Canberra’s clearance rate records a strong result for May

Canberra’s auction market recorded a robust result over May on the back of an average performance in April.

Domain data shows the overall clearance rate in the ACT for the month of May was 67 per cent, representing a year-on-year increase of 3.3 per cent. This comes after the clearance rate in April was only 60 per cent.

On a regional level, clearance rates* improved month-on-month in all bar two regions. The Inner South recorded a drop of 9 per cent to 67 per cent and Tuggeranong’s rate remained steady over the two months at 67 per cent.

Belconnen continued to cement its position as Canberra’s strongest auction performer, after it recorded the strongest clearance rate at 80 per cent, up from 72 per cent in April.

Weston Creek’s clearance rate was 71 per cent, up from 62 per cent. The region also recorded an impressive year-on-year increase of 32 per cent.

In third place, was the Inner North at 70 per cent, up from 60 per cent.

Gungahlin had the lowest clearance rate at 49 per cent, up from 41 per cent.

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The total supply of houses on the market was 1319, including a new supply of 458. For units total supply was 1226, including 262 new supply.

Gungahlin had the highest supply of new houses at 117, followed by Belconnen at 109.

Weston Creek had the lowest supply of new houses at 22.

The Inner North had the highest supply of new units at 68, followed by Belconnen at 54.

Weston Creek also recorded the lowest supply of new units at 4.

The number of rentals in Canberra continued to decline over May, with the number of houses available down year-on-year to 14.7 per cent, and the number of unit rentals down year-on-year to 19.6 per cent.

Molonglo Valley’s housing market experienced the sharpest year-on-year decline in the number of rentals at 25.9 per cent. While at Weston Creek, the unit market also experienced a significant yearly decline of 20.7 per cent.

*There is insufficient data available to ascertain a clearance rate for the Molonglo Valley.