The ACT Government is largely the sole developer of available land in the ACT (noting the exception of Denman Prospect). Whether the land is being released in Jacka, Taylor, Throsby, or Whitlam, Canberrans have little to no choice but to access land from the ACT Government.
While land costs have been affordable in the past, the cost of purchase and acquisition has increased significantly since COVID. For example, a block sold in a section of Whitlam in 2021 for $340,000 for 420 SQM at a cost of $809 per SQM. Another block of and in the same section, has just been listed by the Suburban Land Agency for a 441SQM block in the same section, for $670,000 at a cost of $1519 per SQM. This is an increase of the land cost per SQM of nearly 88% in just 2.5 years (or 35.2% per year).
Not only is this cost of acquisition unattainable for Canberrans, but when considered against the average income of the ACT (approx. $2500 per week) and the mortgage repayment on the land component alone at current rates (approx. $4317 per month) purchasing the land alone would put an average Canberran in mortgage stress alone, without even considering the building of a new home.
Given the capital cost to build the estate and make the land ready for sale has not changed, a genuine question needs to be asked of why the ACT Government through the Suburban Land Agency, has made this decision.