Scramble for land shows confidence in Canberra

Two weeks ago the Land Development Agency conducted its latest land release in the Gungahlin suburb of Throsby. The sale results were nothing short of astonishing.

Packaged lots of small blocks sold for $1300 per square metre, with fierce competition for every offering. The next day, more than a 100 blocks of land sold under the hammer, for the most part about $100,000 over reserve price – 450-square-metre blocks were selling for about $430,000.

The appetite for buying land clearly indicates strong confidence in the Canberra market, and this will have a flow-on effect for homes in established suburbs on larger blocks.

I have also seen an increase in the demand for larger apartments in the inner south and north, as people continue to value location and lifestyle. Spacious and well presented two and three-bedroom apartments are selling quickly and for higher prices than I have seen for several years.

The Canberra market is continuing to perform steadily and the demand for quality property reflects this positive sentiment of confidence and sales activity. It’s a great time to sell.

Boris Teodorowych is principal of BORIS.