ACT houses are getting snapped up before auction date

For those looking at IPs in Canberra, how has it been going recently?
I'm starting to get frustrated: many houses are being pulled off auction dates because multiple offers have already been made. The reasonably good properties are going at high prices at auctions. Three auctions I attended 2 weeks back were all way over the realtor's price guide.

 

What areas in Canberra are you looking at?

Would be interested in knowing how much above the vendors price did the properties sell for if you don't mind.

Cheers,
Oracle.

 

All around the ACT.
There was one that I went to maybe 3 weeks back. Was told around low 600s, sold for 740k if I remember right. Was in Richardson.
There has been a shift over the past few weeks. Many of the agents are now saying "that's what the auction is for, since we don't know what people are willing to pay".

 

UPDATE
I ended up buying one in Charnwood in March 2021 for about 650k, about 1000 m2, 1970's house, 3bed-2bath-2garage.
I'm looking to buy another one soon. Went to 3 auctions last week, all duds. Most properties are re-listing from Auction to Offers. From my experience, and in the same type of property (land and house sizes, bed, age, unimproved values etc) as my Charnwood rental, prices went up to 825k in Feb 2022, started dropping in March, and now are about 5% off April 2022 peaks.

 

Congrats! Have fun on the next one.

 

I went to a couple of auctions today in the Belconnen area. Both passed in. Both had 3 bidders.
Auction listings have fallen sharply in the last 2-3 months.

 

The clearance rate reported for today was 49%. HIgher-end houses and units/townhouses seem to be doing better.

 

The Canberra detached house market certainly has dropped off in terms of interest now. I agree, probably 5% off the peak across the board, maybe a bit more or less depending on the area. Good quality units are still in high demand and achieving good prices. I can see the market going sideways for a while though - maybe a few years who knows. There is always enough demand and a lack of land in Canberra to prevent detached house prices dropping much more than they already have.