The first stage of the light rail network will run down Northbourne Avenue from Civic, down Flemington Road and terminate at Hibberson Street in Gungahlin.

ACT Economic Development Director-General David Dawes told an Assembly committee that it was possible Thoroughbred Park and Exhibition Park in Canberra could be moved from their current sites near Flemington Road.

This would enable land to be used for new residential or commercial purposes.

"We're looking at potentially relocating the racing codes and EPIC. That unlocks potentially land there for the Territory for future commercial and residential opportunities,'' Mr Dawes said.

Treasurer and Economic Development Minister Andrew Barr said that no decision has been made but development opportunities should be explored.

"Once the light rail gets beyond the Northbourne Avenue point it will run through the area that at the moment is bounded by the racecourse on the western side of Flemington Road and the Exhibition Park on the eastern side,'' Mr Barr said.

"So, the exact route through that area is to be determined and the land release opportunities and urban development opportunities that would come from development close to that route need to be explored.''

Mr Dawes said that updated valuations of the EPIC and Thoroughbred Park sites had not been conducted.

High-density developments along Flemington Road could help boost demand for the light rail service.

Opposition Leader Jeremy Hanson said if EPIC and Thoroughbred Park were to be relocated to the Majura Valley, the government should make early plans for the sites to be easily accessible from the Majura Parkway.

"In terms of the planning for the Majura Parkway you wouldn't want a situation where you're locked into what you're doing with the Majura Parkway then move EPIC to the Majura Valley and then say you'd have to retrofit a series of … interchanges,'' Mr Hanson said.