JavaScript disabled. Please enable JavaScript to use My News, My Clippings, My Comments and user settings.

If you have trouble accessing our login form below, you can go to our login page.

If you have trouble accessing our login form below, you can go to our login page.

Mugga Way still Canberra's most expensive street to buy on

Lavish... 23 Mugga Way, Red Hill has been sold for a record price this year of $4.38 million.

Lavish... 23 Mugga Way, Red Hill has been sold for a record price this year of $4.38 million. Photo: Rodrigo Vargas

Red Hill's Mugga Way has kept its golden status during Canberra's centenary year as numerous million dollar sales have made it the most expensive street for 2013.

Click or touch on a house or unit to see its sale price and when it sold. Only listed sales are included.

Click or touch on a house or unit to see its sale price and when it sold. Only listed sales are included.

The street, which is home to mansions sprawling on some of the territory's largest blocks of land, has recorded the most number of million-dollar-plus sales for the year along with Griffith's Jansz Crescent.

But the total sales on Mugga Way have more than doubled what the houses in the Griffith street cost buyers.

In 2013 Mugga Way sales over $1 million topped $11.5 million with the recent sale of number 20 for an undisclosed price likely to have tipped the figure closer to $20 million.

The five houses sold on the sought-after street include the former home of the James Packer family, the ex-Rupert Murdoch-owned mansion and the prestigious residence of alleged murder victim Terrence Freebody.

Real Estate Institute of the ACT president Michael Kumm said the street was popular because of its big blocks and prestige.

“It's always been called the golden mile,” he said.

But Mr Kumm said he considered other locations in quiet Red Hill – such as Vancouver Street and Wickham Crescent – to be just as good as Mugga Way and equally as tightly held.

Data provided by Fairfax owned Australian Property Monitors shows that 141 houses and 39 units in the ACT were sold for more than $1 million during 2013.

The majority of homes sold for the big bucks – 97 houses and 34 apartments - were south of the lake.

The suburb of Griffith was the most expensive for the ACT with 22 houses sold for more than a million dollars during the year.

And for units Kingston was the most expensive with 17 properties changing hands in million-dollar-plus sales.

Berkely Residential principal Bill Lyristakis and Peter Blackshaw Manuka's Andrew Chamberlain recorded the highest disclosed sales price for a house in 2013 for 23 Mugga Way.

They said the $4.38 million estate was on one of the best blocks of land in the territory and while the home had a quirky appeal it was truly an impressive property.

The streets with the most million dollar apartment sales in the ACT were Eastlake Parade and Trevillian Quay, which both recorded five transactions for the year.

The Kingston Foreshore developments of Quayside, Bridge Point, Aurora Residences and Lakefront attracted the most number of million-dollar-plus sales for 2013.

The largest apartment sale for the year was recorded in the Bridge Point development with 1/17 Trevillian Quay selling for $3,100,000 in October.

Trevillian Quay recorded $10,820,000 top sales for the year while Eastlake Parade had $6,452,500 worth of million-dollar-plus dwellings.

Colliers International Canberra sales agent Slade Minson said the foreshore was one of the emerging precincts in the ACT and buyers were snapping up properties to secure a position in what would become a prestigious area.

He said many of the high-paying purchasers were wealthy downsizing Canberrans who wanted to stay in the ACT but were happy to pay for luxurious high quality living and world class architecture.

“We do find some of the properties are people just securing a position,” Mr Minson said.

He said although a million dollars was a lot of money it cost more than that to buy the best in the Kingston Foreshore.

1 comment

  • But what a wonderfully absurd name for a toff street - Mugga Way... is it safe to walk after dark? Oh and btw, isn't there a tip nearby?

    Commenter
    Davo
    Location
    No longer of Canberra
    Date and time
    December 30, 2013, 3:53PM
    Comments are now closed
    Featured advertisers

    Special offers

    Credit card, savings and loan rates by Mozo