06 Mar February 2017 market update.
The summer selling season finished on a high note with Luton’s 9 Canberra wide offices exchanging contracts on 161 properties during February. Prices ranged from $251,000 for a one bedroom, one bathroom, third floor apartment in Gungahlin, to $3.4m for an executive family home on 1,324m² block with an unimproved land value of $1.2m in Mugga Way, Red Hill.
During February Luton conducted 70 auctions with 46 of these properties selling prior to or on auction day at a clearance rate of 66%. An average of 3.42 bidders registered for each of these auctions. Allhomes reported a sharp increase in auction activity compared to the previous February with 311 auctions conducted this year compared to 263 in February 2016.
It would appear that many sellers are taking advantage of the strong market by choosing auction as the best sales method for the sale of their property. Luton agents are continuing to report strong open house attendance numbers and particularly strong buyer demand for established properties in the $600,000 to $1m price range.
There has never been a better time to sell your home in Canberra’s real estate history! For an up to date, obligation free market opinion please contact me today by calling 0406 377 866 or emailing firstname.lastname@example.org or you can also click on the ‘Appraisal’ link on the Menu bar.
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