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Canberra residential auctions gain traction

Almost half of all Canberra properties taken to market in November were sold via auctions, rather than listings or other methods. 

This is according to data from Allhomes, which specified that 47.4 per cent of houses were sold at auction, Domain reports. 

It was noted that this is a significant spike when compared with the overall auction rate of 35.1 per cent for the whole year.

Auctions have been steadily growing in popularity as a means of selling property since 2010 and a comparatively small quantity of the market - 23.7 per cent of all homes - were sold this way that year. 

By 2015, that figure had risen to 29.2 per cent, which would appear to suggest the rate of growth is increasing, as it had grown another six per cent by 2016. 

Indeed, Canberra's highest auction result of all time was achieved in November, when a Yarralumla mansion at 12 Hunter Street sold under the hammer for $5.475 million. 

Only one region in Canberra reported a decline in auction activity and that was Tuggeranong, where 18.8 per cent of houses were sold at auction. 

This is a significant dip on the corresponding figure of 22.2 per cent that was recorded in Tuggeranong six years previously. 

The highest proportion of auction activity was found in the inner south at 64.1 per cent - a big increase on 2010's 46.1 per cent. 

Nicola Powell, data scientist for Allhomes, attributed the strength of this trend to a shortage of properties in the city, which has attracted agents and vendors to the competitive nature of auctions.

"We have seen such a strong demand for detached houses," Dr Powell remarked.

"That has really helped push up the prices and resulted in more homes sold by auction."

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