Canberra’s largest property developer, Geocon Group has recorded a bumper year in residential property sales, exchanges and settlements, despite Covid-19, bolstering the Group’s confidence in the Capital’s property market, particularly for investors, for years to come.
The Group reported over 1000 sales for the 20/21 financial year, totalling $438.5 million. Additionally, the company achieved over 840 Settlements at a value of $385 million.
Included in the bumper sales were 850 Exchanges in off-the-plan apartments sales to the value of $372 million which will be settled by 2024.
With total transactions in the last 12 months equalling an impressive $823 million, it’s a balance sheet that would be the envy of most developers.
Geocon Group’s Managing Director Nick Georgalis, who founded the company in 2007, said the Group was tremendously pleased with the sales results which indicates the strength and appeal of the Canberra market, particularly with investors who made up 70 per cent of sales.
“Our sales team averaged 20 sales and 16 settlements per week which is pretty fantastic in any standard year let alone during a pandemic where state-wide lockdowns were occurring regularly,” Mr Georgalis said.
“We have seen record sales in the past 12 months for apartments and the market should see the same increases in value for apartments over the next 12 months that we have seen in housing over the past 12,” he said.
“It is difficult to be consistent in the best of times, let alone the turbulent 12 months that we have all just navigated. These numbers are a team effort from a dedicated, consistent group of property professionals of who I am incredibly proud.”
Mr Georgalis said he put down Geocon’s success to several key factors, apartment pricing being attractive to investors, strong rental yields in Canberra’s stable rental market and strong capital growth.
“Canberra is currently the strongest performing market nationally, returning rental yields and capital growth of eight per cent, respectively,” he added.
This was up from 325 apartments worth $141 million the previous financial year – despite enduring the pandemic and the various patches of state-wide lockdowns across the country in that period.
Geocon will focus this new financial year on sales at its multi-staged master-planned community, WOVA which comprises 797 apartments built across four buildings ranging in height from two 12-storey building, one 16-storey building to a landmark 24-storey tower.
The development will also incorporate a 53-room hotel, 2415 sqm of retail space, lap pool and sauna, resident’s private cinema, co-working spaces, contemplative rooftop terrace, fitness studio, bar club lounge, and Chef’s kitchen and dining room.
The precinct amenity will further include alfresco restaurants and cafes, 3,370 sqm of landscaped gardens and a four-level basement carpark for 1000 car spaces.
Sales at the development has been strong with 255 sold in stage one since launching recently to the market in March 2021.
Geocon currently has in excess of 963 active apartments currently or soon to be constructed with further projects in future planning.
Current projects include:
- WOVA (797 apartments) in Woden Valley,
- Nightfall (334 apartments) in Belconnen,
- Aspen Village (622 apartments),
- Metropol (552 apartments),
- The Establishment (290 apartments) and
- High Society (542 apartments) which recently settled.
- Grand Central Towers (430 apartments) which recently settled.
Total of 2,595 apartments are due to be delivered by late 2024.
Apartments at Geocon’s landmark WOVA residential community, selling successfully to both investors and owner-occupiers alike, start from $299,900 for a one-bedroom apartment.
For more information, please visit www.geocon.com.au.