Canberra’s clearance rate hits the lowest level of 2018

Canberra’s auction market cooled over the weekend, with preliminary data* showing a clearance rate of only 43 per cent for Saturday’s auctions.

This is the lowest clearance rate the nation’s capital has recorded this year.

Domain also showed auction supply was lower than average with only 34 scheduled homes going under the hammer on Saturday.

Overall, Canberra’s clearance rate has remained steady over the past months, bucking the trend of Sydney and Melbourne where clearance rates have been dropping considerably since the beginning of the year.

However, Sydney and Melbourne both performed better than Canberra over the weekend with a clearance rate of 54.7 per cent and 59.4 per cent, respectively.

The nationwide clearance rate for Saturday was 55.6 per cent.

From auctions sales, the highest price in the nation’s capital for a single residential dwelling was in Deakin at 23 Newdegate Street for $1.47 million.

Three amalgamated blocks in Weetangera also sold under the hammer for $2.180 million. The sites offered a development opportunity with eight townhouses set to be built on site.

A three-bedroom home in Page was the most affordable sale at $571,000.

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On a regional level, from available data, Tuggeranong recorded the strongest result with a clearance rate of 66 per cent, followed by Belconnen at 60 per cent.

Out of four scheduled auctions in Gungahlin, three passed in. Woden also recorded the same lacklustre result.

Seasonally, the volume of auctions declines in the winter months. There were only 707 auctions from June to August in 2017, compared with 1079 in autumn and 1125 in spring.

There are 46 scheduled auctions for this Saturday, July 7.

* Data is subject to change as not all auction results had been made available as of Tuesday, July 3.