Mon. May 23rd, 2022

news, latest news, Macnamara, Ginninderry, West Belconnen, developments, Canberra property, ACT development

Nearly 1,000 people had registered their interest in the first blocks of land in Canberra’s newest suburb, Macnamara, just hours after its release. Registration opened on Thursday, and by the end of the day, there was already high demand for the latest part of the Ginninderry development. The first release will see 71 land blocks and 55 house and land packages sold in a ballot. Land prices start at $ 377,900 for a 350-square-foot plot, up to $ 763,600 for the largest 935-square-foot block. The average block size is 536 square meters. IN COVID-19 NEWS: Project Director Steve Harding said the number of registrations indicated that there is still high demand for vacant land in the ACT. “I do not know anyone in the industry who would have predicted the levels of demand we have seen since around mid-2020, shortly after COVID hit,” he said. “A combination of all the government stimulus, the low interest rates and what I can only base on that FOMO factor (fear of missing out) is just nourishment for demand at the moment.” The fierce demand for land in Canberra was made clear last year when 7,500 people signed up to buy 115 blocks of land released in Taylor. Harding said the next land release in Macnamara is expected in mid-2022. “We will continue to seek to release more land as soon as we can, and our planning approvals allow it,” he said. “The exact timing is a bit dependent on approvals … but hopefully this year, for example, we look to release about 250 blocks of land.” Named after Australian scientist Dame Jean Macnamara, the new suburb is part of the larger Ginninderry development, a joint venture between the ACT government and Riverview Developments. It follows the opening of Strathnairn, where more than 750 people now live. The suburb will also boast sustainability information, with all homes in Macnamara requiring a minimum energy rating of seven stars. This means that homes will be designed from the start with energy efficiency in mind. Double glazing, solar panels, the orientation of the home are all considerations, while homes in the suburbs are not connected to the gas network. “Our view is that the more efficient the homes are designed and built, the less energy they will consume. The cheaper they are in operation, the more comfortable they are to live in,” Harding said. Voting for Macnamara land blocks and packages closes on February 4, 2022. When completed, Ginninderry will be home to about 30,000 residents and 11,500 homes in four suburbs. Sir. Harding said Macnamara would eventually house about 4,500 residents. The ACT government recently bought two blocks of rural NSW that will be part of the development. The entire project is expected to span about 1,600 acres across ACT and NSW. Our journalists work hard to deliver local, up-to-date news to the local community. Here’s how you can continue to access our trusted content:

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