Unique properties north and south of the lake were hotly contested at Saturday’s auctions. 

8 Brown Street, Yarralumla. Photo: Supplied

One of the last opportunities to redevelop a lakeside block in Yarralumla was snapped up for $2.59 million.

About 150 people gathered in the front yard of 8 Brown Street to watch nine registered bidders vie for the property.

Ray White Kingston agent Cory McPherson said each bidder had plans for a knock-down rebuild.

Brown Street is one of the only addresses in Canberra to offer Lake Burley Griffin frontage.

The three-bedroom monocrete cottage at number 8 Brown Street is the only property on the street of nine houses yet to be redeveloped.

Auctioneer Scott Jackson accepted an opening bid of $1.5 million and six of the nine registered parties were active participants.

It was declared on the market at $2.17 million. About 50 bids were placed before the hammer fell on $2.59 million.

The home has had just one owner since it was built in the 1950s when the site that is now Lake Burley Griffin was just a paddock.

An opulent knock-down rebuild is anticipated for the 876-square-metre block.

A lavish property at 16 Brown Street held the suburb record for five months in 2016 when it sold for $3.95 million.

“[8 Brown Street] is in good company,” Mr McPherson said.

“There’s very little chance of overcapitalising in this location.”

North side, a record was broken in Braddon when a home at 24 Farrer Street sold immediately after auction for $1.8 million.

24 Farrer Street, Braddon. Photo: Supplied

The previous record was set in 2014 when 11 Elder Street sold for $1.66 million. 

Luton Properties Canberra City director James Carter said the home struck a chord with buyers seeking extra space in the popular suburb. 

The vendors purchased the property 38 years ago and transformed the cosy cottage into a modern entertainer.

Mr Carter said freestanding homes without heritage restrictions were “as rare as hen’s teeth” in Braddon. 

More to come.