Lower auction result on quiet weekend as record Canberra Super Saturday looms

The Canberra home auction market reported a solid result at the weekend from relatively low numbers of listings as the local market gears up for its biggest ever test next Saturday.

Canberra recorded a clearance rate of 59.5 per cent on Saturday which was well below the previous weekends 76.9 per cent but significantly higher than the 40.5 percent recorded over the same weekend last year.

School holiday distractions ensured relatively low listing numbers at the weekend with 48 auctions scheduled which was well below the previous weekends 78 but similar to the 52 auctioned over the same weekend last year.

Next weekend the Canberra weekend auction market will set a new record for listings with a bonanza pre-Easter Super Saturday set to host 101 auctions. The previous record of 92 was set on the pre-Easter Saturday of March 19 last year and December 10 also last year.

Tuggeranong  reported the highest regional clearance rate at the weekend with 83.3 per cent followed by Woden Valley 66.7 per cent, Canberra Central 60.0 per cent, Gungahlin 54.5 per cent, Belconnen 33.3 per cent and Weston Creek where the three reported listings failed to sell at auction.

Notable sales reported at the weekend included a  5  bedroom home at 9 Couvreur  Street Garran sold for  $1,375,000 by Philip Kouvelis Real estate, a  4  bedroom home at 19 Vasey  Crescent Campbell sold by Luton Properties – Dickson for  $1,185,000, another  4  bedroom home at 58 Earle  Street Lyneham sold for  $1,125,000 by McGrath Estate Agents, a  5  bedroom home at 47 Benalla  Street Crace sold for  $1,030,000 by McGrath Woden and a  4  bedroom home at 6 Rowntree  Crescent Isaacs sold by Peter Blackshaw Real Estate for  $940,000.

The most expensive property reported sold at auction was a  2  bedroom home at 22 Galway  Place Deakin sold for  $1,455,000 by Luton Properties – Manuka. The most affordable property reported sold at the weekend was a  3  bedroom home at 1 Ella  Close Palmerston sold for  $410,000 by Peter Blackshaw Real Estate.

For a list of Canberra auction results click here Canberra auction results April 1

Canberra recorded a median auction price of $823,000 on Saturday which was higher than the $817,500 reported the previous weekend and 8.3 per cent higher than the $760,000 recorded over the same weekend last year. A total of $16.6m was reported sold at auction in Canberra at the weekend.

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