The release of 38 blocks in Holt’s Ginninderra Estate will provide Canberra purchasers with more affordable land options than recent ACT releases.
Colliers land marketing sales executive Josh Reid said the estate’s final land release will be welcomed by buyers who have been priced out of new Canberra suburbs.
The Ginninderra Estate blocks are sized from 311 to 540 square metres and the reserve prices range from $220,000 to $395,000, exclusive of GST.
This equates to about $700 per square metre. Colliers land marketing sales executive Josh Reid said the prices have been made public to demonstrate the relative value of the release.
“We are expecting great interest in the final release of Ginninderra Estate,” Mr Reid said.
“With reserve prices in the mid-$200,000s, it’s an affordable option for buyers that may have been priced out of other estates.”
The golf course estate was popular with buyers late last year when the first auction achieved a 100 per cent clearance rate.
The auction comprised a mix of 350-square-metre “mid-sized blocks” and 250-square-metre “compact blocks”, which sold for an average of $270,000 and $232,000, respectively.
The land was previously used for the 19th to 27th holes of the golf course and is owned by Woodhaven Investments.
It was deemed unviable by golf course operators Belconnen Sports Club and closed for golf in 2003.
Upon completion the 20-hectare estate will comprise 350 dwellings on a mix of block sizes. It is less than 15 minutes to the city, seven minutes to the Belconnen Town Centre and offers views towards the Brindabellas.
“All of those factors mean that it’s going to be a popular offering,” Mr Reid said.
The auction will be held on Saturday, October 22 at the Belconnen Raiders Club in Holt.
In addition to the 38 single residential blocks, two small townhouse sites will also be auction.
The reserve for a 1409-square-metre, three-dwelling block has been set at $640,000, exclusive of GST.
The largest auction of the day will be for a 3266-square-metre parcel with the capacity for seven townhouses. The reserve, which also excludes GST, has been set at $1,575,000.
Civil works at Ginninderra Estate have commenced and construction is expected to start mid-2017, with the first residents moving in before the end of the year.