Canberra auction report card: July 2019

Canberra’s auction clearance rate for July 2019 was 52.5 per cent, which was the strongest result since October 2018.

Canberra’s property market has been soft in the first half 2019, but given election uncertainty has come to an end and consecutive interest rate cuts, clearance rates are likely to rise marginally and prices are likely to rise modestly over the next six to 12 months. The number of auctions in July was 12 per cent lower than one year ago.

The reporting rate for July is currently 94 per cent (more results will be collected in the coming weeks) following a reporting rate of 93 per cent in June.

Canberra: July clearance rates

The number of properties withdrawn before auction has fallen a little recently

The proportion of auctions being withdrawn was 13 per cent in July following a 6 per cent withdrawal rate in June.

The share of properties being sold prior to auction was 13 per cent in July, which is a bit higher than average rate over the past 12 months.

Securing a sale post-auction

June’s 48 per cent clearance rate rose to 59 per cent when including the sales secured within a two-week timeframe of the failed auction, increasing to 63 per cent within six to eight weeks (which is likely to increase as more results come in).

ACT District performance