Canberra auction clearance rates jump to highest level in two years

Canberra’s property market ignited in July, as auction clearance rates jumped to their highest level in two years – the largest monthly improvement of any capital city, according to Domain analysis. 

The surge contributed to a broader trend that lifted the combined national clearance rate to its own two-year high of 66.9 per cent, slightly above the capital’s monthly average of 63.5 per cent.

Last weekend, Canberra’s clearance rate reached a healthy 71 per cent, compared to 55 per cent for the same time a year ago.

Luton Properties’ Richard Luton said the agency had recorded strong clearance results as buyers competed for limited listings.

“Winter generally brings fewer properties to the market, but heightened buyer activity ahead of the spring rush has helped keep our recent results high,” he said.

Last month was the second-busiest July on record for new listings, according to Domain data. However, this supply remains below the levels seen at the same time last year.

Distressed listings fell to their lowest level since May 2022, suggesting fewer sellers are under pressure to offload properties quickly.

Discounting trends were mixed. For houses, discounting climbed to its highest since February 2024 and for July specifically, the highest since 2023. Unit discounting fell slightly compared to June but remains at the highest level for July since 2016.

It was good news for tenants as well, with Canberra’s rental market seeing its vacancy rate increase slightly to 1.2 per cent, although this remains the lowest July reading since 2022.