Two of the last multi-unit sites in Moncrieff sell for $3 million at auction

Two of the last multi-unit sites available in the evolving suburb of Moncrieff have sold for a combined total of almost $3 million under the hammer.

A local builder snapped up the larger, 3352-square-metre block for $2 million at the Land Development Agency auction on Wednesday. 

The site, block 15 section 42, allows for a maximum 14 dwellings.

The smaller, 1586-square-metre site, block 1 section 42, was also picked by a local developer for $950,000.

The possible number of dwellings on this block is capped at six. 

Independent Property Group was the appointed selling agency for the auction.

Project marketing director Wayne Harriden said 15 parties registered to bid on both sites.

He said the was a lot of interest from prospective buyers including smaller developers, as well as larger builders looking for an interim project.

“It was huge [particularly] from the smaller development base who probably aren’t catered to as much,” he said.

“There’s also been some pretty successful units and townhouse releases in Moncrieff…there’s history there now so it gives buyers a lot of confidence.”

Mr Harriden said a possible subdivision might lead to another two multi-unit sites becoming available in the new Gungahlin region suburb however, this had not been confirmed.

Moncrieff will house about 2200 dwellings once complete, alongside a group centre, community facilities and parks.

In May a trio of multi-unit sites in the suburb sold for a combined $12.685 million at auction. 

At the time 17 parties registered to bid on the three blocks, which individually sold for ​$5.025 million, $4.25 million and $3.41 million.