Mt Majura Estate in Watson will include standalone houses and townhouses. Photo: Colliers International Enthusiastic buyers snapped up all available Mt Majura Estate blocks at a public auction on Saturday.
Colliers International auctioned the Watson estate’s first 25 single residential lots as part of the first stage of a staggered release.
The top sale was the largest single block available, a 489-square metre lot. It was snapped up for $475,000, from a reserve price of $391,000.
One of the smaller blocks, a 315-square-metre lot, sold for $330,000 from a reserve price of $322,000.
On completion, the Antill Street estate will house three, two-storey townhouse sites and 129 standalone houses.
Colliers’ ACT residential land marketing sales executive Josh Reid said the auction at the Ainslie Football Club attracted committed buyers and strong sales results.
“It’s a reflection of what people are willing to pay for a great estate in the inner north,” he said.
“[Developer] C7 Developments has invested a lot of money into the design guidelines and making sure the end product is going to be of high quality.
“I think people have recognised that today, by bidding strongly and the competitive tensions that were there for particular blocks.”
Mr Reid said the number of registrations was lower than those recorded at the auctions of other estates however, those registered on Saturday were genuinely intending to snap up a particular block and had done their homework.
He said the estate had attracted niche segments of the market, including a large portion of downsizers.
“Being in the inner north, it’s certainly different to what has been released over the last 15 to 20 years,” he said.
“The buyer profile was certainly different than the greenfield estates we’ve been releasing for the government and some other private groups as well.
“What we’ve found is a lot of people that currently live in the inner north or surrounding areas, and really like the location and the older suburb, have come to this estate.”
Mr Reid said a couple of the larger blocks were snapped up by families, while first home buyers familiar with the area were also vying for a lot.
Colliers is yet to release details of the next wave of Mt Majura Estate auctions however, Mr Reid said there should be further information available in the next month.