ACT government land auction: Monash block sells for $1.7 million, 7 Taylor blocks pass in

An ACT government land auction on Wednesday morning saw just one out of eight multi-dwelling blocks sell under the hammer.

There were more than 300 dwellings across the eight sites, with more than 90 per cent located in Canberra’s northernmost suburb, Taylor.

The only successfully sold block on the day was a 10,513-square-metre parcel in Monash which sold for $1.7 million.

It is zoned as a community facility site with 30 maximum permitted dwellings that are to be used for aged care or the site can be a medical or childcare centre.

Bidding was slow off the mark for the site. Coming several minutes after it was declared open, the first bid was for $1 million. From here, bidding continued in increments of $100,000 until the price reached $1.6 million. There were two further bids of $50,000 before the property was declared on the market and then sold.

There was significant inquiry throughout the campaign for the block, Colliers International director land marketing Josh Reid said. He attributed the site’s success, in part, to its “central southside position”.

Seven multi-unit blocks in Taylor were the other auctioned sites on the day. The blocks ranged in size from 4505 to 6727 square metres.

The largest block had 57 permitted dwellings, and it was the first of the Taylor blocks to be auctioned. It passed in for $3 million. Two other Taylor blocks were also handed over at this price, one other passed in at $3.5 million and another two at $2.75 million and $2.3 million, respectively. The last one was passed in at $2 million.

• Related: More than 120 blocks in Strathnairn hit the market 
• Related: Coombs multi-unit block sells for $4.6 million 
• Related: ACT government sells two prime Gungahlin sites for more than $7 million

All of the unsold Taylor blocks were passed in to the same bidder – Jamie Farrelly of 3 Property Group. The developer will now have exclusive negotiating rights until noon Friday. 

This is the last major ACT government land auction for this financial year. The indicative land release for 2018-19 slated the release of 4060 dwellings but has fallen short of this. The most notable sale was the former public housing Stuart Flats in Griffith which ended up selling for a combined total of almost $64 million.

Former public housing sites on Northbourne Avenue in Braddon and Turner were offered to market but failed to secure a sale.

Macarthur House in Lyneham was also slated for release this financial year but has yet to come to market. It is not in the indicative land release program for 2019-20.

The land release program for next financial year has more than 3400 released to market. Prominent multi-unit sites in Belconnen (550 dwellings) and Phillip (480 dwellings) are among those to come to market.

Over the next four years, the ACT government will release 15,600 dwellings.