Saturday was the biggest day of housing auctions in the Canberra area’s history, with more than a 100 properties going up for sale.
The Saturday before Easter, known as “Super Saturday” in the industry, is typically the biggest auction day of the year, with the previous record for home auctions being set on Super Saturday in 2016.
This year, however, was successful in its own right, with a total of 92 properties in Canberra and 16 in Queanbeyan going under the hammer. Their collective value was approximately $85 million.
Despite heavy volumes, the clearance rate was high at 70 percent, up from 60 percent the week previous, according to data from the Domain group.
The number of sales wasn’t the only record smashed. Florey’s suburb record was broken with one property selling for $960,000.
“We had very good year in 2016. Sales got stronger and stronger at the end of the year and 2017 followed that pace” said Michael Kumm, a board member of the Real Estate Institute of the ACT.
“So this year the results were there and the market was out in force. It shows the strength in the Canberra market.
“We’re getting between 90-100 new residencies every week and those are people that already have a job. Unemployment is low and average wages are high. Couple that with the fact that allhomes.com.au is the best site of its nature in Australia, means we have very well educated buyers out there.”
Properties sold varied from small townhouses to large houses in prestigious suburbs.
One of the largest sales of the day was a house in Forrest, which sold for $2.57 million. The price tag owed to the property being one of the few designed by Kenneth Oliphant, Canberra’s first residential architect.
“Standalone homes have had low supply and high demand which makes it a good seller’s market,” said Frank Pompeani, sales director at LJ Hooker Belconnen. “We anticipate that to continue for quite some time.”