Canberra`s liquidation rate fell to its lowest level in nearly two years last month, according to Domain, a property information website.
Of the 322 auctions reported in October, 55% of sales were down from 62% in September. The last low in January 2017 was in January 2017, when 50 percent of properties were sold at auction, compared with 20 home auctions that month. In October 2017, the liquidation rate was 72 percent.
Year-on-year liquidation rates fell in all regions, with Gungahlin and Weston Creek falling the most, with 27%.Gungahlin having the lowest liquidation rate in October, at 47 percent, followed by Tuggeranong, at 69 percent at 49%.Belconnen.
In the latest domain name quarterly report in September 2018, Canberra`s house prices rose 4 percent a year, but Canberra did not grow in the quarter. Saturday`s liquidation rate was 44%, one of the lowest in 2018.
Although the clearance rate fell year-on-year, but total sales increased significantly. In October, housing and unit supply in the capital region was 2869. The supply in October 2017 was 2281.
The trend has been echoed by regions, with home supply falling in Woden and unit supply in Belconnen falling year-on-year. But sales of housing in the southern region increased by 63.2%. Unit sales in the North District also increased 38.5%.Molonglo Valley`s housing and unit supply significantly, rising 45.3 percent and 50 percent, respectively.
Villas and units of the average number of days for sale also rose year-on-year. It takes an average of 60 days to sell a villa, up 13.2 percent from October 2017; it takes 108 days to sell a flat, an increase of 14.9 percent.
The rental market was different, with total sales of homes and units down from a year earlier. The total number of homes listed in October was 669, down 22.9 percent, and the number of units was 846, down 29.7 percent.
Woden Valley`s flat rent fell the most, to 34.3%. Tuggeranong`s house rent also fell 24.7%.
