Canberra's auction clearance rates down in September

Canberra’s property auction market felt a residual chill in September, tracking backwards to record an overall 46.2 per cent clearance rate, down 14.2 per cent on the previous month.

According to Domain data, Gungahlin clearance rates are among the lowest in the capital, sitting at just 32.4 per cent in September, and down 6.9 per cent year-on-year.

Tuggeranong fared better at 56.3 per cent, equating to a rise of more than 7 per cent over 12 months.

Jonny Warren of Jonny Warren Properties noted that Gungahlin had a diverse demographic, with many buyers shying away from auctions in favour of fixed-price certainty.

Warren added that while the market wasn’t what it was 18 months ago, he had seen a surge in the number of properties on offer and believed strong prices were still achievable.

“We’ve sold seven properties in the last four days, most prior to auction,” he said. “This included a property at 9 Lambell Close, Palmerston, which sold for $1.11 million, some $10,000 above the reserve.”

The property was scheduled to go to auction on October 19 but exchanged on Wednesday.

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The quality four-bedroom, three-bathroom residence was built by the sellers and featured expansive indoor and outdoor living spaces, a self-contained studio and oversized double garage.

Located in the Gungahlin region, Palmerston’s median house price rose a modest 1 per cent over the past year to $990,000.

In September, Queanbeyan also recorded a low clearance rate of 34.6 per cent, but this was up five per cent from the same time in 2023.

In contrast, Woden Valley recorded the highest clearance rates in the ACT at 59.3 per cent.