More robust results for Canberra early spring auction market

The Canberra home auction market reported another robust result at the weekend with the local market continuing to provide a positive early spring environment for most sellers.

Canberra recorded a clearance rate of 71.4 percent on the weekend which was slightly lower than the 72.5 per cent reported over the previous weekend but well ahead of the 64.4 per cent recorded over the same Saturday last year.

The Canberra early spring market has produced consistent solid results over the past month with four of the past five weekends recording clearance rates above 70 per cent.

57 homes were listed for auction on the weekend in Canberra which was the same number as auctioned the previous weekend but lower than the 67 listed over the same weekend last year. Canberra will host 65 auctions next weekend.

Weston Creek and Gungahlin each reported the highest regional clearance rate at the weekend with 100 per cent results from the 4 reported auctions of both. Next highest was Belconnen with 88.9 per cent followed by Woden Valley  62.5 per cent, Canberra Central 60.0 per cent  and Tuggeranong with a  clearance rate of 54.5 per cent.

Notable sales reported at the weekend included a  4  bedroom home at 4 Allwood  Street Chifley sold for  $1,210,000 by Peter Blackshaw Real Estate, a  5  bedroom home at 12 Haines  Street Curtin sold for  $1,100,000 by Belle Property Kingston, a  3  bedroom home at 52 Longstaff  Street Lyneham sold for  $965,000 by Luton Properties – Dickson, a  4  bedroom home at 37 Alexander MacKie  Circuit Isaacs sold by Peter Blackshaw Real Estate for  $950,000 and a  5  bedroom home at 7 Mission  Street Amaroo sold by Luton Gungahlin for  $845,000.

The most expensive property reported sold at auction was a  5  bedroom home at 56 Albatross  Crescent Harrison sold for  $1,300,000 by Harcourts Brindabella. The most affordable property reported sold at the weekend was a 3 bedroom home at 12 Blumenthal Place Spence sold for $533,000 by IPG Inner North and City.

For a list of Canberra auction results click here Canberra auction results September 16.

Canberra recorded a median auction price of $787,000 on Saturday which was well ahead of the $673,750 reported over the previous weekend and 15.6 per cent higher than the $681,000 recorded over the same weekend last year. A total of $19.1m was reported sold at auction in Canberra at the weekend.

The Canberra housing continues to produce robust results for sellers with home prices still rising through winter and the local market remaining a top performing capital.

The median asking price for houses listed for private treaty in Canberra increased by 1.6 per cent over the three winter months ending August to a new record high $609,500. This was the second highest quarterly growth rate of all the capitals and only behind the booming Melbourne market where house prices increased by a remarkable 6.9 per cent.

Annual growth in Canberra house prices has increased sharply, rising by 12.9 per cent compared to winter last year but again well behind the red hot Melbourne market where annual asking prices have increased by 23.6 per cent.

Asking prices for Canberra private treaty unit listings also increased over winter, up by 2.4 percent to $419,000 and an annual rise of 7.4 per cent compared to winter last year.

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