Molonglo -canberra next BIG ONE, 60,000

Molonglo, land release , in inner canberra, they have started the advertising in the new land release, according to the colliers site, june is the expected sale date, how much?dunno, they say that they will be building for the next twenty years down there, the rates are climbing at the moment and so by june will they be hot potatoes, or would people just sit and wait, the location is perfect, the release huge, what will it do to the surrounding homes, will they go up because the land is larger, ie, old land sizes, 700m2+
the new ones will be smaller, i would expect 450,2, anny way what are your thoughts. i am interested, to here what the canberra locals have to say , and what the others that check out the colliers web site have to say too!
 
400 blocks this year, 1500 next year, 1500 year after. They'll range in sizes from 300-700m2, and will start from around $350k.

Good location, much better than Gungahlin, I think, but I'm going to watch for while rather than buying...
 
hi all,

i agree it is an exciting release in a perfect area. I mean, it is only a matter of k's to Civic and the Tuggers parkway is right on your doorstep and Weston Creek is just up the road.

But - land prices starting at 350k (and that''ll be the small parcels of land), then building costs on top of that and you'll have to build within 12 months (or lodge plans within 12 months to build within the next 12 months i think).

So for the small bits of land at 350k (that you don't really own), then building costs on top of that, you'll be up for well over 1/2 million straight away. With the price of land alone - ie 350k, i can buy a couple of positive geared places in my hunting grounds. That gives me immediate income. For 500k, i can get more positive geared places - more immediate income.

In the last 2 months alone, one of my small positive geared places jumped by 15%, another by 10%.

I'm not arguing against Molonglo - it's just for that type of money, for a single income family/investor like myself, i would prefer to look elsewhere.

Mind you though - if suddenly a large chunk of very cheap money feel into my lap then i may jump into Molonglo.


g
 
what do you think it will do to the values in sorounding areas, some in chapman are over 1500m2 including duffy,weston,etc
 
I think you are safe Craig. Your big block and huge home should benefit from Molonglo rather nicely.

As mentioned earlier, I think Molonglo blocks go up to 700-800 sq/m but those ones may be costing around 600-700k just for the land. Then they'd have building costs on top of that whihc will take those developments over the 1 million mark.

From memory, your block is twice the of that as well as commanding a very good view and already having a damn fine home on it.

Weston Creek is the centre of Canberra (and right next door to Molonglo) so anything n that area will benefit from the high prices of this new development.


g
 
just a quick question about canberra and the land it is on I have been led to believe that all the land in canberra is actually leasehold land on 99 year leases. Is this new land leasehold and what happens to the leases (on any canberra land) after the 99 years?

Well two questions actually.
 
So for the small bits of land at 350k (that you don't really own), then building costs on top of that, you'll be up for well over 1/2 million straight away. With the price of land alone - ie 350k, i can buy a couple of positive geared places in my hunting grounds. That gives me immediate income. For 500k, i can get more positive geared places - more immediate income.

In the last 2 months alone, one of my small positive geared places jumped by 15%, another by 10%.


g

Well done on your choices of properties but do you buy on the outskirts of canberra or actually in rural areas to end up with positive geared property?
 
According to the ABS Stats released yesterday, Canberra house prices jumped 20.6% in the 12 months to March. It's quite difficult to buy positively geared property anywhere in Canberra. A double income property for the right price might make it neutral or slightly positive.

Alternatively, just across the border in Queanbeyan has some positive opportunities. Particularly the 1-2 bed units.
 
Craigb - I agree with gg165. I reckon the $1M+ properties in Molonglo and North Weston will push prices up in the 'Creek'. I live in Duffy and am pretty tempted to buy an IP in Duffy or Weston and enjoy the ride.
 
thanks this is what i thought too! but some times when your investing with your money as opposed to other peoples you somtimes get wobbly knee's:D
 
just a quick question about canberra and the land it is on I have been led to believe that all the land in canberra is actually leasehold land on 99 year leases. Is this new land leasehold and what happens to the leases (on any canberra land) after the 99 years?

Well two questions actually.

They roll you over onto a new lease. There are already properties in ACT where this has happened. Cost to the property owner is zero.
 
do they ever ask you o leave as its not realy your land:confused:

legally they can but i would imagine that there would be a big stink if they ever tried it.

however, many people say that the ACT leasehold system is why big business don't really invest in building their own big office buildings here (as they don't really own it). That may be debateable.

But to me - i would prefer freehold compared to leasehold. But in the scheme of things really, the government can always come and get your land - or buy you out. They just make up some excuse and give you some value that "you must accept".


g
 
The leasehold system is so that a tight control on planning, zoning and uses is more easily possible. A lease renewal is considered "as of right" so the actual mechanics of owning a house in Canberra is very similar to any freehold land.

I think that the blocks will be quite expensive and, yes, you have to commence construction within 12 months of purchase, including getting development approval and complete the works and get occupation within 24 months.

As well as Molonglo, dont forget that there is going to be a new town at Googong (as part of Quenabeyan), with three big neighbourhood centres and structures up to 8 storeys I believe.
 
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