Multi-unit blocks go under the hammer at ACT Government auction

Seven multi-unit blocks of land in the ACT have gone under the hammer on Wednesday.

Government-owned sites in Coombs, Wright and Greenway were up for offer by ACT Suburban Land Agency.

Held in a room at the Ainslie Football Club, builders and developers crowded the space and were eager to get their hands on a parcel of land.

ACT Suburban Land Agency assistant director Julia Forner said the full room showed “there’s still plenty of confidence in the Canberra market.”

Each of the sites had a maximum number of dwellings allowed for the land, totalling 387 across the seven sites. All of the sites on offer also had affordable dwelling requirements as part of the ACT Government’s Affordable Housing Strategy announced last year.

During the Government’s 2017-18 land release program, approximately 350 dwellings have been set aside to allow for low income Canberra households to purchase a property. Altogether there were 71 affordable dwellings across the sites on offer at Wednesday’s auction.

The highest sale of the day was for a 10,750 square-metre site in Wright. The site allows for a maximum of 107 dwellings, and of that, 32 must be affordable dwelling.

Bidding for the site started at $4 million with three interested parties. It eventually sold under the hammer for $7.1 million to local developer, 3 Property Group.

“The Wright site was a really good opportunity, it’s ideally located on the corner of Opperman Avenue and John Gorton Drive,” said Ms Forner.

“Just up the road you’ve got Stromlo Forest Park and it’s got beautiful views.”

While they could not elaborate on plans, 3 Property Group director Jamie Farrelly said, “We are excited about the opportunities this block has to offer. We will advance quickly into the planning to bring something new and exciting to Wright and the Molonglo Valley.”

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There were three sites on offer in Coombs, with two selling under the hammer. A 3792 square-metre site in Molonglo Valley sold for $2.920 million and a 4081 square-metre sold for $3.2 million.

The third Coombs site, at 2446 square-metres, was the smallest on offer at the auction and passed in at $1.8 million.

“All the sites in Coombs were zoned as RZ5 – so medium to high density housing,” said Ms Forner.

“They are fronting John Gorton Drive and units facing that main road need to be three-storeys high.”

All sites in Greenway were passed in under the hammer with the highest bidder offered exclusive negotiating rights until Friday, 12pm.

The sites are apart of Southquay Greenway – a waterfront precinct along Lake Tuggeranong – and were the first to be offered on the eastern shore of the development.

The auction comes after it was revealed by The Canberra Times on Tuesday the ACT Government has amassed more than 4000 hectares of rural land in the past four years.