Close to $5 million of land exchanged at first Ginninderry multi-dwelling auction

The first major auction of blocks in Ginninderry has been labelled a success, with close to $5 million worth of contracts exchanged on the day.

Four multi-dwelling blocks in Strathnairn – the region’s first suburb – went under the hammer on Thursday morning at The Link Ginninderry.

A large crowd of builders and developers attended the auction in hopes of securing one of the blocks.

There were three terrace packs on offer and one multi-unit site.

The most popular block was an RZ3-zoned terrace pack with 10 dwellings.

It was fiercely competitive, with four bidders making a punt for the land. Bidding started at $1 million. There were two bids of increments of $200,000 but the stride shortened to $25,000 and then $10,000.

It eventually sold under the hammer for $1.95 million.

Two other terrace packs of eight and four dwellings were also sold.

Bidding for the eight-dwelling terrace pack started at $1 million. Three bidders participated with increments starting at $200,000, then shortening to $10,000 and $5000. It sold for $1.45 million.

The four-dwelling terrace pack sold under the hammer for $725,000. Bidding started at $500,000, with three bidders making an offer.

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“There was spirited bidding for all the blocks, with buyers drawn to the high-quality amenity in the estate,” said Civium Property Group director Andrew Smith.

“The interest from buyers shows the demand for compact townhouse dwellings.”

A 1345-square-metre multi-unit site for eight dwellings was passed in for $740,000, but a sale for $804,000 was negotiated shortly after.

The total value of sales was $4.929 million.

Ginninderry sales consultant Ross Hincksman said builders purchased all the blocks, and intend to on-sell to the public.

“We had a good number of registered bidders and we exceeded our expectations from where the reserves were to what the actual sale price was,” he said.

“It proves it’s a great estate out here and even though it’s in its infancy, people can see what the vision is and are buying into it.”

The blocks have settlement dates ranging from April 2019 to April 2020. This is in line with the first settlements expected for Strathnairn.

Ginninderry is a joint venture between the ACT Government and The Riverview Group.