ACT News


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

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.


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