Auction watch: Million-dollar sales despite low clearance rate

Canberra’s auctioneers were back in full force on Saturday after the Easter break, however more than half the listed properties failed to sell with the city’s clearance rate falling to 41.5 per cent.

There were 51 properties listed for auction this Saturday compared to last weekend’s single auction.

Despite the low clearance rate, a few million-dollar sales were achieved under the hammer.

About 40 people gathered at the front of 44 Ebden Street in Ainslie to watch a renovated cottage sell for more than $1 million.

Two parties registered to bid for the home, however only one party was an active bidder. Luton Properties director and auctioneer Richard Luton opened proceedings by placing a vendor bid of $1 million.

A bid of $1,025,000 was placed before negotiations with the vendor pushed the price up to reserve. The hammer fell on $1,080,000, selling to a local family who were moving from within the area.

Ainslie recorded a slew of million-dollar sales last year and it’s a trend that looks set to continue. Agent Holly Komorowski also sold a property in neighbouring Duffy Street this week for $1.45 million.

Other million-dollar sales included a property at 13 Waller Crescent in Campbell, which was sold by Peter Blackshaw Manuka agent Debbie Maddigan for $1,155,000.

The biggest sale of the day was a property at 1 Durville Street in Griffith, which sold at auction for $1.5 million.

Luton Properties Woden director Richard Keeley said the heritage-listed home in the blue-chip location of old Griffith attracted strong interest from buyers and there were six registered bidders. It was the agent’s third auction of the day and he sold all three properties under the hammer.

Mr Keeley said auctions and open homes have been well attended this autumn.

“The market’s stronger than it was at this time last year and I expect it will continue to be strong for the forseeable future,” Mr Keeley said.

The clearance rate on Saturday was 41.5 per cent, according to Australian Property Monitors. Canberra recorded an auction clearance rate of 71.1 per cent in March, which was second only to Melbourne’s result of 72.7 per cent.