Canberra’s real estate market readies itself for first Super Saturday of the year

Canberra’s clearance rates will be put to the test on Saturday as the capital gears up for its first Super Saturday of the year, with a whopping 121 properties scheduled to go under the hammer across the city, according to Domain data.

The property market has boomed on the back of record-low interest rates and the consistent shortage of available stock, but all eyes will be on the capital’s clearance rate and whether it will rise above the 80 per cent mark.

The last weekend saw Canberra’s clearance rate fall short of 80 per cent at 75.3 per cent, from 98 scheduled auctions.

“[This was] the biggest decline in its clearance rate and its lowest rate since November 2021,” said Domain chief of research and economics Nicola Powell.

“What we’re seeing largely across all of our cities, Canberra included, is that auction volumes are tracking well above this time last year.”

According to Domain data, the number of auctions scheduled this weekend is 80.6 per cent higher than this time last year.

“Autumn is a prime season for sellers, after spring, so I think it’s showcasing a good step into what the autumn selling season could look like,” Dr Powell added.

“What it’s showcasing is the direction of where auctions are going. They’re well above the auction level we had this time last year and what it could mean is better buying conditions for those on the hunt for a home.”

In 2021, there were only four Super Saturdays – defined in Canberra as when more than 100 homes are scheduled for auction –  including one weekend when there were 131 properties set to go under the hammer, the highest number of auctions in a single day in Canberra’s history.

“We’ve still got overall listing volume well below the five-year average for this time of the year so what we need is for listings to continue to rise to provide that greater choice for buyers – and hopefully autumn will provide that,” Dr Powell said.

A duplex property on an RZ2 zone at 64 Templeton Street, Cook, is one of the many properties set to go under the hammer on Saturday, and selling agent Michael Wellsmore of LJ Hooker Belconnen is confident it will sell under auction conditions.

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“This is a unique property that has garnered interest from different types of groups, including those who will demolish it and build another dual-occupancy property, and those looking to use it as it is, and as an investment property,” Mr Wellsmore said.

“We’ve had more than 90 inquiries during the last few weeks – there could be 500 auctions over the weekend and I wouldn’t have a concern about this one because the people who are interested in it are looking at it a little bit differently from other properties.”

Another residence going under the hammer on Saturday is 20 Scarborough Street, Red Hill, which was listed by Mario Sanfrancesco of Blackshaw Manuka.

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The architect-designed home has piqued the interest of many high-end buyers including “local families within the area hoping to upgrade and a few buyers from overseas too”, Mr Sanfrancesco said.

“As you’d expect, this home is at the pointy end of pricing. We’ve had good interest, but I guess we’ll wait and see if it’ll sell under the hammer.”

Mr Sanfrancesco, whose name is synonymous with high-end sales in the Inner South – including the highest-value sale via auction in ACT history – expects more results at the premium end to be achieved as we head into the autumn selling season.

“I still think Canberra offers so much and now that borders have opened up, we’ll see more activity in the housing market with buyers looking for that lifestyle change in Canberra,” he said.