09 Apr March 2019 Market Update
Across the Canberra and the surrounding region during March, the Luton sales team exchanged contracts on 93 properties. Prices ranged from $255,000 for a one bedroom unit in good condition in Watson, to two separate sales of $2,490,000, one was a 14-year-old substantial family residence on a 1657m2 block in Chapman, and the other was a beautifully presented 4 bedroom, 2 bathroom residence in an exclusive development in O’Malley.
After an auction clearance rate of 53% during February, the March clearance rate fell to 35% for the 61 auctions that Luton conducted during the month, and there was an average of 1.6 bidders registered. However, 20% of the properties that were passed in at auction during March were sold within two weeks of their auction date. As an interesting comparison, Australian Property Monitors are reporting that the average time on market for a Private Treaty listing in Canberra is in excess of 10 weeks.
The Luton Property Management team is reporting that generally, they are seeing an increase in demand from tenants which in turn is seeing rental prices firming up. This combined with the softening in property prices has led to increased buyer inquiry particularly from interstate investors.
As we head into the cooler months, we expect to see stock levels beginning to tighten.