Canberra's auction market rebounds after June lows

Canberra’s property market entered June with the lowest number of new sales listings in six months, and supply is now at its lowest point since 2023, new data from Domain reveals. 

Domain head of research and economics, Dr Nicola Powell, said Canberra was experiencing softer conditions compared to other capital cities.

“Total supply declined over the month and the pace of annual growth continues to slow,” she said.

According to Domain research, the average days on market (DOM) have increased in the ACT. Houses now take longer to sell than at any point since March 2024, and for this time of year, DOM is the highest since 2020. 

Units are also sitting on the market longer, with DOM reaching a three-month high.

As a result, vendors are increasingly adjusting their price expectations. Discounting for houses has deepened, although it is lower than 2022 levels for this time of year. Unit discounting has also increased, hitting a four-month high, but remains below 2023 figures.

While June also had the lowest auction volumes since 2023, and the most significant fall of any capital city, buyer appetites were highest in Weston Creek and Tuggeranong. These regions each achieved clearance rates of 90.9 per cent and 71.8 per cent, respectively.

Across the capital, auction activity is looking much brighter in July so far. The first weekend of the month recorded a healthy 70 per cent clearance rate – the highest in some time.

Domain research also shows Canberra’s rental sector remains tight, with the vacancy rate falling to 1.1 per cent in June, signalling ongoing pressure on renters.