Canberra Auction Market Maintains Momentum Amid Economic Pressure
The Canberra property market has demonstrated remarkable resilience in the face of economic headwinds, with weekend auctions delivering strong results despite the dampening effect of recent interest rate increases. While the rate rise has introduced an element of caution among potential buyers, the auction clearance rate remained stable at a respectable level, indicating underlying market strength.
Suburban Success Stories Across the Capital
In Kambah, a fully renovated four-bedroom residence at 12 Landor Place achieved an impressive sale price of $1.325 million under the hammer. Zac Morris from My Morris reported three registered bidders competing for the property, which ultimately sold just above the reserve price. The stylish home features formal and casual living areas, a main bedroom with en suite, expansive outdoor entertainment space, and a double garage, all positioned in a peaceful cul-de-sac near local amenities.
Meanwhile in Casey, a well-presented two-bedroom townhouse at 15 Spratt Court was passed in during auction proceedings handled by Momentum Property's Nick Paine and Peter White. Despite not selling under the hammer, Paine expressed confidence that the property would likely secure a buyer within days for approximately $550,000. He noted that while interest rate increases typically create temporary hesitation in the market, conditions usually stabilise within several weeks.
Pre-Auction Sales and Strong Competition
The auction landscape also featured several notable pre-auction transactions, including a stylish three-bedroom townhouse at 29/90 John Gorton Drive in Coombs that sold for $767,000 prior to scheduled auction. This property was secured by a first-home buyer and offers spacious living areas across two levels, with the main bedroom conveniently located on the ground floor.
In Chisholm, competitive bidding drove the sale of a substantial five-bedroom residence at 10 Deacon Close for $1.16 million. Lisa Silberberg from The Property Collective reported strong interest throughout the campaign, with six registered bidders and four active participants competing at auction. The elevated property occupies a generous 1,112-square-metre block and features multiple living areas including sitting, living, family, and dining rooms.
Multiple Strong Results Across Different Suburbs
Bastion Property Group's Theo Koutsikamanis achieved two significant sales results, with a five-bedroom house at 26 Greenough Circuit in Kaleen selling for $1.26 million and a four-bedroom residence at 9 Pavonia Street in Rivett achieving $1.233 million. These transactions demonstrate that buyer interest remains robust across various price points and property types throughout Canberra's suburbs.
Market Statistics Reflect Steady Conditions
The weekend's auction results culminated in a stable clearance rate of 63 percent, representing a significant improvement compared to the 36 percent recorded during the same period last year. Of the 128 scheduled auctions across the capital, 114 were reported with results showing 72 properties sold, 13 withdrawn, and 28 passed in. These figures suggest that while buyers are exercising more caution due to economic factors, the fundamental demand for quality properties in Canberra remains strong.
Property experts note that while interest rate movements inevitably influence buyer behaviour, Canberra's market continues to demonstrate underlying strength with well-presented properties in desirable locations attracting competitive interest from both owner-occupiers and investors.
