Rising interest rates have not dampened sales activity in the Canberra market, with 90 residential units in a developmental block in the inner-city suburb of Braddon selling in under 24 hours.
Colliers International was appointed to sell off the apartments within the development, known as ‘Mode3’.
The agency’s director of residential project marketing, Derek Whitcombe, said the precinct is undergoing a transformation. He said larger scale vibrant mixed use developments such as the Mode3 developments are commonly replacing the circa 1970s buildings in the area.
“Mode3 will be the premium address in the Braddon precinct,” Mr Whitcombe said.
“It’s quite an edgy development and this is another first for Canberra,” he said.
According to Mr Whitcombe, the interest from live-in buyers and investors has shown great confidence in the Canberra apartment market, especially in the CBD.
In the complex, maisonettes were selling from $325,000, while two and three-bedroom apartments were going from $680,000 for 121sq m. One-bedroom plus study lofts were priced around $450,000.
“We received more than 1,000 registrations of interest before we were ready to go to the market,” Mr Whitcombe said.