In a sure sign Canberra's auction market is back stronger than ever, the capital is gearing up for its biggest week of auctions on record.
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Across the next seven days 180 Canberra properties will go under the hammer, the most since property data firm CoreLogic began its reporting in 2008.
Auction volumes are up across the board, with 3810 homes slated for auction throughout the combined capitals this week, an increase on last week's 3539.
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It's a stark contrast to 2020's auction volumes. This time last year, just 1803 homes went to auction across the country.
Jason Roses, director of residential at VERV Property Canberra, said there was a renewed sense of confidence within the ACT property market.
"We're back into the swing of things, we're able to have auctions on site. I am a big believer in on-site auctions because I think there's a level of excitement and energy that you just don't get online," he said.
"So certainly, sellers are excited and it's still a very positive sentiment out there."
Mr Roses will take 45 Pitcairn Street, Evatt to auction on Saturday with a price guide of between $950,000 and $1 million.
The four-bedroom house is located on a 665-square-metre RZ2 block and has received strong interest throughout its sale campaign.
"Evatt's increasingly popular and [the property] represents a really good opportunity for someone to buy a four-bedroom house in a great street," he said.
A five-bedroom house in Forde is also scheduled for auction on Saturday. The home at 15 Ray Ellis Crescent was among the first open homes to take place after the ACT lockdown.
Selling agent Justin Taylor of McGrath Canberra said buyer interest was currently upwards of $1.75 million.
While auction volumes have risen, clearance rates have fallen as more options become available to buyers.
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Last week, clearance rates fell in Canberra to 78.4 per cent, dropping below 80 per cent for the first time in nine weeks.
Mr Taylor said while clearance rates had slipped, most properties were selling quickly after being passed in.
"The reality is over 90 per cent of properties are selling within two weeks of the auction," he said.
CoreLogic analysts expect auction volumes to continue rising as the east coast markets regain confidence following COVID-19 lockdowns.
"Since lockdown restrictions eased across Sydney, Melbourne and Canberra, in the first week of October, auction volumes have increased by 78.2 per cent," CoreLogic's latest report stated.
"With each week outperforming the last, it's unlikely that auction volumes have reached their peak."
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