Blocks of land in the Kingston Foreshore location failed to sell at a Land Development Agency auction on Wednesday.
Three blocks of land for mixed use commercial and residential development passed in after failing to reach the reserve prices set.
This follows a number of successful auctions held at the end of 2013 for sites around Canberra, including the new suburb of Lawson.
The highest bidders on each of the blocks have until midday Friday to negotiate with the Land Development Agency before the land will go back onto the market.
The land available for sale is on the other side of the foreshore to the now thriving luxury apartment and restaurant precinct.
The largest block at 4859 square metres was passed in for $6 million.
The other two blocks - of roughly half the size - attracted a series of bids before passing in for $5.2 million and $4.65 million.
Land Development Agency chief executive David Dawes said it was good to see there was healthy bidding from developers.
He said the agency would continue to work with each of the highest bidders during the negotiation period set to end on Friday.
"However should the sales not be completed then the blocks will be offered for sale … for the reserve prices," Mr Dawes said.