Cover story: Canberra's golden mile

Take a drive down Mugga Way and it will become clear why it has earned its reputation as the golden mile. The tidy hedge-lined front yards conceal some of the capital’s most palatial properties – Canberra living doesn’t get any more prestigious than this.

“It’s known as the golden mile for very good reason,” Peter Blackshaw Manuka agent Mario Sanfrancesco says.

“Many of them are substantial parcels of land, it’s very well located geographically backing onto Red Hill Nature Reserve and the quality of the homes is certainly another factor. There are many new residences that have been rebuilt as well as heritage-style properties that have been refurbished.”

Starting at the southern border of Forrest and continuing through Red Hill for almost 3.5 kilometres, Mugga Way is Canberra’s most expensive street to buy on. In 2013 there were a number of large sales including 20 Mugga Way for $7.2 million, 23 Mugga Way for $4.38 million and 17 Mugga Way for $3.8 million.

“It’s always been one of the most expensive and well-known streets in Canberra,” Real Estate Institute ACT spokesman Craig Bright says.

“It’s one of those streets people outside of Canberra have heard of. Traditionally these properties were held long term, it’s only in the past few years that a few have come onto the market but you don’t get a high volume of homes that come up for sale.”

There are currently two homes on the market on Mugga Way but many of these high-end properties are sold privately.

“There are a lot of off-market sales in the area,” LJ Hooker Manuka principal Stephen Thompson says.

“A number of sellers don’t want to go online or advertise. A lot of people are a bit private and they don’t want people to know that they’re selling. The properties worth five to 15 million don’t come onto the market.”

Luton Manuka agent Nigel Wilson says that the golden mile’s proximity to Civic, the Parliamentary Triangle and top government departments, as well as the quality of the homes have contributed to making Mugga Way one of Canberra’s most sought-after streets.

“It’s the lure of the fact that it’s a mix of diplomatic residences and very big blocks, it has always been a prestigious street.”

Properties on Mugga Way are very tightly held and Bright says the recent multi-million dollar sales on the street are a good sign for the Canberra market.

“It’s clearly the top end of the market and it’s really the barometer of the market,” Bright says.

“Growth comes from the top not the bottom so when the top end of the market starts to move it’s an indication that the market is starting to recover.”

Mugga Way’s neighbouring streets such as Vancouver Street, Torres Street and Wickham Crescent are also home to many beautiful, tightly held properties and agents say these streets are also sought-after top-end destinations.

“They’re superb locations,” Sanfrancesco says.

“They’re very quiet and enormous parcels of land with many reverse-style homes that are very secluded. They fly under the radar.”

Newcomers to the housing market who think the leafy inner south could be out of their budget might be surprised to learn that not all the property in Red Hill comes with the blue-ribbon price tag. Thompson says that while Red Hill is home to Canberra’s most valuable properties, Forrest has the highest average sales price in Canberra. Red Hill’s average is lower because of the diverse mix of housing available in the suburb.

“We’ve got a two-bedroom apartment on the market in Red Hill for $350,000 but in the suburb there are homes that are worth $13 to $15 million,” Mr Thompson says.

Life on the golden mile

*27 Mugga Way sold in 2010 for a record-breaking $7.3 million. The five-bedroom, five-bathroom property is set on an enormous 11,353 square metre block – one of the largest parcels of land in the area.

*Mugga Way is a 10-minute drive to Civic and Woden and just five minutes to Kingston and Manuka.

*Many families are drawn to the area because of its proximity to the Grammar schools. There is also a Catholic primary school, public primary school and French-Australian preschool situated in Red Hill.

*Neighbouring Vancouver Street, Torres Street and Wickham Crescent are three of Canberra’s most impressive streets. These homes are very tightly held and rarely come onto the market. Number 3 Vancouver Street sold last year for $4 million.

*Mugga Way provides easy access to the Red Hill Nature reserve featuring walking tracks and a spectacular lookout.

* The Red Hill Housing Precinct is listed by the ACT Heritage council and Mugga Way is home to heritage-listed sites including Calthorpes’ House and 145 Mugga Way.