More properties released in Moncrieff as part of Land Rent Scheme

More land will be released in Moncrieff in February as part of a new single dwelling development.

Canberra housing provider CHC will release 31 house and land packages in March in line with the ACT government’s Land Rent Scheme.

Unlike standard rent arrangements, CHC will cover land rent repayments while the 31 properties are constructed. Buyers will take over the payments come settlement. 

An extra four accessible houses will also be designed and built for people with a disability however, these properties will be retained as part of the organisation’s rental portfolio.

CHC purchased the Moncrieff development site in 2016. 

The project includes two and three-bedroom houses of one or two storeys, ranging in size from 95 square metres to 139 square metres.

CHC chief executive officer Kim Sinclair said removing the upfront costs associated with the Land Rent Scheme aimed to make the properties more attainable.

Purchasers involved in a standard scheme generally begin making land rent payments once they commit to a contract, before construction has begun.

“Land rent creates an opportunity to enter the housing market but the reality of committing an upfront deposit, making contributions to land rent payments and sustaining current rental accommodation while the property is being constructed, renders the scheme unachievable for many of the eligible buyers,” she said.

CHC also has the option to convert the land to standards blocks which can be sold to individuals who do not meet the Land Rent Scheme’s eligibility requirements.

Moncrieff will house about 2200 dwellings, including multi-unit sites, once complete.

In November two of the suburb’s last multi-unit sites were sold for a combined total of almost $3 million.