Positive start for Canberra winter market

The Canberra winter selling season commenced with more positive results for the vibrant and resilient local housing market.

Canberra recorded an auction clearance rate of 72.6 percent on Saturday which although well down on the 78.1 reported over the previous weekend was nonetheless another solid result for sellers and remained significantly higher than the 54.2 per cent recorded over the same weekend last year.

The Canberra result was the fourth consecutive weekend recorded above 70.0 per cent with the local market entering winter with clearly strong momentum and robust buyer confidence.

65 homes were listed for auction on Saturday’s which was lower than the previous weekends 78 auctions and similar to the 63 auctioned over the same weekend last year. 30 auctions are scheduled for Canberra next Saturday as the market pauses for the Queen’s Birthday long weekend holiday.

Canberra Central reported the highest regional clearance rate at the weekend with a 100 per cent result from the four reported auctions. Next highest was Gungahlin with a strong 85.7 per cent followed by Belconnen with 75.0 per cent, Woden Valley 66.7 per cent, Weston Creek 63.6 per cent and Tuggeranong with a clearance rate of just 20.0 per cent.

Notable sales reported at the weekend included a  3  bedroom home at 24 Banner  Street O’Connor sold by McGrath Estate Agents for  $1,120,000, a  5  bedroom home at 5 Gadali  Crescent Ngunnawal sold for  $1,110,000 also by McGrath Estate Agents, a  4  bedroom home at 4 Tivey  Place Hughes sold for  $1,100,000 by Luton Properties – Manuka, a  4  bedroom home at 48 Swinden  Street Downer sold for  $980,000 by home.byholly and another  4  bedroom home at 15 Redshaw  Street Coombs sold by Luton Properties – Weston for  $915,500.

The most expensive property reported sold at auction was a  5  bedroom home at 42 Robertson  Street Curtin sold for  $1,220,000 by Peter Blackshaw Real. The most affordable property reported sold at the weekend was a  3  bedroom home at 31 Jandamarra  Street Ngunnawal sold for  $470,000 by Luton Properties .

For a list of Canberra auction results click here Canberra auction results June 3

Canberra recorded a median auction price of $787,500 on Saturday which was higher than the $730,000 reported over the previous weekend and 20.6 per cent higher than the $653,000 recorded over the same weekend last year. A total of $23.6m was reported sold at auction in Canberra at the weekend.

Canberra recorded an overall auction clearance rate of 72.8 percent in May which was well ahead of the 66.3 per cent recorded over April and higher than the 61.5 per cent reported over May last year.

Auction listings averaged 73 each weekend over May which was ahead of the 65 recorded over April and the 66 listed over May last year. 1303 homes have been listed for auction in Canberra over the first five months of this year which is an increase of 15.9 per cent compared to the same period last year.

Canberra recorded a median auction price of $721,000 over May which was 1.5 per cent higher than the $710,000 reported over April and 7.5 per cent higher than May last year.

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