The Canberra auctions that defied the downward trend

Canberra’s clearance rate has dropped below 50 per cent for the third consecutive weekend, but, while signs point to a cooling market, some properties found great success at auction at the weekend.

On Saturday, Canberra recorded a preliminary clearance rate of 44 per cent, from 80 reported auctions. Of those, six sold before auction and five were withdrawn.

Gungahlin recorded the highest clearance rate of 66 per cent and Woden Valley had the lowest at 33 per cent.

Despite the fall, several properties defied the trend and received a high level of demand with multiple bidders battling it out to secure the keys.

In Franklin, 75 Patrick White Circuit sold for $580,000. The two-bedroom, two-bathroom home attracted 11 registered bidders.

LJ Hooker Gungahlin listing agent Antony Damiano said the bidders were a mix of downsizers, first-home buyers and investors.

“It was a very unique product and finished to a great standard, meaning it attracted a lot of attention,” he said.

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Damiano said the particular price point was doing very well at the moment and said sellers should not be deterred by the downturn.

“First-home buyers are still very much active in the marketplace and the restrictive lending environment for investors means they don’t have to compete with larger wallets,” he said.

“Some say the market is cooling off but [the sale] displayed this is not the case for all properties.”

While agents have expressed the sentiment that buyers are being discerning over the $2 million threshold – particularly at auction – 45 Tasmania Circle Forrest thwarted the trend selling for $3.27 million. It was the highest sale at auction on Saturday.

Peter Blackshaw Manuka listing agent Mario Sanfrancesco said there was a “decent battle” at the auction between six registered bidders.  

“It’s a classic, charming old Canberra home in very original, but neat condition,” he said

“The owners had been living in the property for 30 years. It was a much-loved family home in arguably one of the most desirable locations in Forrest, overlooking Collins Park.”

In Garran, the sale of a unit defied both the downward trend of unit prices and recent auction performance, with 33/10 Hopegood Place selling for $640,000.

There were eight registered bidders at the auction, and it was sold by Independent Group Tuggeranong.

The median price for units in Garran is $581,000.