Hot Canberra auction market eases into August

The Canberra weekend home auction market tracked sharply backwards on Saturday following the remarkable result recorded over the previous weekend.

Canberra recorded a clearance rate of 66.6 percent on the weekend which was sharply lower than the red-hot 90.4 per cent reported over the previous weekend and lower than the 69.4 per cent recorded over the same Saturday last year.

Higher listings may have impacted the local market at the weekend offering more choice to buyers and more competition for sellers. 52 homes were listed to go under the hammer on Saturday which was significantly higher than the 36 auctioned the previous weekend and also higher than the 39 listed over the same weekend last year. Next Saturday auction numbers will be similar to this weekend with 49 auctions scheduled.

Belconnen and Weston Creek reported the highest regional clearance rates at the weekend with 100 per cent results. Next highest was Canberra Central with 72.7 per cent followed by Tuggeranong and Woden Valley each with 66.7 per cent and Gungahlin with 57.1 per cent.

Notable sales reported at the weekend included a  4  bedroom home at 9 Gregson  Place Curtin sold by Peter Blackshaw Real Estate for  $1,232,500, a  3  bedroom home at 20 Feakes  Place Campbell sold for  $1,160,000 by LJ Hooker Dickson, a  4  bedroom home at 26 Bursaria  Street O’Connor sold for  $1,100,000 by McGrath Estate Agents, another  4  bedroom home at 12 Cherry  Place Pearce sold for  $997,500 by IPG Woden Weston Creek and a  4  bedroom home at 59 Wilshire  Street Dickson sold for  $925,000by Luton Properties – Dickson.

The most expensive property reported sold at auction was a  5  bedroom home at 4 Verco  Street Hackett sold for  $1,260,000 by Luton Properties – Dickson. The most affordable property reported sold at the weekend was a  1  bedroom unit at 3/1 The Mews City sold for  $425,000 by Luton Properties – Manuka.

For a list of Canberra auction results click here Canberra auction results August 5

Canberra recorded a median auction price of $711,000 on Saturday which was well above the $631,250 reported over the previous weekend and 25.8 per cent higher than the $565,000 recorded over the same weekend last year. A total of $20.1m was reported sold at auction in Canberra at the weekend.

Although the Canberra market has commenced August on a lower note, July results remained positive for mid-winter sellers.

Canberra recorded an extremely solid 71.6 per cent auction clearance rate over July which was a sharp increase compared to the 62.8 per cent increase recorded over the previous month and also well ahead of the 66.8 per cent recorded over the same month last year.

Mid-winter auction listings were also on the rise in Canberra over July with 214 homes scheduled to go under the hammer which was well ahead of the 185 listed over July last year.

1821 homes have been auctioned in Canberra this year so far which is an increase of 288 or 18.8 more than the 1533 listed over the same period last year.

Canberra recorded a median auction price of $700,000 over July which a sharp rise over the previous month’s median of $677,500 and 9.9 per cent higher than the $637,000 recorded over July last year.

Unlike recent  years, lower interest rates will not be fuelling late winter market activity with official rates predictably on hold again over August and likely for the reminder of the year, although there is still an outside chance of a near-term cut if the dollar continues to surge.

Dr Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn and Facebook at MyHousingMarket.