Region in Australia sees 90% of homes auctioned,
The Australian Capital Territory is recognized for many attributes, yet its auction market performance is not typically among them.
However, Weston Creek, located in the nation’s capital, has emerged as the top auction region in Australia.
In August, it achieved an impressive clearance rate of nearly 90 percent, setting it apart from other regions.
According to Domain data, Weston Creek’s auction clearance rate reached 88.5 percent, showing a significant increase of 15.7 percentage points year-on-year.
In comparison, the next highest clearance rate was found in Warrnambool and South West in Victoria at 72.7 percent.
Following closely was Adelaide – West, which recorded a clearance rate of 71.5 percent for the same period.
Moreover, the highest clearance rate in New South Wales came from Sydney – Eastern Suburbs, with a rate of 69.4 percent.
Domain‘s chief of research and economics, Dr. Nicola Powell, notes that Weston Creek’s auction results reflect the quality of homes being sold.
“The right properties are being auctioned, and they are listed with appropriate reserve prices,” she explains.
“Additionally, the limited number of auctions in Weston Creek emphasizes that buyers are seizing this opportunity to purchase.”
Tim Burke from Luton Weston Creek, Woden & Molonglo Valley observes that sellers are aligning with the market, resulting in more homes selling than not.
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“Value becomes crucial in tougher markets, especially when sellers have high price expectations that don’t match buyer willingness,” he explains.
“I believe this disconnect is what buyers are currently experiencing in Weston Creek,” he adds.
From a buyer’s perspective, buyer’s agent Claire Corby of Capital Buyers Agency emphasizes that many are focusing on Weston Creek.
She notes that buyers are drawn to this area because it offers excellent value for their money.
“There are quality family homes available on decent-sized lots, often within the median price range, which attracts buyers,” she states.
According to the latest Domain House Price Report, Weston Creek features a median house price of $975,000.
Brett Hayman from Hayman Partners mentions that many buyers priced out of Woden Valley are now turning to Weston Creek.
“Many consider this area to be very affordable,” he notes.
“When comparing it to neighboring suburbs in the Woden Valley region, prices exceed $1 million.”
“Weston Creek appeals to buyers with budgets ranging from $600,000 to $1 million,” he adds.
“Although there are homes listed for around $2 million, most buyers can find decent options for less.”
Prices in Weston Creek are currently below their peak, which gives buyers a compelling reason to make a purchase now.
“Although overall auction volumes are low, they are significantly higher than last year,” Powell explains.
“Buyers are taking advantage of good choices, better supply, and prices below peak levels. Now is the time for action, leading to this remarkable clearance rate.”
Burke adds that the majority of properties sold at auction are three-bedroom and four-bedroom homes.
“It’s primarily families moving to the area or upsizing within it,” he notes.
“The limited stock available has contributed to the tightening of those clearance rates.”
In comparison to other regions, Weston Creek stands out as a shining star in the capital.
According to Domain data, Canberra’s overall auction clearance rate for August was 59.1 percent, reflecting a 4 percentage point increase.
This increase indicates a positive trend, suggesting that the capital is gradually recovering, Powell states.
“Canberra’s housing market is improving; although the progress is slow, all metrics suggest an overall enhancement in the market dynamics,” she adds.
