Canberra auctions: Canberra’s auction activity slows to a halt

High interest rates and cautious buyer sentiment have made 2024 a challenging year for home sellers. Canberra’s last main auction weekend for the year continued at a slow pace, with a number of properties passed in.

Solely Properties’ Andrew Thorpe was negotiating with several buyers on Saturday after the renovated four-bedroom house at 26 Werriwa Crescent, Isabella Plains, was passed in at auction.

$1,050,000+

26 Werriwa Crescent, Isabella Plains ACT 2905

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Thorpe said the auction drew four registered bidders on the day but failed to sell. He was hopeful for a sale with negotiations in the $1.05 million to $1.1 million price range.

Situated on a 525-square-metre block, the house offers a spacious floor plan with an expansive living and dining area, a separate study, two bathrooms and a double garage. The property is in a convenient location close to schools, parks, and shops.

Altair Property’s Arjun Choudhary and Rahul Mehta passed in the stylishly presented four-bedroom residence at 68 Narden Street, Crace.

Offers over $1,175,000

68 Narden Street, Crace ACT 2911

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The property had been advertised at more than $1.1 million.

Set on a low-maintenance 450-square-metre site, the freshly painted property features a segregated main-bedroom suite, a self-contained studio with private entry, and north-facing living areas opening to an al fresco area and landscaped backyard. The property is close to Crace shops and just a short drive from Gungahlin Town Centre.

Elsewhere on Saturday, Cream Residential’s Chris Wilson passed in the distinctive five-bedroom residence at 61 Curlewis Crescent, Garran and was negotiating with conditional buyers.

$1,595,000

61 Curlewis Crescent, Garran ACT 2605

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In Nicholls, the architect-designed four-bedroom house at 23 Fitzsimmons Street was passed in through Town Residential’s Kostya Logvinov and was also under negotiation.

Weekday auctions also saw a quieter performance, with fewer properties sold. Among the results, 29a Ogilby Crescent in Page – a three-bedroom, one-bathroom house with a single parking space – sold for $750,000 through Belle Property Canberra. Blackshaw Queanbeyan and Jerrabomberra sold the four-bedroom house at 28 Chillagoe Street, Fisher, for $1.01 million.

Clearance rates have shown a modest improvement this December, reaching 55 per cent, up from 50 per cent last year.

Reflecting on 2024, Jonny Warren of Jonny Warren Properties noted that the year had been one of the toughest, with uncertainty and mixed emotions from buyers.

“We’ve witnessed a notable shift in buyer activity this past quarter, with more properties selling prior to auction as sellers become more realistic with their pricing,” he said.

Wilson also highlighted an increase in conditional buyers in the market, attributing it to buyers waiting to sell their current homes before committing to new purchases.