Auction watch: The Canberra property market slows down for long weekend

The long weekend delivered a quiet day for auctions as just 12 homes went under the hammer in Canberra on Saturday. 

Eight of these properties sold. 

The clearance rate was a slight improvement from last week’s 55.2 per cent and two sales fetched more than $1 million.

Three parties registered to bid for a 1950s character home at 4 Northcote Crescent in Deakin. Peter Blackshaw Manuka sold the property for $1.8 million, the biggest sale of the day.

An O’Malley home with a separate, self-contained flat attracted four registered bidders and sold for $1,145,000.

Independent Property Group Woden and Weston Creek agent Jonathan Charles said the buyer was an investor who hoped to capitalise on the property’s dual-income stream.

In the neighbouring suburb of Garran, a three-bedroom property is in negotiation after passing in at auction.

It is the first time the property has been on the market in more than 50 years and the auction commanded a large turnout of about 50 people.

Two of the four registered parties placed a bid, but the final bid of $660,000 did not meet the reserve price.

Cream Residential agent and auctioneer Chris Wilson said he expected the property would be sold soon after auction as the agency had received interest from a range of parties.

Luton Properties auctioned four homes on Saturday and two sold under the hammer. A three-bedroom house in Florey sold for $512,500 and a townhouse in Greenway sold for $555,000.

Director Richard Luton said his agency avoided holding auctions on a long weekend, unless the date was specifically requested by the vendor.

“Sometimes it suits their schedule or settlement to do an auction on a long weekend, but we find mid-week auctions can work just as well,” Mr Luton said. 

This Saturday’s clearance rate mirrors the Canberra Day long weekend when a 68 per cent clearance rate was recorded for the 15 properties on offer.

The Easter long weekend was much quieter with a single property going under the hammer.

Australian Property Monitors recorded a 63.6 per cent clearance rate, based on the number of reported auctions.