander Smout said this luxurious, bespoke, master-built home at 2 Blakely Row includes elements and features that blow other properties out of the water.

“It’s a substantial home with 500sqm of living space with a basement that’s 155sqm within itself,” Mr Smout said.

“For people who have got home gyms, multiple cars, theatres, whatever it may be, this home completely elevates from a standard home.

“It has a lift as well. It’s got all the bells and whistles you’d expect for a home of this calibre.”

Designed by architects Ring and Associates, he said it’s perfect for a dual family, and is sited on a 1,017sqm block of premier Yarralumla land in an enviable cul-de-sac.

Mr Smout describes the atmosphere at the auction on Saturday 12 November as “electric” and said it was most likely the largest crowd he had ever seen gather to witness a home go under the hammer.

The campaign lasted four weeks with five registered bidders on the day and around 80 people registered their interest.

Bidding started at $5 million, jumped to $5.5 million, staggered upwards in increments of $100,000 before finally being negotiated to the price record of $6.4 million.

Mr Smout observes Canberra is seeing more buyers with significant budgets at the moment, which has contributed to the expensive price tag, along with the good uplift in building quality.

“It certainly sets a new benchmark for the area. When people are buying land, they’ll know the budget for their house because of the big prices out there,” he said.

“Not sure whether they’ll eclipse this one though.”

The “pretty proud” agent said although we’re very late in the piece for spring, it was a classic and “awesome spring auction”.

So, what does this mean for the Canberra property market? Mr Smout said: “It will be interesting to see what comes out in the wash.”

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