New blocks of residential land have sold for record prices in the Queanbeyan region, with the first lots at Jumping Creek released to the public.
After an initial release to database members that saw 40 blocks sell in 40 seconds, the first two public releases went to auction late last year.
The top sale prices from the auctions was $870,000 for an 807-square-metre lot and $830,000 for a slightly larger 827-square-metre block.
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The most affordable block was 604 square metres, which sold for $665,000.
At more than $1000 per square metre in some cases, the sales were record prices for land in the Queanbeyan area, CoreLogic records show.
Located in Greenleigh on the north-eastern side of the Queanbeyan River, Jumping Creek has been in the making for more than two decades.
Developed by Peet Limited and Ian McNamee and Partners, the community will include just over 200 lots, ranging from 600 square metres through to 3158 square metres. The average block size is 780 square metres, with many lots over 1000 square metres.
The once controversial Ellerton Drive extension was completed in 2020, opening up the area and connecting it to Queanbeyan CBD, three kilometres away, and Canberra City, just under 20 kilometres away.
Ian McNamee and Partners managing director Shane McNamee said demand had been building since planning of the development began.
"Before we ran an ad we had about 2000 people on our database that had become aware of it because of the developer, Peet, and also my father [Ian McNamee] was working on the DA for Jumping Creek back in the late 1990s, early 2000s. So we had quite a number of people [show interest] prior to the public release," he said.
Mr McNamee said more than 250 people registered for the first eight blocks that were auctioned off in late November. A further eight blocks went to auction in December.
"Our most recent release was just before the Christmas shutdown and that's a little bit later than we would normally have an auction but we had 100 per cent clearance there," he said.
Residential land is in high demand in the ACT and surrounds. Earlier this month, almost 1000 people registered their interest in the first blocks of land in the new suburb of Macnamara, just hours after its release.
Last year, 7500 people registered to buy 115 blocks of land released in Taylor.
Mr McNamee said more Jumping Creek lots would be released in the coming weeks. The next release will include a series of elevated blocks which overlook the development.
"We've seen a spike in interest in that particular estate through the Christmas shut down and that's continued into the new year as well. We're receiving 10 to 15 inquiries a day on that land," he said.
"They would be the most premium lots released to date ... so we would be expecting the blocks to sell at a slightly higher square metre rate."
