Demand for properties outstripping supply in growing Gungahlin

By
Ray Sparvell
October 16, 2017
18 Jessie Street, Forde. Photo: Supplied

Demand for homes in Gunghalin is outstripping supply with land releases and smaller blocks forcing buyers into the secondary market for established homes – and prices up.

Peter Blackshaw Gunghalin principal Michael Braddon says land sales are attracting upwards of 2000 prospective buyers, but with releases of some 100 blocks, there is regularly disappointment for many.

“Added to that is that block sizes are now primarily sized between 350 square metres to 550 square metres,” he says.

“Some people just want more room for all sorts of reasons and they are looking at the older, more established suburbs in the region like Nicholls, Forde, Amaroo and Crace.”

Blocks there are typically in the range of 650 square metres to 700 square metres.

“Instead of trying to buy land and build, people are looking for established four-bedroom homes that have been upgraded and present as new,” Braddon says.

“There’s high demand for that profile of stock, but simply not enough supply to meet it – and that’s reflecting in prices which are up to $50,000 higher than 12 months ago.”

Braddon’s comments are echoed by principal Jason Roses at Luton Properties Gunghalin.

“There’s no doubt that demand is on the rise and we’re starting to see record prices,” he says.

“We achieved a record price of $1.25 million in Gunghalin late last year and since then we’ve seen Forde hit $1.4 million. The area has come of age.”

Roses says another indicator of demand was the number of groups looking to buy established homes.

“We have a listing in Harrison at $645,000-plus. We’ve had 40 groups through with offers already on the table of $670,000 or more,” he says.

“The lack of land is turning buyers toward established homes – absolutely no doubt.”

Roses also accounts the rise of Gunghalin to the changing reality of its location.

“People once thought it was too far away, but new road infrastructure is changing all that. I can get to Dickson in 12 minutes and the airport is closer than it is for many of Canberra’s older suburbs,” he says.

Roads are not the only infrastructure finding favour in Gunghalin. A new entertainment precinct announced late last year has DA approval and leasing opportunities will be marketed from next month.

The new development will comprise 20,000 square metres of retail and cinema space with basement parking for 310 cars.

Leasing agent Guy Randell, from Burgess Rawson Canberra, says the precinct will attract a mix of tenants who will offer a compelling destination for dining, retail and entertainment.

“This is an exciting project with a strong vision to provide eating, relaxing and shopping options for Gungahlin residents and those from further afield,” he says.

“Aside from the cinema, residents can look forward to cafes and restaurants, a supermarket, fresh food market and specialty retailers.”

Peter Elford, of the Gunghalin Community Council, reiterated its general welcome of development, but still has concerns over high-density apartment towers in the area bounded by Gundaroo Drive, Gozzard Street and Anthony Rolfe Avenue.

“There are now six projects, involving 13 towers of seven storeys or more – potentially 2500 residents and nearly 2000 cars,” he says.

“We have approached the ACT government’s Environment, Planning and Sustainable Development Directorate and they have proposed an immediate refresh of the planning framework. We encourage all residents to get engaged.”

Family friendly

When Kosta and Amanda Contis, above, built their Harrison house nearly 10 years ago, they were among the first, with only display homes nearby and just a sprinkling of other new builds.

“There was a vibe that this was going to be a good place to be. Somewhere new, somewhere a lot of money was going to be invested,” Kosta says.

“We’ve watched Harrison grow and it’s turned out better than we ever imagined.”

The couple built a five-bedroom, two-storey house with pool that has been home to them and their four children.

Kosta says the suburb – just two kilometres from the Gunghalin town centre – is very family-friendly.

“There are plenty of schools, reserves and sportsgrounds for the kids,” he says. “It’s a short walk and they’re kicking the football around.”

Harrison is also accessible with the city just 10 kilometres away, a direct route to Fyshwick and light rail coming soon.

Number 31 Tanami Street is open on Wednesday, April 19, 5pm-5.30pm. Phone Luton Properties agents Tim and Justine Burke on 0411 878 587 or 0411 481 096.

Cover property

18 Jessie Street, Forde
$1.05 million
4 bedrooms, 2 bathrooms, 2 parking spaces

Auction on Saturday, April 22, at 3pm, onsite
​Inspect on Saturday, from 12.45pm-1.15pm, and Thursday, April 20, from 4.45pm-5.15pm
McGrath Estate Agents Dickson, Theo Koutsikamanis 0431 543 649

It’s only when you enter a residence like this magnificent Forde home that the expression “resort-style” is given real credibility.

This stunning, two-storey contemporary home represents a complete 360-degree approach to the creation of an ideal lifestyle.

Its impressive street presence sets up early expectations of luxury and comfort and this home does not disappoint.

Building scale, balance and proportions are equally matched by the unstinting quality of its fixtures, fittings and finishes.

A sleeping wing contains three bedrooms while the nucleus of the residence is designed around a dramatic chef’s kitchen that offers access to the family room, large rumpus, formal lounge and dining.

Upstairs, the master retreat enjoys a covered balcony and a palatial en suite, highlighted by a free-standing central bath.

Outside is a large gazebo and courtyard and an inviting lagoon-like pool, set amid landscaped surrounds.

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