Canberra auctions off to a strong start in 2018

Home auctions have got off to a solid start this year, but there are signs in some segments that buyers believe they have more options for their purchase dollars.

Mario Sanfrancesco, of Peter Blackshaw Manuka, says the inner south auction rate is performing similarly to the same time last year.

“I’d say we’ve been realising clearance rates of about 80 per cent with many of those exceeding seller expectations,” he says.

“Unit buyers might have more options, but a detached home in a good location will always do well in a healthy market.”

Sanfrancesco’s key seller tips include reliable advice from an experienced local agent and a solid marketing plan.

“Take onboard all the advice on presentation, including styling and photography,” he says.

Buyers should conduct due diligence on recent suburb sales and insist on a building report.

• Related article: Canberra posts strong clearance rate at weekend auctions with three suburb records broken
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• Related article: Auction watch: Pearce home shows value of renovations

Stephen Bunday, of LJ Hooker Dickson, says auction clearance rates have proved to be somewhat unpredictable this year.

“The LJ Hooker group put 20 properties from throughout Canberra under the hammer recently and recorded a clearance rate of 75 per cent,” he says.

“But within our local auction results, I’ve seen everything from higher than anticipated prices to properties being passed in. It’s hard to say why.”

Bunday says sellers should understand people make their key filtering decisions based on what they see online.

“Get styling and photography right or your property will be knocked out of contention straight away,” he says.

“And buyers need to develop resilience to secure a home in a highly competitive market.”

HAMMER TIME – BUYER AND SELLER AUCTION TIPS

• Do your homework. Buyers should research recent home sales in their suburb of choice to understand how prices have been performing in comparable properties. A building report may provide some bargaining power.
• First impressions. Homebuyers often filter their choices of homes for inspection based on online galleries. Investment in staging a home for professional photography can pay dividends in ensuring maximum property interest.
• Be persistent. Buying a home in a competitive market can be an emotionally dispiriting process for buyers outbid, auction after auction. Keep at it. Consider making a strong bid before the big day.

HOT AUCTIONS

Isabella Plains

36 Groveland Crescent

$600,000 – $650,000

6 bed, 2 bath, 2 parking

Franklin

4 Marie Pitt Street

$520,000+

3 bed, 1 bath, 2 parking

Fraser

1 Woodger Place

$800,000 +

4 bed, 2 bath, 3 parking

Garran

29 Flanagan Street

$1.2 million – $1.3 million

3 bed, 2 bath, 1 parking