Canberra auction market hits record highs as clearance rates surge

Canberra’s auction market is experiencing unprecedented activity, with November recording the highest auction volumes on record and clearance rates climbing sharply across the capital’s regions.

According to Domain data, the ACT’s overall clearance rate reached 60.8 per cent in November, up 1.4 percentage points from the previous month and a significant 14.3 percentage points higher than the same period last year.

Canberra was the only capital city to post an increase in auction clearance rates over the month.

The trend shows few signs of easing, with auction activity remaining solid into early December. A total of 102 auctions were scheduled for last weekend, and another 84 are set for this weekend.

Tuggeranong led the charge with an impressive 77.4 per cent clearance rate, up a remarkable 34.5 percentage points year-on-year.

Weston Creek followed closely with 72.7 per cent, climbing 24.3 percentage points annually, while Belconnen recorded 72.3 per cent, up 18.3 percentage points.

Agent Jonny Warren of Jonny Warren Properties said the federal government’s 5% Deposit Scheme had certainly injected more activity into the market throughout November.

“We’re also witnessing more competition in the outer suburbs as buyers are seeing more value for money in these locations,” he said.

The inner Canberra regions that recorded lower clearance rates last month but still showed annual improvements included Gungahlin (57.6 per cent, up 7.6 percentage points), South Canberra (47.1 per cent, up 13.2 percentage points) and North Canberra (51.4 per cent, up 9.6 percentage points).

Total supply decreased from its record high last month, but it is the second-highest on record for this time of the year.