Agent view: Auction results soar as housing stock shortage bites

This year, the Canberra housing market is seeing improved auction results – high prices have been achieved with bidding, in some instances, up to $200,000 above expectation. Auction results are considered the bellwether for the real estate market generally.

Why is there an improvement?

The surge of Mr Fluffy buyers into the market is a contributing factor; however, the main reasons are low interest rates and a lack of stock coming on to the established house market in the inner suburbs. Luton Properties has already sold 45 Inner South properties this year.  The Inner South stock shortage is continuing; in February this year there were 101 new properties on the market, whereas June witnessed only 57 new listings.

Buyer numbers based on open houses and registrations at auctions have remained high all year, which means that the same  number of buyers are after  fewer stock opportunities. This is a recipe for a good selling market, and we are expecting a busy spring and summer with excellent results.

Astute sellers will be planning ahead to capitalise on strong buyer numbers in the prime selling season of the warmer months: detailing their houses ready for sale and organising building reports. The early seller catches the worm!

Styling a house for sale, painting walls, new carpet, fixing tiling, landscaping the garden, repairing perimeter fencing, even hiring furniture, will reward the astute spring seller with a premium price and a sale within a reasonable  four to five-week timeframe.

Talk to an experienced “local” agent to get the best advice on detailing your house for sale.

Robert Westropp-Evans, agent
Luton Manuka