Auction Watch: Low auction sales on federal election day in Canberra

Canberrans seemed more interested in snagging a sausage than a house on Saturday with the federal election proving a likely distraction for vendors and prospective buyers.

Only four properties sold under the hammer on the day, contributing to a clearance rate of just 37 per cent, according to Domain. Others sold before or after their auctions.

The impending vote did not dampen Canberra’s auction market over June however, many agencies scheduled one or no auctions on the same day Canberrans headed to the polls, with 20 being listed.

Luton Properties director Richard Luton said his agency decided to focus on property inspections on Saturday.

“We didn’t want anyone coming back saying, ‘I told you so’, and we were able to schedule everything around it [the election],” he said.

A quieter day of sales did not stop crowds flocking to a number of auctions that did go ahead, including about 50 people who gathered outside a renovated house at 2 Hinchcliffe Place in Spence.

One of two registered parties placed an opening bid of $500,000. The property passed in however, the prospective buyer increased their offer to $625,000, which was close to the reserve price.

​Independent Property Group auctioneer Mark Larmer said the property was under negotiation as of Saturday afternoon, with two conditional parties interested in snapping up the property if the sole bidder failed to negotiate a price with the vendor.

Selling agent Aaron Lewis said he did not expect the result of Saturday’s election to have a significant impact on Canberra’s residential property market.

“Maybe for some investors but live-in owners? No. It’s an under-supplied market for family homes,” he said.

“Buyers are becoming quite frustrated. There aren’t enough family homes out there, especially ones that have been renovated and are ready to move into.”

It was a similar story in Dickson where No. 1 Bates Street also failed to sell at auction.

Selling agent Andrew Browne, of LJ Hooker Dickson, said the distinct house had attracted a lot of interest but had passed in “frustratingly close” to reserve. It has been relisted for $810,000+.

“We are expecting get something over the line over the weekend or early next week,” Mr Browne said.

“I think what probably stopped it getting sold under the hammer was it is such an unusual property – people didn’t know what it was worth.”