The Canberra home auction market returned at full pace at the weekend recording a solid clearance rate for sellers despite continuing high numbers of listings.
Canberra reported a clearance rate of 68.5 per cent at the weekend which well below the previous Saturday’s holiday result of 76.9 per cent but similar to the 69.2 per cent recorded over the same holiday weekend last year.
83 auctions were listed on Saturday which was predictably higher than the previous holiday weekends 22 and also predictably down on the 92 pre-Easter Super Saturday of auctions conducted over the same weekend last year. Easter will fall later this year in four weeks’ time with next weekend the Canberra market scheduled to host 77 auctions.
Belconnen reported the highest regional clearance rate at the weekend with 76.0 per cent and the highest sales at 19. Next highest rate was Canberra Central with 73.3 per cent followed by Tuggeranong 63.6 per cent, Woden Valley 60.0 per cent, Weston Creek 50.0 percent and Gungahlin with a clearance rate of 41.7 per cent.
Notable sales reported at the weekend included a 3 bedroom home at 24B Bentham Street Yarralumla sold by Peter Blackshaw Real Estate for $1,830,000, a 4 bedroom home at 37 Flanagan Street Garran sold for $1,380,000 by Luton Properties Woden, another 4 bedroom home at 22 Carrington Street Deakin sold by Peter Blackshaw Real Estate for $1,350,000, a 4 bedroom home at 79 Schlich Street Yarralumla sold for $1,305,000 by One Agency Sandy Morris and a 5 bedroom home at 60 Barada Crescent Aranda sold by Ray White – Belconnen for $1,250,000.
The most expensive property reported sold at auction was a 5 bedroom home at 7 Drummond Row Yarralumla sold for $2,275,000 by Belle Property Kingston. The most affordable property reported sold at the weekend was a 1 bedroom unit at 105/29 Braybrooke Street Bruce sold for $250,000 by LJ Hooker Canberra City.
For a list of Canberra auction results click here Canberra auction results March 18
Canberra recorded a median auction price of $632,500 on Saturday which was lower than the $678,000 reported the previous weekend and 14.7 per cent lower than the $742,000 recorded over the same holiday weekend last year. A total of $35.9m was reported sold at auction in Canberra at the weekend.
Solid home auction activity will translate into higher prices generally in the Canberra housing market. Latest Domain Group report data reveals a February median asking price for private sale houses at $571,000 which was an increase of 1.5 per cent compared to February last year.
February asking prices for private sale units in Canberra however fell sharply by 10.0 per cent over the year to a median of $387,250.
Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn and Facebook at MyHousingMarket