The number of homes sold over the first 10 months of 2016 fell by 3.6%, or 144 homes, compared to the same period last year. A drop in supply coincided with a drop in demand. Supply tumbled by 7.6% to 4,364 vendors listed on allhomes.com.au over the first 10 months of 2016. This equates to 361 fewer homes listed compared to 2015.
Over the year to date, 33.5% of homes across Canberra and Greater Queanbeyan have sold under the hammer. The rate of auction success rose by 6.2% compared to 2015, and the lack of new housing stock may have increased the competition for homes, resulting in more properties selling at auction.
Top 10 suburbs for homes sold at auction
Auction success rates vary dramatically depending on the location of the property. A compilation of the latest data from allhomes.com.au revealed the top 10 suburbs for homes sold at auction. The rankings were calculated as the percentage of homes sold at auction over the year-to-date.
The district of Belconnen trumped all other districts, taking the number one spot with four suburbs listed in the top 10. Meanwhile, Macquarie and Aranda took the top two spots with 92% and 86% of homes sold at auction. In third place was Hughes with 81% of homes sold at auction. This was followed by Holder with 76%.
Sharing fifth place was Pearce and Red Hill (where three out of every four homes sold under the hammer). The last four suburbs to make the auction hotspots for the region were closely contested; Mckellar came in seventh place with 74% of homes sold at auction, followed by Dickson at 73%, Chifley at 72%, and Cook with 71%.
Two of the region’s newest suburbs—Moncrieff and Googong—had the lowest auction success rate. Only 1.5% of homes in Moncrieff sold at auction and only 4.4% of homes in Googong sold at auction. These low numbers reflect the type of stock that’s available on the market, with a higher proportion of house and land packages that are typically sold by private treaty.
Collections: Mortgage News