Canberra’s September auction clearance rates decline,
In September, Canberra’s property auction market experienced a noticeable decline. The overall clearance rate fell to 46.2 per cent, down 14.2 per cent compared to the previous month.
According to data from Domain, Gungahlin’s clearance rates ranked among the lowest in the capital. In fact, they reached just 32.4 per cent in September, representing a decrease of 6.9 per cent year-on-year.
On the other hand, Tuggeranong performed better, achieving a clearance rate of 56.3 per cent. This figure equates to an increase of over 7 per cent when compared to the previous year.
Jonny Warren from Jonny Warren Properties observed that Gungahlin has a diverse demographic. Consequently, many buyers are opting for fixed-price certainty instead of participating in auctions.
Warren remarked that while the market isn’t as strong as it was 18 months ago, opportunities remain. He noted a surge in available properties and believes strong prices are still attainable.
Recently, he mentioned, “We’ve sold seven properties in the last four days, with most transactions occurring prior to auction.”
One notable sale included a property at 9 Lambell Close in Palmerston, which sold for $1.11 million. This price was $10,000 above the reserve, showcasing the potential for strong sales in the current market.
Originally, this property was set to go to auction on October 19, but it exchanged hands on Wednesday.
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The quality residence features four bedrooms and three bathrooms, built by the sellers with great attention to detail. It includes expansive indoor and outdoor living spaces, as well as a self-contained studio and an oversized double garage.
Situated in the Gungahlin region, Palmerston’s median house price saw a modest increase of 1 per cent over the past year. This brings the current median price to $990,000, indicating stability in the local market.
In September, Queanbeyan reported a low clearance rate of 34.6 per cent. However, this figure represents an increase of five per cent compared to the same time last year in 2023.
In contrast, Woden Valley achieved the highest clearance rates in the ACT, recording an impressive rate of 59.3 per cent. This indicates a stronger market performance relative to other regions in the area.
