Land sales weathering financial storms
Sep 7, 2009
Developers of one of Canberra’s newest suburbs say despite the current economic climate, homebuyers are continuing to buy land.Almost one block a day was sold in the last two months of the financial year in Forde, a new suburb in Gungahlin.
In May and June, 53 residential blocks were sold, including one medium density site, where up to 21 townhouses will eventually be built.
Forde project director Gavin Kemp said many of the sales were to first home buyers. “Fifty-three residential land sales for 73 dwellings in just two months is a phenomenal achievement in the current market,” he said. “A significant proportion of the sales were actually to first home buyers, who have been encouraged by the Federal Government’s first home owners grant and attractive interest rates. Interestingly sales were also strong in the second and third home buyer market emphasising Forde’s broad market appeal.”
Mr Kemp said despite the recent downturn, homebuyers in Canberra were still looking for quality land, in a good location and close to community and recreation facilities.
And it appears building is also up. A report from the ACT Department of Treasury’s Economics Branch said in trend terms, the number of residential building approvals in the ACT in May was 287, up 10.9% from the previous month.
The number of approvals were also significantly higher than the five year monthly average for the ACT and trend residential approvals recorded the fifth consecutive monthly increase in the ACT.
Source: The Northside Chronicle – 27 July 2009.
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