A residential home in the Canberra suburb of Kaleen was sold at auction for $1,045,000 last weekend (December 3rd to 4th).
This sets a new property price record for the region and means the area has topped the £1 million mark for the first time in its history, Domain reports.
Indeed, the sale surpassed the previous record for Kaleen by some £110,000, with both of the top two prices having been for properties that were sold under the hammer.
The family residence at 45 Onkaparinga Crescent is not the first property to break these records, as such sales have almost become commonplace over the course of the past year.
Low interest rates have aided the affordability of upsizing, which has prompted a boost in that segment of the market.
Increasing numbers of record-breaking sales suggest that the upswing in property prices more generally is likely to continue.
The average price for a detached family home in Kaleen is almost exactly at the median price for Canberra and Greater Queanbeyan. At $630,000, strong house price growth in the suburb has been growing by 8.4 per cent annually - $49,000 higher than the corresponding figure recorded last year.
Nicola Powell, data scientist for the Domain Group, outlined some of the reasons why people are paying more to live in such areas.
"A lower level of supply is likely to be one reason why buyers are forking out more to live in this sought-after Belconnen suburb," she remarked.
Ms Powell added that the fall in supply was complemented by a dip in demand, with 13.5 per cent fewer properties sold over the first ten months of the year
"The number of properties sold may have dipped but other indicators suggest there are still active buyers in the market vying for property."