Canberra's clearance rate falls below 50 per cent

As rain, hail and lightning fell across Canberra on Saturday, so did the auction clearance rate.

Canberra’s clearance rate plummeted to a low of 45 per cent, down from 56 per cent on the previous weekend. The result, from 61 reported results, is the second-lowest clearance rate of 2018. In July, the clearance rate dropped to 43 per cent, however, there were only 34 scheduled auctions.

This comes as Canberra’s pace of growth slows on the back of peak performance recorded in spring 2017.

On a regional level, Belconnen recorded the highest clearance rate of 62.5 per cent. The Inner South and Weston Creek both recorded clearance rates of 60 per cent.

In Tuggeranong, only one of the seven properties that went under the hammer sold.  

Canberra’s most expensive sale was recorded at 83 Captain Cook Crescent, Narrabundah which sold for $1.532 million.

Belle Property Kingston listing agent Leanne Palmer said there were three registered bidders at the auction, with competitive bidding from two parties – both families.

“The property was hotly contested and it created a lot of interest in the local market,” she said.

“It was a classic red brick Canberra home that had been sympathetically and beautifully renovated and extended.

“It was a wonderful modern home that retained the charm and the feel of the original cottage.”

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• Related: Scullin sale proves Belconnen is worthy of auction powerhouse status

Ms Palmer said the auction finished just before the storm descended, however, she said the weather wouldn’t deter serious buyers.

“If someone genuinely wants to buy a house, they will come in rain, hail and shine. The weather might cut down on more hesitant buyers,” she said.

There were three other sales above $1 million on Saturday. Belle Property Kingston also sold 25 Frome Street, Griffith for $1.2 million.

In the Inner North, 7 Ebden Street, Ainslie sold for $1.19 million through LJ Hooker Dickson; and 28 Cossington Smith Crescent, Lyneham sold for $1.182 million through Peter Blackshaw Real Estate Manuka.

The most affordable sale was $280,000 for a two-bedroom unit in Hughes through McGrath Estate Agents Woden.