Canberra real estate industry gears up for its biggest month

The Canberra property market is ramping up for its busiest month as buyers and vendors look to secure a sale before Christmas. But, unlike recent years, buyers are likely to find it easier.

November is the biggest month for real estate in Australia’s capital, and typically, the volume of auctions exceeds that of any other month.

“Looking at the trend, November consistently has the highest volume of auctions in the calendar year,” says Domain senior research analyst Nicola Powell.

In 2017, there were 504 auctions across Canberra and Queanbeyan in November, and the clearance rate was 66 per cent.

Dr Powell says with slowing price growth this year, November is unlikely to produce a performance on par with last year but she expects the volume of auctions to be at a similar level.

“We have seen clearance rates weaken year-on-year, meaning November will be a test for the auction market, but for buyers, they will have a greater choice as there is less competition in the market,” she says.

“The lending market has caused a slowing of growth and has taken some of the buyers out of the market, but we have also seen an increase in the number of listed auctions.”

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November tends to attract a high volume of auctions for many reasons.

Value Properties agent Mike Ryan says a positive for vendors listing in November is to take advantage of army and navy members, and public servants moving to Canberra at the end of the year or early into the new year.

“It’s a good time to sell because there are plenty of potential buyers who want to know where they are going to live, that can make it competitive,” he says.

“While the property sale might not be settled by the end of the year, it will help the organisation of removalists.”

Ryan says new-year school enrolments are another motivation for buyers.

“Many need to move to a specific area to enrol their children into a particular school,” he says.

“That is a driver behind many of the November sales inquiries. Buyers want to settle on a home and get that enrolment process under way.”

Ray White Canberra agent Mark Johnstone says November represents a cut-off mark for buyers who hope to be relaxing in their new homes in time for the Christmas.

“November increases buyer motivation and creates higher demand for properties,” he says.

“Sellers also realise it’s a good time to put their homes on the market to either secure a sale before Christmas or to be on the market early afterwards.”

This weekend, 86 properties are listed to go under the hammer in Canberra.