Canberra recorded the highest auction clearance rate in the country last week

While COVID-19 may have briefly slowed momentum in the property market across the country, things are looking up in Canberra, with the nation’s capital recording the highest auction clearance rate in the country last week.

According to data released by CoreLogic, Canberra was the standout performer across capital cities during the week ending 14 June, with a preliminary auction clearance rate of 75.8%.

Overall, the week saw the combined capital city preliminary auction clearance rate improve, with 63.3% of homes selling at auction nationwide. The higher clearance rate was against a higher volume of auctions, and it was the busiest week for auctions nationally since the week ending 19 April.

In Canberra, there were a total of 40 auctions during the period, with a final clearance rate of 75.8% recorded, and a median sales price of $735,000.

While the number of auctions held in Canberra was comparable to last year’s figure of 39 during the same period, the clearance was significantly lower this time last year, sitting at just 48.7%.

In the rest of the country Both Sydney and Melbourne returned preliminary clearance rates above 60% this week, recording 67.3% and 61% respectively. Elsewhere, Adelaide recorded 57.6% and Brisbane recorded 51.3%, while only 20% of Perth auctions reported a successful result.

According to CoreLogic’s May 2020 Housing Update, which looks at the property market during the first quarter of 2020, the ACT dwelling market is currently at a record high.

While ACT dwelling values were steady in April with a 0.0% growth rate, they were up 1.4% in the quarter, and up by 4.3% in the past year.