Canberra's winter auction market: high clearance rates and more homes for sale

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The Canberra home auction market has produced another robust result over winter with the clear prospects of another strong spring selling season ahead.

Canberra recorded an auction clearance rate of 69.2 per cent over the three months ending August – the highest winter clearance rate recorded since 2009 and the fourth-highest on record.

The strong result was reported despite a record number of auctions with 694 homes listed to go under the hammer over winter. This was 75 more homes, or 12.1 per cent higher, than the previous record set over winter last year.

Canberra also reported a record-high winter median auction price of $687,500 which was 4.2 per cent higher than the median recorded over winter 2016.

Belconnen reported the highest winter clearance rate of all the Canberra regions with a strong 80.7 percent result, followed well behind by the Woden Valley with 69.6 per cent, Canberra central, 67.6 per cent, Tuggeranong, 66.3 per cent, Gungahlin, 65.2 per cent and Weston Creek with 50.0 per cent.

Belconnen also reported the highest number of winter auctions with 192 followed by Canberra central 143, Gungahlin, 123, Tuggeranong, 106, Woden Valley, 71 and Weston Creek with 59 auctions.

Canberra central recorded the highest median auction price over winter at $968,000, followed by Woden Valley, $773,000, Gungahlin, $745,000, Weston Creek, $683,500, Belconnen, $590,000 and Tuggeranong close behind with a median of $588,500.

Canberra is set to maintain its winter momentum though spring and continue as one of the nation’s strongest capital city housing markets.

Although low interest rates have been a key catalyst driving the Canberra market, official rates have now remained at current levels for more than a year with the Reserve Bank unlikely to change its recent stance over September when it meets next week.    

Andrew Wilson is Domain Group chief economist. Twitter: @DocAndrewWilson Join on LinkedIn and Facebook at MyHousingMarket