Canberra auction report card: September 2019

Canberra’s auction clearance rate for September 2019 was 64 per cent, which was the strongest result since May 2018.

Canberra’s property market was soft in the first half of 2019 but consecutive interest rate cuts have given the market a boost, resulting in higher clearance rates in recent months.

The number of auctions in September was lower than a year ago, but this was partly due to there being one fewer Saturday in September in 2019.

The reporting rate for September is currently 99 per cent following the same reporting rate for August.

The number of properties withdrawn before auction has fallen a little recently

The proportion of auctions being withdrawn was 6 per cent in September following a 10 per cent withdrawal rate in August (withdrawn auctions are included within the unsold properties when calculating the clearance rate.)

The share of properties being sold prior to auction was 11 per cent in September, which is slightly higher than the average rate over the past 12 months. More sales prior to auction is generally a sign of a stronger market.

Securing a sale post-auction

August’s 63 per cent clearance rate rose to 67 per cent when including the sales secured within a two-week timeframe of the failed auction, increasing to 71 per cent within six to eight weeks (which is likely to increase as more results come in).

ACT district performance