Canberra to host Super Saturday of auctions this weekend

Canberra is set to host a “Super Saturday” of auctions this weekend, with more than 100 properties scheduled to go under the hammer.

According to Domain data, there are 101 auctions scheduled for Saturday, which is a 29.5 per cent increase from last week. 

Across all capital cities, auction volumes increased by 6.2 per cent to 1844 this week, reaching the highest value since June this year. Canberra recorded the highest weekly increase of all the capital cities. 

This is just the second time the capital has hosted a Super Saturday this year.

Steve Lowe of Agent Team Canberra, who sold a home prior to auction this week, said the increased number of auction listings would put buyers in a favourable position this weekend. 

“An auction for a buyer is still a great way to purchase, especially in the current market, because there is certainly a lot more stress on vendors to sell at auction,” he said. 

“It’s likely auction attendees will experience less competition this weekend because there are auctions going on everywhere, so they might just find themselves in a really good position.

“During COVID, we were averaging 16 registered bidders, but now it’s more like one or two at each auction.” 

The shift in the market has also changed the way sales are approached, Lowe added. 

“We are working very hard and very closely with buyers who inquire about homes as we are also dealing with a lot of first-time buyers, or those whose budgets have changed,” he said. 

“It requires a lot of hand-holding, and a lot of additional work to bring buyers to the table.”

With the increased volume of homes being listed, Bree Prince of HIVE Property, who has two properties going to auction this weekend, said she had needed to change her approach to selling to match the market.

“I would expect that most agents would be carrying more property than they were last year, so it’s different in that sense, and we are now focusing more on buyers and not on getting property,” she said. 

“Days on market were a lot shorter last year, it felt like there was a lot more urgency and buyers would do anything to get into the market.

“Now, it’s different in the sense that buyers have options, and the market is more on their own terms now.” 

Prince encouraged buyers who were able and determined to make the most of the increased number of listings. 

“I’d say there is a good opportunity now that there is less competition for buyers, because if people attend these auctions and give them a good crack, they’ve got a great chance to get the home,” she said. 

“To any of the buyers holding out at the moment, it is actually a really good time to buy right now, and if you are in a position to bid, bid confidently. 

“My advice to buyers is not to worry about what the market is doing next year, because if you are planning on holding onto a home, it doesn’t matter.”