Sales in Geocon city development point to strong housing market in Canberra

With 80 per cent of apartments sold in Geocon’s city project, there are no signs Canberra’s housing market is slowing down.

About 80 per cent of apartments in Geocon’s city development have been sold.

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Construction will start this month on Geocon’s $320 million city project with sales indicating Canberra’s housing market is still strong.

The developer’s director of planning Dan Stewart said interest in the 520-apartment project at Cooyong St had been “unprecedented” with 80 per cent of units sold.

“There has been no slowdown in the market; our sales have increased dramatically over the last year, due to our high quality product and the safety of Canberra as a property investment haven,” Mr Stewart said.

“With a growing population, impossibly tight rental vacancy and nation-leading rental yield, we are seeing more people buy in Canberra than ever before.”

Concept image of the flagship Metropol building.

The median property value in the capital is $585,193 with a total return of six per cent, the second highest return in the country after Hobart’s 8.1 per cent, according to Core Logic data released on Monday.

Among the 100-odd apartments left is the flashy four-bedroom, $2.58 million penthouse in the flagship Metropol building which features a high-end chef’s kitchen, private plunge pool, entertainment lounge and views across Glebe Park.

The view from the four bedroom luxury penthouse.

There is 280 units and 2000sq m of commercial space in Metropol, located closest to the Canberra Centre of all three buildings

The tower is inspired by iconic buildings such as the High Court of Australia, the National Gallery and the Carillion with vertical lines and acute angles are key to the exterior’s aesthetic.

The development is characterised by acute angles and vertical lines.

A second penthouse, on level eight, featuring a gourmet kitchen, high tech entertainment system and plunge pool, can be booked for private use by residents.

The Tryst tower, which will be built on Cooyong St directly opposite Glebe Park, features 160 units, 1000sq m of commercial space and rooftop viewing terraces.

Rooftop terraces offer sweeping views.

Tryst aims to create a sense of place and involved an extension of Akuna Street and public courtyards which create connections to Cooyong Street and Kogarah Lane.

The Envie building includes 80 units and 1000sq m of commercial space with its exterior defined by sharp lines and angles.

Its two, $2 million penthouses have already been snapped up and interest in the rest of the stock has been busy.

An artist impression of the Envie building.

There are still one, two and three bedroom apartments available in each of the three buildings, which are positioned between the Canberra Centre, Glebe Park and Mt Ainslie.

Prices range from $378,000 through to the penthouse, which is valued at $2,578,900.

Announcements on commercial space will be made soon.