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Cool waters...lure of the lake sinks property blues

Date

Stephanie Anderson

Catriona Rafael enjoys a dip in the infinity edge pool at the Lakefront Kingston Island apartment.

Catriona Rafael enjoys a dip in the infinity edge pool at the Lakefront Kingston Island apartment. Photo: Melissa Adams

Kingston Foreshore is starting to resemble the cosmopolitan neighbourhood promised by planners as developments take shape and sell out along the water's edge.

Amid industry expectations for a flat residential market, several developments have completely sold or boast that only a handful of apartments are left for purchase.

At Bridge Point, the farthest development on Kingston Island, all the 35 apartments have been sold and one of seven residences was recently purchased for more than $3 million.

Berkely Residential agent Bill Lyristakis closed the sale of the 280-square-metre property on Friday, saying his hopes for the remaining six high-end homes were not dampened by predictions of a weak market. ''At the end of the day, the top end of the Canberra market is in short supply,'' he said. ''When properties come up, they always sell for good prices.''

Next door, owners and tenants are moving into the Lakefront development, whose website boasts of rooftop terraces, an infinity-edged pool and ''resort-style living''.

Only eight of the 143 apartments remain to be sold after the majority were bought off the plan, said Independent Property Group agent Mark Larmer.

''There is a smattering of one-bedroom and three-bedroom units left,'' he said.

Mr Larmer said the remaining units would likely be sold at a slightly reduced price as interest had cooled off since the project was first put to the market more than a year ago.

''They were priced when the market was stronger, so we're looking at revisiting the price,'' he said.

''They'll sell. We've just got to work out the market value.''

Sales were similar at Dockside, which mostly sold during construction more than a year ago, Colliers agent Derek Whitcombe said. ''I don't think there's a better location in Canberra,'' he said.

''The whole harbour area is starting to attract a lot of people.''

Of the 120 ''gallery-like'' apartments, only 16 are left to sell as the development edges closer to its expected completion in July.

But unlike Lakefront, Mr Whitcombe said prices would not be reduced for the remaining apartments. ''It's a matter of getting the price right in the first place,'' he said. ''There's nothing worse than putting the price high and having to adjust it.''

Other developments such as Pearl and Aspire are also close to selling out, with the latter listing only one of its 66 apartments left for sale. In Pearl, only six of 46 remain.

Commercial spaces have also been settled and Lakefront resident Catriona Rafael is among the new tenants looking forward to the future of restaurants and retail.

The 24-year-old public servant moved into the complex last month after a frantic schedule of attending open homes throughout Kingston.

''I really fluked it and ended up here,'' she said.

12 comments

  • This thing where we pretend the Kingston Foreshore is something the whole city will enjoy is a joke.

    It obviously an attempt at some ultra elite (metaphorically) gated community. It won't work because Canberra isn't Sydney and doesn't have the same capital.

    Stop writing nonsense fluff pieces about it.

    Commenter
    AwkwardBeans
    Date and time
    January 22, 2013, 10:01AM
    • Maybe so, but I wish I could afford to live there. That shot of the pool looks great and I'd love to sit on a high balcony and look out over the lake - granted would in which I can't swim because of polution.

      I get it, if you have the money and want it why not, and really what else was the area ever going to be.

      Commenter
      Tom
      Date and time
      January 22, 2013, 10:31AM
    • Exactly, you can't afford to live there.

      Commenter
      AwkwardBeans
      Date and time
      January 22, 2013, 1:39PM
  • Well it aint no Sydney Harbour that's for sure. If only they could do something about the algae and the smell of the lake over that way, then it may justifiy the stupid prices people are paying for views of the Department of Defence on the syringe on top of Black Mountain.

    Commenter
    Adam Newstead
    Date and time
    January 22, 2013, 11:20AM
    • well said. Should also be a great view whenever a flood results in brown sewerage floating down from Queanbeyan.

      Commenter
      pepe le pew
      Location
      oaks estate
      Date and time
      January 22, 2013, 12:47PM
  • Nice...very nice...I don't know what would be better, the sweet smell of Lake Burley Griffin on a cool easterly evening breeze or the sweet smell from the settlement ponds at the Fyshwick sewerage treatment plant.

    Commenter
    dusty
    Location
    smell the success
    Date and time
    January 22, 2013, 12:11PM
    • Dusty, the good news is nobody will be forcing you to live their buddy so relax.

      Commenter
      Shaun
      Location
      West Belconnen
      Date and time
      January 22, 2013, 12:35PM
    • @Shaun..No envy here of inner city living in a strata titled concrete box in a high rise rabbit warren even if it does have its own little community pond...I imagine you've got your own slice of paradise in west belco as I have mine out in the country.

      Commenter
      dusty
      Location
      green with something
      Date and time
      January 22, 2013, 1:10PM
    • Dusty, an easterly wind blows FROM the east. In an easterly the lake would be downwind of Kingston Foreshore. I assume you mean westerly. Either way the smell from the rubbish bins outside any house in Canberra would be much worse so I don't really know what your point is.

      Commenter
      Stir the pot
      Date and time
      January 22, 2013, 1:58PM
    • @stir the pot..Me thinks its you who don't know what way the wind blows, an easterly breeze will carry the nearby Fyshwick sewer farm aroma westward to Kingston foreshores and you would still get the lake smell in any breeze as you are right there waterside and there is still lake water east of this development site up boat harbor and through the swamp wetlands and creeks.

      Commenter
      dusty
      Date and time
      January 22, 2013, 2:43PM

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