Canberra Auction Report Card: May 2019

Canberra’s auction clearance rate for May 2019 was 51 per cent, the highest monthly clearance rate since October 2018.

Clearance rates are likely to rise in the months ahead, with the Coalition’s surprise election victory, expected interest rate cuts and changes to lending rules providing a boost to market confidence.

The reporting rate for May is currently 88 per cent (more results will be collected) following a reporting rate of 100 per cent in April.

The federal election held on May 18 had a big impact on Canberra’s auction market. Auction volumes were low in the weeks leading up to the election as buyers and sellers awaited the outcome of the election.

Canberra: May clearance rates

The number of properties withdrawn before auction has fallen a little recently

The proportion of auctions being withdrawn fell to 6 per cent in May following a 14 per cent withdrawal rate in April.

The share of properties being sold prior to auction has been trending lower since late 2018.

Securing a sale post-auction

April’s 49 per cent clearance rate rose to 50 per cent when including the sales secured within a two-week timeframe of the failed auction, increasing to 62 per cent within six-to-eight weeks (which is likely to increase as more results come in).

ACT District performance