Join the gold rush on Canberra's most expensive street, Mugga Way

For a street to earn the title of “the golden mile”, it has to tick a lot of boxes.

Mugga Way has earned its reputation as Canberra’s most expensive street and there are plenty of reasons why buyers are paying top dollar to call the golden mile their home.

Big blocks and a reserve-side setting are at the top of the checklist for many Canberra house hunters and that’s exactly what you’ll find on this Red Hill/Forrest street.

The quarter-acre block, now a rarity in new Canberra suburbs, is at the small end of the Mugga Way spectrum. Need upwards of two acres? You’ll find that here too.

Red Hill Nature Reserve forms the bushland backdrop to the western-side of the street. Established greenery carries on to the properties and their meticulously maintained gardens.

Mugga Way’s position, within easy reach of the Parliamentary Triangle and private schools, has also made it hot property with high-end buyers.

The street is home to the Canberra’s strongest sale on record. It was set in 2010 when 27 Mugga Way sold for $7.3 million. The second biggest sale was achieved in 2013, when 20 Mugga Way sold for $7.2 million.

Modern masterpieces and classic homes built by Canberra’s architectural pioneers ensure that whatever your style, you’ll find your dream home on Mugga Way.

“Dream” is the key word here – for most of us, Mugga Way is outside the budget.

Fortunately, Canberra is home to great streets across all price brackets, according to LJ Hooker Dickson director Stephen Bunday.

The streets may not house mini-acreage-style properties found on Mugga Way, but they do tick a few of the same boxes.

“Most often they’re backing onto reserve on one side of the street,” Bunday says. “Often they’re elevated and afford some views as well.”

“Sometimes they’re just a beautiful tree-lined street, you see it in the inner north and the inner south, they’re an avenue of oaks that meet in the middle and they’re just a pleasure to drive down.”

Independent Property Group Woden and Weston Creek agent Jonathan Charles says a street’s appeal is a matter of preference for the individual buyer. However, when key elements combine they develop a good reputation among locals.

“The street’s reputation is a combination of how tightly held properties in the street are, along with the sales results and simple word of mouth among the population,” Charles says.

“If a street’s attributes align with that of the wants of the buyers in the market, then an increase in interest in the area should create a snowball effect in theory and become increasingly popular.”

These factors not only ensure that your house is a joy to come home to, but they also contribute to a property’s potential for capital appreciation.

“If you purchase within a tightly held area that is increasingly in demand and becoming more popular, you can potentially have a successful outcome,” Charles says.

“Some people are willing to spend that little bit more to get into a street or area that is in demand.”

It’s also worth looking beyond the most recognisable names. Bunday says some of Canberra’s best streets are hidden gems.

He lists Cobby Street in Ainslie and Garsia Street in Campbell as some of the top streets that often fly under the radar.

Charles says Hawkesbury and Spafford crescents in Farrer and Parkhill and Sheehan streets in Pearce are ones to watch in Canberra’s South.

“Do your research and ask your agent,” Bunday says.

“Most are pretty forthcoming with that sort of information. Get onto Allhomes and look up top 20 sales in the suburb and you’ll find the majority are on the best streets.”

Street appeal

• Greenery – Whether it’s reserve, parkland or even a golf course, a leafy backdrop helps boost the value of a home.
• Position – Close proximity to good shops and schools will make your life easier and also appeal to future buyers.
• Views – Some buyers will pay a premium for an elevated position with bushland, lake or mountain views – just make sure those views can’t be built out.

Grandeur and gardens

It’s not just a sense of grandeur that you’ll notice as you drive down Mugga Way. Residents Paul and Vicky Papas say the street is also one of Canberra’s best kept.

Rows of neatly manicured hedges and picture-perfect gardens have been lovingly attended to by owners who love their properties.

Paul and Vicky moved into their Terry Ring-designed house in 2013 and Paul describes it as his dream home.

They chose to build on Mugga Way as they wanted a large, flat block that could accommodate a single-level living without compromising entertaining space.

Most properties on Mugga Way are nestled behind high hedges and established gardens, which Vicky says creates a feeling of tranquility.

“It’s a busy street, but you can’t hear a thing and you forget how central it is,” Vicky says. “We’ve all enclosed ourselves in this little paradise.”

Cover property

18 Mugga Way,  Red Hill
5 bedrooms, 4 bathrooms, 4 parking spaces

Designed by Kenneth Oliphant and Oakley & Parkes – the architects behind The Lodge – it has hosted many functions over the past century and was a particularly popular venue for tennis parties in the 1920s and 30s.

The house is on a huge 5244-square-metre block adjoining reserve and set behind electronic security gates.

The formal lounge and dining rooms feature high ceilings with decorative cornices and open fireplaces.

A designer kitchen with granite benchtops and splashbacks and Kleenmaid and Miele appliances leads the way to a spacious meals and family room and a substantial games room.

Richly planted gardens are one of the highlights of the property and the result of more than a century of care. The English oak, liquidambar, Atlantic cedar and weeping cherry trees create an array of distinctive outdoor areas to cater for all occasions.

A 14 x 6 metre in-ground saltwater swimming pool, a full-sized tennis court, sandstone terraces and a covered patio provide the ideal setting for grand-scale outdoor entertaining.

Mugga Way is home to Canberra’s highest sale on record. 27 Mugga Way sold for $7.3 million in 2010 and 20 Mugga Way, which was positioned on a 5528-square-metre block, sold for $7.2 million in 2013. Number 23 Mugga Way also sold in 2013 for $4.38 million. 

Expressions of interest close on Thursday, December 8 at 5pm
Inspect on Saturday and Sunday afternoon (by appointment)
Berkely Residential, Bill Lyristakis 0418 626 593