Thousands of Canberrans have registered their interest in snagging one of 217 blocks of land in Jacka.
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The Suburban Land Agency has drawn the ballot for the land release, which received 4476 registrations.
Prices for the blocks of land, located in the Gungahlin district, start at $568,000 for the smallest block, at 340 square metres, through to $762,000 for one of the largest blocks at 893 square metres.
The Jacka land release was delayed in 2022 due to ACAT proceedings regarding development approval for the area.
The neighbour opposing the development backed down from court proceedings in August 2022, allowing the land release to go ahead.
According to the government's indicative land release program, a total 400 dwellings are expected to be released in Jacka for the 2022-2023 financial year, plus another 280 dwellings the next financial year.
Demand for detached housing blocks in the ACT has outstripped supply in recent years. However demand for the Jacka blocks appears to be lower than previous land releases.
Around 12,300 buyers registered their interest for the first 71 blocks of land in Macnamara, part of the Ginninderry development, in early 2022.
What happens next for hopeful buyers?
In early April, the Suburban Land Agency published the ballot results, which determines the order of ranking for land selection. The list will be assessed for duplicates or related parties before block selection occurs.
Registrants must respond with their intention to proceed with the ballot, then the first 760 registrants according to the ballot ranking will receive a block selection appointment.
The 217 blocks of land will be available for selection in early June.
Once a buyer's ranking number is called, they have three minutes to select an available block.
Those who select a block will then be required to pay a 5 per cent deposit and exchange the first grant contract on the day.
Chamberlains law firm associate Eoin White has assisted clients in previous land releases and said there is usually a "quick turnaround" for buyers to exchange contracts.
"In Canberra, we're a leasehold jurisdiction and when the government releases land, the Crown leases over the land don't exist so it's a bit more complicated than a standard purchase," he said.
"And there are certain obligations in those leases as to when you have to build and what you can build. So we try to make it very clear what people are actually buying and what their obligations are."
If a buyer is unable to meet the ballot conditions or decides not to choose a block, the selection goes to the next ballot identification number.
MORE NEWS:
Jacka will be an all-electric suburb with no gas connected, part of the ACT government's emissions-reduction plan for all new suburbs.
More than 50 per cent of homes in Jacka will be single residential blocks, while the rest is earmarked for townhouse and high-density living. About 70 per cent of the new part of the suburb will be retained as open space.
Once complete, the suburb will include about 700 homes, catering to an estimated population of 1800 people.
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