The ACT government has cleared almost $19 million in land sales after four blocks sold under the hammer at auction on Wednesday.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
There were 17 registered bidders for the three sites in the new Molonglo Valley suburb of Coombs and one site in Franklin.
The biggest sale was recorded for a 35-terrace site in Coombs, sold for $5.35 million to RMD Projects.
A 43-terrace site next to it sold under the hammer for $4.95 million to Pod Property Group.
Managing director Paul O'Donnell said he was very happy to have bought the block, which would be the fifth development for the company in the suburb.
He said Molonglo Valley was a fantastic location and people were keen to live there - the company's first two projects have sold out.
Mr O'Donnell said the industry was feeling more positive following the end to last year's uncertainty over a federal election and potential change of government.
''There's a lot of confidence in the market,'' he said.
''The reality of what we saw today is that builders and developers are backing themselves that it's going to be a good year.''
An almost 9000-square-metre site for a multi-unit development in Coombs sold for $4.8 million to Capital Projects No.3.
A mixed-use development site on Flemington Road in Franklin sold for $3.5 million to Art Homes Two. The almost 8000-square-metre block could hold 32 to 102 dwellings.
Raine & Horne Commercial sales agent Mark Terracini said it was one of the better land auctions held recently and the developers had been excited about the innovative projects they were planning to deliver.
Economic Development minister Andrew Barr said the sale of the four sites was a great sign of confidence in the future of the local economy.
