Canberra’s auction market reached an all-time high over the weekend, with the nation’s capital recording the highest clearance rate for 2018.
Preliminary Domain data shows 85 per cent of auctioned properties on Saturday successfully sold under the hammer.
The highest sale was at 5 Arnhem Place, Red Hill which sold for $1.87 million.
The most affordable sale was at 20 Bastow Circuit, Banks for $487,000.
Twenty properties had a sale price less than Canberra’s median house price of $749,865 while only two properties sold for more than $1 million.
Included in the results were seven properties that sold before auction, and one property that was withdrawn.
The Belconnen region had the highest number of auctions at 13, of which 10 sold.
Five regions recorded a clearance rate of 100 per cent, with Belconnen and Gungahlin the only regions to have properties passed in.
Luton Properties Woden agent Gillian Thorn said her agency had a 100 per cent clearance rate, demonstrating the strength of the Woden Valley market.
“The area is very much in demand for purchasers looking to buy a home they consider will provide good capital growth over the years, has all the features and benefits they want and is surrounded by infrastructure that meets their needs,” she said.
Gungahlin’s clearance rate has been one of the worst performers over the year, despite the region recording an astounding annual median house price growth of 12.1 per cent in the latest Domain data.
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Altogether, there were 49 scheduled auctions on Saturday, one of the busiest auction days over winter.
The average number of scheduled auctions in Canberra over winter was 40.
Prior to Saturday, the highest clearance rate of 77 per cent was recorded on the Canberra day long weekend in March, however, there were only 35 scheduled auctions on the day.
Canberra’s clearance rate was in stark contrast to other Australian cities. Sydney recorded a clearance rate of 57 per cent and Melbourne 58 per cent. Brisbane’s clearance rate of 32 per cent was the lowest in the nation.
Adelaide was the only city to come close to Canberra’s performance with 72 per cent of properties selling under the hammer.
Despite being the first weekend of spring – the busiest selling season for real estate – there are only 42 properties scheduled for auction this weekend.
In 2017, 1125 properties were auctioned in Canberra over the three months of spring.