Every single district of Canberra has seen a lift in the number of homes selling at auction.
- Auction watch: Buyers on the hunt for high-end homes
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Canberra house prices surge as unit prices take a dive: report
Summer is officially behind us and it’s that time of year when the property market usually ramps up.
However, autumn 2017 has begun with a head start, coming off the back of a record-breaking February.
Autumn is popular time to sell in Canberra. Photo: Ling Jin
According to Domain Group chief economist Dr Andrew Wilson, Canberra recorded an auction clearance rate of 74.1 per cent in February. It was the strongest result for a February on record, up from February 2016’s result of 67.4 per cent and December’s 61.8 per cent.
The record clearance rate comes despite a large volume of homes going under the hammer. There were 79 homes listed for auction in the last weekend of February – another record for the month.
This Saturday more than 80 homes are set to be auctioned. However, as clearance rates suggest, stock levels are still trailing behind demand.
Luton Properties Weston Creek director Tim Burke says open homes have been packed and the buyers are serious.
“They’re coming in week one [of the sales campaign] and they’re ready to buy a home,” Burke says.
“They’ve already had their finances looked at and they know what they can do. Even if a flood of homes comes onto the market, it still wouldn’t fill that pent-up demand.”
Tim Burke auctions a property in Waramanga. Photo: Jay Cronan
As the sweltering hot weekend’s move behind us, highly motivated buyers will be joined by “more passive buyers”, according to Belle Property Kingston principal Dan McAlpine.
“The climate is a little more pleasant and clients are happy to be out and about,” McAlpine says.
“People are established for the school year, they’re back into the routine. They have come home and are looking to upsize or buy a new property.
“At this time of year there will also be investors out there shopping.”
Harcourts Brindabella principal Jeremy Maher says retirees often enter the market in autumn. They’ve had “one last Christmas” in the family home and it’s now a good time to downsize.
“As autumn approaches, we typically see a surge in buyer activity as Canberrans look to make their move before the traditional winter hibernation hits,” Maher says.
“The next eight weeks will definitely see strong results in the market.”
Interest rates could have an effect on buyer sentiment and the Federal budget is always a key driver for the Canberra market.
“The ride of the coming months will be largely determined by the voice of the RBA,” Maher says.
“As long as interest rates remain on hold we can expect to see continued confidence in the real estate market with steady growth.”
Burke says market momentum is also likely to continue throughout any budget surprises.
“There’s always some commentator who says we’re going to hit a recession or some turbulence, but at the end of the day, it’s a good time to buy,” Burke says.
“We’ve got good market conditions and no election on the horizon. If you’re looking at people who bought two years ago, most are sitting in a much better position now with the way capital growth has been.
“With supply being so low and demand so high, if it continues we’d expect to see prices head higher. And with consumer sentiment the way it is, it should continue for the foreseeable future.
“In six months time people will be glad they bought now.”
Buyer groups hitting the market in autumn
- Retirees – After celebrating Christmas in the family home, autumn is seen as a good opportunity to downsize, according to Maher.
- Upsizers – Interstate buyers scrambling to get into a new home before school goes back have now settled, but families hoping to take their time upsizing often start their search in autumn, McAlpine says.
- Investors – Buyers seeking an investment property before the end of the financial year are hoping to settle in autumn.
Perfect season
Autumn is the perfect time for Leonie Buchanan, above, and Eddie Lunazzi to sell their north Lyneham property.
Eddie bought the block in 1987 and the couple lived in the home before Eddie’s elderly parents moved in.
Leonie and Eddie wanted to be close by, so they purchased a house just 300 metres down the street where they still live today.
They’ve since rented the original property to wonderful tenants, who are now preparing to move, and Leonie says the time is right for them to sell.
“We’ve both retired and it’s time do some travelling,” Leonie says.
The four-bedroom house is positioned on a large block opposite parkland and it has been beautifully maintained and updated.
Leonie says it would be ideal for a family.
She enjoys north Lyneham’s peaceful setting within easy reach of the city, Belconnen and universities.
“The neighbours are so friendly and everyone is happy to help each other out,” Leonie says.
They are selling the property through Harcourts Brindabella agent Kostya Logvinov (0421 485 758).
87 Cossington-Smith Crescent will hit the market on Monday and will be auctioned on April 1.
Cover property
57 Euree Street, Reid
$1.8 million-plus
4 bedrooms, 2 bathrooms, 2 parking spaces
Auction on Wednesday, March 15 at 6pm, onsite
Inspect on Saturday, from 3.45pm-4.15pm
Belle Property Kingston, Dan McAlpine and Louise Harget 0401 005 282 or 0412 997 894
A sympathetic renovation has transformed this heritage-listed property into the perfect family home or entertainer.
Beyond the lush green gardens, the home’s facade has been beautifully preserved, and its interiors feature a flexible mix of living areas.
A generous formal lounge with a fireplace is at the front of the home and open-plan living towards the rear extends onto the wraparound entertainment deck.
The kitchen has stone bench tops, stainless steel appliances, a breakfast bar and a walk-in pantry.
All four bedrooms have built-in wardrobes and the opulent master suite includes a study nook, lavish en suite and floor-to-ceiling wardrobes
On a 1226-square-metre block, the gardens were designed by Harris Hobbs Landscapes and are maintained by an electronic irrigation system linked to a large rainwater tank.
Other features include ducted gas heating and evaporative cooling, a gym room and putting green.
The house is directly opposite Reid Oval and just minutes from the city, Braddon, Mount Ainslie and Lake Burley Griffin.